I have talked to db extensively and of course they deny they are affiliated with fxcm. They do admit to using their software/platform, and they siad that they provide some liquidity for them and just about every other forex broker. i emailed the NY branch of db (press office) and they said they are independant. Below is the email from db. It is from k.duker@db.com, who appears to be an officer of some sort with them in Europe. As a news trader and former OANDA client, I think the potential of db if it is legit is great for forex traders. Safety of funds, execution bc of the high liquidity, etc. I would like to hear from anyone who has traded with them. I am looking at either them or MBTrading. MB has a good reputation, but their platform is so bad. Hello Rick. I look after dbFX for DB and your query was passed to me by Michele in our press office Solely Deutsche Bank offers the dbFX service, the customerâs counterparty is solely Deutsche Bank and all deposits are placed with Deutsche Bank. Deutsche Bank will of course will use external technology from time to time if that is in the best interests of serving its clients as most market participants do. I hope this answers your question, but please do not hesitate to contact us if I can be of any further help Best regards / Mit freundlichen GrüÃen, K + 65 6423 6053 // 65 6423 6892 +65 918 46707 ---
Possible, of course, but can you be sure? Here are pieces of the dbfx customer agreement, taken from its website, with a couple of annotations: Neither Deutsche Bank nor any company maintaining, operating, owning, licensing, or providing services to Deutsche Bank in connection with, the On-line Facility (a "Service Provider") makes any representation or warranty as to the suitability or otherwise of any such equipment, software or arrangements. * * * * We may share dealing charges with our affiliates or other third parties, or receive remuneration from them in respect of transactions carried out on your behalf. [Compare this gem to FXCM's deal with RefcoFx. Same thing IMO.] * * * * The On-line Facility is provided "as is" and neither us nor any of our Service Providers makes any representations or warranties of any kind whatsoever regarding (a) the availability, currency, accuracy or completeness of the On-line Facility, (b) the results to be obtained by you or anyone else from the use of the On-line Facility, and (c) any third party content accessible on or through the On-line Facility. * * * * Should quoting and/or execution errors occur, which may include, but are not limited to, a dealer's mistype of a quote, a quote or trade which is not representative of fair market prices, an erroneous price quote from a Trader, such as but not limited to a wrong big figure quote or an erroneous quote due to failure of hardware, software or communication lines or systems and/or inaccurate external data feeds provided by third-party vendors, we will not be liable for the resulting errors in account balances. The foregoing list is not meant to be exhaustive and in the event of a quoting or execution error, we reserve the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting or execution errors will be resolved by us in our sole and absolute discretion. [Ah, the famous "misquote," a profitable technique indeed, at least for those who give "misquotes."] * * * * Internet connectivity delays and price feed errors sometimes create a situation where the prices displayed on our Trading Station do not accurately reflect the market rates. We do not permit the practice of arbitrage and "scalping", or taking advantage of these internet delays, on our Trading Station. Transactions that rely on price latency arbitrage opportunities may be revoked. We reserve the right to make the necessary corrections or adjustments on the account involved. Accounts that rely on arbitrage strategies may at our sole discretion be subject to dealer intervention and dealer approval of any orders. Any dispute arising from such quoting or execution errors will be resolved by us in our sole and absolute discretion. [This is the "If you're profitable, you're f*cked" provision," applicable to those traders, tiny in number, whose accounts stay positive even after navigating the "misquotes."]
Chood, as a trader you are NEVER sure of anything, but let me put it this way : rather than trading with FXCM or other $1M startups, I'd rather trade with Deutsche Bank. The whole point of this thread, i.e. dbFX = FXCM because they use the same platform, is pretty foolish. I contacted Deutsche Bank, another poster did the same, and in both cases Deutsche Bank assured us dbfx.com IS their FX retail outlet.
Based on what the first post on this thread said, it is basically impossible that DBFX is not FXCM. If you go to DBFX and follow the links to open an account you eventually get to this page: https://dbtr.fxcorporate.com/fxtr/ If you go to register.com or a similar site and do a "who is" search for fxcorporate.com, FXCM is listed as the owner of the domain fxcorporate.com. I am no computer expert, but it would seem impossible to me that DBFX is not FXCM based on the fact that the account registration form for DBFX is a web site run by FXCM. This is sad but true at least until proven otherwise. I would not consider anything that DBFX says by phone or email to be proof. In case you have not noticed there are more liars and scam artists in the trading business (particularly FX) than any other business with the exception of politics/government. I guess all we can do is hope Interactive Brokers adds more pairs, or wait for the CME/Reuters venture.
we both talked TO DEUTSCHE BANK AG, NOT dbfx.com, got it ? what's the point for one of the LARGEST banks to support a SCAM using their LOGO and everything ? this is beyond ridiculous. How can you believe DB would even TOLERATE a scam using their name ??? They'd sue their asses in no time, because they'd be using DB logos and catch phrases without permission, etc etc etc.. being skeptical is good, but some border on paranoia.
I agree with what you are saying but how can you explain the registration page for DBFX being at a domain/web address that is owned by FXCM? I want to believe that DBFX is legit, maybe you can convince me if you can answer my question. Also I am not saying that FXCM is using DB's name without permission.
i really don't know much about internet hosting, and what happends when you lease other company's software, and such technicalities, but if Deutsche Bank headquarters from Germany and Deutsche Bank NY tell two different people that dbfx is theirs then that's enough for me. For the third time, why don't YOU contact them [i.e. NOT dbfx, but db] about this issue, if it bothers you. It doesn't bother me, after MY inquiries. Please post the replies. I don't even have an account with them, my involvement here is purely incidental since I did look into this matter at some point. Please, contact www.db.com, call them, write emails, explain your worries and post the reply/transcript, plain and simple.
whether DB chooses to outsource to FXCM and to which extent is their problem... your correct to say that as long as the client's contractual counterparty is a DB unit, then its DB, and DB's rep thats at stake...
DB have white labelled FXCMs retail side. There is no scam here. DB have no ability to manage the credit challenges of the retail market. Deutsche are more than likely supporting FXCM with a total credit line but that is then broken down to each individual risk on private investors. Its easier for them to provide the credit and pricing to a readily built platform for retail clients rather than building one themselves and creating a whole new credit dept to take care of it. Underneath any funds you place will more than likely be backed by DB somewhere down the line when siging up. .....