Any brokerage can just decide to cancel clients profit by saying its Non-Market Prices and then quote their terms of business. However, its on the broker to PROVE its non market prices. Its not the client that needs to prove this. Forex is by definition OTC which means -MANY markets. There is NO central Market, which makes it by definition next to impossible to speak about market prices.
It's like going to a store and buying something for $10 then you realize you could have bought it for $8 and go back to the store and tell them this price was off market - I want a refund.
Their behavior is unacceptable. In any case, it is their responsibility to offer correct prices and going back, changing the trades retroactively and thus depriving me of my gains is not only childish, both downright underhanded.
I demand that Fort Fs pays me back my gains or provides definite and irrefutable proof of the viability of their slandering accusations.
Jan 10, 2017 - 1 Star Hi
I would stay far away from this brokerage Fort Financial Services. There are many other reputable brokerages to use. I funded my Fort FS account in late July 2016 with $500 usd and over a 2-3 weeks my EA brought the account up to $8, 273 on August 9th. The gains were made gradually over these weeks.
Then on August 10th I start to see things changing on my Mt4 platform and trades getting canceled. I have a statement mid edit of them deleting and canceling my trades and profit. They went back weeks after the fact and started changing trades to 0. I have never seen anything like this in my 5 years trading forex.
Of course when complain to Fort FS they go on the offense and start telling me about other accounts being traded like mine and that its fraud. I have no idea what they are talking about and try to go back and forth with this Fort FS person to find out what they are talking about but English was not their native language and they always gave me 1 or 2 sentence replies. In the end Fort FS tried to change my balance to $300 giving me a $200 loss. Then after more complaints by me they eventually changed the balance to 1600 and thats what they wired back. So Fort FS essentially stole $6,600 USD from me.
I am making this post months later as I did not know how relevant forex peace army was. They recently helped me recover money at another broker who tried to take my winnings from the GBP October flash crash. Im very pleased with how forex peace army helped bring the broker back into talks with me and they refunded everything they took. I figure maybe something can be done again with Fort FS and if not at least my post may prevent some people from using this brokerage.
Reply by Mark Miller (FortFS) submitted Jan 27, 2017 Dear Client,
1. Please note that your initial deposit was 500 USD and after non-market profit was cancelled the balance of your account was 1660 USD (your own funds + market profit) and this amount was successfully withdrawn to you.
2. Your EA activity aimed to get non-market profit was detected on your trading account. In regard to this, trades matching with these non-market profit results are subject to be cancelled in accordance with the paragraph of the Rules of proceedings for trading operations:
5. Non-market prices.
5.5. The Company shall guarantee that a non-market price will be deleted from the instant quotes by bringing the trading history in line with the actual market prices.
5.6. Provided that the Company or a Client could provide a sufficient evidence that opening and/or closing the trade has been executed with the price significantly different from the market price, the Company undertakes to recalculate financial results of such trade according to real market (exchange or interbank) quotations or completely cancel it.
Arbitrary handling of their own pricing, irresponsible and dishonest behavior
Ikon froze my account for almost 5-6 weeks while it
"INVESTIGATED" the trades I made netting 11k in gains on
the CAD/USD which were not honored and removed from my
account. This was on the day the Canadian central bank
changed interest rates in January 2016. I am making this post 11 months later as two other similar situations happened this year where brokers took gains back when they dont like your trading. FPA just helped me recover the money at one firm last month so I am making this complaint almost a year later as I was not aware that FPA could help so much.
After this 5-6 weeks of Investigation while my account was LOCKED at Ikon and I could not trade I received an email
from Ikon stating that my account will be CLOSED in 10
Then I receive an email asking me to confirm that I have no issues with Ikon and its actions.
By early April Ikon had finally returned my remaining funds.
All in all it still amazes me that these Fx brokers can just delete gains you made when it serves them. Would they be returning losses if I was trading on stale prices?
I am writing as a follow-up to my post from the 10th of November.
They have come back in timely fashion promising to pay back the deleted gains.
I have no more complaint to uphold.
Nov 10, 2016 - 1 Star I would Think twice about opening an account at Think Markets.
They reversed all my trades from the day of the GBP crash on October 7th. I traded at many other brokers that day and they are the only broker that are pulling this.
> > Susana (ThinkMarkets) > > Oct 10, 21:12 CEST > Dear "my name", > > Please be advised that the following trades have been adjusted: > > Market: > EURGBP > GBPAUD > GBPCAD > GBPCHF > GBPJPY > GBPNZD > GBPUSD > Average Trade Price: > EURGBP > 0.9140 > 0.9145 > GBPAUD > 1.6052 > 1.5913 > GBPCAD > 1.6030 > 1.5875 > GBPCHF > 1.1879 > 1.1825 > GBPJPY > 126.0609 > 125.2160 > GBPNZD > 1.7003 > 1.6839 > GBPUSD > 1.2281 > 1.2111 > Adjustment Price: (as above) > Adjustment $: debit 18,315.61 > Reason: Latent off-market pricing, which is not honoured. > We apologise for any inconvenience caused by this matter. Should you wish to discuss this further, or would like an individual trade breakdown, please do not hesitate to respond to this email. > > Kind Regards, > ThinkMarkets Client Service Team
I have a couple friends that also trade at Think Fx who maybe did not make as much money as me but traded on the same pairs, at the same time, and at the same prices and they did NOT have their trades reversed. So if trades are reversed on one Think Market client account they should be reversed on all Think Markets accounts and vice versa. The fact that Think Fx is cherry picking what accounts / trades to reverse shows that they are essentially a bucket shop and should not be used by any serious traders.
I of course emailed Think fx my complaints and told them what they are doing is wrong, unethical, illegal, etc... and the only reply I get is some general template response. I of course showed them CLEAR proof of another account that traded on the same prices, same pairs, at the same time and their only reply is they cannot comment on another persons account.
I cannot believe that regulated brokers have the power to just pick and choose what trades they want to cancel and reverse. Will be making formal complaints with the regulator/ombudsman.