Fellow traders, I am seeking some help here. I trade with a FIX API with Integral. On Thrusday 4th June at 18.33 (GMT +1) I placed a market order to buy 1 lot (100k) of EURUSD @ 1.12807. I got filled at: 1.12945 A 13.8 pip slippage in one of the most liquid pairs. It was at 6pm in the evening with very little volatility. When I put a complaint, they said there was little liquidity and the first liquidity provider refused my order so it went to the 2nd liquidity provider. Can anyone advice me what I can do here? I am not trading with a bucket shop, I am trading with a reputable company. I understand market orders are open to slippages but not where the market hasn't traded there. Is there anyway I can get bid/ask data for that particular time? I attach a chart to show in Pink where I placed the order to buy and Yellow where I got filled. Thank you in advance for the help.
Less volatility == larger spread == possible larger slippage. Can you check the historical spread at that time? Which provider? What's the "normal" spread? 1.12807 is bid or ask?
I can't check historical spreads on my patform. Is there a 3rd party service that allows you to check historical spread? Integral, normal spreads is 0.3. i.e 1.12533/1.12536 1.12807 was ask. I placed a buy market order.
Does their FIX API not support limit orders? I mean, seriously, a marketable limit order to remove liquidity at the ask would have saved your butt here.
Broker has limit orders, but I use a market order to make sure I get the fill. I don't mind paying slippages if market has traded at those levels but not a 13 pips slippages when the market didn't even trade there. Was thinking if by going to the regulator it would make a difference?
I wouldn't waste my time for 1 lot and 13 pips.... I would get away from that broker and trade futures instead of forex.
It's called a marketable limit order. You submit a limit order for the inside ask price which is effectively the same as a market order but if the market suddenly decides to pull all asks and move them up 100 ticks (strange?) you won't get filled. Atleast, with IB, I don't even see anything close to your fill price. Does your broker charge a commission?