RESOLVED - Tenkofx scammed me

Piter13

Recruit
Messages
4
This is about 2 trades:

1. Tenkofx has change close price of my profit trade to price that has never happen it that day. They change close price to open price and delete my profit on this trade. They told me that they have to make this trade invalid (after 4 days since it was opened) because of low market liquidity. They don't make re-quotes or they don't suspend the market if there is low liquidity. They just make trades invalid.

2. Second trade was closed by them after few hours from open and close price of this trade also was changed to equal to open price. Despite that they consider both trades as invalid they charge a comission for opening and closing one this trade!

I have describe it in details and present all evidence here:
www.scammedbytenkofx.com

TenkoFX Limited is no longer regulated broker and no longer member of FDR scheme.
They lie and mislead on their's webiste and moreover since they are not a regulated broker they start to make frauds!
Meantime you can still read on Tenkofx website (tenkofx.com/en/company/regulation/)
lies that this company is still a regulated broker and member of FDR scheme.

You can check that this are lies over here:
Search Summary Company FSP
and here:
Page not found | Financial Dispute Resolution

NZ regulators and FDR scheme can't consider my complaint because TenkoFX is no longer regulated broker.
They have de-register and after 6 days scammed my on usdrub.
 

FxMaster

Lt. Colonel
Messages
10,542
Just talk with them regarding the regulation, find the details below and also invite them to join this thread.

11:24Subramaniam
Hello, how can I help you?

11:24You
Hi

11:24Subramaniam
yee

11:25You
I didn't found regulation information on your web.
are you regulated ?

11:25Subramaniam
yes just a min

11:25You
alright

11:26Subramaniam
We are writing to inform you that TenkoFX will be shifting to the operational jurisdiction of Belize within the next two months. The company has successfully undergone due diligence check procedures and received an official confirmation of license issuance from the IFSC Director General. Please, see the new requisites below:

Legal entity: TenkoFX (Belize) Ltd.
No. IFSC/60/349/TS/15

The strategic decision to move to a favorable tax jurisdiction has been taken order to allow us to offer more competitive terms to our traders, and better terms to our partners. The FSPR of New Zealand was informed of our decision several months ago, and currently we are undergoing compliance, auditing checks and general FSPR delisting procedures

11:28You
Thanks

11:28Subramaniam
You are welcome. Always glad to help You.
Thank you for requesting live support! Feel free to contact us.
Have a nice day
 

Pharaoh

Colonel
Messages
20,111
Looks more like a decision to move to an even less stringent regulator. The most Belize ever does is kick a company out.

Send an invitation to TenkoFx to come and join your discussion thread here.
 

TenkoFX

TenkoFX Representative
Messages
4
Dear Piotr, Dear customers,
TenkoFX confirms that we did have technical issue with Russian Ruble trading as it did collapse due to falling oil prices, sanctions imposed on Russia, and change of Central Bank policy. Piotr, is correct to point that there were better options to handle such force major situation. All major brokers terminated USDRUB trading, while TenkoFX did so with some latency, which caused problems like this one.
At the same time there are arguments in defense of our company. TenkoFX runs a No Dealing Desk type of trade execution infrastructure. While many see it as an ultimate solution to dealer interventions and conflict of interest, there are also disadvantages. When there is no dealer and real-time human monitoring the company is able to spot certain problems during the technical audit process only, which always comes with latency. It has been noticed that all RUB trades for 2 days before the ultimate market collapse have been rejected by our liquidity providers, while our systems did execute them. The RUB pricing with liquidity provider simply disappeared. No price, No market, that is it! That is how professional market participants interact. This is a clear system failure, which we unfortunately did not anticipate.
Now, coming back to Piotr’s case. I must emphasize the trade price review has been done only for 2 trades, which were executed during those 2 days of total market collapse, when market was closed by all brokers. Piotr also had other RUB trade, which was opened before the market abruption. This trade was not cancelled, moreover without the possibility to close the transaction on the market TenkoFX did allow to do so for Piotr against the own capital. Profit: 3000 EUR.
Piotr, if you are claiming that you are a professional trader with 10 years of experience, why don’t you see this as a fair bargain? We also realize that you are trading with 3-5 brokers; you knew that market is shut. Nevertheless, you did try to misuse TenkoFX.
Talking about the change of jurisdiction. Yes, we are moving out from NZ. Our customers have been informed about our decision to move to Belize. So, your hysteria here is overly exaggerated.
In any case, we admit that ultimately it is company responsibility to foresee such events and handle them in the most effective way. We did learn this lesson well and the company faired extremely well with USDCHF abruptions. We didn’t have a single customer complain!!!
Can we put 5 stars here for ourselves? )
 

Master Yoda

Captain
Messages
2,929
1. About moving from NZ to Belize, it's your choice but it should be a big warning to all traders. Personally, I won't recommend anyone to trade with you.

2. Regarding Piter- I think we should wait for him to reply here
 

Piter13

Recruit
Messages
4
First I will point all your lies.

TenkoFX confirms that we did have technical issue with Russian Ruble trading as it did collapse due to falling oil prices, sanctions imposed on Russia, and change of Central Bank policy. Piotr, is correct to point that there were better options to handle such force major situation.
All major brokers terminated USDRUB trading, while TenkoFX did so with some latency, which caused problems like this one.

