Traders demand compensation for unsymmetrical deviation [Update]

The Trading Jam Foundation appeals to the Polish broker X-Trade Brokers and KNF to declassify the report and return the funds to traders. This is a continuation of the case related to the so-called "Asymmetrical deviation" while carrying out orders by XTB from 2014-2015.

TJS demands

We remind: Polish Financial Supervision Authority equally 13 months ago, i.e. 18 September 2018, decided to impose a financial penalty of 9,9 million on XTB. This is the result of irregularities in the execution of orders for clients from four years ago. Ultimately, the whole case was finalized in court. In June this year The Provincial Administrative Court in Warsaw dismissed the complaint and upheld the fine. Immediately after that, the broker informed that he did not agree with the decision and a cassation complaint would be filed with the Supreme Administrative Court.

Meanwhile, the Trading Jam Foundation, wanting to fight for the rights of traders, demands, among others payment of compensation to victims (the penalty only goes to the Commission's account) and declassification of the PFSA report with a description of the results of the inspection.

The following demands were made on the Trading Jam Session group:

1. Make KNF applications public (are classified);
2. Determine how many people are injured and the actual extent of the damage
3. Determine whether, despite the penalty imposed by the Polish Financial Supervision Authority - XTB still used asymmetrical deviation to the detriment of clients or took other actions contrary to clients' interests;
4. Specify the exact group / list of injured XTB clients and what compensation they should be entitled to
5. Prevent the limitation of claims of injured clients as a result of the report being secreted by the PFSA;
6. XTB is to immediately return to traders (its clients) the money lost as a result of unfair practices used by X Trade Brokers shown in the KNF report and upheld by the judgment of the Provincial Administrative Court.

At the moment, there has been no official response from broker and KNF representatives.

Forex Club from the very beginning of its creation (i.e. 2008 year), it focuses on education, information and support for investors in all matters related to trading. Thus, we support every action to protect the interests of Forex / CFD broker clients and enforce justice in the light of applicable law and as a result of judgments by independent courts, and we are completely opposed to unfair practices used on the OTC market.

Be sure to read: Dirty plays of Forex brokers - TOP 5

[21.10.2019 update]

More representatives of the Polish trading scene join the action, the most important fragments of which are given below.

Maklerska.pl bookshop:

"I am glad that there is someone like TJS and is looking at someone like XTB. I think it is in everyone's interest that XTB faces the charges against them not only in court but also in his office. Customers should receive appropriate compensation or an explanation of what really happened. I keep my fingers crossed for it, because XTB is a leader, and the leader sets the standards that others follow. We want to have high standards. "

Tomasz Jaroszek, Advisor.tv:

"Although forex trading has not been absolutely the subject of my interests for many years (I also assume that probably most of my recipients do not follow what proceedings are at all), but it is also a brokerage house with an offer of foreign shares and we have often cooperated in educational campaigns. The matter itself is quite complicated and very important for the entire investment industry in Poland, so I am all the more waiting for its clarification and the most reasonable solution seems to me to suspend cooperation until the whole matter is clarified. "

Peter Grela:

“I support every action, both by Trading Jam in the case of acting to the detriment of XTB clients and in all other matters aimed at protecting the well-being of clients of brokerage houses. Of course, only and only with respect for the law and following the judgments of independent courts. In such a situation, victims should always obtain compensation.

I do not support actions that cause dishonest behavior towards clients of brokerage houses.

I am also of the opinion that you should do it yourselfwe - as traders - do more. "

XTB stand

According to the information obtained, the official position of X-Trade Brokers SA Brokerage House in this case will be published by the end of this week (i.e. until October 27). After receiving it, it will be immediately published on the Forex Club website in a separate article.