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How I got RIPPED OFF by EXNESS...
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Mevo

Biedrs kopš May 23, 2012  62 ieraksti Mevo Nov 09 2012 at 09:40
Alexander,


Even if I accept the 'liquidity' issue (which is NOT the case). It is still UNACCEPTABLE to disable the trading of an instrument with a customer having positions on it, without at least a little notice, and we will see what Cysec and NZ FSP think about it. At this point you perfectly know that I couldn't close my trades WHEN I wanted anymore because I had to ask to your 'support' which did EVERYTHING they could to SCAM me and the story perfectly shows it. Everybody can read the chat sessions and everything else on FPA.

Exness NEVER tried one moment to get me out of this situation correctly. And honestly I have been patient and cooperative. When I asked to support to close the trades at a time when prices were acceptable to me, THEY DID NOT close them ! My account was FULLY HEDGED and had a stable equity always of more than 2800 MBB. My equity was 3000 MBB at the time of my request. 1 hour later, nothing had been closed, and your 'support' absolutely wanted to wait the friday market close with the WORST prices to close my trades. Just read the chat sessions, I mean, it's SCARY.

After, I have been scammed by having my trades WRONGLY closed and I admit that after weeks and weeks of crazyness (that everybody can view in full on FPA) you partially did what you should have done *IMMEDIATELY* after I pointed out it was wrong: At least re-close my orders correctly.

You still SCAMMED me a second time by closing only A PART of my account trades (only te USD/LTL part and *NOT* the EUR/USD part) during a big market movement, despite my *CLEAR* request of having *ALL* the account trades closed.

Even if I refer to *YOUR* client agreement, article 3.2.a states that: 'The Client is obliged to realize his right to open/close position in the terminal of the Company'. Where was my right to close my positions in the terminal ?

All I asked for is the 3000 MBB my account was showing (as I was unable to close my positions) and leave, that's not too much I guess, and I'm convinced Cysec and NZ FSP will agree me on this. You refused ...

biosko

Biedrs kopš Mar 30, 2011  65 ieraksti biosko Nov 09 2012 at 09:58
alexkov posted:
Dear Mevo,

I would like to shed light on the situation with USD/LTL. First of all, we restrained opening positions on this currency pair due to one of our liquidity providers' problems. However, clients are allowed to close and modify orders with no limitations.

Second, given the combination of the facts (liquidity provider issues, exotic nature of the pair and very low liquidity) there were frequent errors such as 'Invalid prices' and 'Off quotes' when clients wanted to close orders. The former means there is no price confirmation from LP and the latter means no prices/ticks for a long time. Thus, EXNESS could not provide liquidity and prices better than those on the market.

To solve this issue we have reclosed 4 orders at best prices based on the log files.

Best regards,
Alexander Kovalchuk
EXNESS


Alexander, you restrict opening positions on pair. You are telling us that clients were able to close positions. Thats lie.
Liquidity provider problems + nobody can open position = 0 liquidity = nobody can close position because 0 liquidity.

I probably I have better story how it was. My opinion is:
Exness is MM. Company doesn't want pay for passing position on market. So there are 2 possibilities how positions are handled.
1) between your clients. So somebody selling, somebody buying ... positions are cleared. Spread = profit for Exness
2) exness is playing against customer because they should have division of professional traders to make profit from customer mistakes plus spread.

It looks like Mevo were trading USD/LTL alone in your company or only few clients were trading this. You wont able to match his big positions with your other clients so you started trading against him. But he was right and you loose.
So you decided to cut him down. Disable the pair was your idea. Without notice. Because normal companies when disabling something should send some email like in end of month we disabling the pair. All position should be closed otherwise will be closed auto. Its normal for normal companies but not for Exness. You failed and you made him loose his money.

Result from this:
You should fully compensate him by equity he should earn. In his case that was about 5000e.

And think about money and energy he wasted dealing with you and problem you made. You stopped him from his strategy for 2 weeks or month? What about the money he should earn during that time?

Please next time if you have some 'uncomfortable' client for company you should tell him to leave after he close all his position as he wants. That I can understand and accept. Notice, close, payout, goodbye.
And
When you making some changes you should inform about this few weeks prior as other brokers and normal companies do by email.

In the end you was responsible for this, you should excuse him and fully compensate him. FULLY by equity.
Normal company should pay him not only his money but bonus also for problems you caused.
 

mshear

Biedrs kopš Oct 31, 2012  4 ieraksti mshear Nov 09 2012 at 11:39
I agree with Mevo 100%. I first read this issue in Mevo's very detailed posting about exactly what happened. As soon as they locked Mevo out of his trade they became responsible for every single dollar or Euro hr had in his account. He should be paid in full immediately. Instead he was sent down a very ugly path of scam and deceit. Nobody should every trade with Exness again.

They should be dealt with fully by the proper authorities and Mevo should be compensated immediately.

Mevo

Biedrs kopš May 23, 2012  62 ieraksti Mevo Nov 09 2012 at 13:04 (labots Nov 09 2012 at 13:04 )
Thank for the support of every trader here, really apreciated !

Mshear: I TOTALLY agree with you

Biosko: I agree with you too. I could certainly claim for a 'bonus' compensaion as you point it out, when you see all that happened and how it was handled, but didn't even ask for anything, just the EQUITY on my account, and this already was too much for Exness. And as *Mshear* clearly says it after reading how they behaved, they truly did their best to scam me and not arrange anything. If they wanted to just not let me OPEN new trades, why not, I wouldn't have had any problem with this. If they wanted to kick me out, they could have too, no problem. But forbid me to CLOSE my positions when I wanted, that's A SCAM. And doing their best to rob my money by closing them at loss (I guess on purpose) is even more A SCAM !

