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We officially inform you that in the quotation system of InstaForex in the period 11.11.2008 – 13.11.2008 including, technical failures took place, which touched upon quotations for the pairs from the group Forex Crosses 2 (EURAUD, GBPCHF, GBPJPY). Due to these failures, delays in quotes supply took place. After this failure was discovered technical department made the monitoring of all orders. During the monitoring, the company was discovered an account, the owner of which made 95 % of all deals when this failures took place. These orders could no be hedged on the external market by automatically hedging system.
Such situation was foreseen in the Public Offer Agreement which every client accepted before open an account:
5.6. The Company keeps the right of reconsidering the results of deals of the Client in case of detection errors in server work, which leads to the quotation delay or to giving out non-market quotations.
The analysis of the account and statistics show that this Iranian trader broke several rules at once:
1) opened partners account 16226 and later opened traders account and put this traders account 39302 as the affiliate of 16226 as a result he received commissions from himself;
2) was picking a moment of a technical failure in order to open a deal with unmarketable quotes.
After this account was discovered, the information was passed on to the dealers’ department and was taken the decision to cancel all deals, opened with unmarketable quotes at the moment of technical failure.
As 95 % of all deals were opened with unmarketable quotes, dealers’ department made a conclusion that this person used this failure in his trading with the certain purpose. That is why his account was closed, the sum of his deposit 100 USD was returned to the same wallet which he pointed out when had deposited.
InstaForex apologizes for entailing inconveniences to the ordinary traders as a result of the appearance of such topics. The owner of this account blackmails InstaForex, hoping on compensation. InstaForex has never went on a leash of blackmailers and never will do it in future, and in this certain case we insist on banning this scammer by the Administration of this forum. He is anonymous person, who hides behind the users name Aras. He is trying to create precedent of receiving compensation in exchange for finishing his blackmailing. But InstaForex has a strict position against such people. And we are not going to reply on his blackmailing.
Sincerely yours,
InstaForex Company Administration
We have requested from InstaForex dealing department new checking of all trades made by 39302. Every trade made by him will be checked again whether it was opened by market or non-market price.
All results will be ready next working day. In case our dealing department will find that some trade was opened by market price - it will be restored immediatelly. We guarantee that all orders will be checked using most careful methods.
We values our customers confidence and will do best to verify that this case is falling under points of Clients agreement again.
InstaForex Company Administration.
__________________
Sincerely yours, official representative of InstaForex www.instaforex.com
We have requested from InstaForex dealing department new checking of all trades made by 39302. Every trade made by him will be checked again whether it was opened by market or non-market price.
All results will be ready next working day. In case our dealing department will find that some trade was opened by market price - it will be restored immediatelly. We guarantee that all orders will be checked using most careful methods.
We values our customers confidence and will do best to verify that this case is falling under points of Clients agreement again.
InstaForex Company Administration.
The last chance before being a Legitimate Scammer Broker.
Dealing Department of InstaForex checked all the trading operation and found out the following contradiction that was made in the course of previous inspection:
This client really departed from a rule, receiving commissions from his own deals. When the information was passed to the Dealing Department, the matter of the fraud was not pointed out which were contained in the receiving commissions from his own deals, but not the usage of unmarketable quotes.
After new checking was done, Dealing Department has discovered that positions were opened in the period since 11.11.2008 to 13.11.2008 when the failures in the quotation system took place, however these failures didn’t have influence on the opened orders.
Consequently, one objective and two subjective factors influences on the decision of the Dealing Department to cancel these deals:
1) Objective – client received commissions from his own deals;
2) Subjective - when manager sent information about the fact mentioned above he made a mistake and didn’t pointed out the essence of the deviousness which didn’t lie in the usage of failures in the quotation system;
3) Subjective – the client opened positions in the period when failures in the quotation system took place. But only in the course of the other checking the Dealing Department discovered that these failures were not used for opening orders with the unmarketable quotes.
Taking into consideration written above, the Dealing Department took decision to return the full profit in the amount of 7950,07 USD on the clients’ trading account – additionally to 100 USD (clients’ deposit), which were withdrawn. Commission, received from the deals of the account 39302 to the partners’ account 16226 in the amount of 58,24 USD was canceled, because this is against rules to receive commissions from your own deals.
Dealing Department of InstaForex checked all the trading operation and found out the following contradiction that was made in the course of previous inspection:
This client really departed from a rule, receiving commissions from his own deals. When the information was passed to the Dealing Department, the matter of the fraud was not pointed out which were contained in the receiving commissions from his own deals, but not the usage of unmarketable quotes.
After new checking was done, Dealing Department has discovered that positions were opened in the period since 11.11.2008 to 13.11.2008 when the failures in the quotation system took place, however these failures didn’t have influence on the opened orders.
Consequently, one objective and two subjective factors influences on the decision of the Dealing Department to cancel these deals:
1) Objective – client received commissions from his own deals;
2) Subjective - when manager sent information about the fact mentioned above he made a mistake and didn’t pointed out the essence of the deviousness which didn’t lie in the usage of failures in the quotation system;
3) Subjective – the client opened positions in the period when failures in the quotation system took place. But only in the course of the other checking the Dealing Department discovered that these failures were not used for opening orders with the unmarketable quotes.
Taking into consideration written above, the Dealing Department took decision to return the full profit in the amount of 7950,07 USD on the clients’ trading account – additionally to 100 USD (clients’ deposit), which were withdrawn. Commission, received from the deals of the account 39302 to the partners’ account 16226 in the amount of 58,24 USD was canceled, because this is against rules to receive commissions from your own deals.
Dealing Department of InstaForex checked all the trading operation and found out the following contradiction that was made in the course of previous inspection:
This client really departed from a rule, receiving commissions from his own deals. When the information was passed to the Dealing Department, the matter of the fraud was not pointed out which were contained in the receiving commissions from his own deals, but not the usage of unmarketable quotes.
After new checking was done, Dealing Department has discovered that positions were opened in the period since 11.11.2008 to 13.11.2008 when the failures in the quotation system took place, however these failures didn’t have influence on the opened orders.
Consequently, one objective and two subjective factors influences on the decision of the Dealing Department to cancel these deals:
1) Objective – client received commissions from his own deals;
2) Subjective - when manager sent information about the fact mentioned above he made a mistake and didn’t pointed out the essence of the deviousness which didn’t lie in the usage of failures in the quotation system;
3) Subjective – the client opened positions in the period when failures in the quotation system took place. But only in the course of the other checking the Dealing Department discovered that these failures were not used for opening orders with the unmarketable quotes.
Taking into consideration written above, the Dealing Department took decision to return the full profit in the amount of 7950,07 USD on the clients’ trading account – additionally to 100 USD (clients’ deposit), which were withdrawn. Commission, received from the deals of the account 39302 to the partners’ account 16226 in the amount of 58,24 USD was canceled, because this is against rules to receive commissions from your own deals.
Thanks
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