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Need help with my broker server issue ....

Discussion in 'General Forex Talk' started by rezwan, Jun 16, 2010.

  1. rezwan

    rezwan Recruit

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    Hi my name is rezwan a newbie to forex.. donno if i m posting it on the right section, if not then admin plz move it to the right section... thanks

    The fact is i've been trading with fxpro.com for 2 months now so far they were good. But last sunday market opening time they had their server connection problem. And my strategy is to trade on the market closing n opening gap. i usually hedge on friday night before the market closes n takes the profit when market starts on sunday n wait for the alternative position to come down. And i also trade on sunday night with big lots on the gap. Usually 20 - 30 pips depending on the gap.

    Now last sunday they suppose to start 00:00 hours ( gmt+3) but instead they start 25 minutes late. when i contact them they said they were having technical problem and when it was fixed they confirmed me that server problem is fixed. So then i entered some sell positions with big lots n with a very small take profit. I didnt put the stop loss as i was infront of my pc and i knew it gnna come down from previous sunday night trading experience. I was in profit n just waiting to hit my take profit but suddenly their platform froze again. I was trading on the same currency pairs on avafx platform n on that platform i saw all the prices went up for a while n came down again but missed my take profit for 3 -5 pips, soo i closed them all in avafx. But on fxpro platfrom i couldnt do anything. I called their customer service n they put me to the dealing desk department but i was on que for 6 -8 minutes and by that time all the prices went up again soo i hung up. the platform start working after 35 minutes. Before it froze down i was 1700 usd plus but when it came back i was in 4300 usd minus .. so i decided to wait little bit if it comes down but it didn't and cost me big bucks.

    Now i have made a complain about this matter but they replied me that as they are not a internet service provider this things can happen and for that they have dealing desk number. And also they said when the platform started why didnt i close my positions which were already in big minus. I have explained them everything and ask for compensation but they refused to do so.

    Now if somebody could tell me what legal action i can take against them as this thing happened because of their fault. As a forex broker they should have more careful about their internet connection. I would have understand if its for a mintue or 5 minute but it was for 25 min 1st den again 35 -40 min. Which is enough to blow someones account. I have lost all my profit that i have made in last 2 month. Luckily i came out with my initial investment. So please i need some legal advice on this matter what can i do against them. Fxpro is a regulated broker "FxPro Financial Services Ltd is authorised and regulated by the CySEC (licence no. 078/07)." Please help me and pardon my poor English.
     
  2. Pharaoh

    Pharaoh Colonel

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    You can file a complaint with Cysec, but I don't know how far it will get.

    Most brokers are smart enough to have wording in their trading terms insulating them from problems caused by internet connection on your end or their end. The fact that this one has a phone number you can call to manage trades would be another argument on their side in any dispute.

    Trading opening gaps can be profitable, but it's also potentially dangerous. Trading without a SL always leaves you vulnerable in the event of any sort of connection issue and should never be done.
     
  3. Anna1

    Anna1 Recruit

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    How can we avoid it ?
     
  4. Pharaoh

    Pharaoh Colonel

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    Always place a SL.
    Be very careful leaving trades or pending trades open over a weekend.
     

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