GoMarkets removed profits going back 4 months

chitak

Sergeant
Messages
135
I was recently contacted by GoMarkets informing me that hundreds of trades over a period of over 4 months are being cancelled and profits are deleted.

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.


I have not requested a list of the trades as they say I could but it is just about all the trades placed on my account from Nov 09 2012 up until March 13th when the last trade was placed on the account.

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. I chose GoMarkets for my newstrading, as they advertise that all strategies are welcome, all EAs scalping and News trading.

Why I believe GoMarkets is scamming me:
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

Colonel
Messages
20,077
Get in touch with ASIC right away.

"Interfering with the markets efficiency and integrity" - A 4 trillion dollar per day market and they claim that a single retail trader can interfere with it. :p
 

chitak

Sergeant
Messages
135
In the case of the GoMarkets account I didn't receive an email that they're freezing it, but it appears that they might've and I just didn't know. I got an email for my other 2 accounts at Vantage that they're getting frozen and later on that profits were being cancelled.

Pharaoh, any advice who to complain to? I haven't been able to locate a form on ASIC about complaints. It looks like they just send you to another government agency. Does anyone have a link to the complaint page on ASIC? Also on GO's website it says to complain to the Financial Ombudsman, interestingly enough they have now removed the reference to the financial ombudsman. Anyways the link to the complaint for the FOS is https://forms.fos.org.au/OnlineDispute

I will keep you guys updated if I hear from the FOS after I file the complaint
 

chitak

Sergeant
Messages
135
An update on My GoMarkets complaint with The FOS. I filed a case earlier today, and now I've been sent a notice that they are contacting the company who has 45 days to respond, if they don't respond or they don't resolve the case I can escalate to the FOS.

So for now I'll have to wait 45 days. I urge anyone in a similar situation to file with the FOS, the more cases that are filed the better a chance we'll have to get our money back
 

GO Markets Rep

GoMarketsAus.com Representative
Messages
1
Hello,

I'm a representative of GO Markets and thought it only right that we post onto this thread.

Just to put clients in the picture we haven't for one moment decided this is a closed case regarding the suspension of trading and the reversal of trades due to the use of the BTN Lightning strategy. We are also not the only broker who has decided to temporarily not allow use of this particular type of signal software, with many that we are aware of who are also looking at this software closely.

GO Markets places all trades through q liquidity provider so we are working closely with them to review all trades and to ascertain more information. at first glance it may look like we have behaved irrationally but we do have to protect our systems and that of our liquidity providers. We have been in operation since 2006 with an unblemished reputation and will remain this way. We do however have to look at all factors when they are presented to us and to put all clients at ease this has only affected a tiny proportion of our large global client base and we will let clients who are affected know how we are proceeding with our discussions so we can draw a close to this issue shortly and look to have these clients trading again.

If you need any further clarification then our team will be happy to assist you in any way.

Regards

GO Markets
 

blackrose

Private
Messages
25
Hello,

I'm a representative of GO Markets and thought it only right that we post onto this thread.

Just to put clients in the picture we haven't for one moment decided this is a closed case regarding the suspension of trading and the reversal of trades due to the use of the BTN Lightning strategy. We are also not the only broker who has decided to temporarily not allow use of this particular type of signal software, with many that we are aware of who are also looking at this software closely.

GO Markets places all trades through q liquidity provider so we are working closely with them to review all trades and to ascertain more information. at first glance it may look like we have behaved irrationally but we do have to protect our systems and that of our liquidity providers. We have been in operation since 2006 with an unblemished reputation and will remain this way. We do however have to look at all factors when they are presented to us and to put all clients at ease this has only affected a tiny proportion of our large global client base and we will let clients who are affected know how we are proceeding with our discussions so we can draw a close to this issue shortly and look to have these clients trading again.

If you need any further clarification then our team will be happy to assist you in any way.

Regards

GO Markets

First: Name yourself!

Howsoever about your issues!

The main thing is: You are not allowed to cancel profits which are older than 24 hours!

So, give them back! Right now!
 
Last edited:

chitak

Sergeant
Messages
135
Hello,

I'm a representative of GO Markets and thought it only right that we post onto this thread.

Just to put clients in the picture we haven't for one moment decided this is a closed case regarding the suspension of trading and the reversal of trades due to the use of the BTN Lightning strategy. We are also not the only broker who has decided to temporarily not allow use of this particular type of signal software, with many that we are aware of who are also looking at this software closely.

GO Markets places all trades through q liquidity provider so we are working closely with them to review all trades and to ascertain more information. at first glance it may look like we have behaved irrationally but we do have to protect our systems and that of our liquidity providers. We have been in operation since 2006 with an unblemished reputation and will remain this way. We do however have to look at all factors when they are presented to us and to put all clients at ease this has only affected a tiny proportion of our large global client base and we will let clients who are affected know how we are proceeding with our discussions so we can draw a close to this issue shortly and look to have these clients trading again.

If you need any further clarification then our team will be happy to assist you in any way.

Regards

GO Markets

Hah unblemished reputation, if GoMarkets makes it out of this whole mess I'd be surprised.

I never got any reply from GoMarkets when I questioned the cancelled trades, and this person whoever they are is saying they are willing to discuss, not the impression I was given. Generally if I am ignored it sends me the message that they are not willing to talk/listen.

There will be resolution to this one way or another. Unfortunately brokers think they can do what they please but they forget they are dealing with clients who can go online and post bad reviews, complain, and even take them to court.

I sure hope this gets GoMarkets a very large fine and they are ordered to pay back any money that have been taken away from traders.

I will keep everyone updated as soon as I hear from FOS. They say it could take up to 45 days, but sooner or later someone at the FOS will come knocking.
 

chitak

Sergeant
Messages
135
Oh yeah and who is this mysterious liquidity provider?

I remember back in the day the bucket shops used to cancel trades left and right, not process withdrawals etc. it was the wild west out there. Now it seems the bucket shop is the liquidity provider, if there is even a liquidity provider. This whole thing is just smoke and mirrors, it is obvious Go doesn't want to lose money, after all they are in the business of making money.
 
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