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Discuss GOMarkets.com (Was GOMarkets.com.au)

General discussions of a financial company
Today I received this mail from Gomarkets:

Dear Client.
Please be advised that our liquidity providers have increased the risk profile of EURCHF. The reason for this is if SNB removes the cap on the EURCHF currency pair it may possibly gap through the 1.2000 level. This would result in anyone with a long position being in a significant negative balance on their account.
This increased risk profile means on the open of trading on Monday the 10th September 2012 we will be closing all positions in the EURCHF.
Please review your account to ensure that you close any EURCHF positions by the 10th September 2012.
We apologise for any inconvenience caused, however this risk assessment is in your best interest.
Kind Regards


Rupert Kain

GO Markets Pty Ltd | Level 13, 160 Queen Street | Melbourne, VIC, 3000 | Australia
Phone: +61 3 9934 4500 | Fax: +61 3 9642 5953 | trading@gomarketsaus.com | Online Forex Trading & MetaTrader 4 (MT4) for Brokers - GO Markets

Currently my trade is with loss, so closing is not what I want.
Can they really force me to close this trade ?

Regards
Bert

What proofs Go Markets Scam regarding the eurochf positions is that they only mentioned first the long positions, saying maybe SNB removed the cap and price went below 1.20 that might cause loss..blah blah

What about if I have a short order for eurochf?? Wouldn't I win hugely if SNB remove the cap??

Why close all positions at that date for eurochf:confused:

Unless they are the only broker with multi power and secret information that Snb will remove the cap, that is far of any logic and reality.
There's no real reason for that, SNB would not remove the cap and any broker can't come out one day for its own benefit, saying that clients positions would be closed for any reason, that is disallowed and complete Scam.

Moreover, I'll say that all brokers who had changed eurochf long order swaps to negative are totally trading against their clients.

Hats off for those who have long eurochf swap positive, not for clients favor but because there's no reason on earth for eurochf negative swap on long positions but because they take the opposite side of their clients positions and since most clients have long eurochf positions, many brokers are loosing, found nothing else than negative swaps to fight that.

But Go markets went far away in wrong Scsm step, by asking clients to close it.

I suggest you do not close any eurochf position, let the broker close it all and take photos for your orders before and after with the broker message too.

You can use it later to charge the broker at ASIC. You can go ahead and contact it to complaint for go markets illegal action.

Australian Securities and Investments Commission
 
Definitely call ASIC and get their input.

Also, let Go Markets know about this thread. Ask them to explain why it's only the EURCHF and not all CHF pairs. That alone makes the whole thing insane.

A good broker would issue a possible volatility warning, suggest clients close trades, and might also decide to reduce available leverage on all CHF pairs. Forcing clients to close all orders (long and short) on a single CHF pair is crazy.
 
Im long EURCHF since april. starting to wake up now .
They are going to close your trades ? I was of the opinion that a broker shouldnt mess with clients trades ??
Is this Go markets regulated in anyway ?
 
A Live Chat with GoMarkets that proves the broker scamming its clients. Said it with no doubt, it will close all eurochf positions at 10 September "to protect its clients from loses":confused:, when it's actually taking them to the lose arena:D

Stay far of such brokers and the others who had changed their rollover for eurochf to negative, those are trading against their clients.

"betweb" if you have open orders for eurochf and you have the chance to close it at profit after the pair went up yesterday and today.

After you have no positions open, ask for withdrawal.

But if your open positions hadn't reach profit yet, & you don't want to close it, keep it open, let GoMarkets close it itself, at that point you can charge them at ASIC.


GoMarkets Live Chat:

Please wait for a site operator to respond.

You are now chatting with 'GO Markets Support 12'

