Abstract:$1538 was wiped out completely by V5 Forex Global within 1 second even without any market movements. Keep reading what really happened.
In the dynamic world of online trading, the ability to execute trades accurately and securely is paramount. However, a concerning incident has come to our attention involving V5 Forex Global, where a trader experienced an unexpected automatic closure of their AUD/JPY trade without consent. This article aims to shed light on the details of the incident that occurred on May 23, 2023, at 5:14 PM, highlighting the trader's distressing experience and the consequences faced.
On the aforementioned date and time, the trader initiated a trade on the AUD/JPY currency pair. However, to his astonishment, the trade was automatically closed in less than one second after opening, resulting in a negative balance. It is worth noting that there were no significant market movements during this brief period. Adding further dismay, the trader was charged a commission fee that was ten times higher than his initial capital.
The trader, who wishes to remain anonymous, reveals that his capital before initiating the trade was $1,538.35. To substantiate his claim, he intend to provide a screenshot of his trading history and the balance before executing the trade, highlighting the drastic negative impact caused by the automatic closure.
The core concern raised by the trader revolves around the unauthorized closure of their trade by V5 Forex Global. Such automatic closures without the trader's consent not only raise questions about the platform's functionality but also erode trust in its reliability and fairness. Traders rely on brokers to provide a secure trading environment that respects their autonomy and safeguards their investments.
Additionally, the trader expresses distress over the exorbitant commission fee imposed by V5 Forex Global, which amounted to ten times their initial capital. Such a substantial charge, particularly when combined with the unauthorized closure, compounds the financial losses suffered by the trader. This raises concerns about the broker's fee structure and the transparency of their pricing policies.
In light of the distressing incident, it is imperative for V5 Forex Global to conduct a thorough investigation into the unauthorized closure of the trader's trade and the excessive commission fee charged. The broker must provide a transparent and detailed explanation to the affected trader, addressing their concerns and rectifying any errors or malfunctions that may have occurred. Furthermore, it is crucial for V5 Forex Global to take responsibility for the losses incurred by the trader due to the unauthorized closure and the excessive commission fee. Promptly compensating the trader for their financial losses and restoring their confidence in the platform will demonstrate the broker's commitment to customer satisfaction and fair trading practices. Unfortunately, the broker in question chose to remain silent in amidst of such issues.
If you have any unresolved disputes with any forex broker, get in touch with us at WikiFX through the following mediums:
Alternatively, you can also lodge an Exposure on the WikiFX mobile application which can be downloaded for free on both Google Play and App Store. Follow the instructions below to lodge your complaint:
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The Australian Securities and Investments Commission (ASIC) has flagged a concerning trend in financial fraud, cautioning investors about a sophisticated scam targeting bonds and term deposits.
Interactive Brokers expands its product suite with Daily Options on the CAC 40 index, providing investors with more tools for short-term trading strategies.
In a cautionary tale that reverberates through the digital trading landscape, Moideen, found himself ensnared in the web of deception spun by Spring FX Signals.
In a distressing account reminiscent of online trading nightmares, Govindaraj.M, a 43-year-old resident of India, fell victim to the dubious practices of the Capitalix brokerage platform.