RoboForex negative balance protection program

[RedasV]

So here is what happened with this "RoboForex" negative balance protection program. It seems like they decide by themselves when to cover (reset) your balance to zero or not.

In this website you can see that they should protect your negative balance up to $10.000 www.roboforex.com/operations/negative-balance-protection/
But in my case when my negative balance become more then 1.000 they decided NOT to cover it, but worst of it, they took my funds from other accounts to cover this negative. Everything was fine when negative balance were up to 100, they did reset to zero automatically right away, but as I said NOT when it reached above 1.000
It all happened during this weekend 2016.06.27 price "gap". They didn't say anything about BREXIT or weekend "gaps" in this negative balance protection program. All I can see that they decided not to protect, it's just because loss was too big, but still, I didn't reached that 10.000 amount.

 

[JCDenton]

So, have you contacted them? What did they say?

 

[RedasV]

So, have you contacted them? What did they say?

Yes first of all I tried to chat with them in live support, but they said open a ticket. SO I opened a ticket and got the answer:

Cases, when RoboForex can not guarantee the compensation

• Misuse of this guarantee
• In cases of abnormal market situations and exceptional market volatility
• If the client isn’t a retail one

The Company reserves the right to exclude any client form the program in its sole discretion without giving any reasons.

 

[JCDenton]

Well, BREXIT was certainly both a case of abnormal market situation AND of exceptional volatility, so it seems the company acted writhin their policy.

Tbh imo it is naive to expect 'negative balance protection' in the first place - yes, a broker may cover a hundred dollars here or there (though you must ask yourself 'where does the money come from?' in case the broker claims to be anECN/STP). However NO ONE will be able to offer that in the event of BREXIT or SNB, simply because it is impossible.