Ridiculous! Price Markets Swap or Scam?

Complainant: Mr. Siu

Illegal broker: Price Markets

Broker website: https://pricemarkets.com/

Complaint: induced account opening and loss from system error

Mr. Siu has been trading US Natural Gas swaps on the Price Markets since October 1, 2020, and made profits every day at first. On October 12, however, he logged into his MT4 account and then noticed his balance had turned negative! He hurried to check the account records and found the note of “SWAP correction from LP” for a deduction of up to $45,000.

Records of Mr. Sius MT4 account

All surprises aside, Mr. Siu inquired the customer service for an explanation, which came the next day, citing “Liquidity provider calculation of overnight swap fee are totally incorrect and need to re-calculate and charge fee back for previous holding period.”

In the attached email, Price Markets acknowledged a technical system error. Nevertheless, the platform not only made no apologies but also had the gall to inform Mr. Siu that all profits had been wiped out and that he would be charged again for the previous holding period. Mr. Siu corresponded to this practice in indignation and bewilderment: “Now that all the orders placed are based on the system information and the platform also sent me trading statements every day, why should I have to bear all the costs of its faults？ This is completely ridiculous and unfair to the client!”

Emails from Price Markets

Transaction statements sent by Price Markets

Generally speaking, Price Markets should be responsible for the transaction details as it sends Mr. Siu daily statements, otherwise, what is the point of such a practice？ Even if the system data was wrong, why Mr. Siu did not receive a prior notice nor any warning before he inquired the platform since the trade had been ongoing for over 10 days？

This scam might have been avoided if Mr. Siu had checked Price Markets on the WikiFX app in the beginning. On the WikiFX, the overall rating of the broker Price Markets is 5.27. As WikiFX has received a lot of complaints about the broker recently, investors are advised to be alert to the risks. Stay calm once find yourself swindled, then you can save the chat and transaction records with the platform and contact us to defend your rights.

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