Original FPA Traders Court Submission:
I am submitting the case against: www.forex-swiss.com/
My Case is: I have funded my account (#4532) on 05/01/2011 with 2000 USD. I lost 993 USD with 1lot/trade, where I should have lost only 99.3 USD, if FXCH would have executed my orders with 0.1 lot size as it was set and not 1 lot lot size.
I have encountered the following negative issues while running my FxRobot:
On their website it's stated: 'NO TRADING RESTRICTIONS. Expert Adviser permitted. Scalper Permitted'. Based on the e-mails I have received from them, they are clearly admitting that the advertise is false. See FXCH's mail:" Unfortunately, this is the conditions of the current clearing banks that we have so far for one pips hunters. Again, this is condition of clearing banks that can support your one pip hunters activity with EA trading in standard mode only." The discussion was referring to 1lot/trade minimum, even if I have set 0.1 lot size.
Another issue: in the contract it is not stated anywhere that there are limitations/restrictins for scalpers. So FXCH has broken the contact rules, by freezing the order size to 1 lot (0.5 lots after my complaint), despite of the fact that my orders were set for execution with 0.1 lot size.
In consequence, the losses I have suffered we more than expected, so I demanded the refund of the money I have lost due to their restriction of 1 lot/trade instead of 0.1 lost that was set in my EA.
They have refused to refund me the money I have lost due to higher lot size that I have set on my loosing trades.
New thread in the Scam Alerts Folder:
Review is submitted by babadan on 01/24/11
The company was first contacted about the issue on 01/06/11 the last contact was on 01/24/11
Details: I have sent the first mail on the 6th of Jan 2011, to notify to FXCH that my orders are executed with 1 lot/trade and not with 0.1 lot/trade as it was set in my FxRobot,. They have replied the same day saying to try once more. I did, and this time the orders were opened with 0.5 lot size, despite that I have set 0.1 lot size. I have the proof, see attached snap shot.
I have demanded the lost money back and they have refused to do it, stating that these are the condition for pip hunters, even if this restriction is it was not stated anywhere nor on the web site, nor on the contract!!
I have asked Live Chat person, and I had the confirmation that there are no restrictions in terms of minimum lot sizes for scalpers, see attached snap shot.
-------------
Please see below the mails I have exchange with them:
Re: Money Refund
From:
"accounts@forex-swiss.com" <accounts@forex-swiss.com>
View Contact
To: Daniel Baba <daniel.baba82@yahoo.com>
Dear Sir,
Thank you for contacting FXCH.
Unfortunately, this is the conditions of the current clearing bank that we have so far. Again, this is condition of clearing bank that can support your trading activity with standard mode only.
Note: We have informed you that the clearing bank can support scalpers trading activity with EA trading in standard mode only. As you know for regular clients we have other clearing lines which support mini lots trading.
There is nothing to add, but the fact that there are no any mistakes from our side. All response you get from us is a result of our investigation on your claim. This is the way it works and we’re just simply trying to explain you in details what was done during an investigation of your claim. Again, after we reconciled all the transactions with clearing bank we found that the trades were executed at best possible lot size at the time. There are not any mistakes.
There is nothing to dispute, there is nothing to discuss. The transaction went through. It is done, there nothing can be changed. You submitted the order with 1 standard lot size. You had a chance not to open new positions after you have closed your first position with profit, if you were not satisfied with the lot size, but you did not, and start to continue opening new positions again and again.
AGAIN: Transactions has been executed. The transactions went through, and there is nothing to discuss.
REMAINDER: It is high risk market; all trades are subject to the terms and conditions of the Client Agreement accessible through our website: www.forex-swiss.com
Best of luck on trades
With best regards
Technical support department
www.forex-swiss.com
Foreign Exchange Clearing House ltd
On Mon, 24 Jan 2011 04:08:27 -0800 (PST), Daniel Baba wrote:
Hello,
I still haven't received an official answer on my request to refund the money. I remind you that I have suffered higher losses than expected due to1 lot size per trade even if I have set 0.1 lot size.
