Dear Babypips Warriors,
I opened on April 2018 a trading account with Instaforex company. My strategy is based on news trading (I open the trades few minutes prior to the event to profit from volatility) and I had no problems during my trading experience with them as Instaforex allows news trading.
Trade 2: BOC monetary policy
Trade 3: RBNZ cuts interest rate from 1.75% to 1.50%
Trade 4: Canadian employment change&US NFP
Trade 5: FOMC funds rate
Below are the screenshots of my profitable trades during news releases:
Trade 1: Canadian CPI&retail sales
On 2019-08-07 04:59 (GMT+03), I opened a sell order on the pair NZD/USD with a size of 5 lot, my TP was set to 0.64926 but due to event release (RBNZ cut interest rate from 1.50% to 1.00%) and a lack of liquidity, the price fall beyond my TP limit and I ended up closing the trade with a profit of $371.50 instead of $250 (original TP).
Instaforex company cut my profits according to a clause from the agreement that says the following: “5.12. When the price change, connected with the a difference between the instrument last price at market close and the instrument first
price at market open, or connected with news release, leads to a profit higher than 10% of the initial deposit, the Company reserves
the right to use correction of such trade financial result in the size proportionate to the difference of the above mentioned prices in pips,
by means of deducting the funds with the comment “Clause 5.12. correction”. In certain cases it is at the Company’s discretion to set
the minimal profit change below a 10% level (of the initial deposit).”
But when I faced them with the fact that this clause wasn’t applied to my other trades even though all my trades were during news releases, they sent me back this response:
But this response showed me that they are just trying to convince me that what they did is legal, and this was my response to them :
And here is their final response that shows clearly that they are trying to use anything to make their act sounds legal:
I sent them an email clarifying that my account doesn’t contain any lock position and they didn’t respond me yet.
I ask your opinion guys and what can I do to take my rights ? Is there any electronic regulation where I can claim legally against Instaforex company ?