Hi> I-d like to make my story known to others. I was lied at by these people. They promissed a number of things namely in terms of execution and in terms of rates. They are VERY expensive in American terms (but cheap in Swiss terms), their software is a complete joke - Saxo Bank software and they are NOT a bank. They do not rate as a bank. They are nothing better and nothing worse than a small FCM in American terms. Problem is that they exist in a jurisdiction which is known to have stolen form the Jewish people during world war II, to have befriended Hitler and Himmler, to have wellcome African and South American ditators and these days they are firends of the Russian mob. The service is absolutely terrible and only one girl makes up what they call the back-office... You have no protection in Switzerland. There is no such organization such as the NFA or the CFTC. There is only something called the Bank Association of Switzerland which is a terrible joke, organized and managed by themselfes. My advice is this> DO NOT TRADE WITH A SWISS BROKER You will loose money becuase they steal! The Swiss are robbers and they want to create this image that they are specialists in finance. They are indeed specialists is STEALING YOU HAVE BEEN WARNED Their software is Saxo Bank software and other companies with other names are simply paying rent to Synthesis to use their services which are terrible and unreliable.
I hate to drag out you pain, but can you be a bit more specific about the problems you had, other than the 1 per in back office? I ask because I am looking into overseas brokers, I am looking at daytradeaustria.com Thank you, Dan
Problems with Trading Floor: - you will not get confirmation that an order has been filled. - server break down more than once a week - impossible to do limit orders and very rarely will they be filled - I was offered 5 euros per RT adnd they charged me 10.20 and when I complained they said they had no idea of who promissed me the rate. Unfortunately this was done over the phone and not over email - they are not a bank. funny as it may seem regulations in Switrzerland allow them to be caled a bank but they cannot offer deposits and all the money is with UBS in Zurich or Frankfurt ... - they lied to me when they said I could do GTC orders. they don-t do them. total rubbish
Thanks TT for the reply. If I ever use a overseas broker I will get everything in writing. After just speaking about overseas brokers with Canadian trading buddy, apparently you can open an account with a US broker in foreign currencies and keep it in that currency. If this is true why use an overseas broker? 1. Language? Global Futures has multi lingual support 2. Financial Stability? Maybe, maybe not any better than a US broker 3. Privacy? That would be a good reason, no Patriot Act
Oh I went with a Swiss broker because I was a sucker and assumed that Switzerland was it in terms of international finance ... And to be honest I-m neither an African or South American dictator *or family or friends with any of them and, I-m not associated with the Russian mob either. Those are the types of people who appreciate CONFIDENTIALITY ... For the rest of us we appreciate honesty, efficiency, transparency and professionalism. Did-nt see much of that in Switzerland. Lots of coo coo cloks, bad quality chocolate and college boys running little companies like this one ...
If I might suggest, if you trader futures look at X Trader or Ninja Trader with TT data. Velocity Futures, Global Futures, and Pro Active are all good choices. I use Velocity myself and I am happy. Dan
I have had contacts with their sales people and i didn't like what I heard. Some sales staff very pro, others very pushy, some B.S. on website and ads, like "real pros trade CFD's" etc. yeah right Also their rates for equities remain very expensive 15 bps of stock value, but you won't find that info on their website . Transparency of fees and rates... they haven't woken up to the concept yet You are right, some Swiss outfits exploit the reputation of the country but can't back it up I would say the problems you mention happen too often with European firms unfortunately. Not enough competition , in the US a broker lacks integrity, customers are out because they are better informed and have more options.
Oh I find the USA a very reliable, safe and professional place where to do business. From the transparency offered by the NFA register to the CFTC database (which is available to any of us), to the existing competition ... all of this is very good for the industry and for us speculators, who bring in liquidity in which hedgers "limit their risks" (BS but hey that's the market for you). Switzerland has a lot to learn. But there's worse - the UK is absolutely terrible for profesional traders. Most of Europe is a very dangerous place for us. Lack of regulation, ineficient justice, no transparency. Americans are very good at this thing of markets, trading and regulation. I am delighted ...