Did my broker deliberately take me out?

On Tuesday 29 October, I had 3300 USD in my account. I bought BTC at 14:48 for 38131 (0.1 lot), 15:17 for 38098 (0.2 lots) and at 15:19 for38063 (1 lot) (i actually intended to put 0.1lot but made a mistake).

At 15:33, it all shut down at price of 37075 because I ran out my account. I now have an account of -3000.

I have check the platforms of both Oanda and Deriv. The lowest i can find for that day is around 37572 for both platforms. On my broker, price went as low as 36032 before turning back up and eventually go above 38000, a few minutes later.
My broker also has the Deriv and oanda low that occur later.

Could someone help explain what is happening?

Thank you

Could someone help explain what is happening?

No, ask your broker.

next time put your money with a regulated broker so you dont get scammed again

Sure.

Your broker doesn’t provide the underlying product but their own CFD.

So basically if you dig into their terms & conditions they are free to do anything they want.

when you have a bucketshop, it’s all about math. If you have alot of winners, you need to have losers to pay the winners and also the broker.

So in terms & conditions they can write that they can open up spread, have slippage etc on their virtual product. That way they can take you to their stop, or make you have a margin call etc.

I study brokers and compare their charts, even due i am not their customer. For example Pepperstobe, Eightcap and Vantage regularly have gaps when rolling over to a new day, of about 10-30 pips. It’s enough to take out yesterdays latecomers at night, as stop losses are usually between 20-30 pips.

Other brokers who are larger with better reputation like ICM don’t have any obvious slippage, gaps or stop hunts, the worst i seen is 5-10 pips. They employ other tactics however like platform freeze when they dont want u to trade, and requotes.

Oanda and Easymarkets are the brokers i see with the most clean and accurate charts.

Don’t know if forex brokers are the best to trade crypto with. You should ask the crypto experts like RyuRyu what they use.

Anyways know that it’s not the underlying product you are trading but a CFD, and it is not always linked to the presumed underlying product like for example Bitcoin. I had a Swedish broker who allowed gold trading, but the ’gold’ was actually an index invented by Morgan Stanley(big investment bank) that nobody know where to find this index as it wasn’t listed anywhere.
so i thought i was trading gold, but i was actually trading an index that wasn’t always correlated to the movement in gold. So more like a casino where you occasionally would get lucky, but with no connection to the real market/indices.

Oh yeah and note that this was a ’regulated’ broker, just that nobody ever bothered to read what the products/termsof conditions was and all the codes associated with each product.
So regulated = good, not always true. You have to go through trial and error. Compare charts and get experience.

so it could have spiked down on the brokers own dealing desk.
So they took a liittle more money then their commissions

always chose your trading object wisely, cfd can be best product in many cases (special for daytrading), but with a bad broker often a bad product. and you are right, always know the underlying product.

for your rollover 10-30 spread, depends on the currencies (for most currencies should be normal this spread at the rollover minute). many retail broker make a shutdown of market for some minutes, so they dont show this high spreads because market close at this time to avoid this high spread time, so you can only compare brokers who shut down same times or dont shut down at all. in general this high spread are logic, because more and more bank shut down their liquity, so less LP are less offer , so bigger spreads, so just total normal.

In such instances of price variation, it's advisable to choose a regulated broker for more transparent and reliable trading. Regulatory oversight ensures adherence to industry standards, reducing the likelihood of discrepancies.

If you encounter pricing concerns, contact your broker's support for clarification. It's crucial to prioritize a broker with regulatory compliance to enhance the security and fairness of your trading experience.

Yes, sure. I can explain. You don't know math. You have to learn math.
Then you can calculate everything and if so you will understand that it is not possible to trade crypto on any forex broken with 3000$.
But yes, better blame broker

Did you place 3 trades on Bitcoin without a stop loss?

What other brokerage platforms are you considering for trading cryptocurrencies?