Miscalculation on my P/L with SuperForex https://superforex.com/

By Anonymous, from Thailand, May 15, 2020 at 07:24 PM

I opened account with them and deposit THB 250,000 (about USD 7800). After that, I opened short position EURNZD for 40.1 lots (the contract size is 10000). That day EURNZD rose up and all my deals had been closed. I accepted that I got loss for sure but there are miscalculation on my P/L. For example the last deal, following market practice, to calculate loss in NZD we use (open price – close price)*lots*contract size. So it should be (1.77827 – 1.78986)*20*10000 = NZD -2318 that time NZDUSD = 0.6083 and USDTHB = 32.1 So, we can convert by this formula THB P/L = NZD P/L*NZDUSD*USDTHB = -2318 * 0.6083 * 32.1 = THB -45262.26 However, as you can see, P/L shown hear is -110532.75. Loss is more than it should be around 2.5x times Please try to calculate other orders and you will see that there are all incorrect. I contacted them many times but they insisted that the calculation is correct without any evidence or clarification. I send this to consult with you. Is there somebody face situation like me with this broker. Should I try to get my money back or let them gone? If there is some way, what should I do? PS.I can forward emails which I disputed with them if you want. Best regards

  • Miscalculation On My P/L With SuperForex
Answer: Hi Anonymous,

SuperForex is an offshore company registered in Belize and is not regulated by any reputable reliable authority. We have a detailed article explaining the risk of trading with brokers from Belize. You can also check our full SuperForex review, explaining why this broker should be avoided.

You can try and withdraw small amounts first, to see if it goes through. Also, you need to report to your local financial authorities, as this broker is targeting people without being licensed to do that.

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