Go Markets Account Suspended

[Wayneski]

I got an email today from Go Markets Aus suspending trading in my account. They allege that my trading is "suspicious and in particular exploiting internet & connectivity delays in order to take advantage of arbitrage on the Trading Systems.". My account is now frozen for up to 90 days.

I would be interested to see if anyone else had had a similar experience with either Go or any other broker.

GO Markets First Choice for Forex

Suspension of your Account

Dear Client,

We are writing to you to inform you of the action we have taken in respect of your trading account.

Following a request from our liquidity provider, we have today suspended your account pending a further investigation into suspicious trading and in particular usage of internet and connectivity delays in order to take advantage of arbitrage on the Trading Systems.

The suspension is in accordance GO Markets’ Terms and Conditions for Margin FX section 10. h), 9. j) and 9. l) as duly accepted by you prior to opening your account (see full terms and conditions here).

Until completion of the investigation, no further trades on your account will be allowed and no further withdrawals can be made. It is envisaged the investigation will be completed within 90 days. Once completed we will write to you to advise of the results of our investigation.

If you have any current open positions on your account and wish to trade, please contact us on +61 3 9934 4500.

If in the meantime you have any other queries please do not hesitate to contact us.

Kind regards,
GO Markets

 

[myBrokerStats.com]

That's bad!

But to further help or give advice:
Have you done anything to breach their terms?

Have you used expert advisors? (which one, what kind)
What was your average holding time of your positions?

 

[Pharaoh]

Email GoMarkets at every address you can find for them. Give them the url of this thread and ask them to kindly post here. I'd be very interested to know why a simple check of possible pricing issues would take 90 days.

 

[Tae]

They have also done the same to me. As for there Term and Conditions, section 10. h), does not exist.
No where in the Terms and Conditions does it say Go Market Australia. can freeze my money, even My initial investment.

 

[kantungemas]

I've been with GoMarkets Australia since January 2011 till now. No problem so far. 90% of my trade using EA's (MDP, MegaDroid, PipJet) running 24/7 on VPS.. No problem.. zilch..

 

[musketeer]

That's bad!

But to further help or give advice:
Have you done anything to breach their terms?

Have you used expert advisors? (which one, what kind)
What was your average holding time of your positions?

They have also done the same to me. As for there Term and Conditions, section 10. h), does not exist.
No where in the Terms and Conditions does it say Go Market Australia. can freeze my money, even My initial investment.

They did same with me, both GoMarkets and VantageUK, and even blackmailed to sign something with the idea to give my deposits (eventually)...
Also, the quoted few paragraphs that does not exist...
The suspension is in accordance GO Markets’ Terms and Conditions for Margin FX section 10. h), 9. j) and 9. l) as duly accepted by you prior to opening your account (see full terms and conditions here).
Here is the link: GO Markets - Legal
Can someone help me and find such sections? (I've read it few times....)

 

[Wayneski]

That's bad!

But to further help or give advice:
Have you done anything to breach their terms?

Have you used expert advisors? (which one, what kind)
What was your average holding time of your positions?

I don't believe that I have. Their website specifically says "No restrictions on your trading - Full use of EAs"

They also state that they allow scalping.

A lot of the trades are short term news trades, however my belief is that one way or the other this is covered by the either the EA &/or the scalping provision

 

[chitak]

GoMarkets has cancelled all my profits as well.

Below is a part of the email I received from GoMarkets support pertaining to the cancellation of the trades:

Your account XXX has been reviewed and is confirmed as using an automated trading robot which had the below characteristics:

-Causing systematic manipulation or abuse of markets
-Interfering with the markets efficiency and integrity
-Exploiting mispricing
-Operating in Breach of our Terms & Conditions

As a result, all of the mispriced trades executed by this automated trading robot have been void and the associated profit and loss has been adjusted accordingly. The net adjustment to your account has been highlighted below. At your written request to support@gomarkets.com.au we can provide you with a transaction record for every trade calculated in this adjustment.


Further GoMarkets i "accusing" me of sharing my log in details with a third party. I don't see how this is relevant but I have not shared my log in info with anyone.

I have used NewsTrading software, similar to the one the FPA offers for free. The name of the software I use is irrelevant and I don't want to advertise anything here. GoMarkets advertises that all trading strategies are welcome, all EAs scalping anything is OK. Now

Why I believe GoMarkets is scamming me and other trades(as it appears I am not the only one):
1. They are cancelling trades that are older than just a few days. If a broker detects a pricing error they should cancel a trade within a reasonable time, and weeks or months is not a reasonable time
2. They are given reasoning for cancelling the trades makes no sense and is clearly just a way to "steal" money from clients.

 

[Pharaoh]

Copying this over from another thread - If you get a new "adjusted" statement, dispute like this:

This is a reply for everyone:
They have sent the statement where you can see the adjustment at the end of it they say that if you don't accept you've to send than an email in 24h ....
DO IT!

And get your complaints in to the regulators as quickly as possible.

 

[bodgybrothers]

How much did you deposit. They seem to target customers who put in very little and make a lot. If you make thousands over a month with a very small deposit, they will use some term in their t&c's to wipe out your account. They run a bucket shop and shouldn't even have a financial services license.

Inform you're regulator body about this and help us shut them down.