|1)Cancelled my trades and adjusted my account to $0, using misquote as an excuse. This was because they were the counterparty on all my trades and I had made profits on all these trades. When they are the counterparty, they are taking the opposite side of the transaction, so if I make money, they lose money and if I lose money, they make money. The contract also states that they may take the opposite side of the transaction. See highlighted.|
2)All the trades that were cancelled were profitable. $50,000 worth of profits. It was a good thing that I made 2 successful withdrawals that dropped the amount at stake to US$23,600.
3)Out of the 36 roundtrip trades executed over 1 year, 11 were misquotes, which is a 31% rate of error. Isn't this a high rate of error?
4)The contract, service section, paragraph 3 highlighted clearly states that "any disputes arising from quoting errors will be resolved on a basis of a fair market value of the currency at the time the error occurred" Obviously, this was not done.
5)The misquote happened on GBP/JPY which is an extremely liquid currency a major cross currency. So, there can be no excuse that it is an illiquid currency and no counterparty could be found.
6)When I was sent the e-mail that my trades would not be cancelled if I continued to trade with them, I decided to make a withdrawal of half my balance.