Looking forward to getting an clear answer.
Daniel BABA
From: "accounts@forex-swiss.com" <accounts@forex-swiss.com>
Toaniel Baba <daniel.baba82@yahoo.com>
Sent: Thu, January 13, 2011 5:42:07 PM
Subject: Re: Money Refund
Dear Customer,
In order to respond to you in proper mater in details we need to reconcile all your transactions with clearing banks which may take approximately 24 hours.
Thank you,
FXCH technical support
www.forex-swiss.com
On Thu, 13 Jan 2011 07:13:09 -0800 (PST), Daniel Baba wrote:
Hello,
On your website you state: 'NO TRADING RESTRICTIONS. Expert Adviser permitted. Scalper Permitted'. Based on the e-mails below, you are clearly admitting that the advertise is false.
Another issue: in the contract it is not stated anywhere that you have limitations for scalpers. So FXCH has broken the contact rules, by freezing the order size to 1 lot (0.5 lots after my complaint), despite of the fact that my orders were set for execution with 0.1 lot size.
In consequence, the losses I have suffered we more than expected, so I demand the refund of the money I have lost due to your restriction of 1 lots/trade instead of 0.1 lost that was set in my EA.
I have funded my account (#4532) on 05/01/2011 with 2000 USD. I lost 993 USD with 1lot/trade, where I should have lost only 99.3 USD, if FXCH would have executed my orders with 0.1 lot size as it was set.
Therefore please return the money I have lost due "malfunctions" in the platform.
The sum required is :993-99.3 = 893.7 USD.
I hove the proof that orders were executed with higher lots than I have set, see attached.
Please let me know if withdraw form is needed.
Best Regards,
Daniel
From: "accounts@forex-swiss.com" <accounts@forex-swiss.com>
Toaniel Baba <daniel.baba82@yahoo.com>
Sent: Thu, January 6, 2011 8:50:33 PM
Subject: Re: I cannot set mini lots!
Dear Sir,
Thank you for contacting FXCH. You are one of our valuable customers and we appreciate your patience.
Unfortunately, this is the conditions of the current clearing banks that we have so far for one pips hunters. Again, this is condition of clearing banks that can support your one pip hunters activity with EA trading in standard mode only.
In order to close account with us, please, fill out withdrawal form.
.
Thank you for trading with FXCH.
Regards,
Jay Moor
Accounts Department
Foreign Exchange Clearing House ltd
http://www.forex-swiss.com
Prime Clearing Member of European Union Electronic Derivatives Exchange EUEDEX™
Registered Member ID: PCM-2367
On Thu, 6 Jan 2011 09:34:45 -0800 (PST), Daniel Baba wrote:
I have tried once more, and I still cannot have 0.1 lots , but instead I have 0.5 lots on the open trade!!!!.
I am quite disappointed with this.
The price feed is different than the one from demo account!!!
Please do not use spike anymore and accept minilots!!!
I have proof, and I intend to go public with this since I am Forex Peace Army recruit!
From: "accounts@forex-swiss.com" <accounts@forex-swiss.com>
Toaniel Baba <daniel.baba82@yahoo.com>
Sent: Thu, January 6, 2011 7:20:14 PM
Subject: Re: I cannot set mini lots!
Dear Sir,
Please, check now.
Regards,
Jay Moor
Accounts Department
Foreign Exchange Clearing House ltd
http://www.forex-swiss.com
Prime Clearing Member of European Union Electronic Derivatives Exchange EUEDEX™
Registered Member ID: PCM-2367
On Thu, 6 Jan 2011 07:26:02 -0800 (PST), Daniel Baba wrote:
Hello,
Why is that I cannot set mini lots?
I have set 0.1 lots in my EA, but the trades were opened with 1 lot?????
Why is the price feed different between demo and real account?
