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  • #4,561
  • Mar 29, 2013 4:41am Mar 29, 2013 4:41am
Quoting flowerhorn
BTNLightning? Never heard of it till I emailed them on the reason for the account suspension. If you are trading with ea, then they will assume you are trading with this ea and milk the money from your account.
Not true. I am only trading with EAs on Go markets and they have not suspended my account. The nature of your trading probably makes it look like you're using BTN.
  • #4,562
  • Mar 29, 2013 5:10am Mar 29, 2013 5:10am
what a load of horse shit. if they quoted it, and accepted it, then fuck them. rewriting history when it suits them is grounds for instant exodus. this nonsense doesn't affect me one bit but i'll never drop a cent in their direction in the future. they've been nothing but a clown-car for ages now and just hearing and seeing bits and pieces for so long has painted a grim picture.

i know nothing of the inner workings of this dodgy group, but i can't help but think that who gom used to be picked-up their gear and waddled off to another shop and sold the gom name / business (to vantage?), then they opened up a new shop and called themselves pepperstone. pepper wasn't around all that long before gom went to hell in a handbasket and they seem to be now what gom used to be years ago, and the timing seems to fit as i recall it.

i expect to hear in the near future about gom closing-up for good. the writing is on the wall. bunch of incompetent jackasses blindly guessing their way as they go along imho. total muppet shop.
Congratulations ScalaFX for coming out of the closet!
  • #4,563
  • Mar 29, 2013 7:02am Mar 29, 2013 7:02am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting flowerhorn
BTNLightning? Never heard of it till I emailed them on the reason for the account suspension. If you are trading with ea, then they will assume you are trading with this ea and milk the money from your account.
I wasn't aware of this software til I came across http://www.donnaforex.com/forum/index.php?topic=9911.0
  • #4,564
  • Mar 29, 2013 5:32pm Mar 29, 2013 5:32pm
Quoting onu
I wasn't aware of this software til I came across http://www.donnaforex.com/forum/index.php?topic=9911.0
This all makes sense now.

What some traders don't realize is that a broker has relationships with their liquidity provider / hedger to maintain. So if traders attempt to take advantage of a loophole in the mt4 software or broker's backend, the net negative effect can be much more than just losing money to those traders. The liquidity provider can take their own measures to stop the toxic order flow, including widening the spreads for that specific feed/stream or just cancelling the relationship with the broker altogether.

The same effort could have been used to just generate non-toxic order flow and actually manage risk. May not be as instant or glamorous, but it produces results that benefits both sides. An ea or manual trading implemented this way will never have to worry about being blocked, banned, or

Would be very interesting to see the myfxbook live statements history of these people who have had their accounts blocked or not and are using this EA or a variation of it.

But retail brokers will have to tighten up their internal processes to ensure that toxic order flow is minimized and not wait months to detect.
Measure trends automatically with zero lag
  • #4,565
  • Mar 30, 2013 9:36am Mar 30, 2013 9:36am
http://beathespread.com/groups/profi...ou-to-find-out

interesting history of this scam broker
  • #4,566
  • Mar 30, 2013 9:39am Mar 30, 2013 9:39am
they might have removed my profits but my deposit is still there and i'm taking it out ASAP and advise others to do the same before this whole scam falls apart
  • #4,567
  • Edited 3:58pm Mar 30, 2013 3:44pm | Edited 3:58pm
Quoting ybfjax
This all makes sense now.

What some traders don't realize is that a broker has relationships with their liquidity provider / hedger to maintain. So if traders attempt to take advantage of a loophole in the mt4 software or broker's backend, the net negative effect can be much more than just losing money to those traders. The liquidity provider can take their own measures to stop the toxic order flow, including widening the spreads for that specific feed/stream or just cancelling the relationship with the broker altogether.

The same effort...
I'm sorry, but their feeble excuse of latency arbitrage abusing EAs just doesn't fly; it's a smokescreen, a boogeyman.

For one, regardless of the EA used to the best of my knowledge, in no case have they ever proven that latency arbitrage was the culprit, and they _certainly_ have not proven it in my case, even after my explicit request. Further, they haven't even cited the passages in their Terms and Conditions and Product Disclosure Statement where any of these reversals are authorized regardless of the strategy used (freezing of account balances, and initial deposits in particular was _certainly_ not authorized), and on the basis they cited. It is also worth noting that though their Terms and Conditions allows them to not be bound by mispricing, they have to substantiate (see prove) this mispricing to the client. They have not even after I asked for evidence, and _highlighted_ this fact in my correspondence despite them having had days to do so.

Second, they seem to be reversing profits indiscriminately, with clients that aren't using this EA, or any sort of latency arbitrage/mispricing strategy being targeted.

