Etx fraud

Could anyone please advice on any idea’s of reclaiming my trading profit fom etxcapital.co.uk? I won / gained capital from the chfjpy forex trade yesterday, Triggering my trade on a technical level (to BUY £2 @ 115.725 - exiting at 133.620) in anticipation of a bullish market.

And due to the making /news of the swiss govt or banks, it spiked in the bullish direction (chfjpy).

However to my utmost dismay, the broker etx capital took back my capital gains in thousands of £’s today.

Could anyone please advice on an effective procedure to reclaim this legitimately won (chfjpy) capital gain from etx capital?

Your advice is highly appreciated in advance. Thanks

Email: flametrain2000 @ yahoo. com

Was it a slow progression or could the gains have been from a quick jump and the trader is claiming the time difference from the computer closing… etc. Have they given a reason why?

You really should ask them first rather than posting fraud on here

Ask them directly, if they fail to answer or you are not satisfied with their answer, then lodge a comlaint with the FSA

I have almost the similar problem with my broker, am posting thread under Brokers, taking legal action.

http://forums.babypips.com/forex-brokers/71456-taking-legal-action-broker-avatrade.html

Why would I be posting fraud here eddieb, am seriously discussing losses here with etx capital in thousand of £’s. And you think it’s a JOKE??! You should probably rethink your presence here in the first place?! before posting nonsense!!!

Hi jotekfinance, they returned with this flimsy explanation below:

*etx capital: The SNB’s decision to cease to maintain the 1.20 level in EURCHF (announced at 09:30, 15th Jan) led to an unprecedented market dislocation in the Swiss currency market. We have been examining FX trades involving CHF executed electronically with us in the aftermath of the move and have found that a number have been conducted at levels or in amounts that were manifestly erroneous.

The client (myself - flame) had a stop entry order (12555256) to buy £2pp CHFJPY rolling daily @ 115.66, this order was incorrectly slipped and filled @ 115. 725. The correct level of the fill should have been 132.40, the rate that was deemed the first available price we could have traded in the underlying market in CHFJPY, and so we have amended the slippage on this order (12555256)

The result of this is there has been a reversal of the original open/closed trade nullifying the thousands £’s profit and trades re-input at the correct levels. In this case the client bought £2pp CHFJPY @ 132.40 and closed at the original closing rate @ 133.62. This has rather resulted in etx capital considering to issue profit of hundreds £’s.

I hope this explains the situation, If you have any further questions please do not hesitate to contact us.

*Me (flame): They shouldn;t do this because everything was done within legal trading parameters. Order was placed to trigger buy £2pp CHFJPY rolling daily @ 115.66 which triggered next day as ordered as per price action. However bullishly spiked further due to SNB’s news. Hence prompting etx capital to penalise me as an investor? Any advice will be highly appreciated in advance. Thanks

I am 99.999% certain that you don’t have a case.

If you were to read the fine print of your contract with the broker they will most likely have the rights to requote you at will.

By your message it appears you were not in the trade when the move happened but instead were entered into it during the move itself.
It makes perfect sense that your order was not executed at 115.725 but instead 132.400 as this would be the same kind of slippage all the people with stop losses faced.

Sorry to be the bringer of bad news.

Been re-analysing this particular trade and reading through their contract in fine detail. And sadly you could be right. However will have to re-evaluate future dealings with the swissy.

Thanks lots jotekfinance for your time and constrictive feedback.

I guess this is the main tactic with them. They hid all the nasty things on the fine print. Better yet, make it a practice to read everything.

You have said here that this is a fraud, which it wasn’t. Get your facts right before you make accusations like this.