Discussion in 'Forex Brokers' started by liri, Feb 19, 2005.
Please does any one trade with this company?
No, but I traded to my regret with the dealer who provides RCG with its FX platform. The dealer, Saxo Bank, white labels the Saxo Trader to RCG.
Saxo burned the account I traded, refusing to fill limit orders and intervening against profitable trades. In most instances, there was no instant execution, no streamed tradeable prices, and never any transparency. The prices streamed to the platform were no more than advertising. Clearly, the platform did not work like the demo. When I traded real money, after using the demo, Saxo, as the counterparty, reserved the right to dishonor trades and orders, which it did four times in my account in one week. Never encountered that manipulation on the demo. Of course, Saxo never lost money filling profitable demo orders.
RCG is using the same platform, so I assume it is following the Saxo business model, which means you should stay away.
please i'm curios to know how did they intervene against profitable trades?
Scenario one, based on my first-hand experience with Saxo Bank: Send an entry order (to create a new open position) via the platform and receive confirmation of order. Check open order page of the platform. The order is there. The order is a limit order to buy major pair at __.50, and later that day the ask drops below the limit price, ie., breaches it, with plenty of room to spare (more than 20 pips). Oscillates up, then back again through the limit price, again with room to spare. That happened one more time for a total of three times in a 45 minute period, during a period of very good liquidity and NOT during or after news. The pair then moved back above and settled well above the buy order price. My order was not filled because, Saxo claimed, quotes for the pair streamed to the Saxo platform were "misfeeds." Three such misfed quotes, they claimed. Yet, the prices streamed to the platform were charted on Saxo's platform, and the charts were never corrected to erase the so-called "misfed" prices. Checked charts on Saxo's white label partners. Same story. Checked independent sources. Same story. The order would have cost Saxo money as the counterparty. That's why it wasn't filled. Plain and simple. That's what I call intervention against orders and positions. Certainly, no automatic execution. (In our account, only stop losses were ever filled instantly, and that's because Saxo made money on them.)
Scenario two, again based on what happened in our account. Limit order to sell major pair at __.625 and bid reaches and then breaches the limit price briefly before settling in other direction. Order not filled automatically, so I instantly asked the dealer via chat if the streamed quote was accurate. Because of the noise we made after the first set of order thefts, Saxo filled this order, which, as it should have, created a profitable position.
We closed the account shortly after these events, poorer but wiser.
Chood, thank you mate for the info.
Dont know how abou RCG in Forex but in Futures they FCMs servers was by increasing volume in Euro and some Indexes out of business sometimes for a few houres.Exoecially situation with euro traded in CME was horrible what was finally reason I closed account by them.
No idea what about RCG and forex but I rather stay away.
Last nigh I looked into their software.Looks pretty good!The connectio is but still question for me.
Don't waste your time and money trading forex. Go straight to trading currencies on the CME. It is safer, you are not trading with your broker, you are not giving up 3 pips on either side to get in or out of a trade and it is regulated. If you insist on trading forex go to Vegas it is a lot more fun and at least you can have a nie time at Crazy Horse after you lose your money.
thank you for your advice, actually i have thought trading currencies with CME since some time, however i trade mini forex and i'm not sure if CME offers mini trading,
Any other info will be useful.
I am a Saxo-custormer, and I never had any problems like that.
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