Third, they are reversing trades that have been closed and settled for months; mispricing and latency arbitrage would have been detected very quickly if this were truly the case, especially since I understand some users of this EA have large accounts, and it apparently made a killing back in late November/December.

Lastly, between their corrupt history as above, and the fact that their and VantageFX's credit ratings are both suspended and on extreme caution advisory, it seems apparent that they bet against their clients, lost in a big way, and are now confiscating profits in a desperate attempt to remain solvent.

Unfortunately for them, I have no doubt it will be in vain as their client base collapses and this scandal prefaces a massive exodus of funds to other more reputable ECN brokers like IC Markets that don't bet against their clients, keep a book, or otherwise engage in egregious conflicts of interest.


Personally, I've undertaken legal consultations with my lawyer and given GO Markets 5 business days as of March 26th to make amends and refund all of my profits for withdrawal lest I pursue further legal and regulatory action. I've already filed complaints with the Financial Ombudsman Service (FOS) and ASIC and recommend that others do so at a bare minimum. Sharing your experience on the Forex Peace Army is a given. You can register a complaint with the FOS here:

http://www.fos.org.au/centric/home_p..._a_dispute.jsp
Offering $1.50 (21%)/RTL Commission Discounts at IC Markets & Global Prime
  • #4,568
  • Mar 30, 2013 9:26pm Mar 30, 2013 9:26pm
Quoting Primi
Not true. I am only trading with EAs on Go markets and they have not suspended my account. The nature of your trading probably makes it look like you're using BTN.
Man, you are one out of the thousands who is so lucky. Actually I am using Martingale based EA to trade. During news announcement, the pair movement might be drastic and hence my ea opened more trades and also when the price movement is volatile, more trades will be opened. So maybe that's the reason they concluded I traded with BTNLightning.

Whatever it is, it is time to move on. With brokers like GOM (which is ONCE UPON A TIME a very reputable broker ), it sure makes it a lot harder for retail players to become profitable in this chosen field.

My question now and for the future is how to one ensure the continuous good reputation and reliability of one's brokers and detect when something fishy is going on? How to check? Where to check? And how often to check?
  • #4,569
  • Mar 31, 2013 7:18am Mar 31, 2013 7:18am
Quoting Layzars
I'm sorry, but their feeble excuse of latency arbitrage abusing EAs just doesn't fly; it's a smokescreen, a boogeyman. For one, regardless of the EA used to the best of my knowledge, in no case have they ever proven that latency arbitrage was the culprit, and they _certainly_ have not proven it in my case, even after my explicit request. Further, they haven't even cited the passages in their Terms and Conditions and Product Disclosure Statement where any of these reversals are authorized regardless of the strategy used (freezing of account balances,...
Please keep us updated on the regulatory dispute status. I'm sure you can use the myfxbook verified accounts as evidence in your case. You may have to show the history of your trades so the regulator/investigator can compare that to what they request from GoMarkets.

How do you search for the credit status of the company GoM or Vantage?
Measure trends automatically with zero lag
  • #4,570
  • Mar 31, 2013 10:45am Mar 31, 2013 10:45am
it looks like this broker is ready to go bust v.soon...
  • #4,571
  • Mar 31, 2013 8:10pm Mar 31, 2013 8:10pm
Quoting flowerhorn
Man, you are one out of the thousands who is so lucky. Actually I am using Martingale based EA to trade. During news announcement, the pair movement might be drastic and hence my ea opened more trades and also when the price movement is volatile, more trades will be opened. So maybe that's the reason they concluded I traded with BTNLightning. Whatever it is, it is time to move on. With brokers like GOM (which is ONCE UPON A TIME a very reputable broker ), it sure makes it a lot harder for retail players to become profitable in this chosen field....
I'm also a news trader using my custom ea with gomarket, I haven't had my account suspended yet.
Having said that, I havent made a profit either, as the high spreads tend to knock me out of the trade.

And I totally agree with the sentiments above, I dont want to keep trading with this mob, only to have my profits pilfered by them months later due to their assumptions.
I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Ar
  • #4,572
  • Apr 2, 2013 9:54am Apr 2, 2013 9:54am
I made a withdrawal on friday, money arrived today in whole and no questions asked. They are not completely bust yet. Shame this had to happen, it was in fact my most profitable account. Moving on...
  • #4,573
  • Apr 4, 2013 4:39am Apr 4, 2013 4:39am
Quoting fxking
it looks like this broker is ready to go bust v.soon...
Strangely I received my withdrawal money. Thank God.
  • #4,574
  • Apr 4, 2013 4:46am Apr 4, 2013 4:46am
Quoting Gordon.Gekko
I'm also a news trader using my custom ea with gomarket, I haven't had my account suspended yet. Having said that, I havent made a profit either, as the high spreads tend to knock me out of the trade. And I totally agree with the sentiments above, I dont want to keep trading with this mob, only to have my profits pilfered by them months later due to their assumptions.
Smart move. Better be safe than sorry. Withdraw all your money and move to another broker. (Not VantageFX). The risk of having your capital vaporized is just not worth whatever "superb" services they might have up in their sleeves.

