GUILTY Case# 2014-182 | simenkon vs yadix.com

Based on the available evidence, do you believe that Yadix.com is guilty?

  • Guilty

    Votes: 58 96.7%
  • Not Guilty

    Votes: 2 3.3%

  • Total voters
    60
  • Poll closed .

jmwesty50

Recruit
Messages
3
It is interesting. These brokers provide you the price, fill at your order ticket price, then claim you preyed on us by cheating. The broker holds all the cards. They accept the trade (probably buy the other side) then cry when FOREX turns against them.

Transparency? The only records we have is the broker's display of our account activity(and what we record). The broker should be able to provide the complete flow from begining to end for their clients, if requested. If a client "hacks" their system to "take advantage of a technical flaw", is this criminality of the Forex Trader? Perhaps a technique could be identified so the client would know they have been caught cheating and the broker will contact law enforcement with complete evidence, unless the client agrees to drop the case.

The real truth - Yadix's claim's provide no real details or evidence. GUILTY!
 

Pharaoh

Colonel
Messages
19,959
No I have not yet done that. I would like to get the verdict in here before I do that, then I can concentrate on the arbitration.

There may be deadlines. Please do file as soon as possible. That will be the place where Yadix is forced to bring evidence. Accusations alone won't work in an arbitration hearing.
 

burrocampeador

Private
Messages
25
The concept "predatory trading" makes me laugh. The client followed a very clear strategy: news spike trading. This strategy does not "take advantage of technical flaws". This strategy simply uses the prices that broker gives to his client, as any other strategy does.

So here we have another liar broker who does not like their customers make money with news (or with any other successful trading system). Liar because it is clear that this broker IS NOT A STP broker, because STP or DMA brokers have no conflict of interest with their clients, therefore they are happy that their customers earn money.

Therefore my vote is clear: this is a scam broker.
 

deadant

Private
Messages
10
Dear George (I hope you get some ping from this),

Please explain exactly what you mean by """predatory trading practices that takes advantage of technical flaws""". As it stands now it it is too vague and just looks like a bad excuse.

I also find it amazing that you know of an exploitable flaw, in a financial system, but does not care to fix it? If nothing else any error should be handled immediately, by the system. From the information presented here it seems the error is first spotted (some random time) later when the client wants to withdraw his or hers money, which obviously raises some doubts.

So if you could take the time to shed some light on these thing it would be highly appreciated. (I'm a lot better with computers than at trading so don't be afraid to get into technical details.)

Looking forward to your response!

// Emil

(PS when I say "you" it is of course not yoi in person but the company you represent.)
 

