Global Prime Big Slippage?
I got slipped 50 pips today on the CAD announcement with global prime, on a small lot as well. I opened account with them few days ago, is this the experience I can expect? I'm mad because some people I know with different brokers made good money on that move...
Anyone with GP trade news with them? How are the fills?
that was one heck of whooopa. 50 pip slippage
this link shows that they are the best aussie broker https://www.thesearcherslist.com/201...t-spreads.html
But it looks like they need to tighten up their execution. 50 pips ain't acceptable
I was watching the price jump by accident and have to smile when reading these blaming threads afterwards.
It is always the same. Trading during news is NEVER reliable. Hate the broker, switch to another and you will face the same issue sooner or later again.
If you are smart you will realize, that it is not the broker who is to blame here. It is simply the market. Reality is mostly the hardest ..
I have dealt derivatives/knock out options directly with banks.
My experience is that almost all pull the plug right before/after big news.
FX is not different, the liquidity is in these moments extremely thin.
Broker without slippage are usually bucket shops.
Every broker has slippage problems and how much will depend on how high of an impact the news event has on the market.
IC Markets also slips and my worst experience was during the surprise CAD interest rate decision last year which moved the market ~300 pips and I got slipped about 150 pips, but I was in profit and I couldn't close my position to take the money quickly enough.
The only thing that I don't like about Global Prime is that they don't protect your account from a negative balance, which sucks because you might have to pay for it. They also seem kind of shady since their management is likely from China and not Australia and their website has broken pages, which makes it look cheap. I personally think that their reviews on FPA and elsewhere are too good and fake.
If you do have a favorite broker and you are a profitable trader, then you will find a way to trade outside of Canada by opening a company offshore or some other way. I like IC Markets as a Canadian too and I am continuing to trade with them but through an offshore company. A good bank in the Caribbean requires a big deposit > $100,000 USD to open up an account for an international business company, so this route is not for everyone. You might find some sketchy bank but they can steal your money.
Some people can try to open a U.K company and trade through there instead. Benefit of an offshore company is obviously 0% tax and possibly anonymity, but you still have to declare what you own to your tax authority wherever you reside. So, you get extra protection from problems such as negative balance as the broker likely won't come after a shell company.
Global Prime recommend against it themselves...
I remember Jeremy from Global Prime recommending against trading news with them several years ago, but I haven't traded with them for a long time to know first hand, having used IC Markets instead.
Edit: How this just got moved out of the broker section is beyond me? Did whoever moved it even read it???!!!!
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