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.
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.