are they cheating on me?

Discussion in 'Retail Brokers' started by kooltrader, Jun 11, 2008.

  1. Here is what happened to me just today.
    I've been client for more than 3 years now. I placed a EUR/USD sell order for 1.5591 at about 8:35 AM. When I checked the rates on their web pages at about 12:05 PM the today's high was 1.5596 ( it reached this value after I place dthe trade). I called just after about 2 or 3 minutes and told them what happened.The guy on the phone said he would check. He told me that the highest today's value was 1.5589 not 1.5596 so he can't give that deal. I looked again on the web page and yes, it showed 1.5589 . So they changed it after I called them.
    However I printed out both pages with different values and you can see the data on them, well it's my PC date.
    I am so pissed. I could have made about $500.
    Is there a way I could file a complain about this company?
    Does this happen to you guys too?

  2. That is the problem with FX. They are unregulated markets and can do that if they want. That is why I only trade currency futures.
  3. A couple of things.

    1.As the above poster mentioned that's the main problem with spot forex, pretty much a unregulated casino. Find out if they are an ECN or dealing desk.

    2. See if they are resistered with NFA/CFTC. If so complain if you are certain your info is correct. If not registered then move to a registered broker at min.

    3. I would take a screen shot off their website and try to speak to a manager. Probably won't help, but worth a try.

  4. C- kid

    C- kid

    OP why do you have to learn the hard way

    learn what bucket shop means and what they do

    and yes I too had to learn the hard way
  5. I know they are registered with NFA but they got sued for something one time.
    I did print out both and I checked back a few time today and they still display 1.5596, but other times it's 1.5589 as they said.

    Thank you all for answering me.
  6. So far they weren't that bad, I had a few problems with them in 4 years or so, but other wise the are OK. Some of the people working at their helpdesk are really stupid.
    The reason why I don't want to switch to an ECH firm is the fees they charge. I looked into IB but they charge you a fee if you cancel your orders, and I do this a lot.
  7. What the high trade price was doesn't really mean anything in forex. What's important when selling is what the high bid was. It's possible that someone bought at the broker's ask price but the broker's bid price never got up your asking price. Keep in mind that a bucket shop doesn't match customer orders. They take both sides of the trade and live off the spread.

    For the record, I looked at Saxo Bank's site and their high bid today was 1.55861. So I don't think you were cheated. Just a bit unlucky.
  8. Doesn't matter is they are registered with the NFA. just about any firm can be. lots of busted forex firms have been. I personally lost money in a fraud case with a futures firm (Futureswise Trading) that was registered with the NFA and CFTC. Doesn't mean shit.

    if you insist on trading forex, go with a firm that charges a commission vs taking the other side of your trade. Spreads will be tighter, and you will get the best possible fill they can give you every time. they make their money on the commsih, not trading against you.
  9. Thank you both for the advise.