During the investigation of claim materials provided by the client on December 30th , 2013 the DRC found out that during the period of three months (from late August until the end of December 2013), the client made her trades using trading adviser (EA) specifically designed for MT4 platform and managed to earn some profit on her trading account . On November 5th, 2013 the client withdrew a portion of the profits ($400) from her account and continued to trade. After some time, the broker found a violation of trading rules on the client`s side and made a decision on December 24th, 2013 to cancel all accumulated profits the client had made by that time. In their arguments broker refers to the fact that during the period from November 5th to December 4th , 2013 the expert adviser, used by the client, was able to identify financial instruments with quotations, lagging behind the real market, thus allowing the client to conduct transactions on obsolete or non-existent prices. In addition to canceling most of client`s profitable trades results the broker company requires the client to close her live account. In turn, the client does not find any violations of trade rules in her actions and demands compensation for wrongfully canceled profit of 586.16USD.
|Financial Commission Complaint Response
|Name of the Applicant
|Broker – Company
|Complaint to Financial Commission
|Date of complaint
|Date of complaint submission
CLEINT submitted a complaint to the Financial Commission regarding the following:
Decision on the complaint was made on the basis of information provided by the BROKER and the CLIENT.After thoroughly analyzing the information provided by dispute parties, the Dispute Resolution Committee came to the conclusion that the client employed an expert advisor (EA) which exploited vulnerabilities in broker quotation system. Such actions are unacceptable for honest and mutually beneficial relationships between business partners.According to the trading policy of the BROKER, in such cases the company has every right to cancel a client’s orders and to annul the trading result of the incorrectly executed trades.In addition, it is also worth noting that while using such practices, the client was able to withdraw from her trading account $ 400 of the dishonestly earned profit.
Based on the above information, the Dispute Resolution Committee sees no violations in the broker’s actions and believes its actions are lawful.
This complaint was reviewed by the members of the Dispute Resolution Committee of the Financial Commission and was processed by the head of Committee Anatoly Bulanov.
|Decision in favor of
|If you have any questions regarding this complaint review, please send them to [email protected]
|I certify that the Dispute Resolution Committee considered all information and I confirm that the decision was made fairly, impartially and without anyone’s intervention. I am sure that the information provided in the document is true.
|Head of Dispute Resolution Committee