Daniel
Company representatives' emails: Jay Moor <accounts@forex-swiss.com>
I am submitting the case against: www.forex-swiss.com/
My Case is: I have funded my account (#4532) on 05/01/2011 with 2000 USD. I lost 993 USD with 1lot/trade, where I should have lost only 99.3 USD, if FXCH would have executed my orders with 0.1 lot size as it was set and not 1 lot lot size.
I have encountered the following negative issues while running my FxRobot:
On their website it's stated: 'NO TRADING RESTRICTIONS. Expert Adviser permitted. Scalper Permitted'. Based on the e-mails I have received from them, they are clearly admitting that the advertise is false. See FXCH's mail:" Unfortunately, this is the conditions of the current clearing banks that we have so far for one pips hunters. Again, this is condition of clearing banks that can support your one pip hunters activity with EA trading in standard mode only." The discussion was referring to 1lot/trade minimum, even if I have set 0.1 lot size.
Another issue: in the contract it is not stated anywhere that there are limitations/restrictins for scalpers. So FXCH has broken the contact rules, by freezing the order size to 1 lot (0.5 lots after my complaint), despite of the fact that my orders were set for execution with 0.1 lot size.
In consequence, the losses I have suffered we more than expected, so I demanded the refund of the money I have lost due to their restriction of 1 lot/trade instead of 0.1 lost that was set in my EA.
They have refused to refund me the money I have lost due to higher lot size that I have set on my loosing trades.
New thread in the Scam Alerts Folder:
Review is submitted by babadan on 01/24/11
The company was first contacted about the issue on 01/06/11 the last contact was on 01/24/11
Details: I have sent the first mail on the 6th of Jan 2011, to notify to FXCH that my orders are executed with 1 lot/trade and not with 0.1 lot/trade as it was set in my FxRobot,. They have replied the same day saying to try once more. I did, and this time the orders were opened with 0.5 lot size, despite that I have set 0.1 lot size. I have the proof, see attached snap shot.
I have demanded the lost money back and they have refused to do it, stating that these are the condition for pip hunters, even if this restriction is it was not stated anywhere nor on the web site, nor on the contract!!
I have asked Live Chat person, and I had the confirmation that there are no restrictions in terms of minimum lot sizes for scalpers, see attached snap shot.
-------------
Please see below the mails I have exchange with them:
Re: Money Refund
From:
"accounts@forex-swiss.com" <accounts@forex-swiss.com>
View Contact
To: Daniel Baba <daniel.baba82@yahoo.com>
Dear Sir,
Thank you for contacting FXCH.
Unfortunately, this is the conditions of the current clearing bank that we have so far. Again, this is condition of clearing bank that can support your trading activity with standard mode only.
Note: We have informed you that the clearing bank can support scalpers trading activity with EA trading in standard mode only. As you know for regular clients we have other clearing lines which support mini lots trading.
There is nothing to add, but the fact that there are no any mistakes from our side. All response you get from us is a result of our investigation on your claim. This is the way it works and we’re just simply trying to explain you in details what was done during an investigation of your claim. Again, after we reconciled all the transactions with clearing bank we found that the trades were executed at best possible lot size at the time. There are not any mistakes.
There is nothing to dispute, there is nothing to discuss. The transaction went through. It is done, there nothing can be changed. You submitted the order with 1 standard lot size. You had a chance not to open new positions after you have closed your first position with profit, if you were not satisfied with the lot size, but you did not, and start to continue opening new positions again and again.
AGAIN: Transactions has been executed. The transactions went through, and there is nothing to discuss.
REMAINDER: It is high risk market; all trades are subject to the terms and conditions of the Client Agreement accessible through our website: www.forex-swiss.com
Best of luck on trades
With best regards
Technical support department
www.forex-swiss.com
Foreign Exchange Clearing House ltd
On Mon, 24 Jan 2011 04:08:27 -0800 (PST), Daniel Baba wrote:
Hello,
I still haven't received an official answer on my request to refund the money. I remind you that I have suffered higher losses than expected due to1 lot size per trade even if I have set 0.1 lot size.
