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Euro/CHF broker only honoured 10% of trade

Darren_1977 (Darren_1977)
Jan 17 2015 at 10:38
13 posts
Hi

I made money off the euro/chf trade I was short at 12003 and picked up a lot of pips, the money I made was in my account but the next morning they took it out and only gave me 10% of what I made. Has anybody else had this happen to them?

bestdarngood
Jan 17 2015 at 11:10
174 posts
Really, what price did you close at? Post an image if you could of the trade on your account. At least you were on the winning side unlike many others. Have you tried contacting the broker about this? I would think that as long as the trade closed in a reasonable position (within the daily high/low) that you should get it all.

See my profile or message me for my latest EA
stevetrade (stevetrade)
Jan 17 2015 at 13:06
1408 posts
One of the brokers I trade with cancelled all of my trades citing a 'manifest error'. I shall be taking it up with the FCA as they are regulated.

Basically if this happens it shows that you were probably dealing with a bucket shop that was the counter party to the trade and they aren't prepared to lose the money.

Depending on where the broker is located I would look into reporting them to the authorities.

Best regards Steve

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
Darren_1977 (Darren_1977)
Jan 18 2015 at 08:36
13 posts
I picked up 1100 pips my take profit was 11000 but got slipped 100 in a positive way.
Yes spoke to broker and was told the banks are doing that and then going over every winning trade to see if they are legit, he did say the fact I got 10% shows they think it must be ok.

Darren_1977 (Darren_1977)
Jan 18 2015 at 08:48
13 posts
stevetrade posted:
One of the brokers I trade with cancelled all of my trades citing a 'manifest error'. I shall be taking it up with the FCA as they are regulated.

Basically if this happens it shows that you were probably dealing with a bucket shop that was the counter party to the trade and they aren't prepared to lose the money.

Depending on where the broker is located I would look into reporting them to the authorities.

Best regards Steve


My broker is based in Australia and New York

Cheers

stevetrade (stevetrade)
Jan 18 2015 at 10:01
1408 posts
Ask for proof that the bank has done that, brokers lie through their teeth.
Best regards Steve

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
alexforex007
Jan 19 2015 at 12:45
774 posts
Keep asking them to honor your full profit, but if they are not regulated or if they are a bucketshop, forget it, they took the loss and now they dont want to pay. time to get a lawyer if it is worth the pain.

tranle447 (tranle447)
Jan 19 2015 at 22:07
117 posts
Darren_1977 posted:
stevetrade posted:
One of the brokers I trade with cancelled all of my trades citing a 'manifest error'. I shall be taking it up with the FCA as they are regulated.

Basically if this happens it shows that you were probably dealing with a bucket shop that was the counter party to the trade and they aren't prepared to lose the money.

Depending on where the broker is located I would look into reporting them to the authorities.

Best regards Steve


My broker is based in Australia and New York

Cheers

Who is your broker ? are they regulated by ASIC ( Australian Securities and Investment Commission) ? If they are , You make a complaint online . I did once before . I got things sorted out . They are very helpful .

https://asic.gov.au/about-asic/contact-us/how-to-complain/

Often , the best trade is no trade at all
naturallycurly82
Jan 20 2015 at 07:31
19 posts
So I fortunately did not have any open trades on any CHF pair, but I found the scenario so alarming I wanted to know what would happened to my account if I did have trades open on CHF pairs. Therefore, I chatted and called my broker to confirm what the agent online had told me. To make a a long story short they basically said they are not responsible for any loss due to slippage and high volatile market movements even when a SL was 'skipped over' and that any 'abnormal gains' would be investigated. They also sent me a link to the 'agreement' and clause that was of course in fine print about about their policy in regards to slippage and gaps.

Check out my blog to read the whole story.

https://caramelnatural82.blogspot.com/2015/01/fx-trading-ugly-truth.html

There is no such thing as failure, just valuable experiences.
Darren_1977 (Darren_1977)
Jan 20 2015 at 07:36
13 posts
tranle447 posted:
Darren_1977 posted:
stevetrade posted:
One of the brokers I trade with cancelled all of my trades citing a 'manifest error'. I shall be taking it up with the FCA as they are regulated.

Basically if this happens it shows that you were probably dealing with a bucket shop that was the counter party to the trade and they aren't prepared to lose the money.

Depending on where the broker is located I would look into reporting them to the authorities.

Best regards Steve


My broker is based in Australia and New York

Cheers

Who is your broker ? are they regulated by ASIC ( Australian Securities and Investment Commission) ? If they are , You make a complaint online . I did once before . I got things sorted out . They are very helpful .

https://asic.gov.au/about-asic/contact-us/how-to-complain/


Yes they are regulated by ASIC. I don't want to name my broker as it is still being processed but if I don't get the cash i'll be ring ASIC.

Cheers

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