Ironfx cancel my profit of 8507.62 eur of fundamental trade

alexx71

Recruit
Messages
185
IRONFX delete the profit of my trade even if I've been filled !

That have been the first ( and last ) trade I made whith this company.

I'have been attracted to trade with them because they offered a good bonus.

The trade is just a basic fundamental trade, so nothing of fantomatic or reling on arbitrage as they told me.

As you know currencies move on fundamental news, but they didn't write in their contract that you can't make a fundamental trade or

trading on news time is FORBIDDEN.

As thousands of traders when Norges Bank Interest Rate Decision was taken I made my trade.

Do you call this arbitrage ?? This is FOREX ! So the spike in the graphic was generated by traders attempting to exploit the feeds of

their brokers ? This is a nonsense reason to cancel a trade.

Trade lasted minutes and non few seconds, and we're talking about hundreds of pips, so they keep ALL my profits, a total of 8507.62 EUR

View attachment Iron Before Mod.pdfView attachment IronTradesCancelled.pdf
 

Master Yoda

Captain
Messages
2,929
We have here a serious problem with IronFX as their employees are behaving unethically and imposing as very happy and satisfied traders Iron Fx | Caution Advised | Broker Reviews | Forex Peace Army so I am not so surprised to read your story.

Trading the news is not arbitrage as far as I know and even their terms of trading (according to the complainer) are not against that.

First, you should invite them to join this thread.

Also they are claiming to be regulated by all these bodies. just drop a complaint to all these regulators.
The most effective complaint is going to be the one where you live which covers you and the one where your deposit went to is registered.

IronFX Global UK Limited is authorized and regulated by the Financial Conduct Authority (FCA no. 585561)
IronFX Global (Australia) Pty Limited is authorized and regulated by ASIC (AFSL no. 417482)
IronFX Global (South Africa) (Pty) Ltd is authorized by the Financial Services Board (FSP no 45276)
IronFX Global NZ Limited is authorized and regulated by FSP (FSPR no. 298966)
IronFX Global (Russia) LLC is a member of CRFIN (Membership no. A-8)
IronFX Global (Ukraine) LLC is a member of UCRFIN (Membership no. 5)
IronFX Global Limited is authorized and regulated by CySEC (Licence no. 125/10)
IronFX Global Limited is a Member of Eurex Exchange
 

alexx71

Recruit
Messages
185
IRONFX MAIL:

Dear Client,

After conducting an investigation on the trading activity of your account, we have reached to the below conclusion:

Account 22048698 was trading by lagging prices on NOK crosses, particularly on Norges Bank Interest Rate Decision, with the purpose of benefiting from pricing arbitrage and therefore riskless profit.

We took a step further to verify the above, by comparing our pricing with another major FX provider. For this purpose we chose Dukascopy Bank because they provide tick prices per second historical data.

Please find a tick price comparison with Dukascopy Swiss Bank available at:

Historical Data Feed :: Dukascopy Bank SA | Swiss Forex Bank | ECN Broker | Managed accounts | Swiss FX trading platform

Also excel file attached; note that time is GMT.

Randomly selected logs

Trading logs of account 22048698

2014.12.11 11:00:01.204 38.65.13.29 '22048698': instant buy 3.00 USDNOK at 7.13405 sl: 0.00000 tp: 0.00000

Dukascopy Pricing

Time
Ask Price
Bid Price
11.12.2014 09:00:01.298
7.18174
7.17637

As it can clearly be observed, there is a large deviation between the opening price offered by IronFX and Dukascopy Bank.

This comes as a violation of our Trading Terms and Conditions to which the Client has to comply with before opening an account with the Company.

At this point we would like to draw your attention to Paragraph 6.29 and 24.4 of the Trading Terms and Conditions:

“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”

“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 and the findings provided by the Trading Department, IronFX has decided 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.

Best Regards,
Dealing Desk

t +357 25027222 | e Dealing@IronFX.com
 

Pharaoh

Colonel
Messages
20,111
Explain to Iron Fx that the forex market is decentralized. This means that price feeds will not be identical, especially during major news events. Tell them that if they want to require all traders to use Dukascopy prices, they would apply to be a whitelabel of Dukascopy.

Also ask them why any established broker wouldn't have a non-lagging, reliable price feed that traders can trust and make trades on.
 

alexx71

Recruit
Messages
185
This is my mail :

Dear IronFx,

regarding the cancelling of my profitable trades please be informed that I'm not satisfied about the reasons you told me.

1 - It is not my responsability of the price you quoted, you are a broker, you have your price and you filled me,
a ticket is a contract and you can't cancel it, the price was quoted worldwide!

2 - The trade lasted more than 5 minutes, so assuming you filled at a bigger price as you said, it was a profitable
trade ANYWAY, and so you keep MY money.

Dukascopy Pricing



Time

Ask Price

Bid Price

11.12.2014 09:00:01.298

7.18174

7.17637



If I was filled a 7.1817 I'm in profit because I closed at 7.2471 so it is a Big profit ANYWAY. So it not seems you're

in good faith as you want keep 100% of all the trades. This trade generate a profit of 4 588.67 Euro !



Regarding Gbpnok trade you didn't provide me any reason!

You simply keep for you my profits, this trade was with a profit of 3 918.95 Euro !


3 - Dukascopy is a retail broker, it doesn't prove anything, any retail broker has their prices that differ each other
for many factors. Also the TIMESTAMP can have differences regarding worldwide time, so just a second
can make a big difference in the price.

4 - My trade was a normal trade like thousands of traders did in the world ( the spike in the chart speak
by itself ) it was not an " arbitrage " and it lasted minutes not few seconds.
That's was a FUNDAMENTAL trade and not any sort of arbitrage or HFT as you say. So your reason are with no value
at all!!
 

Master Yoda

Captain
Messages
2,929
Someone just posted a post about very angry IronFX customers who smashed the whole office, something wrong is going on there
 

veri5

Corporal
Messages
114
its clear SCAM, my opinion - these people must be treated like terrorists, at first identified, then disabled from any financial activities with client funds.... how much longer time is needed to EU authorities to understand such a simple thing
 

Pharaoh

Colonel
Messages
20,111
If EVERY client who got scammed complained to the regulators and financial authorities, chances of action would be significantly increased.
 

alexx71

Recruit
Messages
185
If EVERY client who got scammed complained to the regulators and financial authorities, chances of action would be significantly increased.

SURE !! They say they are fully regulated... that's ok... I already started with regulators and I will go ahead with lawyers....
Everyone that have problems whit this company has just to write here :

complaint.info@financial-ombudsman.org.uk

How To Complain: Bank, Insurance & PPI Complaints Ombudsman

Do not limit to write in public forums, this is good but not enough... we have to go authority in order they are informed on the way these
companies treat the business with their customers, the more we are and the more we can recover our money!
 

alexx71

Recruit
Messages
185
How can this company continue to make business in the forex industry ?
As they assume to be fully regulated by the main regulators and they do not have just
one regulation but a lot, and they open new offices in new countries... why they
don't come here to answer to their customers problems ???
 
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