Looking forward to getting an clear answer.
Daniel BABA
From: "accounts@forex-swiss.com" <accounts@forex-swiss.com>
Toaniel Baba <daniel.baba82@yahoo.com>
Sent: Thu, January 13, 2011 5:42:07 PM
Subject: Re: Money Refund
Dear Customer,
In order to respond to you in proper mater in details we need to reconcile all your transactions with clearing banks which may take approximately 24 hours.
Thank you,
FXCH technical support
www.forex-swiss.com
On Thu, 13 Jan 2011 07:13:09 -0800 (PST), Daniel Baba wrote:
Hello,
On your website you state: 'NO TRADING RESTRICTIONS. Expert Adviser permitted. Scalper Permitted'. Based on the e-mails below, you are clearly admitting that the advertise is false.
Another issue: in the contract it is not stated anywhere that you have limitations for scalpers. So FXCH has broken the contact rules, by freezing the order size to 1 lot (0.5 lots after my complaint), despite of the fact that my orders were set for execution with 0.1 lot size.
In consequence, the losses I have suffered we more than expected, so I demand the refund of the money I have lost due to your restriction of 1 lots/trade instead of 0.1 lost that was set in my EA.
I have funded my account (#4532) on 05/01/2011 with 2000 USD. I lost 993 USD with 1lot/trade, where I should have lost only 99.3 USD, if FXCH would have executed my orders with 0.1 lot size as it was set.
Therefore please return the money I have lost due "malfunctions" in the platform.
The sum required is :993-99.3 = 893.7 USD.
I hove the proof that orders were executed with higher lots than I have set, see attached.
Please let me know if withdraw form is needed.
Best Regards,
Daniel
From: "accounts@forex-swiss.com" <accounts@forex-swiss.com>
Toaniel Baba <daniel.baba82@yahoo.com>
Sent: Thu, January 6, 2011 8:50:33 PM
Subject: Re: I cannot set mini lots!
Dear Sir,
Thank you for contacting FXCH. You are one of our valuable customers and we appreciate your patience.
Unfortunately, this is the conditions of the current clearing banks that we have so far for one pips hunters. Again, this is condition of clearing banks that can support your one pip hunters activity with EA trading in standard mode only.
In order to close account with us, please, fill out withdrawal form.
.
Thank you for trading with FXCH.
Regards,
Jay Moor
Accounts Department
Foreign Exchange Clearing House ltd
http://www.forex-swiss.com
Prime Clearing Member of European Union Electronic Derivatives Exchange EUEDEX™
Registered Member ID: PCM-2367
On Thu, 6 Jan 2011 09:34:45 -0800 (PST), Daniel Baba wrote:
I have tried once more, and I still cannot have 0.1 lots , but instead I have 0.5 lots on the open trade!!!!.
I am quite disappointed with this.
The price feed is different than the one from demo account!!!
Please do not use spike anymore and accept minilots!!!
I have proof, and I intend to go public with this since I am Forex Peace Army recruit!
From: "accounts@forex-swiss.com" <accounts@forex-swiss.com>
Toaniel Baba <daniel.baba82@yahoo.com>
Sent: Thu, January 6, 2011 7:20:14 PM
Subject: Re: I cannot set mini lots!
Dear Sir,
Please, check now.
Regards,
Jay Moor
Accounts Department
Foreign Exchange Clearing House ltd
http://www.forex-swiss.com
Prime Clearing Member of European Union Electronic Derivatives Exchange EUEDEX™
Registered Member ID: PCM-2367
On Thu, 6 Jan 2011 07:26:02 -0800 (PST), Daniel Baba wrote:
Hello,
Why is that I cannot set mini lots?
I have set 0.1 lots in my EA, but the trades were opened with 1 lot?????
Why is the price feed different between demo and real account?
Daniel
Company representatives' emails: Jay Moor <accounts@forex-swiss.com>