When the NY market closes at 5pm every single broker will widen their spreads to outrageous amounts. Of course that is to be expected everyone knows that. If the price is 0.6460 with a spread of 30 pips the bid/ask should be 0.6445/0.6475. However, what EagleFX will do is if the price is 0.6460 and you are holding a short position they will set the bid/ask at 0.6460/0.6490 instead in an attempt to stop you out and then just blame it on the typical spread widening during this hour as if you won't notice.
The following screenshots (Oanda & EagleFX MT4) were taken within seconds of each other:
The price on every single broker at this moment for CAD/CHF is roughly 0.6456, INCLUDING EagleFX. With a spread of 23.2 pips you would of course expect bid/ask to be 11.6 below/above the average price. What EagleFX did was set the bid/ask at the average price and then 23.2 above the average price, simply because I had a short position. Funny how it wasn't done in the opposite direction. I may not be a winning trader but I have a long history with Forex and a very good understanding of how slippage/spread widening works. What they did here is absolutely unjustifiable. I was of course stopped out at a made up price that doesn't even exist even accounting for the outrageous spread.
The following screenshots (Oanda & EagleFX MT4) were taken within seconds of each other:
The price on every single broker at this moment for CAD/CHF is roughly 0.6456, INCLUDING EagleFX. With a spread of 23.2 pips you would of course expect bid/ask to be 11.6 below/above the average price. What EagleFX did was set the bid/ask at the average price and then 23.2 above the average price, simply because I had a short position. Funny how it wasn't done in the opposite direction. I may not be a winning trader but I have a long history with Forex and a very good understanding of how slippage/spread widening works. What they did here is absolutely unjustifiable. I was of course stopped out at a made up price that doesn't even exist even accounting for the outrageous spread.
