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The FXCG backend data was falsified, causing me to go bankrupt and lose 1.59 million yuan.
Kaishi Forex is now renamed FXCG. Through illegal means such as falsifying backend data, maliciously delaying commission payments, and unilaterally modifying inventory fees for gold short orders, I went bankrupt and lost a total of 1.59 million yuan. I now hope that the platform will help me expose it.
+3
FX4979454136
2024-01-03
Replied
Reply from official FXCG
Dear Valued Client, Your account had been in a long-term locked position with both long and short gold trades before the forced liquidation. The remaining equity was insufficient to continuously cover the overnight interest expenses. The forced liquidation event is not directly related to the delay in your IB commission settlement. 1. Commission Payment: Commissions are the responsibility of your partnering IB, and FXCG has completed the actual settlement with the IB. For any commission delay issues, please communicate directly with your IB. 2. Locked Positions and Interest: After locking positions, long and short trades will separately calculate overnight interest. The net expense resulting from the interest difference in equivalent locked positions is a common market rule, not unique to FXCG. 3. Reason for Forced Liquidation: On December 3, 2023, due to gold price fluctuations, your account equity (only a few hundred dollars remaining) could not meet the margin requirements. Prior to this, the locked position interest had been continuously depleting your equity, and combined with market volatility, it triggered the system's forced liquidation. When the account's long and short trades were in a completely locked state, the account equity was already very low. This forced liquidation is the result of the combined effect of locked position costs and market volatility.
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