Brokers
no "honest legitimate" broker will give a client a free option over a Payroll number release by filling stops at levels that were not attainable. Anyone who has traded with the banks knows this. As for FXCM, I would steer clear of them - take a look: www.forex-markets.com/NewswireFXCM.htm
Happy trading...
no "honest legitimate" broker will give a client a free option over a Payroll number release by filling stops at levels that were not attainable. Anyone who has traded with the banks knows this. As for FXCM, I would steer clear of them - take a look: www.forex-markets.com/NewswireFXCM.htm
Happy trading...
arco
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trader_bv
Thanks for that FXCM link......interesting.
Forex trading is obviously a minefield.
I found this sentance interesting also
"FXCM, a registered futures commission merchant, did not immediately return calls with requests for comment, nor did Refco Group Ltd LLC, a part owner of FXCM and partner in the FXCM/RefcoFX online trading system."
Are there any trustworthy outfits ?
Thanks for that FXCM link......interesting.
Forex trading is obviously a minefield.
I found this sentance interesting also
"FXCM, a registered futures commission merchant, did not immediately return calls with requests for comment, nor did Refco Group Ltd LLC, a part owner of FXCM and partner in the FXCM/RefcoFX online trading system."
Are there any trustworthy outfits ?
nefariousbaffler
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its just like any other market......there are crooks in every business, doesn't necessarily mean that everyone is crooked. I'm looking at CMC Forex, they have been in business for 15 years. This is no guarantee of course but this is pretty much three times as long as most of the other companies and gives some measure of stability.
nefariousbaffler
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Also...that link needs to be posted in the main forum I think. I know that there are a lot of people in here that use fxcm to trade with.
TheBramble
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nefariousbaffler said:
...A bit like Barings, they'd been around quite a while as well....
Do take your point though NB, longevity in this busines is probably a good sign.
On the other hand, just like constantly reviewing your trading systems and strategies, it can't hurt to be constantly on the lookout for better brokers and trading platforms.
trader_bv
Is there anymore to that article?
"Gibraltar Monetary Corporation, Inc., and four Gibraltar employees"...
"...as participants in fraudulent currency options trading solicitations..."
The CFTC’s motion for a preliminary injunction is scheduled for February 24, 2004 in West Palm Beach, Florida.
This made the news. What was the outcome?
From the cftc's link: "Gibraltar Monetary Corporation, Inc. and Employees Jayson Kline, Charles Fremer, Thomas Clancy, and Edward Johnson Allegedly Lied When Pitching Foreign Currency Options to Customers"
Although the parent company are ultimately responsible (refco/fxcm usa) I don't think it will affect anyone's trading on here. Unless it goes deeper than first thought.
Is there anymore to that article?
"Gibraltar Monetary Corporation, Inc., and four Gibraltar employees"...
"...as participants in fraudulent currency options trading solicitations..."
The CFTC’s motion for a preliminary injunction is scheduled for February 24, 2004 in West Palm Beach, Florida.
This made the news. What was the outcome?
From the cftc's link: "Gibraltar Monetary Corporation, Inc. and Employees Jayson Kline, Charles Fremer, Thomas Clancy, and Edward Johnson Allegedly Lied When Pitching Foreign Currency Options to Customers"
Although the parent company are ultimately responsible (refco/fxcm usa) I don't think it will affect anyone's trading on here. Unless it goes deeper than first thought.
CBFX uses its own trading platform we have our own proprietary platform, not being too good with computers myself I have to say it is really user friendly too.
Being a bank we can take it a stage further than brokers with platforms and so on. A lot of potential clients ask what is the difference between us and Deustshe Bank for example, we are unique in that we are the only institutional bank in the US to offer retail forex to our clients.
Being a bank we can take it a stage further than brokers with platforms and so on. A lot of potential clients ask what is the difference between us and Deustshe Bank for example, we are unique in that we are the only institutional bank in the US to offer retail forex to our clients.
Here is a copy of a chat session with a GCI guy, about stops :
(session start)
"Please wait for a site operator to respond.
You are now chatting with 'CFD Dealer'
CFD Dealer: Hello. How may I help you today?
you: hi
you: For your nasdaq100 product, when I place a market order, is there ever any human intervention ?
CFD Dealer: yes
you: on every order ?
CFD Dealer: for everything trading on the system there human intervention
you: that must add to the execution time & lead to re-quoting ?
CFD Dealer: every order yes
you: what about stop orders ?
you: and does this human intervention apply to forex as well ?
CFD Dealer: yes that is also corect
you: so it must be hard to guarantee stops ?
you: if the market is fast
CFD Dealer: stops are done at the price they are set at
you: in all cases ?
CFD Dealer: it may be done at one or two pips above or below
CFD Dealer: byt yes they are doen at the price
you: so the stops are done by humans as fast as possible ?
CFD Dealer: yes everything including the stop and limit are done as fast as humanily possible
you: OK thanks, so when the market is really fast then it might be more than 1 or 2 pips ?
you: is this possible ?
CFD Dealer: yes that is correct might be above or below
you: OK thanks. Bye."
(session end)
So if there is human intervention on every order, then GCI are really saying that they can't guarantee entry price OR stops ! I'd want a fully electronic platform.
rog1111
(session start)
"Please wait for a site operator to respond.
You are now chatting with 'CFD Dealer'
CFD Dealer: Hello. How may I help you today?
you: hi
you: For your nasdaq100 product, when I place a market order, is there ever any human intervention ?
