Go Markets Account Suspended

[Pharaoh]

Everyone with this problem needs to file a formal complaint with the regulators and include as much information as possible. If you don't do this, you are effectively endorsing what happened to you.

Think of it this way. Frank the overworked regulatory inspector has the following on his desk:

20 detailed complaints about Company A. 10 more complaints about Company A with partial details.
3 complaints with some details about Company B.
1 detailed complaint and one phone message about Company C.
1 complaint that just says "COMPANY D IS A SCAM!!!! THEY TOOK ALL MY MONEY!!!"
No complaints against Company E. The 500 people they ripped off couldn't be bothered to file formal complaints, but instead all went online to say that the regulator Frank works for never does anything.

Frank has to fill out a detailed report with a lot of evidence before he can pass that report to his superiors for action. If he fills out a report without enough information, nothing will happen and he's just wasting time.

If you were Frank, which company would you start investigating first?

 

[Surrealistik]

My account was likewise subject to these account freezes and profit reversals, including reversals of profits that were settled for months after completely unsubstantiated accusations of latency arbitrage and DDoS attacks.

I have submitted formal, detailed complaints with Austrialian Securities and Investment Commission (ASIC), and the Financial Ombudsman Service (FOS).

GO Markets has offered two settlements thus far: an audacious, insulting offer of a $500 USD credit I must trade 50 standard lots with in order to withdraw, and another that constituted roughly 50% of my profits without strings attached, contingent on withdrawing all complaints about GO Markets here and with the regulatory bodies.

Naturally, without any evidence of wrongdoing provided whatsoever, even roughly 2 months after the fact, I have not accepted either settlement, and to be entirely honest, I took their first offer as a personal affront. I have requested the FOS provide me with any evidence that GO has provided them per the Exchange of Information terms of arbitration and will disclose this (if it exists) as I get it if I am able to.


GO Markets claims that they are merely following the suit of a liquidity provider they have yet to identify and evidently refuse to. Furthermore, how a liquidity provider can reverse settled trades months after the fact is beyond me. Between these two things, it seems apparent to me that said liquidity provider (if indeed one was involved) acting as counterparty to these reversed profitable trades either owns GO Markets or otherwise has a controlling interest in the brokerage. Instead of accepting its losses for acting as counterparty, it had GO Markets reverse them on its behalf.

 

[Pharaoh]

There's a thread here for everyone having these issues to update their current situation in:

https://www.forexpeacearmy.com/fore...5-vantagefx-gomarketsaus-vs-btnlightning.html

 

[comerro1]

My account was likewise subject to these account freezes and profit reversals, including reversals of profits that were settled for months after completely unsubstantiated accusations of latency arbitrage and DDoS attacks.

I have submitted formal, detailed complaints with Austrialian Securities and Investment Commission (ASIC), and the Financial Ombudsman Service (FOS).

GO Markets has offered two settlements thus far: an audacious, insulting offer of a $500 USD credit I must trade 50 standard lots with in order to withdraw, and another that constituted roughly 50% of my profits without strings attached, contingent on withdrawing all complaints about GO Markets here and with the regulatory bodies.

Naturally, without any evidence of wrongdoing provided whatsoever, even roughly 2 months after the fact, I have not accepted either settlement, and to be entirely honest, I took their first offer as a personal affront. I have requested the FOS provide me with any evidence that GO has provided them per the Exchange of Information terms of arbitration and will disclose this (if it exists) as I get it if I am able to.


GO Markets claims that they are merely following the suit of a liquidity provider they have yet to identify and evidently refuse to. Furthermore, how a liquidity provider can reverse settled trades months after the fact is beyond me. Between these two things, it seems apparent to me that said liquidity provider (if indeed one was involved) acting as counterparty to these reversed profitable trades either owns GO Markets or otherwise has a controlling interest in the brokerage. Instead of accepting its losses for acting as counterparty, it had GO Markets reverse them on its behalf.

Any Update on Go Markets their silence here is disturbing.....

 

[Pharaoh]

Any Update on Go Markets their silence here is disturbing.....

As is the silence from those who complained.

 

[blackrose]

Any Update on Go Markets their silence here is disturbing.....

Enjoy the silence, until ....

 

[Pharaoh]

I knew a woman who was badly injured due to a poorly maintained elevator at a university. She sued. She and her lawyer agreed to be bound by all sorts of confidentiality rules, so almost no one knew about the incident. In the end, the settlement she got was pitiful.

There were other "incidents" at the University. The standard procedure was to deny that anything was wrong while getting those who complained to agree to confidentiality. Those who didn't agree and got their complaints published in the local newspaper suddenly found themselves being pressed to accept very reasonable settlements while the University representatives told reporters that the University had been fully aware of the incident the whole time and has already fixed the problem.

Of course, these incidents had nothing to do with forex, so those who are agreeing to keep silent don't have to worry about drawing any parallels between possible settlements of their complaints and the one received by the woman who was injured in the elevator.

 

[Austrader2012]

I am having trouble with gomarketsaus.com depositing credit card transfer within 24 hours. This has happened 3 x and I missed out on great trades due to the delays. A 4th time the transaction never wen through even though I received a receipt. Tried to link gomarkets to the broker reviews here. will check to see If it did go through as a review. Delays can be costly to your account!

 

[Elio Matacena]

I am having trouble with gomarketsaus.com depositing credit card transfer within 24 hours. This has happened 3 x and I missed out on great trades due to the delays. A 4th time the transaction never wen through even though I received a receipt. Tried to link gomarkets to the broker reviews here. will check to see If it did go through as a review. Delays can be costly to your account!

Hi.

I suggest you to change broker: there are so many better than GoMarkets. Much better.

May the green pips always be with us.
Bye.

 

[Timmi]

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).
GO Markets

Where are these guys regulated? In Cyprus? Or are AU regulations just as loose? I would immediately file a complaint with every regulatory body they report to.

I had been wondering what "arbitrage" means... now, reading between the lines of the letter they sent you, it appears as though they are the market maker, and not an ecn. If you're plugged into the ECN then they would be having any problems... but their wording is making sound like they are acting as your market maker and are losing money on their end when they actually execute your trades with their "liquidity provider" - the only way I would see that they could be upset, is that they are trying to rob you of profits, by delaying actual execution and pocketing the difference... only, they can't keep up and have been losing money with you.

This of course would be their fault, and rather than suspending you, perhaps their company should be suspended from trading for a period of 90 days or until they get their transactions independently audited.

And that fine print, that "you have accepted"... who understands that stuff anyway? they get it drafted up by their army of lawyers and it is so complicated that no one can make heads or tails out of it. you'd have to spend $10k in legal fees for examination and counseling for each contract from each broker you are considering. They deliberately make it impossible for someone to shop... and by the time your choice is made, and you're mentally exhausted, somehow you're supposed to magically pull legal lucidity and make clarity out of their murky and vague terms, conditions, exceptions, protections, penalties, actions, etc.