RESOLVED - Tifia cancelled over 4000 EUR in profits

[chitak]

We have already proved there was a server malfunction. None of the brokers would pay profits from trades opened at non-existing prices.

You haven't proven anything. We will see what the community's vote will be very soon!

 

[AsstModerator]

I'm more than a little curious how Chitak was trading with other brokers at prices only a few pips off from those offered by Tifia during the claimed malfunction.

 

[chitak]

This has moved to open cases now - https://www.forexpeacearmy.com/community/posts/309317/. AsstMod says it will be up for voting next week

 

[4evermaat]

....
All the clients affected were notified of that malfunction. Unfortunately, the problem wasn’t detected immediately. However, when opening an account with our company, the client accepted the terms of our Public Offer, item 2.12 in particular:
2.12. The Company has a right to cancel or revise the results of the Client's transaction in the following cases:
- The transaction is opened/closed at non-market rate;
- In case of Server malfunctions;
https://tifia.com/uploads/docs/terms-of-business-en.pdf

We have already proved there was a server malfunction. None of the brokers would pay profits from trades opened at non-existing prices.

None of the [non-scam] brokers would offer prices that were not tradable. They would have been rejected immediately as being offquotes or invalid. If it was a server malfunction, why did you consider accepting trades.

 

[chitak]

None of the [non-scam] brokers would offer prices that were not tradable. They would have been rejected immediately as being offquotes or invalid. If it was a server malfunction, why did you consider accepting trades.

Good point!

 

[manolish]

Totally agree with 4evermaat.
I think that Tifia are not capable of providing a safe trading environment, Not exactly a scam but still they should cover for their mistakes.
Guilty

 

[chitak]

Totally agree with 4evermaat.
I think that Tifia are not capable of providing a safe trading environment, Not exactly a scam but still they should cover for their mistakes.
Guilty

I guess there are different levels and types of scam. While it could've been worse and I could've lost all my money to an unscrupulous scam I still lost over 4000 EUR....

 

[chitak]

Dear moderator,
All the clients affected were notified of that malfunction. Unfortunately, the problem wasn’t detected immediately. However, when opening an account with our company, the client accepted the terms of our Public Offer, item 2.12 in particular:
2.12. The Company has a right to cancel or revise the results of the Client's transaction in the following cases:
- The transaction is opened/closed at non-market rate;
- In case of Server malfunctions;
https://tifia.com/uploads/docs/terms-of-business-en.pdf

We have already proved there was a server malfunction. None of the brokers would pay profits from trades opened at non-existing prices.

Isn't there a conflict of interest if Tifia decides what is a non-market trade? As a client I am to fully trust the broker who tells me that my trades were off-quote, while at the same time other brokers are executing my trades at prices almost identical. So 2.12 is basically a part of the contract that allows the broker here to nullify any trade it sees fit, and by nullifying trades the broker makes more money, the definition of conflict of interest!

 

[Tifia FX]

Dear AsstModerator,
We are not talking about spread differences caused by market volatility (both during and out of periods of news releases), when spreads can be raised up to 200 points on 5-digit quotes by a liquidity provider. We say that Mr @chitak opened trades at non-market prices, beyond the candle and its shadows, which means the server was malfunctioning. We have already submitted the screenshots to prove that. If necessary, we can upload them again.

4evermaat:
None of the [non-scam] brokers would offer prices that were not tradable. They would have been rejected immediately as being offquotes or invalid. If it was a server malfunction, why did you consider accepting trades.

We agree that in an ideal situation, the MT4 platform is supposed to refuse such orders with the “off-quotes”, but this didn’t happen and the orders were bridged to the liquidity provider.
The problem was only detected some time later after a detailed audit of trades in MT4 and on the side of the liqudidty provider.
If we had been a scam broker, we wouldn’t have cancelled the unprofitable trades of our clients as well. We would have cancelled profitable trades only. We have thousands of clients and we always pay profits earned under normal conditions. Profit of 4977 euro has been paid for example to the Mr @chitak for all trades made under normal conditions, and Mr @chitak can confirm it.

This problem occurred only once and we did all we could so that it shouldn’t happen again. We believe that FPA, as a respected resource we give much attention to, should be impartial and examine both sides of the situation.

 

[4evermaat]

@Tifia FX Have these reimbursed profits been paid to the client via withdrawal request? If so, when did you process this request?