anyone have negative experience (besides losing all of your money) with fxsol? I like the fact that you can change your leverage from within the platform (up to 400:1) and you can trade in micro lots as low as 1000.
You used to be able to earn interest even on 200:1 leverage. They decided to change this without sending an email or making a formal announcement so I was beginning to pay interest on my long GBP/CHF trades. I got the lost interest back but only after calling their compliance officer twice and complaining. Things probably aren't going well if they made this change since they can now make a killing from those on 200:1 carrying overnight. Don't use a credit card to fund the account with them. They are the only firm I've seen that pushes them through as cash advancements. It does warn on the website that this can happen and it did to me. While I should have read the site, it never happened in the past until recently. My guess is that they don't have to pay the merchant fee if they take cash advancements and this is yet another way they are trying to make money. I did get my money back for the fees but my credit card company covered them. By the way, this was a nightmare. I literally called both place 3 seperate times with each one passing the blame on the other. Finally the credit card company broke down. I've never had an issue with trading execution but the above two items were enough for me to close my account once I can withdrawal (you must wait a month to withdrawal if you fund with a credit card, which is reminicsent of the scene in Casino where Deniro delays the flight of the Japanse gambler, knowing if he gambled longer he'd lose all of his winnings).
could always use another broker...read your post...went to take a look. downloaded their account agreement and started reading...only got to page 2 paragraph b....i've pasted it here for you to read. [Because each foreign currency contract is a transaction between you and FX Solutions, and is not clearedon a central clearinghouse, you will not be able to transfer your obligations under the transaction toanother person without FX Solutions' consent. In addition, FX Solutions is under no obligation to terminateor close out the transaction prior to the expiration date for that transaction. FX Solutions may, but is notobligated to, quote you a price for an early close out of a contract on request] those last two sentences would stop me looking @ doing business with them. maybe you should read the account agreement.
The platform and charts were nice. I didn't have any problems with execution. Things were fast. Some of the spreads were a little too big at times. I never felt like I was truly trading direct with the market. Regulation of the whole forex industry is questionable anyways. They were better than my previous broker FXDD. FXDD had severe freezing problems.