Alexander, so where was the respect of YOUR own client agreement article 3.2.a about my right to close my positions in the terminal of the company ? And where is the respect of what I have been told by chat on september 20 2012 at 22h33: 'Be sure If the situation is from our side We shall compensate you all the losses' ???

007quantumpips

Biedrs kopš Nov 08, 2012  6 ieraksti 007quantumpips Nov 09 2012 at 13:51
AvaFx, TadawulFx is also doing something similar but not exactly like this. Worse brokers like them should be closed or banned from operations.

007quantumpips

Biedrs kopš Nov 08, 2012  6 ieraksti 007quantumpips Nov 09 2012 at 13:51
Same old tricks add to the list Etoro.

Jiggy

Biedrs kopš Aug 13, 2012  8 ieraksti Jiggy Nov 09 2012 at 14:58
biosko posted:


Alexander, you restrict opening positions on pair. You are telling us that clients were able to close positions. Thats lie.
Liquidity provider problems + nobody can open position = 0 liquidity = nobody can close position because 0 liquidity.

I probably I have better story how it was. My opinion is:
Exness is MM. Company doesn't want pay for passing position on market. So there are 2 possibilities how positions are handled.
1) between your clients. So somebody selling, somebody buying ... positions are cleared. Spread = profit for Exness
2) exness is playing against customer because they should have division of professional traders to make profit from customer mistakes plus spread.

It looks like Mevo were trading USD/LTL alone in your company or only few clients were trading this. You wont able to match his big positions with your other clients so you started trading against him. But he was right and you loose.
So you decided to cut him down. Disable the pair was your idea. Without notice. Because normal companies when disabling something should send some email like in end of month we disabling the pair. All position should be closed otherwise will be closed auto. Its normal for normal companies but not for Exness. You failed and you made him loose his money.

Result from this:
You should fully compensate him by equity he should earn. In his case that was about 5000e.

And think about money and energy he wasted dealing with you and problem you made. You stopped him from his strategy for 2 weeks or month? What about the money he should earn during that time?

Please next time if you have some 'uncomfortable' client for company you should tell him to leave after he close all his position as he wants. That I can understand and accept. Notice, close, payout, goodbye.
And
When you making some changes you should inform about this few weeks prior as other brokers and normal companies do by email.

In the end you was responsible for this, you should excuse him and fully compensate him. FULLY by equity.
Normal company should pay him not only his money but bonus also for problems you caused.
 


It is indeed very heartening to see the effort put in here to stand up for a fellow trader. Very well said, biosko. The broker surely has no right to close ANY positions without notice to the trader. If I am not mistaken, other PROFESSIONAL brokers give 2 or 3 email warnings before they close, and that too on margin closeouts. Closing of open positions while in profit is absolutely unacceptable.

P.S.: I am still surprised at Jeevan's posts.

jiggykapadia@
Mevo

Biedrs kopš May 23, 2012  62 ieraksti Mevo Nov 10 2012 at 07:54
007quantumpips: I guess it is each trader responsability to do his own due diligence and 'know your broker' investigations before opening an account. And I would say that it is each trader responsability to report to other traders and to the apropriate authorities the wrong doing of a broker when it happens to them and they have the adequate evidence showing bad bahavior of a broker.

As I already mentionned, opening an account with Exness is MY FAULT, I should have looked better before doing so, and I should have run away a long time ago when I saw their quotes and spread MANIPULATIONS, their constant [invalid price] ERRORS and their unbeliveable 'support'. I lost some money because of my own fault, and I guess it's a fair price for teaching me a good lesson :)

Now, I want to fully take responsability to do my best to report Exness behavior and to try to shut them down.

About the brokers you are talking about, I don't have any experience with them. About Etoro, I have to admit that I read quite a lot of not very fair things, but never had an account with them (with what I read, like people having read what happened to me with Exness, it's true that I clearly would NOT open an account with them). I don't know about TadaWul. They seemed not too bad to me (SEEMED!), but never used them either. Like I say before, if someone has evidence of wrong doing, he has to do his work about it.

There are quite a few 'levels' in broker's unfair practices. Going from a few slippage on one end to just cancel profitable trades or forbid to withdraw on the other end. And you have everything beetween: Agressive stop hunting, spread manipulation, plateform disconnection, etc...

What is quite interesting in the US, is the CFTC 'profitability report' that shows how many traders win money, and how many loose money with each broker. This way, if a broker manipulates quotes and spreads to chase stops for example, it would show poor data on this report (Unfortunately it's only for US brokers).

Mevo

Biedrs kopš May 23, 2012  62 ieraksti Mevo Nov 10 2012 at 07:59
Jiggy: 'It is indeed very heartening to see the effort put in here to stand up for a fellow trader'
ABSOLUTELY ! And this thread is slowly starting to be a quite popular one on MyFxBook, so thank you everybody.

I would like to hear from 'Alexander' of Exness about the 2 questions asked before, what is his answer about it ?: 'Alexander, so where was the respect of YOUR own client agreement article 3.2.a about my right to close my positions in the terminal of the company ? And where is the respect of what I have been told by chat on september 20 2012 at 22h33: 'Be sure If the situation is from our side We shall compensate you all the losses' ??? '

nzkiwi

Biedrs kopš Apr 21, 2012  32 ieraksti nzkiwi Nov 11 2012 at 17:17
Don't think you will get any satisfaction from the NZ authorities regarding these NZ registered forex companies. NZ has no regulations regarding forex transactions. It is completely 100% unregulated in this country. I should know as I am a NZ citizen. Further to this I am perfectly happy to undertake research for any one thinking of opening an account with a supposedly NZ regulated broker. I won't charge a cent for this as I am a retail trader who despises these bucket shops as much as anyone. There are only a few companies in NZ that have a physical pressence here. And exness is NOT one of them.

nz_steve@
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