I've lost 2 large trades because FXPRO ignored my stop loss settings. My trades were closed like 500 pips away!! And yes it was during the NFP, but it's not an excuse. I've already emailed the customer service, just would like to know what are the chances to get my money back? Or what can I do if I can't negotiate with FXPRO?
that is the spread, two is buy at 114.678,114.692 and one is a sell at 115.117.
I know it is tough and you should change brokers straight away but spreads can widen to a huge amount which is why you get the difference in the trade executions. Your broker will tell you that was the only buy and sell price available because of NFP. Look at the time.... its 3 seconds after data comes out so that is why it is this high.
look i am not saying they are right..... just there is no unlimited quantity at a certain level. But because i am sure the want to prove that they can offer good liquidity in volatile markets, they might improve :-)
@sabe I am not suggesting you should not try to get your money back. I did not check if 240Code is right or not. It does not really matter. But before you spend additional money on legal support, there is one misunderstanding.
- There is a time, level and volume component. If Your broker can execute only part of your orders at a certain level and the other part significantly lower, he will do it. Thats all.
You should get your amounts correct, its 50pips not 500. You don't want to sound like a liar in the event you file a complaint. The last digit on yen pairs is only a point, the 2nd last is a pip.
But yeah looks like you got screwed. I was in the same trade, my sl was 115.1, got filled at 114.94. Totally ridiculous how you got a stop higher than mine and got filled so much lower. I bet its a case of b-booking and lagging your execution.
After reading your post I was going to put an entry in my personal notes on FXpro for dodgy slippage but I noticed there was already a note there from 2012 saying 'market maker scammers' lol. Good to see my notes panned out (this is why you should research your broker beforehand).
Now as for what you can do, I suggest first filing a complaint against them in both your country's regulators and the FCA. See if they're willing to negotiate once you escalate. Check if they have a local branch in your home country, if they do you can get a lawyer to take legal action. Even if they don't, you should still have some legal recourse given you're both in the EU. Ask your local lawyers/consumer advice agencies.
Personally I'm always amazed at how many of these bucketshops are still around. it seems like every day I read about a broker ripping off their clients. Given how often it seems to happen, I'm surprised that I haven't heard about angry clients taking a baseball bat to their offices or hiring hitmen or the like. Anyway good luck with trying to get your money back.
Igo1 posted: The bigger problem might be that they do not ensure that only informed investors are allowed to use their platforms.
I'm trading for more than 6 yrs, I've seen how the traders are working at Rabobank (in front of their Reuters/Bloomberg terminals), I've implemented MMTS connection (as an IT PM). So I'm informed how it _should_ work. But not about the black box how FxPro operates. Yeah I agree almost all the MT4/MT5 providers are the same... which doesn't make me happy and to accept the situation.
Igo1 posted: I guess the wrong pip count might be only supportive for his case. At least in the EU .
Beside this it is only a broker, fully dependent on his liquidity provider. I doubt FX pro is worse or better than other brokerage companies from this market segment.
The bigger problem might be that they do not ensure that only informed investors are allowed to use their platforms.
The b book issue and stuff like that.... well they have plenty of excuses and evidence after NFP...
That reminds me, if or when you're going to complain to the authorities. You should ask fxp for receipts if they really passed the order to their 'liquidity provider', I bet you they can't because they're running a good old bucket shop operation.
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