Superforex.com scams clients by quietly altering Contract size on oppened orders

BartForexer

Recruit
Messages
7
Here is what happens to me:

I've opened number of positions on UsdTry and UsdZar over last month. I keep all those positions opened till now, I didn't close any orders.
While I've been opening orders over time I've noticed that Contract Size on those pairs was changing quite dramatically so I calculated my position size accordingly. What I recently discovered is that Superforex.com is applying those contract changes backward to already opened positions. As Contract Size was reduced dramatically (from even 10000 down to 500) that means my opened positions were reduced up to 95% in value! Without them even notifying me about that!
This is a cheeky scam, it's not easy to notice those changes as orders appear unchanged (Volume, Open Price, Spread remain unchanged) and they can possibly do it even on short term orders, as I'd think most traders don't verify if profit on orders was calculated correctly. They didn’t sent me any daily reports in period of time when they made most Contract Size changes, which might be part of this scam, to make it even harder to spot it.

After I've realized what they're doing I've asked them for explanation, at first, they tried to ignore me, and after few days of arrogant emails from their support they finally admitted they scammed me, but they think it's all right and I need to deal with it:

"The contract size has been cancelled by liquidity providers on their side, and this changes was made by them. You can trade at this trading instruments or you can close this deals and choose other trading instruments for your trading."

This is a clear scam, I know I'm not the only one they scammed this way, I'll explore what actions I can take, as they clearly changed trading rules retrospectively, which is unacceptable. Stay away from them!
 

BartForexer

Recruit
Messages
7
Just an update - they just closed all my orders with loss, I presume on Margin Call on order that was oppened with value of 3000, which they modified to value of 60.000, just to close it. That's change of size 20 times! Pure scam, they decreased contract size when I was on +, they increased it to do Margin call when I was on -.
 

FxMaster

Lt. Colonel
Messages
8,997
Here is what happens to me:

I've opened number of positions on UsdTry and UsdZar over last month. I keep all those positions opened till now, I didn't close any orders.
While I've been opening orders over time I've noticed that Contract Size on those pairs was changing quite dramatically so I calculated my position size accordingly. What I recently discovered is that Superforex.com is applying those contract changes backward to already opened positions. As Contract Size was reduced dramatically (from even 10000 down to 500) that means my opened positions were reduced up to 95% in value! Without them even notifying me about that!
This is a cheeky scam, it's not easy to notice those changes as orders appear unchanged (Volume, Open Price, Spread remain unchanged) and they can possibly do it even on short term orders, as I'd think most traders don't verify if profit on orders was calculated correctly. They didn’t sent me any daily reports in period of time when they made most Contract Size changes, which might be part of this scam, to make it even harder to spot it.

After I've realized what they're doing I've asked them for explanation, at first, they tried to ignore me, and after few days of arrogant emails from their support they finally admitted they scammed me, but they think it's all right and I need to deal with it:

"The contract size has been cancelled by liquidity providers on their side, and this changes was made by them. You can trade at this trading instruments or you can close this deals and choose other trading instruments for your trading."

This is a clear scam, I know I'm not the only one they scammed this way, I'll explore what actions I can take, as they clearly changed trading rules retrospectively, which is unacceptable. Stay away from them!
Here is the link of XM Rep Superfx_official, go ahead and invite him to this thread. He will explain to you about this.
 

Superfx_official

SuperForex Representative
Messages
8
Hello dear BartForexer.
We checked your account and we can in the period from 08/10/2018, due to the high volatility and the sharp collapse of the Turkish lira, trading in relevant instruments was suspended.
And for this reason in the terminal the lot size for this pair was shown incorrectly.
According the paragraph 3.6.1. The Company is entitled to change the margin requirements, spreads, the order executing mode and other trading conditions in correlation with the national and international holidays, and shall send 5working day prior notice to the Customer about the amendments. All changes are applicable to open trades and new positions.
Further, in view of the restoration of work on this instrument, the margin and the contract price was restored, which led to a stop out.

In view of the extraordinary situation, the company is ready to help the client. For this, the client must write a complaint officially to dealer@superforex.com and according to the regulations, the application will be officially considered on time according to the client agreement.
 
Last edited:

BartForexer

Recruit
Messages
7
Hello dear BartForexer[...]
So, after 2 weeks (!) of checking you only write this vague reply that makes no sense whatsoever? Be specific, we don't talk here about the beauty of sunset but about money, tell exactly what changed, when and how that affected my orders.