GO Markets Support 12: Welcome to Go Markets
GO Markets Support 12: How can I help?
you: Hi
you: is it true that your clients must close all EuroChf positions before 10 September or it will be all closed by GoMarkets??
GO Markets Support 12: Yes
you: What caused this decision?
you: Any idea?!
GO Markets Support 12: One moment
GO Markets Support 12:
GO Markets Support 12: Please be advised that our liquidity providers have increased the risk profile of EURCHF. The reason for this is if SNB removes the cap on the EURCHF currency pair it may possibly gap through the 1.2000 level. This would result in anyone with a long position being in a significant negative balance on their account.
GO Markets Support 12: This increased risk profile means on the open of trading on Monday the 10th September 2012 we will be closing all positions in the EURCHF.
GO Markets Support 12: Please review your account to ensure that you close any EURCHF positions by the 10th September 2012.
GO Markets Support 12:
you: You mean GoMarkets has insight into SNB decision, is this Real?
GO Markets Support 12: This is the email that was sent out to our customers
you: Know that, but your broker reason is long positions and possible cap removed by SNB
you: What about if I have short positions??
you: You'll close it too?
GO Markets Support 12: Yes
you: But that do not reflect the reason of your decision?!
you: You said position will be closed because of removal of cap
you: this causes long positions to loose not short ones!!
GO Markets Support 12: You can send an email to customerservices@gomarketsaus.com
GO Markets Support 12: They will answer your questions
you: Okay
you: Where's GoMarkets regulated?
GO Markets Support 12: Australia
you: under what regulation?
GO Markets Support 12: ASIC
you: Great, does ASIC know about your decision of closing your clients eurochf positions??
GO Markets Support 12: We are entitled to make this decision between our company and our clients ":mad::confused:"
you: You did not make this decision between your company and your clients but took the decision yourself!!
you: What about clients who are against your decision?
GO Markets Support 12: As per client agreement, we are entitled to take this decision, it is our care to prevent significant losses for clients ":confused::mad:"
GO Markets Support 12: And again, if you want to go further into this, you can write in at customerservices@gomarketsaus.com
you: Can you provide me with the client agreement that says this?
you: "closing all positions at anytime Gomarkets like"
GO Markets Support 12: GO Markets - Legal
you: "Prevent significant losses for clients"??
you: Don't you see that all clients with eurochf positions will have significant loses resulted by your decision?
GO Markets Support 12: Please contact customer services Sir
you: I don't see anything related to closing positions at anytime Gomarkets want in the link you provided me with?!
GO Markets Support 12: Okay Sir, the live chat is for minimum support
you: Can you provide me with the clear sentence of that, where is it found?
GO Markets Support 12: If you have questions/ complaints
GO Markets Support 12: Please email customerservices@gomarketsaus.com
you: You mean, you're not applying ASIC Regulation Rules?!
you: Oh, that will have huge consequences!!
you: God Help You

That's the GoMarkets reality SCAM. Closing clients positions to prevent them significant loses when they are actually resulting in the loses.
What is that decision:confused:, a broker can give advice, warn of risks, not close positions.

What if the decision came a week earlier before eurochf went up, gomarkets might be lucky with many clients that took advantage of yesterday and today pair going up to close their positions, but yet many others might be stuck in open positions.

Whatever happen in this case, Gomarkets proved to be a Scam. Let us give them the Scam Trophy, joining its other Scam brokers friends:D:cool:
 
Hi,
First of all thanks to all who responded. Has been of great support to me!
Today and yesterday I had some long tel. conversations with a representative of Gomarkets.
Their side of the story is that if snb removes the cap during the weekend the gap can be very large (perhaps 1000 pips or more) As a result customers stops will not be triggered and the customer can have considerable losses.
Although I'm not very happy with this situation I decided to close my trade. (without loss as a result of the positive move of the pair)

As far as I'm concerned the case is closed. And this thread can be terminated.
 
Sleep rest, SNB not going to remove the cap. It is more likely to raise the cap than ever removing it anytime soon.

Gomarkets is cheating you & its clients with imaginery action films:rolleyes:

A broker do not oblige its clients to close positions but advice them, who oblige are brokers that have something real to loose from your open positions, because it trades against your positions.

And, it is not a secret that banks, brokers, big investors are the ones shorting eurochf. Think what's Gomarkets real goal behind that decision??;)

Not a million call from any representative will convince me of that excuse Gomarkets had given its clients:mad:

I imagine your face "bertweb" when you'll be biting too your all fingers:D when SNB raise the cap or eurochf continue rising up.

You'll regret the time somebody introduced you to that Gomarkets broker:p

Today it's eurochf Snb excuse, tomorrow it will be eurousd bailout or something excuse, who knows:confused:

In my opinion, the broker who obliges its clients to close positions is an unreliable broker, take opposite trades and its clients must withdraw their money instantly.
 
FXcobra is right , SNB will not remove the floor , if anything they are going to raise it .
They have said repeatedly the last 6 months at least they will defend the 1.20 with unlimited reserves, if they dont do this or remove the floor then their reputation will be ruined and they just wont allow this.

In any case bertweb glad your happy and made some profit. However im not sure that your broker is acting in your best interest here.
 
From this scam forum I can see that there is a bit of confusion regarding the reasons why GO Markets is discontinuing the EURCHF, hopefully this clears things up a bit.

As a company we do not like taking such extreme actions but in some cases it is necessary to protect the clients.

Over the last 2 weeks a handful of our clients have been taking a long position on the EURCHF, the majority of these clients are highly leveraged with stops just below the SNB cap of 1.2000.

We DO NOT know what is going to happen in the future with the EURCHF and the SNB cap, but as you are aware as a STP broker (we are not a market maker) all client positions are held with our liquidity providers.

If the SNB do remove the cap the likelihood would be the EURCHF would significantly gap lower (anywhere as low as 0.9950) this would result in clients being in large negative equity and owing large amounts of money to us and in turn to the liquidity providers. As an example if a client has a USD10,000 account, has leverage of 100-1 and the cap was removed over the weekend, EURCHF opens up at 1.0000 the client would be in negative equity USD200,000.

Consequently the vast majority of these clients will become a bad debt and not pay their negative account balance back.

As a STP broker we will also be in margin call with our liquidity providers for the same amount of funds. If the SNB increases the cap and the market moves up to 1.25000 our clients will profit, and so too will our equivalent positions with the liquidity providers.

