I'm news trader. I opened BUY STOP and SELL STOP 1 minute before news release. and I get some profit from this trading style. after 2 weeks trading then I decided to withdraw my profit. but suddenly they reject my withdrawal and cancel my profitable trades from my mt4 account. but the funny thing, I have another mt4 account with same trading method ( I use the same news trading EA) with the result is LOSS, but somehow they refused to cancel my loss trades.
"The profit or loss of those positions which are opened by the client is acceptable only if the positions are connected to the bank. Any trade which lasts more than 7 minutes will be connected to our providers but if it lasts less, it needs to be checked according to our providers’ reports. For more information, please follow this link: https://fxglory.com/user-agreement/"
this is the chat transcript between me & the customer service support:
"You are now chatting with Walid .M - English Support
15:56 Walid .M:
Welcome to Fxglory live chat, my name is Walid. Please mention your account number to start a conversation.
mt4 account: 47854
why fxglory deducted by balance ?
361 usd ?
now the balance only left 80 usd
15:57 Walid .M:
Hello Aziz, please hold a moment,
15:58 Walid .M:
Due the scalping rule, some trades has been removed,
15:58 Walid .M:
The profit or loss of those positions which are opened by the client is acceptable only if the positions are connected to the bank. Any trade which lasts more than 7 minutes will be connected to our providers but if it lasts less, it needs to be checked according to our providers’ reports. For more information, please follow this link: https://fxglory.com/user-agreement/
16:00 Walid .M:
As per the scalping rule, which is mentioned at our user agreement,
if you accepted my requested trade, it means you accept it no matter the result profit or not.
and why u only remove the profit. there's some trade that opened in less than 1 minute but the result is loss. why u don't cancel this trade too, sir ?
16:01 Walid .M:
Any trade which lasts more than 7 minutes will be connected to our providers but if it lasts less, it needs to be checked according to our providers’ reports.
it's inconsistency policy. which give damage to the traders, but give money to fxglory. how come u survive with this tricky & cheat rule in the forex industry
again, why u only cancel profit from scalping trades. why u don't cancel loss from scalping trades ?
16:03 Walid .M:
It is the company rule Aziz,
it means u steal the money from your customer.
I ask fxglory to give all my deposit back.
16:04 Walid .M:
All company rules mentioned at our user agreement,
you can also check from my other mt4 account: 47855
and can u also cancel my scalping trades on that account?
just remain the deposit.
just be consisten with your own rule. come on.
Hello, sir ?
16:08 Walid .M:
No trades been removed regarding the mentioned account. no.47855,
why? because it all loss trade?
if profit then removed, if loss then just ignore? how come? funny..
16:09 Walid .M:
It have to be checked,
16:10 Walid .M:
Are there any other questions that I can assist you with?
just check account 47855. and pls cancel all scalping trades as well like my other account?
I need my deposit back
i can try to find other trading style..
16:11 Walid .M:
You can order for withdrawal, and it will be processed accordingly,
but first pls remove all scalping trades on that account. u cancel my USD 361 profit in account 47854 but you ignore my loss trades in account 47855 ? it's not fair, Sir..
both account use same trading style. all is scalping less than 1 minute.
16:13 Walid .M:
The related department checking the all trades and act due the company rules,
I will wait for that.
how long the process ?
16:15 Walid .M:
Sorry sir, did you mean the time for checking the trades?
16:16 Walid .M:
No exact time, related to management,
my mt4 account after I submitted wd request, they cancel 361 usd profit:
then they wiped my scalping trades:
[url=https://imgbb.com/]up load pictures[/url]
my advice is never trade with fxglory. They're scammer & steal your money!! stay away from them!
FXCL hold my pending order until 10 minutes and execute it with 52 pips slippage! crazy!
I'm a news trader. I opened BUY STOP and SELL STOP 1 minute before news release. Yesterday, February 14th, 2018 in news release USDCAD for Core CPI m/m report, I open pending order position in FXCL ECN Plus account.
I found that in my ECN Account Plus, FXCL holds my pending order for almost 10 minutes and execute it with 52.2 pips slippage!!
in a normal situation, I should get profit trade at least 50 pips. if calculated by 1.88 lot, the profit that I will get from this trade is 500 points x 1.88 lot = 940 USD! but in reality I loss 32.72 USD!
I opened Pending Order (SELLS TOP and BUY STOP) 1 minute before news release USDCAD last night. but somehow after the news released and price going up for almost 50 pips, my BUY STOP is not opened. then after 10 minutes, FXCL hold my Pending Order, FXCL executed my PO at price with 52.2 pips slippage!
then I contacted their customer support via email at email@example.com and get this reply:
Our investigation showed that within a short period of time, a large number of new clients from Malaysia who are using identical trading strategy came to our company. Their strategy is to set a great number of pending orders during the major news releases. During the news release these order block each other thus form a queue. Our liquidity provider executes such orders at a current price available at a moment a queue comes in. We recommend to take these circumstances into consideration when choosing a trading stategy.
Kind regards, Neville Ford
Account Manager FXCL Markets Ltd."
The funny thing is they blame traders because trade with news. From this incident, I 100% sure that FXCL is a dealing broker. their ECN account is just another fake ECN.