Original FPA Traders Court Submission:
I am submitting the case against: www.ironfx.com
My Case is: Some months ago i opened 2 accounts with this broker and both of them were affected by Ironfx fraudulent behaviour.
First of all i'm posting account 22019153. It was founded with 10k (7635+bonus), After less than 10 trades the account had a profit of 3891€. My surprise came when i received a mail from Ironfx saying i was using lagging prices. Profit was remove and account was suspended. Also i received a mail saying:
"Considering the above and the findings provided by the Trading Department, IronFX has decided NOT to pursue legal actions against you, but instead to proceed as per below with immediate effect"
· Reverse positions that were generated as a result of execution under lagging/wrong prices
· Return to the same remitter by the same method the funds that were deposited to IronFX.
I just trade based on prices they quote. If they didn't want to get filled why did they quote these prices? It is not my fault if they were slow. Also last trade ended up in a loss because was filled after 31 seconds.
I attach here all the documents that proof what i'm saying.
Best Regards
New thread in the Scam Alerts Folder:
Review is submitted by Sergio on 11/20/14
The company was first contacted about the issue on 10/10/14 the last contact was on 11/14/14
Details: Dear Mr. Sergio Navarro,
In response to your below emails dated 28th October and 11th November 2014, concerning trading account with number 22019153 in regards to the removal of a total amount 2,364.31EUR of Welcome Bonus as well as the profit made from the said trading account, we would like to inform you that our department has finished the investigation and came up with the following conclusions.
As per our investigation and in more as per the information provided by the Dealing Department, it is been evident that the trading account 22019153 was trading on price disparities resulting from rare/occasional price latencies with the purpose of benefiting from a possible pricing arbitrage to the Company’s detriment. Consequently, we took a step further to prove this deceiving strategy by comparing the prices offered by the Company with those of another broker namely, Dukascopy Bank (available at http://www.dukascopy.com/swiss/english/marketwatch/historical/).
In relation to the above, the deceiving strategy is evident from the below randomly selected MT4 logs:
· Trading logs of account 22019153
2014.10.10 11:00:03.358 38.65.13.29 '22019153': instant buy 2.00 EURNOK at 8.24785 sl: 0.00000 tp: 0.00000
· Dukascopy Pricing
Time
Ask Price
Bid Price
10.10.2014 08:00:03.348
8.25882
8.25172
Taking into consideration the above, it is clearly presented that there is a large deviation between the prices requested by you and the available prices at the particular time. In this respect, the above is a clear indication of a violation of our trading environment and is in breach of the trading terms and conditions to which you have accepted during the account opening process.
At this point we would like to draw your attention to the below clauses of the Company’s the Trading Terms and Conditions:
Clause 6.29:
“In case where a Client is trading in a way that aims to take advantage of price disparities resulting from rare/occasional price latencies with the purpose of benefiting from a possible pricing arbitrage to the Company’s detriment, either by using additional functionalities/plug-ins (i.e. Expert Adviser, etc.) or by any other means, then the Company has the right to activate any clause under section 24, including clause 24.4.”
Clause 24.4:
“The Company may terminate the Agreement immediately without giving five (5) business days written notice, and the Company has the right to reverse and/or cancel all previous transactions on a Client’s account, in the following cases:
a) The Client involves the Company directly or indirectly in any type of fraud, in which it places the Company’s as well as other Company’s clients interests at risk prior to terminating the Agreement.
b) The Company has grounds to believe that the Client’s trading activity affects in any manner the reliability and/or smooth operation and/or orderly of the Company’s Trading Platform.”
Considering the above findings and observations, the Company decided to reverse all positions, commission that were generated as a result of the execution under wrong prices. In this respect, please be informed that the Company has also proceeded with the termination of your trading account.
Moreover, please note that available funds (ones that have initially deposited) have been returned to you back to the same remitter and your Account Balance for account 22019153 is zero.
Kind regards,
My anwser:
- Am i trading on Ironfx or Dukascopy. How is Dukascopy of any relevance here?
- if you didn't want to execute at these prices why did you quote these prices?