Here are the orders that you've been messing with, it's not only UsdTry:



1. oppened on 08/07/2018 16:21 Buy 0.04 USDTRY at 5.2863

2. oppened on 08/07/2018 16:37 Buy 0.36 USDTRY at 5.2983

3. oppened on 08/08/2018 23:22 Buy 0.4 USDTRY at 5.2958

4. oppened on 08/10/2018 10:08 Buy 1.2 USDTRY at 5.8496

5. oppened on 08/14/2018 9:43:29 Buy 0.01 USDZAR at 14.2198

6. oppened on 08/14/2018 9:44:55 Buy 1 USDZAR at 14.2091

7. oppened on 08/15/2018 8:10:32 Buy 0.2 USDTRY at 6.5017

8. oppened on 08/15/2018 3:13:23 Buy 0.4 USDTRY at 6.1441

9. oppened on 2018.09.18 22:14:10 buy 0.01 usdhkd at 7.84352

10. oppened on 2018.09.18 23:40:47 buy 1.70 usdhkd at 7.84349

11. oppened on 2018.09.18 23:41:39 buy 1.70 usdhkd at 7.84349

12. oppened on 2018.09.18 23:42:07 buy 1.70 usdhkd at 7.84349

13. oppened on 2018.09.21 04:27:42 buy 1.70 usdhkd at 7.83210

14. oppened on 2018.09.21 04:27:42 buy 1.70 usdhkd at 7.83210

15. oppened on 2018.09.21 04:27:42 buy 1.70 usdhkd at 7.83210

16. oppened on 2018.09.21 08:24:36 buy 1.70 usdhkd at 7.81870

17. oppened on 2018.09.21 08:24:36 buy 1.70 usdhkd at 7.81870

18. oppened on 2018.09.21 08:24:36 buy 1.70 usdhkd at 7.81870

19. oppened on 2018.09.21 08:55:22 buy 1.70 usdhkd at 7.80150

20. oppened on 2018.09.21 08:55:22 buy 1.70 usdhkd at 7.80150

21. oppened on 2018.09.21 08:55:22 buy 1.70 usdhkd at 7.80150



All those orders were closed on Margin call on 2018.10.10 19:28:32. Also UsdZar orders had Contract Size significantly changed after they were opened. So, tell exactly what's been changed and how it affected those orders.



We checked your account and we can in the period from 08/10/2018, due to the high volatility and the sharp collapse of the Turkish lira, trading in relevant instruments was suspended.


This sentence is irrelevant, my complain is not about not being able to open new orders but about you quietly modifying my opened orders. You've been messing with Contract Size of my orders well before 8th Oct 2018.



And for this reason in the terminal the lot size for this pair was shown incorrectly.


This sentence is completely wrong:

1. Lot size was correct in terminal, it was Contract size that you were messing with.

2. If incorrect values were caused by suspension of trading on UsdTry from 8th Oct 2018, then why my UsdZar orders were also messed with and why it was happening well before 8th Oct 2018, at least from 8th Sept 2018?





According the paragraph 3.6.1. The Company is entitled to change the margin requirements, spreads, the order executing mode and other trading conditions in correlation with the national and international holidays, and shall send 5working day prior notice to the Customer about the amendments. All changes are applicable to open trades and new positions.


1. When did you send the notice about all those changes?

2. Tell me exactly which conditions were changed, when and how (original value, amended value).

3. How this paragraph is even relevant here, which national or international holidays happened on 2018.10.10 19:28:32?





Further, in view of the restoration of work on this instrument, the margin and the contract price was restored, which led to a stop out.


Again, be specific, what changed and when. Give dates and values.



In view of the extraordinary situation, the company is ready to help the client. For this, the client must write a complaint officially to dealer@superforex.com and according to the regulations, the application will be officially considered on time according to the client agreement.


I sent an email with my complaint, will post progress on this thread.
 

Superfx_official

SuperForex Representative
Messages
8
Dear Bartosz,

As we informed you earlier, trading by the instrument USDTRY was suspended by liquidity providers and changes of this instrument were made by them because of extramarital changes in the market
and it does not depend on services which are provided by our Company.
However now all the results( positive and negative) of these deals, namely: 9437617,9438033,9513224,9610118,9821670,9838986,11059129, are cancelled and balance is corrected.
Deals at trading instruments USDZAR, USDHKD have been closed by Stop Out because of losses at other your opened orders. Contract size for these pairs didn't change.
Again the changes were made by liquidity provider because of extreme changes on the market which were caused by huge changes on Turkish currency position in the middle of August.

fpaimg.png
 

EnglishTrader80

Recruit
Messages
1
Dear Bartosz,

As we informed you earlier, trading by the instrument USDTRY was suspended by liquidity providers and changes of this instrument were made by them because of extramarital changes in the market
and it does not depend on services which are provided by our Company.
However now all the results( positive and negative) of these deals, namely: 9437617,9438033,9513224,9610118,9821670,9838986,11059129, are cancelled and balance is corrected.
Deals at trading instruments USDZAR, USDHKD have been closed by Stop Out because of losses at other your opened orders. Contract size for these pairs didn't change.
Again the changes were made by liquidity provider because of extreme changes on the market which were caused by huge changes on Turkish currency position in the middle of August.

View attachment 40255
SCAM!!!!
 

compu-forex

Corporal
Messages
77
@Superfx_official,

First off, kudos for stepping up and addressing the problem here. Also credit is due for the balance correction on the account. Whether this is enough is for the OP to determine.

Some comments from my side.....FX brokers need to get their liquidity providers under control. All to often I hear this excuse. You are responsible for what your LP does. Accept that and take ownership of it. Then go and address it.......dump the scam LP that you have and find a decent one.

Changing the contract size after entry is simply not acceptable practice ever, irrespective of your rights by contract to do so. A trader cannot trade like that and for this reason alone, I will never ever trade with your company.
 
Top