After openecry somehow completely forgot to execute my stop order despite the market gapping open past my stop price I'm in the market for a new broker to execute my pit trades. Can anyone comment on xpresstrade? I know they're more expensive than openecry but I'm hoping they'll actually execute my trades.....
Follow up - they filled it this morning at the open and credited me the difference. Although this was their error I didn't think they'd make good on it ... but they did. Very impressive .... my search for a new broker is now over. You go Openecry!
Stay away from Xpresstrade. Their incompetence once cost me a third of my tradintg capital using their internal stoploss-profit target programming. And expensive lesson in "Not Held." I consider them the LAST choice of online brokers.
I gave them a try and opened an account with just $10,000.00 after trying to decide between plethora of online brokers out there. Had to get familiar with their platform too being from old school trading futures since 1980's directly through brokerage before. First, forget demos. Demos are crap and not real trading.... Anyway, all sounded great going forward until you get involved in trading and trying to rely on their system. I have had repeated troubles with the system freezing, losing data, price fluctuations that make no sense, EZ orders that seemingly stall and delay before execution, and poorly executed orders I have placed; almost to a point it seemed "weighted" as if I was kept from what I expected for a fill against my position while generating them more commsissions? This would be illegal of course if true... Customer service is great until you contact them regarding a legitimate problem with an order and they will blame everyone but their platform. Recently had a trailig stop roder and profits which later disappeared because they said they got a bad tick from the floor broker later and took my profits away which made me mad. Their system showed it as a legitiamte movement and trade with profits as we printed the screen and they admitted, but then said, everything is on a "not held basis" and now I understand what they mean by that phrase. They will tell you they will never be at fault for any reason either regardless the facts prove direct to them or their order execution system. We have seen their price quote system stall out and the DJ newswire news no good to follow as it is too little too late and nothing like other direct sources you need to gauge real trading by. Then there have been times they admitted to rebooting their systems during the trading day messing you up watching your positions when they could have done this after hours. The fills you get on market orders are terrible, and one incident a trailing stop I had which showed activated and working, they later told me actually was not activated for about 16cents against my position in a grain play!! This is ludicrous and anyone trading markets needs reliable information and reliable system to use. Their EZ order system has stalled out for me too where I was NOT able to execute an order in a moving market and even trying to abort nothing happened while I could not get out of my position. They again blame the market or blame the floor trader or blame me and never take any responsibility for their system lagging or being sluggish when you need it the most. In the short time I have tried to use their "top of line platform" I am getting very disappointed from what I have witnessed. It seems to get worse the more you use it and the more often you trade. I would be very excited to speak or mail anyone else who has used them and their feelings as well, as something definitely seems wrong especially the mroe you use this ona daily or business basis over the guy who may trade once per month..
I use Xpresstrade....no problems....mostly trade softs. Sometimes take a while to get a fill confirmation but that is probably just the pit. Customer service has been very helpful. My fills on stop losses have always been fair. But I don't use any complicated strategies...just limit buys and stop sells. You mention their platform having problems...what are you using? I'm just using the web page. What kind of problems can you have with a web page? What do you trade? If you are trading grains within the last year I don't see why you would be doing pit trades? Electronic is transparent and you get immediate fills. Volume is fine. How much are you trading? I have used them on about 30 round trips in the last year with zero issues. Perhaps you are just trading a lot more than me?
Can you provide any details? I use them and haven't had any problems but like to stay up on what might happen. What instrument, how much was the slippage. If you lost a lot on small slippage because you held a ton of contracts thats a different thing to huge slippage or order error. When you talk about their internal programming are you talking about OCO orders. I have never had any problem with those. Is it possible that the fault lay with the pit?
When I traded, they didn't have the ability to perform profit target - stoploss OCO linkage on the exchange level. So they performed it using their internal system. I was away, but it was a very good setup for the trade. Sure enough the market was very volatile, and it hit my profit target, like I thought. Then in over 30 minutes, it gave it all back and hit my stoploss. They didn't botherr flushing the stoploss, and so it got hit also!!!! The OCO functionality never worked. And they said, "of course, this was 'not held'" !!! The basic response was "tough noogies." They gave me a minor rebate as "commission rebate" but they cost me a large gain, and in addition, I got a sizable loss. They seem good, until the Three Stooges functionality comes to bear.
Thanks, that is BS...definitely not any question there that it was their fault. Looks like I need a new broker.