Not sure, some years ago IC Markets had some mispricing with delayed quotes on USDRUB I noticed randomly. I just watched and compared it to free yahoo quotes and my datafeed. They delay was about 15 to 30 seconds but there was massive actions on interbank with high volatility. I did not arb that opportunity but when I asked the support they clearly said in written text that I can trade this and it is IC Markets fault if there are any delays in their quoting system. It maybe not that much delay as with GAIN but the cases are similar and IC Markets told me that it is possible to arb and profit from it as trader. It is certainly not the traders problem they said.
GAIN Capital takes Forex trader to Court for taking advantage of order execution error
- Thread starter TrAndy2022
- Start date
My own real experience I am telling here. That's it. At that time I traded some other Exotics on Spot FX and I waited for an opportunity and watched the whole quoting board of IC Markets. Yahoo were floating and realtime quoting and my other non-free datafeed confirmed it because I did not believe it too. I also had a Reuters feed subscription from Xenith. So basically Reuters was telling me their quotes were delayed. That was all too strange for me.
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%%Here is the legal argument.
- Account agreement:
https://www.forex.com/~/media/forex/files/support/account-forms/agreement-v30-13-20211025.pdf
View attachment 313650- Definition of gross negligence:
https://www.law.cornell.edu/wex/gross_negligence
View attachment 313651- Clearly, GAIN did not plan for their industry standard software to allow this to happen, and , so it's not gross negligence. So, according to the account agreement, GAIN (aka FOREX.com) is not responsible for any losses. Therefore, by process of elimination, the customer is then responsible for GAIN's losses.
Looks like Gain gains; nothing like a good lawyer + good legal contract
SCHW gave me 999% gain one time only on a ETF good split.LOL
But that was an obvious 8 hour+ computer error+ im not crazy enough to fight them in court when the next day, right data ruled
[999% priced in us dollars, but only on computer+ was not available for withdrawl that day/LOL]OIC. So the quotes from your platform were not arbed against Yahoo's snapshot quotes. Yeah, you clearly are.
With market-maker brokers who trade against traders and only profit when the traders lose, stale quotes, requoting, stop-hunting is the norm. It's just that when traders lose from their "stale quotes", it's accepted but when it's the other way around, then it's bloody murder.
The reason why Gain Capital is so bold in launching this lawsuit though is because they got it on the record before from this case where they went against this trader who took advantage of the slowness of their server and did what's called a "latency arbitrage" where you know ahead what the price is going to be from a faster server and then buy/sell from the slower server according to how the price differs and won. The trader made $500K from the latency arbitrage and Gain Capital forfeited the entire $500K profit and the trader sued and the trader lost. So this time it thinks it can win again based on case law principle. But I think this time it's going to be a little bit different. This time there is no time difference which kinda allows you to know the price ahead of time which is kinda like false-starting in a race sorta speak. This time this trader is going by legitimate prices that are being displayed by the system and given that forex brokers can make up their quote however they want no matter how far away from the "market" or consensus price, there is really no way for a trader to know which price is "wrong" and which is "right". To a trader, any price quotes displayed are good prices. And according to what they advertise, all quotes that they display are firm quotes meaning they are immediately tradable quotes.
In this case, Gain Capital really has no case. They are just relying on their crappy system to make money for them too much not realizing one day it can actually backfire on them. LOL
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Looks like Gain gains; nothing like a god lawyer + legal contract
SCHW gave me 999% gain one time only on a ETF good split.LOL
But that was an obvious 8 hour+ computer error+ im not crazy enough to fight them in court when the next day, right data ruled
I placed an order for ten NQs on TDA's platform (default level) and they executed 100 lot. I covered at mkt and lost $2,200. It took me weeks to get the cash even though the audit trail showed a limit order for a ten lot.
The guy is going to lose.
You made this broker a $2200 present for their own mistake ? I mean it is your money, but it is your right, and I have no doubts, that You can claim back your loss because of that.
Just for your info. I got a bad quote on Monday on one of their share CFD when they did not open the market right when the NYSE already opened. IC Markets already made a credit to my account and covered all loss about this. And it took my one email and one follow up that I take no further action and that I am happy with full loss credit to my account. And voila one day later they put in the money to my account. It was not much, but hey, an honest broker should do this. Especially when it is a bigger one.
So you see this is broker dependent but it should not be. When there is bad quoting you can claim your loss back from broker and when the broker makes bad quotes and you profit as trader from it, you can keep it all. That is customer service. And not Gain or your broker TDA.
OK, so the point is that the broker made you whole. The point is that there was no intent to take advantage of the customer. A dealer market is not the same thing. IG is not an exchange. You need to pull your head out of your asshole.
You pikers with your dealer BS think that you're operating in legit capital mkts. You are not.
Hmm. Legit...? I do not think there are non legit markets. The markets themselves are not bad.
The problem with my broker was not bad quoting but no quoting as their quoting system did not open and they failed to make the market when NYSE already opened and that for more than half an hour. So I had no chance to close my position at all. Therefore I got my full loss recovered. And it was VERY EASY to get that. Just 1 sentence in 1 email and that everything was initiated and 1 more day until I got the money credited to my account.
I also understand your tone of language overall that you are angry about that unexpected loss, but you need to calm down and look at your options too.
Second, a mistake from an internal system is always up to the broker who is responsible for that. So why did you give away $2200 then ? I mean you can also do charity to better things than just giving free money to the broker or ?! But if you never tried to get back your money then you are more lazy than I thought. Intention does not matter here, wake up, they provide you the interface to trade, if they fail to do so, they are responsible for that. Point.
The problem with my broker was not bad quoting but no quoting as their quoting system did not open and they failed to make the market when NYSE already opened and that for more than half an hour. So I had no chance to close my position at all. Therefore I got my full loss recovered. And it was VERY EASY to get that. Just 1 sentence in 1 email and that everything was initiated and 1 more day until I got the money credited to my account.
I also understand your tone of language overall that you are angry about that unexpected loss, but you need to calm down and look at your options too.
Second, a mistake from an internal system is always up to the broker who is responsible for that. So why did you give away $2200 then ? I mean you can also do charity to better things than just giving free money to the broker or ?! But if you never tried to get back your money then you are more lazy than I thought. Intention does not matter here, wake up, they provide you the interface to trade, if they fail to do so, they are responsible for that. Point.
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