It is a lie that you have terminate USDRUB trading with some latency.
You have terminate USDRUB (and delete all my USDRUB trades opened that day and also 4 days ago) on December 16, 2014 at 1:53 PM
Other brokers terminated USDRUB trading much later:
December 16, 2014 at 4:53 PM (Alpari)
December 17, 2014 at 9:43 AM (FXPro)
December 17, 2014 at 7:20 AM (ICMarkets)
So you lie that some latency caused problems like mine. There was no latency in comparison with other brokers.
The problem is that instead of freeze trading on USDRUB you have deleted all trades that where opened or closed that day.
I had trades on USDRUB with other brokers these days and noone of them didn't made my trades invalid.
They just freeze the market without deleting my trades.

At the same time there are arguments in defense of our company.
TenkoFX runs a No Dealing Desk type of trade execution infrastructure.
While many see it as an ultimate solution to dealer interventions and conflict of interest,
there are also disadvantages.
When there is no dealer and real-time human monitoring the company is able to spot certain problems during the technical audit process only,
which always comes with latency.
It has been noticed that all RUB trades for 2 days before the ultimate market collapse have been rejected by our liquidity providers,
while our systems did execute them.
The RUB pricing with liquidity provider simply disappeared.
No price, No market, that is it! That is how professional market participants interact.
This is a clear system failure, which we unfortunately did not anticipate.

One more time you lie. It is not true that market collapse 2 days before. First liquidity problems appear that day (16 December 2014)
That is why all brokers freezed trading strating from that day or the next day.
You are not only one broker who runs No Dealing Desk but only you have made a scam!

Now, coming back to Piotr’s case. I must emphasize the trade price review has been done only for 2 trades,
which were executed during those 2 days of total market collapse, when market was closed by all brokers.

Again one more lie. It is not true that "2 days of total market collapse, when market was closed by all brokers"
Market was open on 12, 15 and 16 December 2014 with all other brokers. All brokers freeze the market on 16 or 17 December.
You came up with the story itself because you didn't get to close my transaction (opened on 12 December) on 16 December and didn't get to open one more on 16 December.

Piotr also had other RUB trade, which was opened before the market abruption.
This trade was not cancelled, moreover without the possibility to close the transaction on the market TenkoFX did allow to do so for Piotr against the own capital.
Profit: 3000 EUR.

Really, it is true generosity from you that you didn't delete all my profit trades for last 6 months trading with you.
I think that you couldn't do it becuase befor 10 December you was member of FDR scheme and you know that I would be paid by FDR from your money if you would stole my other profits.


Piotr, if you are claiming that you are a professional trader with 10 years of experience, why don’t you see this as a fair bargain?

Are you calling stealing my profits "fair bargain" ?

We also realize that you are trading with 3-5 brokers; you knew that market is shut. Nevertheless, you did try to misuse TenkoFX.

Again the same lie. Like I wrote above market was open with all other brokers that days.
Other brokers freezed market on
December 16, 2014 at 4:53 PM (Alpari)
December 17, 2014 at 9:43 AM (FXPro)
December 17, 2014 at 7:20 AM (ICMarkets)
So how I could know at
December 16, 2014 at 10:57 AM (I open one more trade on usdrub)
and
December 16, 2014 at 11:03 AM (I close old trade on usdrub - which was opened on December 12)
that the market is shut?
So tell my why are you accusing me that I have try to misuse Tenkofx?
Instead plead guilty you are trying to blame the victim !

Talking about the change of jurisdiction. Yes, we are moving out from NZ.
Our customers have been informed about our decision to move to Belize.
So, your hysteria here is overly exaggerated.

There is no hysteria here. I know that you would like people thought that someone came into hysterics here.
I just consider the facts and telling it like it is:
Your membership of FDR scheme was terminated on 10 December 2014.
FMA and FSPR Initiate De-Registration process on 22 December 2014.
Here is what FDR wrote "We were notified by TenkoFX on 9 September 2014 that they were undergoing organisational changes and closing down their NZ operations."
So you knew about it and made such decision on 9 September 2014.

Could you tell us all why you have keep inform on your website that you are still member of FDR scheme on 30 January 2015 ?
You have delete this from your website after I have point it out to all traders here!
If someone is trying to mislead all trades is YOU.
Why you didn't inform you clients for 2 months that are no longer memeber of FDR scheme?
More over why you have mislead your website visitors telling them that you are member of FDR scheme?
Why you didn't inform all your clienst via email that you are not a regulated broker anymore ?
You have confine itself to put on 27 January a short message about it on your website.

Now, what all traders should know. All complaints about you won't be considered by any regulator or any other independent company.
Tenkofx can steal with impunity traders profits and traders can't complain about it to anyone.


In any case, we admit that ultimately it is company responsibility to foresee such events and handle them in the most effective way.
Can we put 5 stars here for ourselves?

So finally you admit that this is your fault and the most effective way to manage it is to steal your clients profits.
Do you really ask for 5 stars for stealing clients profit?

After I point your lies now I can tell you how you should act (handle it in the most effective way) in this case:
I admit that you could have some problems to close or open trades on USDRUB on 16 December.
That is why I can agree with deleting the trade that I have open on 16 December (despite it was 800euro profit) but
I can't agree with deleting my trade that was opened on 12 December only because I close it on 16 December.
If the market was shut and you didn't get to close it on 16 December you should return this trade or propose me some other closure price.
Problems with closure the trade (on 16 December) don't entitle you to make the whole trade invalid because it was opened on 12 December and last already 4 days!
This is what all brokers would do if they would have such problems with software like you have. Don't you think?
 

undertaker

Sergeant
Messages
232
Seems they were unregulated and will be regulated in next 2 months? Am I wrong? I think it's better to avoid trading with this broker.
 
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