maxki

Recruit
Messages
7
Comment on STP/ECN Claim by Broker: I agree with the broker’s web site paras 3 to 5 regarding its role as STP/ECN broker:
“--- no manipulation, --- no dealing-desk broker, --- orders are executed anonymously, automatically, and with 100% transparency to the interbank forex markets –“ ”----who are responsible for the settling of all winning trades.”
Query on STP/ECN Performance as Representative of the Type:
At 11:18:24 the Support said: “---we as STP broker we work with Liquidity, they take the risk against clients.” At 11:20:47 AM Support said: “----its not about the past, its about the fact that your orders need to be checked and verify with the LP”.
So there is another party who provides the liquidity, with whom the STP/ECN broker has a “due care” relationship regarding wins and losses? Is this a STP/ECN broker and “no dealing desk” as claimed above? Aikôna! (“I don’t believe it!”) So, does this “LP-relationship” apply to all (or other) licensed STP/ECN brokers under formal national regulation?
All successful retail FX-traders wish to win all their trades and beat all comers and remove wins from their trading accounts regularly – they are entitled to this aim and endeavour. To minimize their broker-risks, they use STP/ECN brokers for anonymous and automatic transactions directly to the forex market and are entitled to expect support by true STP/ECN brokers as defined in paras. 3 to 5 above. This applies to all STP-ECN FX-brokers, not only this test-case.
In this case the broker and his LP conferred, the broker then withdrew a significant amount of money from the trader’s account and terminated the contract with the trader, claiming “Our compliance team have discovered (my comment: after the broker’s compliance team conferred with the Liquidity Provider who “take the risk against clients”) predatory trading practices on your account that takes advantages of technical flaws----“. These technical flaws (I presume they were in the broker’s trading system) were not indicated nor how the trader manipulated the broker’s faulty system to his advantage. Prior to this one-sided drastic action by the broker (after the conference with his LP, who stood now to gain rather than lose money) the Support representative said: (11:28:37 AM): “--- as long as trades were executed with no manipulation, and it can be proof, no issue” to which the trader responded (11:55:23 AM) “I have video recorded each and every one of my trades as well, so I have proof that everything was done legally”. But, the broker did not ask for the proof from the trader, not in private nor in public. However, from the proof provided publicly by the trader, the broker appeared to have manipulated the trading times, justifying losses rather than wins to the trader. If this mirrors the action of all STP/ECN brokers, no fairly consistently successful retail FX-trader has any chance to draw winnings from his trading account.
Comment on Arbitration/Regulation.
In a letter from the broker to the trader, the following appears: “Should you wish to dispute our decision to terminate our relationship, you are entitled to exercise your right to arbitration at the International Centre for Dispute Resolution pursuant to Section 5 of the Customer Agreement.”
In the last letter the broker stated: “We have discussed the case with our attorney and according to the terms of the client agreement, you have agreed to rectify matters of dispute through the arbitration process. Therefore we will not submit to an online forum when a real solution has been made available to you”.
• Note that the client has not been given an opportunity to dispute the loss of his money (the main issue) by providing his proof. The main issue will not be subjected to arbitration and any possible fraudulent manipulation by the broker and pressure by the LP on the broker will not be discussed or be made “100% transparent” to the public or, I suspect, to the national Regulating Authority.
• How does the fact that FX-traders accept arbitration “at the International Centre for Dispute Resolution” in their contracts with their brokers, reduce their access to the national Regulating Authority for reasonable speedy redress?
 

simenkon

Private
Messages
29
What staggers me the most probably is how blatant their lies are. They have not even thought it through how to make their story waterproof. They way they changed my trades, for example my NFP trade, shows just so clearly how the logic of their story is just so full of flaws.

The second trade I made on Friday the 7th of November 2014 was the release of the Non-Farm Payroll numbers by the US labor department.
Order number: 47015393
Type: SELL
Size: 30.00 (lots)
Symbol: USDJPY
Order entry time: 2014.11.07 13:30:01
Entry price: 115.327
Order exit time: 2014.11.07 13:30:04
Order exit price: 114.751
Commission: -210 €
Profit: 12 107.79 €

This trade was changed as follows (I highlighted the changed trade info):
Order number: 47015393
Type: SELL
Size: 30.00 (lots)
Symbol: USDJPY
Order entry time: 2014.11.07 13:30:01
Entry price: 115.327
Order exit time: 2014.11.07 13:30:04
Order exit price: 115.410
Commission: -210 €
Profit: -1774.70 €

Yadix claims that 115.410 is my actual exit price and I exited the trade 15:30:04. The price did not move back to 115.410 until 15 minutes (!!!) after the trade, so around 15:45 it reached 115.410. Say what you will about the wrong price levels at the liquidity providers, but you can check every imaginable chart there is and all of them show that after 4 seconds (which Yadix approves as my exit time), the price was nowhere near to 115.410. That clearly shows a manipulation and they have not even thought it through so they just came up with random numbers so they can support their claims, although those numbers do not make any sense whatsoever. The price they claim I exited at the time was actually around 60-70 pips lower and you can check that from every imaginable chart there is out there. Only 15 minutes after the trade USDJPY retraced back to 115.410 for a short amount of time. Yadix team probably just took a quick look to the chart and they just picked the highest point they saw on the chart in order to make my winning trade into a losing one, but in their excitement they forgot to think if it even makes any sense whatsoever.
 

FxMaster

Lt. Colonel
Messages
9,534
Dear simenkon,

Don't worry about your money, you will get it sure as they seems guilty. Just go ahead and file arbitration.
 

Stormbruce

Private, 1st Class
Messages
44
Just like so many other brokers as soon as we begin to make a profit they bring some other b/s from their bag of tricks so we cannot withdraw. I say GUILTY!
 
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