The below issue has been resolved. The FPA team wrote to the compliance team at Xforex. The compliance team at Xforex have been prompt and professional in their deailings with me. We have reached a settlement of this, which I consider reasonable. Am waiting for them to credit this into my account. I will update when the credit is in my account
Thank you to the Pharaoh, AsstModerator and the team at FPA for their help in reaching out to Xforex. The compliance team at Xforex has also informed me that they could be directly contacted as well at Compliance [Compliance@xforex.com] to resolve issues. The sense that I got was that they prefer to be contacted directly rather than through forums.
I am relatively new to on-line FX brokers. Had an account in 2009 but never did anything with it until a few months ago. I have an account with Xforex (XForex Currency Trading). Can see that they are more expensive that many of the others.
Their system crashed during the peak trading times after they heavily promote that trading during that time.
This situation happened during the Draghi speech on August 2. During the Draghi speech on August 2, 2012, had two limit orders - long EUR (open at EUR 1.2380) and Short EUR (opened at 1.2300). As the speech was starting saw that the long position was triggered, right after that the system jammed up and the could not login to it. Mailed the account manager immediately and asked her what EUR was, she came back with 1.2283. Realising that both the limit order were executed, ask her to close the long position. She said that the dealing desk would call me but by the time dealing desk called me, EUR was 1.2196. Asked them about how will I get compensated for the difference, dealer did not understand, so in order to avoid further losses asked him to close the long position. There is an additional angle that the dealing desk closed the wrong position, they closed out the short position instead of the long position which I told them. The account manager assured me that she would sort it out and to trust her.
During this time, I was able to log-on and saw the mistake of the dealing desk and closed the long position at 1.2205.
Essentially, I could not login into the system when an important event was happening, might have caught the fall even earlier than 1.2283 but could not even get it at that rate as the system was still jammed. Basically lost 78 bps on this coz their system would not work. That is USD 3900 hole, which I am waiting for them to pay up.
Have been getting nowhere with them for the past week. The old account manager have moved so have a new person. They keep saying that they agree that their system crashed and I should not have to suffer a loss for it but are refusing to pay up. The bizzare reasonsing that they have provided me that I should not have asked their dealing desk to close the position and EUR rebounded later. I had no way of knowing that EUR would rebound. At that point of time, I could see that the sentiment had changed and wanted to close it out to avoid further losses. Since their system was not working, I could not act on this, by the time their treasury called, there were further losses. See no reason, why I should have to bear the loss due to the crash of their system.
The broker was heavily promoting trading during this news cycle so I had a reasonable expectation for the site to be working. In the previous weeks, they had the same problem but that was during a training session which was scheduled with the account manager so there was no real impact to me.
Thank you to the Pharaoh, AsstModerator and the team at FPA for their help in reaching out to Xforex. The compliance team at Xforex has also informed me that they could be directly contacted as well at Compliance [Compliance@xforex.com] to resolve issues. The sense that I got was that they prefer to be contacted directly rather than through forums.
I am relatively new to on-line FX brokers. Had an account in 2009 but never did anything with it until a few months ago. I have an account with Xforex (XForex Currency Trading). Can see that they are more expensive that many of the others.
Their system crashed during the peak trading times after they heavily promote that trading during that time.
This situation happened during the Draghi speech on August 2. During the Draghi speech on August 2, 2012, had two limit orders - long EUR (open at EUR 1.2380) and Short EUR (opened at 1.2300). As the speech was starting saw that the long position was triggered, right after that the system jammed up and the could not login to it. Mailed the account manager immediately and asked her what EUR was, she came back with 1.2283. Realising that both the limit order were executed, ask her to close the long position. She said that the dealing desk would call me but by the time dealing desk called me, EUR was 1.2196. Asked them about how will I get compensated for the difference, dealer did not understand, so in order to avoid further losses asked him to close the long position. There is an additional angle that the dealing desk closed the wrong position, they closed out the short position instead of the long position which I told them. The account manager assured me that she would sort it out and to trust her.
During this time, I was able to log-on and saw the mistake of the dealing desk and closed the long position at 1.2205.
Essentially, I could not login into the system when an important event was happening, might have caught the fall even earlier than 1.2283 but could not even get it at that rate as the system was still jammed. Basically lost 78 bps on this coz their system would not work. That is USD 3900 hole, which I am waiting for them to pay up.
Have been getting nowhere with them for the past week. The old account manager have moved so have a new person. They keep saying that they agree that their system crashed and I should not have to suffer a loss for it but are refusing to pay up. The bizzare reasonsing that they have provided me that I should not have asked their dealing desk to close the position and EUR rebounded later. I had no way of knowing that EUR would rebound. At that point of time, I could see that the sentiment had changed and wanted to close it out to avoid further losses. Since their system was not working, I could not act on this, by the time their treasury called, there were further losses. See no reason, why I should have to bear the loss due to the crash of their system.
The broker was heavily promoting trading during this news cycle so I had a reasonable expectation for the site to be working. In the previous weeks, they had the same problem but that was during a training session which was scheduled with the account manager so there was no real impact to me.
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