CFD Dealer: yes
you: on every order ?
CFD Dealer: for everything trading on the system there human intervention
you: that must add to the execution time & lead to re-quoting ?
CFD Dealer: every order yes
you: what about stop orders ?
you: and does this human intervention apply to forex as well ?
CFD Dealer: yes that is also corect
you: so it must be hard to guarantee stops ?
you: if the market is fast
CFD Dealer: stops are done at the price they are set at
you: in all cases ?
CFD Dealer: it may be done at one or two pips above or below
CFD Dealer: byt yes they are doen at the price
you: so the stops are done by humans as fast as possible ?
CFD Dealer: yes everything including the stop and limit are done as fast as humanily possible
you: OK thanks, so when the market is really fast then it might be more than 1 or 2 pips ?
you: is this possible ?
CFD Dealer: yes that is correct might be above or below
you: OK thanks. Bye."
(session end)
So if there is human intervention on every order, then GCI are really saying that they can't guarantee entry price OR stops ! I'd want a fully electronic platform.
rog1111
Interesting, Rog1111. We must be on the same wave length. Here is a transcript of my conversation with them this morning.
Please wait for a site operator to respond.
You are now chatting with an FX Dealer at GCI Trading.
FX Dealer: Hello. How may I assist you?
you: Hi, Do you offer guaranteed stop losses?
FX Dealer: What do you mean guaranteed stop losses?
you: Exactly that. That you guarantee that stop losses are honoured
FX Dealer: Stops are honored without slippage as long as they are entered in a timely manner.
you: what do you mean by timely manner please?
FX Dealer: At least 2 minutes prior to the price being triggered then there will be no slippage.
you: Fine. And that applies to any time that your brokerage is open for business?
FX Dealer: Yes. The only exception is for opening and closing markets. Stops entered before an opening market such as the DAX will be executed at the opening price of the market if it goes through the stop.
you: That's the only exception?
FX Dealer: Slippage can also be considered in very fast moving markets as well but the depends on the circumstances.
you: So "no slippage" is not guaranteed then?
FX Dealer: it is not 100 percent guaranteed. no slippage applies probably 80 percent of the time.
Please wait for a site operator to respond.
You are now chatting with an FX Dealer at GCI Trading.
FX Dealer: Hello. How may I assist you?
you: Hi, Do you offer guaranteed stop losses?
FX Dealer: What do you mean guaranteed stop losses?
you: Exactly that. That you guarantee that stop losses are honoured
FX Dealer: Stops are honored without slippage as long as they are entered in a timely manner.
you: what do you mean by timely manner please?
FX Dealer: At least 2 minutes prior to the price being triggered then there will be no slippage.
you: Fine. And that applies to any time that your brokerage is open for business?
FX Dealer: Yes. The only exception is for opening and closing markets. Stops entered before an opening market such as the DAX will be executed at the opening price of the market if it goes through the stop.
you: That's the only exception?
FX Dealer: Slippage can also be considered in very fast moving markets as well but the depends on the circumstances.
you: So "no slippage" is not guaranteed then?
FX Dealer: it is not 100 percent guaranteed. no slippage applies probably 80 percent of the time.
seancass said:
Yes Sean, it is quite spooky ! It looks like they finally admit it then ? Mind you it took some extracting as they didn't exactly volunteer the information upfront did they ?!
I can hardly believe that they fend every order manually - how many staff do they have I wonder ? It's a shame really because I quite fancied their mini eminis !
Brgds
Roger
rog1111
Their platform is user-friendly too. However, the figures don't seem to move that urgently in the natural course of events compared to, for example, gain capital... unless it's non-farm payroll!!
I don't know how long they took with you over responding to each of the questions, but my guy had time for a shower and a hamburger.
Their platform is user-friendly too. However, the figures don't seem to move that urgently in the natural course of events compared to, for example, gain capital... unless it's non-farm payroll!!
I don't know how long they took with you over responding to each of the questions, but my guy had time for a shower and a hamburger.
arco,
Yes their charts appear to have been up and running, although the one minute chart was reduced to a series of dots rather than candles. I prefer the chart on gain capital.
Anyway, have we decided on the most effective and most reliable broker and trading platform for forex?
Yes their charts appear to have been up and running, although the one minute chart was reduced to a series of dots rather than candles. I prefer the chart on gain capital.
Anyway, have we decided on the most effective and most reliable broker and trading platform for forex?
arco
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Agree, their live chat is very slow, and was also off line part of yesterday. In comparison Refco is streeets ahead.
This is the link I am using for GCI charts, but get nothing now.
http://www.gcitrading.com/gci_cfd_charts.htm
Anyone have adifferent link ??
This is the link I am using for GCI charts, but get nothing now.
http://www.gcitrading.com/gci_cfd_charts.htm
Anyone have adifferent link ??
GCI were dead slow with me too - it was probably the same hamburger guy in any case ! I suppose that they need not worry if their prices are behind the market, as if they are using human intervention, they'll just re-quote or apply some slippage, according to where the market's really at.
rog1111
rog1111
nefariousbaffler
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Ummmmm....what? how can they take back your money? That is extremely disturbing to say the least. Could you please keep me up to date on that? I have money with these people! 
nefariousbaffler
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Oops I might have mis-interpreted your post. Do you mean they took 500 back out of your bank account? or that they took it out of the forex account and gave it back to you?
