Recently FX Solutions decided to no longer allow traders on 200:1 to earn interest on positive positions. While I have no problem with a firm changing their policy, I was not informed of this and started to notice I was paying interest. Their representative admitted that no emails were sent out. If I hadn't spoken to them I might not have realized this for a long time since I let my trades run for weeks at a time without opening the actual software, all I usually do is glance a chart from time to time. I do not think it is fair that I must pay interest on an open trade, when I got into the position before they changed their policy. I requested I continue to earn interest until I close the trade. I don't feel like changing to 50:1 and significantly reduce my usable margin to meet their new policy. I await their decision.
Pull you're money out of the bucket and put it somewhere safer if you don't like this treatment... They are a bucket from what I've heard. If you are a profitable trader 50:1 should be pleanty in the long run but there are some places to put it where you can get 100:1 (non-bucket shops) as well.
was about to ask why i was paying both long and short positions on the same pair until i came across this thread...sneaky is the word to describe them......i hold trades for days and the leverage helps but with this negative swap thing....someone else is getting my business.....
This is really unfortunate and the described practices seem to be becoming very common with this broker. They were once quite reputable I used to trade with them a while ago. Now I trade elsewhere.
I spoke with their compliance officer/owner of the company, according to the person I chatted with the night before that gave me his contact details. He explained that everybody is now getting into the carry trade but they are essentially having FX Solutions pick up most of the tab on 200:1. This I understood and don't have any problem with, as long as it doesn't affect my current trade. He agreed to cover the interest until I closed the position but told me I couldn't except it be open for months. I am getting the interest back for now and will probably have to threaten to file a complaint with the NFA again if I end up holding the position that long. I guess the market will be the final judge on this one. He was a nice guy and I've been trading with the firm for 6 months and never had an issue until now. I just don't feel it is fair to switch policies overnight without telling anybody. Furthermore, I am nervous about how well FX Solutions is doing. Only a couple of weks prior their swap rates got really bad (at the time you paid to go long USD/CAD!) The outcome of this decision will determine whether I go elsewhere.
How dare their clients stick it to a bu... broker like that! Poor FXSol... my heart goes out to them.
Hah, you think this is bad, ask around to those who have been trading spot for a few years as to what happened when fxcm decided to end their guaranteed stop policy. I had friends who lost thousands. The Ever Observant Viper
LOL. True. Why should the Market Maker have to lose money... After all they didn't get in the business to lose money. So they push prices to take out stops, so they don't honor your stop, so they freeze the platform during news, so they change the swaps to screw you both ways, so they call all your "profits" null and void when you try and take a withdraw (that would cost them money if they paid you what you earned)... It's not their fault... Just ask them it's all of the news traders and "unethical" (profitable)traders causing them to do these things... Those poor Market Makers. On a serious note... The bottom line is anyone that deals with the BUCKET Shop (AKA Market Maker) has no reason to complain. They are just doing what they do best, and that is what you sign up for when you deal with a MM.
Brokers that do these things and Bucket shops should be illigalized, and they should go to jail. It is misleading to public. Would it be ok to have the same seario in any other buisiness model where the business constantly cheat and confuse investors? Misleading is mislading, period. The only legalized white color chrime i know of is fx brokers that do this. And most of you here at ET support it saying its ok, its a game blah blah blah. ( I am not loosing in this game as I have my own long term strategy) But fx and these brokers are raping investors, and they should go to jail. But you folks think its ok. I will go after these bucket shops legaly. And I have set aside percentage of my pips to do just that. And i can not wait for some one to pay jail price to make an example of. Wait 'till the jury hears this.
I would love to see it (You win a case against them)... Don't get me wrong I think what they do is pathetic but with only a small amount of research you can discover that most of the MM's are full of it. I was trying to make a point on what to expect when you deal with one... I'm sick of people reading all the bad things then going ahead and doing business with those idiot's only to find out they have been screwed just like the others. I'm sorry for anyone that suffers at the hand of these scammers and that's why threads like these are so important. The number one criteria in putting my money with different brokers is to find where your money is safest! There are a few bright lights within the Retail FX side but I can think of only one Market Maker that has proven to be somewhat ethical "O". Good luck to everyone and I wish you luck in your quest to find fault with these bucket's in an industry that has no guideline for it.