RoboForex Did Not Execute Pending Orders

[adleee84]

Hi FPA members,

I've been trading with Roboforex.com.

This happened on 11 Jun, 23:58:55 to 12 Jun 2014, 00:02:02, EET timezone.

I had open a sell trade on NZDUSD at 0.85457 and made a pending order of take profit at 0.85450. However, my pending order was not executed at 0.85450 and I only realized this after NZDUSD has increased dramatically (there are major news event that time for NZD).

I have my ticket opened and asking this situation. According to them, they did not execute my pending order because of their trading time was closed (from 23:58:59 to 00:02:01) which they also refer me to the trading condition. Please see roboforex.com/trade-conditions/specifications/card/pro-stan/NZDUSD.

Upon checking, I also realized that their client agreement trading condition is not the same as stated in above link. Please refer to clause 6.1 my.roboforex.com/files/document/client_agreement_en.pdf

Secondly, the irony was, even when the trading time was closed, the charts is showing that NZDUSD touched my take profit point (0.85450).


Roboforex claimed the charts still shows even the trading time is closed but they will not execute any trade on that time. Below are the last price for 11 Jun and first price for 12 Jun.

Last price: 2014.06.11 23:58:55;0.85484;0.85501
First Price: 2014.06.12 00:02:01;0.85649;0.85746

Dear FPA members, Do I have a case here? Please help me.....

 

[Pharaoh]

Working hours of the company as detailed in section 6.1 do not necessarily correspond to the ability to open and close trades on all tradeable instruments the company offers.

If the order didn't execute during the "no-trade" time, what matters next is whether price touches your opening price, not whether price touches your TP number. TP only matters for closing an order and has no effect on a pending order that hasn't been opened.

I have seen a few other brokers block trades during their daily rollover. Personally, I prefer to work with a broker that doesn't do this, but cant fault a broker for it if they make the information readily available on the website.

The only fault I can see is that it is possible that your broker didn't make this "no trade" time more readily apparent to you when you were getting your account set up. If they do apply this to all instruments, then adding a note to item 6.1 of their TOS wouldn't be a bad idea to help reduce future confusion.

 

[adleee84]

Hi Pharaoh,

Thank you for your reply. So,basically, I have no case against Roboforex. I should be more careful next time on brokers trading condition.

Obviously, roboforex did not make the 'no trade' time apparent in the first place. They are also applying different trading time depending on currency pairs. Its just unfortunate me on that time there was a major news event.

Thanks again.

Regards.

 

[Pharaoh]

Being extra careful and carefully checking all the trading terms and conditions is a good thing to learn. At least this time it only cost potential profits. Imagine if you had a trade open and price went hard against you during that "no-trade" time.

 

[undertaker]

I advise you should switch to another broker, RoboForex is not a good broker. But if you need some special trading conditions that only RoboForex has, just keep using it.

 

[Master Yoda]

Pharaoh has explained it very well.

As for your question whether you have a "case" against them or not- some lawyers would say yes some would say no. In other words it's not clear.

As Undertaker has suggested - you have a wide choice of other brokers, it's your call.