Company representatives' emails: <dealing@ironfx.com>
<compliance@ironfx.com>
I am submitting the case against: www.ironfx.com
My Case is: Some months ago i opened 2 accounts with this broker and both of them were affected by Ironfx fraudulent behaviour.
First of all i'm posting account 22019153. It was founded with 10k (7635+bonus), After less than 10 trades the account had a profit of 3891€. My surprise came when i received a mail from Ironfx saying i was using lagging prices. Profit was remove and account was suspended. Also i received a mail saying:
"Considering the above and the findings provided by the Trading Department, IronFX has decided NOT to pursue legal actions against you, but instead to proceed as per below with immediate effect"
· Reverse positions that were generated as a result of execution under lagging/wrong prices
· Return to the same remitter by the same method the funds that were deposited to IronFX.
I just trade based on prices they quote. If they didn't want to get filled why did they quote these prices? It is not my fault if they were slow. Also last trade ended up in a loss because was filled after 31 seconds.
I attach here all the documents that proof what i'm saying.
Best Regards
New thread in the Scam Alerts Folder:
Review is submitted by Sergio on 11/20/14
The company was first contacted about the issue on 10/10/14 the last contact was on 11/14/14
Details: Dear Mr. Sergio Navarro,
In response to your below emails dated 28th October and 11th November 2014, concerning trading account with number 22019153 in regards to the removal of a total amount 2,364.31EUR of Welcome Bonus as well as the profit made from the said trading account, we would like to inform you that our department has finished the investigation and came up with the following conclusions.
As per our investigation and in more as per the information provided by the Dealing Department, it is been evident that the trading account 22019153 was trading on price disparities resulting from rare/occasional price latencies with the purpose of benefiting from a possible pricing arbitrage to the Company’s detriment. Consequently, we took a step further to prove this deceiving strategy by comparing the prices offered by the Company with those of another broker namely, Dukascopy Bank (available at http://www.dukascopy.com/swiss/english/marketwatch/historical/).
In relation to the above, the deceiving strategy is evident from the below randomly selected MT4 logs:
· Trading logs of account 22019153
2014.10.10 11:00:03.358 38.65.13.29 '22019153': instant buy 2.00 EURNOK at 8.24785 sl: 0.00000 tp: 0.00000
· Dukascopy Pricing
Time
Ask Price
Bid Price
10.10.2014 08:00:03.348
8.25882
8.25172
Taking into consideration the above, it is clearly presented that there is a large deviation between the prices requested by you and the available prices at the particular time. In this respect, the above is a clear indication of a violation of our trading environment and is in breach of the trading terms and conditions to which you have accepted during the account opening process.
At this point we would like to draw your attention to the below clauses of the Company’s the Trading Terms and Conditions:
Clause 6.29:
“In case where a Client is trading in a way that aims to take advantage of price disparities resulting from rare/occasional price latencies with the purpose of benefiting from a possible pricing arbitrage to the Company’s detriment, either by using additional functionalities/plug-ins (i.e. Expert Adviser, etc.) or by any other means, then the Company has the right to activate any clause under section 24, including clause 24.4.”
Clause 24.4:
“The Company may terminate the Agreement immediately without giving five (5) business days written notice, and the Company has the right to reverse and/or cancel all previous transactions on a Client’s account, in the following cases:
a) The Client involves the Company directly or indirectly in any type of fraud, in which it places the Company’s as well as other Company’s clients interests at risk prior to terminating the Agreement.
b) The Company has grounds to believe that the Client’s trading activity affects in any manner the reliability and/or smooth operation and/or orderly of the Company’s Trading Platform.”
Considering the above findings and observations, the Company decided to reverse all positions, commission that were generated as a result of the execution under wrong prices. In this respect, please be informed that the Company has also proceeded with the termination of your trading account.
Moreover, please note that available funds (ones that have initially deposited) have been returned to you back to the same remitter and your Account Balance for account 22019153 is zero.
Kind regards,
My anwser:
- Am i trading on Ironfx or Dukascopy. How is Dukascopy of any relevance here?
- if you didn't want to execute at these prices why did you quote these prices?
Company representatives' emails: <dealing@ironfx.com>
<compliance@ironfx.com>
