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I am FX - HUGE spreads

Discussion in 'Scam Alerts' started by basilj, Apr 8, 2015.

  1. basilj

    basilj Recruit

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    I had a stopout on my account with IamFX on 18 March at the time of the FOMC statement I understand that volatility and spreads do happen at these times but the spreads were huge . When I raised the issue with them they first advised that they do not keep records of spreads,but advised that the spread on GBPCHF could have been up to 20 pips Then advised that " spread is just the difference between bid and ask prices". Later I was advised that the spread on GBPCHF was 68.5 pips at the time of the stopout. I have since attached an indicator to my platform and this shows spreads of up to 152.8 pips on the GBPCHF pairs, this from a broker that advertises "lowest interbank spreads" on their website. They advise that this is "true market spreads as we are a 100% STP forex broker."
    Maybe someone can advise if these are normal and acceptable spreads ?
    In their communication with me they regularly gave me inconsistent and contradictory information such as “Reaching a stopout level of 100% does not mean that the free margin of the account is zero” They told me my GBPCHF trades "open positions in buys were 0.5 lots and in sells 0.11 lots" when in fact they were buys .29 lots and sell .21 lots.
    I provided them with calculations (Spread sheets) showing that I could not have run out of free margin, even with their spreads, and they promised to provide me with the necessary evidence that my closeout was valid, but to date have still not provided this.
     
  2. RahmanSL

    RahmanSL Major

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    Website: IamFX Forex Broker with True STP/DMA
    Year since: 2009
    Headquarters: Republic of Panama
    Company registration: IamFX Inc., Panama
    Regulation: Not regulated.
    Notes: IamFX is an IB for Gallant Capital Markets.

    Quite frankly, with a none regulated broker, there really is very little that you can do with any complaints.
    However, in this case, your best bet is to contact and file your complaint to Gallant Capital Markets who might or might not chastise their IB because they themselves are in some dubious exotic Island nation:

    Website: Trade Forex with Gallant Capital Markets | Forex Broker
    Year since: 2008
    Headquarters: Tortola, British Virgin Islands
    Company registration: Gallant Capital Markets Ltd., BVI
    Regulation: FSC of BVI (License#: SIBA/L/11/0964)
     
  3. basilj

    basilj Recruit

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    Thanks for the advise , I have contacted Gallant Capital Markets.
     
: iamfx, iamfx.com

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