At the end of the day we are trying to protect the company and our FULL client base from an extreme market event. Such events can easily make companies bankrupt if the positions are unmanaged. By taking this course of action we are acting in the best interest of our clients and doing exactly what our regulator would expect from a reputable firm such as GO Markets. The companies you should be concerned about, are those who are not protecting their clients from such extreme events.

Hopefully this helps but if it doesn’t make sense and you have some further questions please contact me on +61399344500

Rupert Kain
 
As far as I'm concerned the case is closed. And this thread can be terminated.

The FPA doesn't like to completely remove threads. That sort of thing can linger in Google's cache for some time.

Since you created the thread and you feel that the new policy never was a scam, I'm merging this into the Go Markets discussion thread that's linked to their review page.
 
From this scam forum I can see that there is a bit of confusion regarding the reasons why GO Markets is discontinuing the EURCHF, hopefully this clears things up a bit.

As a company we do not like taking such extreme actions but in some cases it is necessary to protect the clients.

Over the last 2 weeks a handful of our clients have been taking a long position on the EURCHF, the majority of these clients are highly leveraged with stops just below the SNB cap of 1.2000.

We DO NOT know what is going to happen in the future with the EURCHF and the SNB cap, but as you are aware as a STP broker (we are not a market maker) all client positions are held with our liquidity providers.

If the SNB do remove the cap the likelihood would be the EURCHF would significantly gap lower (anywhere as low as 0.9950) this would result in clients being in large negative equity and owing large amounts of money to us and in turn to the liquidity providers. As an example if a client has a USD10,000 account, has leverage of 100-1 and the cap was removed over the weekend, EURCHF opens up at 1.0000 the client would be in negative equity USD200,000.

Consequently the vast majority of these clients will become a bad debt and not pay their negative account balance back.

As a STP broker we will also be in margin call with our liquidity providers for the same amount of funds. If the SNB increases the cap and the market moves up to 1.25000 our clients will profit, and so too will our equivalent positions with the liquidity providers.

At the end of the day we are trying to protect the company and our FULL client base from an extreme market event. Such events can easily make companies bankrupt if the positions are unmanaged. By taking this course of action we are acting in the best interest of our clients and doing exactly what our regulator would expect from a reputable firm such as GO Markets. The companies you should be concerned about, are those who are not protecting their clients from such extreme events.

Hopefully this helps but if it doesn’t make sense and you have some further questions please contact me on +61399344500

Rupert Kain


At time you were writing something that is ridiculous and not worth to be taken seriously, eurochf had reached 1.2155.

Do you know how much profits your clients missed by closing their positions earlier just because you threatened them to close it all from your side Gomarkets:mad:

Gomarkets useless words like "From this scam forum", this forum is for Scam Brokers and Companies like you Gomarkets;)

"EURCHF would significantly gap lower (anywhere as low as 0.9950)"
That will be very nice because I would like to do with your advice and short eurochf, why are you preventing me from being rich:p;)

"the cap was removed over the weekend, EURCHF opens up at 1.0000 the client would be in negative equity USD200,000"

Had you just watch a Horror film and got very afraid:D
Play those games on forex starters;)

I doubt you're a STP broker, because you are afraid of Gomarkets and your LP's loosing not your clients.
How come other brokers hadn't taken your decision:confused:, maybe they do not care about their clients:rolleyes:

I must congratulate you for ending your post in the correct way when you said:

"At the end of the day we are trying to protect the company. Such events can easily make companies bankrupt"

Why? Are clients money yours:confused:? Where's your capital protection? Clients money are all what you have:D!

Today it's eurochf and Snb event, tomorrow might be Ecb bailout event, what's next:cool:!

Who did it once can repeat it many times with similar ridiculous excuse "protecting clients"
Do you remember FPA members how much we read same excuse by other Scam Companies??

Oh No, you spoiled it again: "doing exactly what our regulator would expect from a reputable firm such as GO Markets"

ASIC tells you to oblige your clients to close all positions or you close it yourself, instead your job is just to advice your clients.

"The companies you should be concerned about, are those who are not protecting their clients from such extreme events"

You mean 95% of brokers not protecting clients:confused: Gomarkets is a joke:D

No broker would take your decision unless afraid of being affected itself from clients positions(trading against), and no more proofs can be said other than the ones Gomarkets representative had confessed "trying to protect the company" "we will also be in margin call with our liquidity providers"

"We DO NOT know what is going to happen in the future with the EURCHF"

When you know nothing, why had you taken that decision??

Some predictor read for you the future:D

Save the market from your predictions and just do your job as a broker.

We at FPA will give you a final chance to prove that Gomarkets is not a Scam broker by giving you not the "weekend gap" like you said but the full next week.

We will all wait together all next week to see if SNB will remove the peg. If yes, we'll congratulate you and not name you a SCAM broker.

If SNB kept the peg or for your more bad eurochf continued rising up, we'll be fully proud to announce you between FPA Scam Brokers

Count down, Less than 7 days left for your survival;):p
 
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