GUILTY Case# 2018-013 | chitak vs tifia.com

Based on the available evidence, do you believe that Tifia.com is Guilty?

  • Guilty

    Votes: 58 98.3%
  • Not guilty

    Votes: 1 1.7%

  • Total voters
    59
  • Poll closed .

chitak

Sergeant
Messages
133
Original FPA Traders Court Submission:

I am submitting the case against: tifia.com

My Case is: I traded with Tifia for a few months, I made pretty good profits, I opened two accounts with them one was Start and one was ECN. One day they blocked my account and decided to cancel over 4501.48 EUR of profits. My account number is 6026336, so that Tifia can verify who I am.

As I trade around news times I had opened two account types with Tifia. The broker offers Start account and ECN, after trading for a while my accounts were performing differently, I was making more profits on the Start account so I continued to trade on this account more frequently than on the ECN account.

On november 28th I had a very good day where I had made a large profit(about 4500 EUR). The next day Tifia blocked my account and asked to verify some documents, it was an AML document request I was told. On december 8 they notified me that my documents have been accepted and my account is again live and I can resume trading.

On Dec 7th, just the day before they emailed me that my documents are accepted and my account was reactivated I received another email that some trades were being cancelled(EUR 4501.48 over 471 trades) the reason they gave is "Please note that the peculiarities of the trading terms and architecture of START accounts imply that coverage applies to the total volume of client positions. Unfortunately, the liquidity provider was not able to confirm all of your trading positions". This was a very vague explanation for taking away such a large amount of profits away from me so naturally I questioned it and requested a detailed list of trades and a reconsideration of the cancellation of profits.

I gave them plenty of time to make this right, I emailed several times clearly stating I didn't agree, the acknowledged my emails but that is all. I also contacted the Tifia rep here in the FPA(Alex), he reitarated that was the company's decision and he did not offer anything further.

Once I created the scam alerts post I invited Alex but he never showed up to defend Tifia nor did he reply to my message.

I had been emailing with Tifia requesting my money to be returned and that I want my emails to be forwarded to management. I also warned Tifia I will be filing a case with the FPA, to which they replied I should wait for a bit so that management can get back to me. It has been about 25 days since Tifia last sent me an email so I decided it is time to escalate this to a trader's court case.

I have withdrawn all money that was left in both my accounts, so my funds are now safe and out of reach of the company.

New thread in the Scam Alerts Folder:

Review is submitted by chitak on 01/20/18

The company was first contacted about the issue on 12/07/17 the last contact was on 12/29/17

Details: Last email I received from Tifia(Dec 29th 2017), this is regarding my request to refund my money as I disagree with their confiscating of profits:

We would like to kindly advise you that we are still reviewing your request.

Once we have an update on the matter we will get back to you.

Thank you in adavcen for your patience.

Company representatives' emails: Support <support@tifia.com>
complaints <complaints@tifia.com>
AML document request<ampolicy@tifia.com>

 

Attachments

chitak

Sergeant
Messages
133
I looked at their reply, nothing new, they just said the same as they said previously, their liquidity provider didn't cover the trades. Same story. I don't agree with taking profits a week after they are made. And the fact that they cancelled so many trades on a certain day is very odd, on top of that they blocked my account for 'investigation' which was supposedly not related to the cancelled profits, I think they tried to first get me on money laundering, but when that didn't work as my documents were all in order they went to plan B - didn't hedge trades so we're cancelling your trades.

I am simply at their mercy with any profits I make. Anything could be declared as off-quotes, especially that I trade around news, they can always find some liquidity provider that gave different prices, it's 100% the broker's decision to cancel trades at any point in time. This broker is not an honest operation that lets traders make profits from my experience. They're saying in the other thread I made a profit and they were so nice that they paid it out along with my deposit, this is ridiculous, I am not going to be thankful for paying a part of my profit and returning my original deposit. At the end of the day yes it could've been worse, they could've stolen all my money.

It looks like I made too much profit and they decided they can't have a trader taking money from them. A broker can always say the trades were not covered by their liquidity provider, it seems it is their way of just taking profits and quoting something as out of their control. I wonder how many other news traders like me lost hundreds or even thousands of dollars because Tifia decided they can just take money like that.
 

chitak

Sergeant
Messages
133
Various pairs were traded on that day, but all were GBP based. There was some news activity that got the GBP moving so I was in and out of many different pairs, in total Tifia cancelled 471 trades. Basically all trades that took place at that time, some losing and some winning, mostly winning. The trades were taken in the span of about 1 hr. I always close all my orders while I am on the computer so in this case I saw volatility ending and stopped trading. I am attaching a sample of the trades cancelled, these are some of the more profitable ones. As the price was up and down throughout the time I traded I took many trades and subsequently closed them.

Nothing out of the ordinary I take trades like this all the time, sometime lasting a few seconds sometimes a few minutes. Some stats from my excel spreadsheet for the tifia trades, average trade time across all the trades is 23 sec, longest is 1 min 42 sec, average trade times of the larger profitable trades(profit of more than $10 per trade) is about 40 seconds, the losing trades have an average trade length of just under 10 seconds. Which in my trading style is quite normal I cut the losses short(through my EA) and let the winners ride a bit longer.
 

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chitak

Sergeant
Messages
133
They're just stalling. Now Tifia is asking me to show I took the same trades on another broker. Just attempts to delay the case. I will show the statements in a few days and then they'd have to pay up.
 

chitak

Sergeant
Messages
133
I am posting trading account statements from 3 other brokers where I took the exact same trades as on Tifia, and none of these other brokers have canceled trades. I am blacking out some personal info as this is a public forum.

I am also posting a sample of the most profitable trades that were canceled by Tifia(TradesCancelled.PNG). There are over 400 trades canceled, but the majority of them are at around $0 profit, slightly profitable or slightly losing.
 

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AsstModerator

FPA Forums and Reviews Admin
Messages
5,535
Just in case he missed it, I replied and quoted TifiaFX's representative. He should get a notification.

I apologize for not responding sooner. Another case has taken a considerable amount of time. It took so much I had to add an FAQ item just about it in post #3 here...

http://www.forexpeacearmy.com/community/threads/traders-court-faq-other-questions.13636/#post-305806

With the rules more clearly spelled out, I hope cases of that type won't be wasting too much more of my time so I can spend more time focusing on cases like yours.
 
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