I would categorized GoMarket a true bucket shop. Yup, I am really disappointed with them 'cos to me they acted like gangster. They forfeited one's money without showing you proofs. Just mentioning the result and the verdict (you are guilty) were enough for them to punished you by parting with your hard earned cash.

I wonder why they acted in the way they did. They surely knew that lots and lots of clients will be pulling out and their business will drop significantly. Or is it that's the only way out of their current financial standings?
  • #4,575
  • Apr 4, 2013 5:23am Apr 4, 2013 5:23am
Quoting flowerhorn
I wonder why they acted in the way they did. They surely knew that lots and lots of clients will be pulling out and their business will drop significantly. Or is it that's the only way out of their current financial standings?
i wonder as well. You dont need IQ 65 to figure out the consequences....

Keep watching...
  • #4,576
  • Apr 4, 2013 6:17am Apr 4, 2013 6:17am
Well I put my withdrawal in last Thursday and got paid in full today, so now I'm off to another broker, hope others get there money soon.
By our actions we are known
  • #4,577
  • Apr 4, 2013 6:22am Apr 4, 2013 6:22am
I too received my deposit back (around 2.5k ) but im not satisfied unless they reverse their decision and give back the 4.5k profits I made... i'm sure these muppets are feeling the pressure now from all the publicity out there on every forum... I surely hope ASIC will take action soon or else being 'regulated' doesn't mean shit...if ASIC or the financial ombudsman will not do anything i'll start taking legal action.... 4.5k isn't a lot of money but i'll gladly spend more than that to bring them down... we need to take a stance against these clowns once and for all, its hard enough to make money on the markets the last thing we need are these types of issues to plague us.
  • #4,578
  • Apr 4, 2013 7:21am Apr 4, 2013 7:21am
Quoting suetombo
I too received my deposit back (around 2.5k ) but im not satisfied unless they reverse their decision and give back the 4.5k profits I made... i'm sure these muppets are feeling the pressure now from all the publicity out there on every forum... I surely hope ASIC will take action soon or else being 'regulated' doesn't mean shit...if ASIC or the financial ombudsman will not do anything i'll start taking legal action.... 4.5k isn't a lot of money but i'll gladly spend more than that to bring them down... we need to take a stance against these clowns...
Fully agreed with what you said. ...hard enough ti make money... these type of issues.... Not only we have to crack our brains to make money but also have to be cautious and alert of our capital preservation ( not from the strategy we used but also from the scammed brokers).

I was really surprised to know that they forfeited so much money from your account. All along I thought they took away a portion (say 10 to 20%) of your remainder capital. Look like they have a mysterious way to calculate the amount they want to take which only they know how the calculation was.
  • #4,579
  • Apr 4, 2013 8:28am Apr 4, 2013 8:28am
Just checking in here after being away for some time, and its a shame to read so much negative sentiment around GO Markets.

I've been a client of theirs for a long time, probably from 2009 till about 2012, when I made the switch over to another broker (the big O).

I use that broker purely for execution, and continue to use GO's MT4 platform for all my charting needs.

So I guess I've been looking at GO's charts for a very long time now. I have to say that recently over the past year I have not really noticed much in the way of drop outs (compared to 2011-2012 when GO seemed to be getting drop outs almost every 3 hours!)
Thank you Crucial Point, Bleek, Trizzle, Darkstar
  • #4,580
  • Apr 4, 2013 9:04pm Apr 4, 2013 9:04pm
Quoting chngster
Just checking in here after being away for some time, and its a shame to read so much negative sentiment around GO Markets. I've been a client of theirs for a long time, probably from 2009 till about 2012, when I made the switch over to another broker (the big O). I use that broker purely for execution, and continue to use GO's MT4 platform for all my charting needs. So I guess I've been looking at GO's charts for a very long time now. I have to say that recently over the past year I have not really noticed much in the way of drop outs (compared...
Big O is really a good and reliable broker. I have encountered one of their friendliest and helpful CS who really helped me out of my withdrawing issue to them. They are the bluest of the blue chips.

Problem with them (for me) is their leverage is just too low. So need to deposit more money when trading bigger and more lots at a time. For now, I must say the chance of them scamming your money is close to nil. They are based in US and have office in Singapore.
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