In summary: Basically I had been allowed to open a position without the necessary deposit (note that at the time the deposit formula was a black box, IIRC). At the time, I was trying to set a very low stop price during wild Mt. Gox volatility, and assumed that my position was being opened appropriately (I was testing the system, it was my 2nd or 3rd trade). After the apparently improper position was noticed, it was disappeared (system claimed I had liquidated it when I hadn't) and a withdrawal that I made was never received.
The real kicker:"In line with our terms and conditions, we suspended the withdrawal from your account to recoup some of the operating losses made in this trade." I'm not quite sure where in their terms they think it says this...
And I should send an ID to unsuspend my account (why I would want to is beyond me...)
A sanitized copy of my support ticket's reply is below:
Quote
Hi there Jackmaninov,
First of all, thank you for your patience. I apologise for the delay in getting back to you as we have had to asses each an every account suspension on a case by case basis.
Suspensions were made to accounts where a stop price was set that far exceeded the deposit placed for each position opened. Our trading engine places trades out to market with up to 10 times the deposit placed of private funding. As a result we work hard to ensure that each trade placed fits within a strict criteria. Back in early February, due to large market movements, a number of traders placed trades with huge stops far exceeding what would have been covered by a typical deposit. Your last position was one of these.
In part, a Btc.sx enforced limit did not reject this trade as it should have but instead placed it out to market without requiring a larger deposit. As the market moved against this position, losses far exceeded the initial deposit of XXXXXXXX BTC, upon detection by our staff and subsequent close, the position as its final price of $XXX.XXXXX logged a loss of -XXXXXXXX BTC.
If the position had been left to run to your specified stop of $XXX. Your losses would have been far more. Typically, in line with customer expectations we do not aim to ever put a customer in a position whereby they will lose more then their initial deposit for each position. Where the losses are greater, within reason, Btc.sx will cover client position gap losses. If losses far exceed what we can cover, as in your trades case, we reserve the right to reclaim funds that are lost to market.
After these trades were detected, a number of accounts were automatically suspended pending further investigations of potential exploitative behaviour. As there was only one trade which posted a loss to Btc.sx on your account, we acknowledge that your activity was not due to exploitation. In line with our terms and conditions, we suspended the withdrawal from your account to recoup some of the operating losses made in this trade.
If you feel as if this was unfair, please reach out to me directly.
My skype is: XXXXXXXX
The subsequent verification of personal details (Drivers Licence or Passport), we would be happy to re-open your account.
Kind regards
Joe Lee
CEO, Btc.sx
First of all, thank you for your patience. I apologise for the delay in getting back to you as we have had to asses each an every account suspension on a case by case basis.
Suspensions were made to accounts where a stop price was set that far exceeded the deposit placed for each position opened. Our trading engine places trades out to market with up to 10 times the deposit placed of private funding. As a result we work hard to ensure that each trade placed fits within a strict criteria. Back in early February, due to large market movements, a number of traders placed trades with huge stops far exceeding what would have been covered by a typical deposit. Your last position was one of these.
In part, a Btc.sx enforced limit did not reject this trade as it should have but instead placed it out to market without requiring a larger deposit. As the market moved against this position, losses far exceeded the initial deposit of XXXXXXXX BTC, upon detection by our staff and subsequent close, the position as its final price of $XXX.XXXXX logged a loss of -XXXXXXXX BTC.
If the position had been left to run to your specified stop of $XXX. Your losses would have been far more. Typically, in line with customer expectations we do not aim to ever put a customer in a position whereby they will lose more then their initial deposit for each position. Where the losses are greater, within reason, Btc.sx will cover client position gap losses. If losses far exceed what we can cover, as in your trades case, we reserve the right to reclaim funds that are lost to market.
After these trades were detected, a number of accounts were automatically suspended pending further investigations of potential exploitative behaviour. As there was only one trade which posted a loss to Btc.sx on your account, we acknowledge that your activity was not due to exploitation. In line with our terms and conditions, we suspended the withdrawal from your account to recoup some of the operating losses made in this trade.
If you feel as if this was unfair, please reach out to me directly.
My skype is: XXXXXXXX
The subsequent verification of personal details (Drivers Licence or Passport), we would be happy to re-open your account.
Kind regards
Joe Lee
CEO, Btc.sx
TL;DR: Don't trade with BTC.sx.
