Trades cancelled with broker

[ubegalpk]

I am writing to youpersonally, community of nigeriaforextrading, with my total disappointment and astonishment concerning the recent issues happened to me with Alpari UK.
My apologies for my english, I expect it will be clear.
I want to inform you that all the facts happened ALSO for my two colleagues I use, with the exact same exact detailsexactly the same exact problems.

I have been trading with Alpari UK for a year now,I've a timeless account (market maker): everything clear and good till the beginning of the month, when I began making quite unexpected profits and bigger than my ordinary records.

I work on the market as a job, self-employed and that I consider trading my principal source of income, therefore 150-200 trades daily are fairly common if the ideal conditions occur.

This is one of my accounts monitored on myfxbook: http://www.myfxbook.com/members//001/121098

Following a couple of heavy Forex trading days on CFDs, Alpari started flooding my accounts with requotes and various other difficulties with MT4. So I needed to decrease my trading activity down to zero.

As soon as I requested a withdrawal from the account for my bank account, this was ignored at first and then, after asking them more details many times on the phone and via email, on June 10th, I got the following email in the Compliance Office:

Dear Mr *****,

Further to our earlier conversation may I advise you of the following:

We are exploring your latest trading patters as we are worried that you've been trading about delayed/latent prices. Please be aware that you can't make any withdrawals in your account but your trading capacity hasn't yet been affected.

Please refer to our Conditions of Business (Section 9) for additional clarifiion but please notice we have the right to confise any profits or delete trades that are created by trading activity that we feel is not in the soul of our arrangement

Your accounts will remain in this status until the conclusion of our analysis.

If you require more information at this stage please do not hesitate to contact me or Ms *****.

Kind regards,
******

This is the Conditions of Company records: http://static.alpari.co.uk/docs/terms_of_business.pdf
since you can see with your own eyes, in Section 9 there isn't any reference about delayed/latent prices.

Since I consider this behaviour inacceptable, I contacted the FSA (Financial Services Authority - UK) and the Financial Ombudsman Service (uk) and I opened a complaint concerning this conduct by Alpari, they began and Investigation against Alpari regarding my case.

In the meantime. I spent the week in the 13th to the 19th of June asking more information concerning this claim by phone and emails and most of my requests were ALL totally ignored.

Ultimately, today I got this last email:

Dear Sir

It has come to our attention that some of our clients have been trading on prices received from our Datafeed in the DE30 instrument that were manifestly wrong.
Your account(s) are identified as having an involvement.
We'll be exercising our rights Under Department 9.36 of our Conditions of Company (attached) to delete those trades and debit your account with any profit unfairly generated as a consequence of such trades.

We'll contact you in due course with the precise figure that will be deducted from your account(s).
In the meantime, you may continue to trade, but you may not withdraw funds until after any deductions has already been made.

Kind regards
********

aside from the fact that my trading capacity is completely corrupt since I keep getting requoted 24/7, I am totally disgusted of the behavior, as I am totally sure that if my trading activity generated losses they would have NEVER EVER claimed that I was working with delayed prices or attest errors as this could have led to refunding me.

I would love to ask you if anyone else has been in exactly the same (or similar) situation and the way it ended...
And of course I want to warn anyone keen to start an account with them that this is likely what they would expect if the cause much profits.

As stated earlier, this is the situation for me personally along with other two well experienced traders who I utilize. So 3 of 3 with the very same issues and same ailments....

Any help, suggestion, idea, comment is quite appreciated.
Thank you for your time.

Lorenzo

[ubegalpk]

Considering that the trading activity remains under evaluation, I would prefer to keep a privacy degree and avoid posting detailed trading background, I am sure you understand.

I made scalping on the DAX Cfd, yes, which I hadn't completed it prviously on this account.

Erroneous prices ? I traded on prices provided by the broker, in market price... 7210/7212 ok I like it, BUY 7212 filled, 7214 exit. I truly don't get it.
I created a massive volume of transactions, yes, is this illegal?

What is the ch? If the incorrect prices led me to losing trades could I expect to go voided also those transactions? I've losing trades, I do not think they are giving me money for those, or if they were the majority the difficulty was only mine, but not theirs.

I'm not capable to comprehend how this is obvious or natural just because it's carried out by the brokers. How come they would delete or modify trades simply because they assume their OWN prices were wrong???
That is insane, come on, seriously!

[laumami18]

I have had trades undone that were full of clearly incorrect prices. That I mean a spike that resembles 500 pips off the market. The two in my favor and against me.

Pardon my suspicion - however if your account trades for a year then you double your equity in a single day, I suspect something is amiss.

[ubegalpk]

I know that, really, this is merely one of the accounts I use together, and previously was only utilized with EAs.
I know your possible suspect, but it needs to be proven, differently every profitable trades that they prefer to cancel they would say hello, the prices were not right because I say so, and I delete your trades.... I mean, do you think that it's reasonable?

This is not a spike, but it's not 500 pips off, I had been making scalping available on the market, at market prices. I scalp other securities such as futures and etf, of course never had any problem.

What exactly did they do to your trades? Simply deleting them or re-making the trades at the price they presume it had been the best one?

The European Mifid (The Markets in Financial Instruments Directive http://eur-lex.europa.eu/LexUriServ/...4L0039:EN:HTML) that They've subscribed, should guarantee that the clients get the best execution on the markets, besides other rights...

Thanks

[Leokhaml]

I'm one of Lorbax' coworkers,

I'm living the same nightmare even though my history gain was pretty positive since the beginning of this year until I started earning more profits which are less . It looks like nothing matters, if you get too much depending on their'parameters' you get blacklisted. This bothers them a lot and the more you acquire the more they go against you. The ideal client for them are for certain those who shed over and over.

What it bothers me is their excuse are always obscure and approximative but I won't be satisfied until they'll explain me, together with details and numbers, each and every transaction they contest.

see you

[a]

Thats fucked up. Well keep us posted how much cash they decide they want to give you off. And then I suspect you will close your accounts with these deucebags, they deserve NONE of your disperse money or anything else for that matter!

[OxmayOxmlinwzSemma]

Hi,

Fill a complain with FSA. They can not withdraw your profits because FSA will kill them!

They want you to exchange again so they kill you with requotes.

Ask again withdrawal they can not deny that indifinitly. Don't ever bother starting any trade again together or they'll kill you slowly with virtual trader.

Again fill out a complain with FSA with complete details.

ALPARI UK are cheaters utilizing virtual trader, do not understand why FSA do not step in to ban virtual trader.

Good fortune
13

[cheki8]

Im happy I read this I was seeking to add more money with them..but that is ridiculous..its your money plus they stating there performing an investigation origin u produced a lot. .


Dont look appropriate!

If cash is transferred..and un won how can they refuse to cover u..not like u made it from them. . ??

[soxmllv2]

Just report to FSA..and file an instance on FPA FOREX PEACE ARMY

[ComlesCamlll]

A lot of traders do not think in more rigorous regulation but im all for it, shit like this do not occur with stock brokers