Hi there,
Two sides to every story – so let’s clear up the air from the client who threatened our offices via email today that he would “hurt us badly” if we didn’t just give him $7.00 back. Conveniently, I should note that his post is a first here on FF, as is the “response” from someone already agreeing with him. And people wonder why we get tired of replying to everything that comes up on boards…
In advance to everyone who reads this and senses a little annoyance on my part, I just wanted to preface this whole thing with the fact that my day was interrupted by this person threatening our office in a variety of ways over the $7 that actually resulted in our Compliance department just closing the account and wiring his money out so that we could avoid taking legal action against him. I’m sure that long time readers know that we, including myself, take customer relations seriously, but this was so far over the line, I can’t even explain it to you. I’m leaving OUT details on this one that occurred behind the scenes.
Point by point, quote by quote:
“but I tried to enter bothways stop market just 4 minutes before but it does not act nothing I did not see any numbers and I closed even in 2 seconds but they took my $7.00 it's not much but they suppose to pay me all 60 pips moved”
Took your $7.00? Despite knowing that the platform was not up yet for the weekend as we were engaged in some significant system enhancements from the banks Sunday (which have resulted in our quotes now showing bank liquidity to the tenth of a pip instead of just the one-pip increments that they showed until this week), you placed a trade and then closed it “2 seconds” later…this resulted in a loss as our trade confirmation reports confirm. Regarding the 60 pips, if you hadn’t closed out the trade, there wouldn’t have been a problem. I guess I should just open positions, close them, say nothing if they head back against my original position, or complain if they head in my favor for the universe letting me close it out.
“I called at mean time and the dealing desk operator was so rude absolutely no polite he just said it's gonna be ok and hang up, and after 4 housr they fixed their problem and I called again but they try to ignored it they are definately money sucher very big SCAM which is I hate.”
OK, first point. We don’t have a dealing desk, so we don’t have dealing desk operators. You spoke to a support desk rep (we have the recording). If you called on Sunday, then you would have spoke to an MBTF rep, not EFX, we do not go 24 hours for another couple weeks with the release of our new trading platform, EFX Remote Trader. Having said that, I doubt that MBTF hung up on you without reason (back to that recording…). The idea that we are a scam doesn’t need to be replied to at this point on these boards.
“I just gave you an example but there are too many error on their platform and they take commission whatever amount they like, they don't follow what they said on agreement. SO THINK ABOUT IT”
We charge $5.00 per 100,000 USD traded. This is clearly stated on our website, our agreements and well documented on the forums. If you place a buy of 100,000, this would result in a $5.00 per 100,000 USD traded charge. When you go to sell that trade, you would be charged another $5.00 per 100,000 USD charge. No secrets here. And when you say “too many error on their platform,” given the fact that your account was brand new and this buy and sell were your first two trades, what are all the errors that you have experience with?
“Reason is Too much spread during News time and they take both ways which is you would not notice that.”
I think it’s apparent to most traders in the industry that EFX offers the tightest spreads that can be offered by a broker on a consistent basis. Don’t take my word for it, but how about an independent study done by Michael Kreslik of Kreslik.com. This was recently (today) posted on his website;
Hello, friends,
I think you might be interested in the average spread statistics in pips that I've done yesterday. It's calculated from the millisecond-precision tick data that I've been collecting from EFX & Interactive Brokers from mid August:
The source data only contains new quotes. In this methodology, a quote consists of both the Bid and Ask values. A new quote is created when either the Bid or Ask or both differ from their respective values in the previous quote.
The resulting table also contains information on how many quotes for the FX pairs in question were available for the calculation. The quote stream is not always continuous, i.e. if there is some internet connection or other failure, the quotes are missing in the source data. But, provided the spread values are distributed normally, this should not skew the results in an essential way.
EFX offers more FX pairs than IB, so there are only the resulting values for EFX for some pairs.
That about covers everything.
Two sides to every story – so let’s clear up the air from the client who threatened our offices via email today that he would “hurt us badly” if we didn’t just give him $7.00 back. Conveniently, I should note that his post is a first here on FF, as is the “response” from someone already agreeing with him. And people wonder why we get tired of replying to everything that comes up on boards…
In advance to everyone who reads this and senses a little annoyance on my part, I just wanted to preface this whole thing with the fact that my day was interrupted by this person threatening our office in a variety of ways over the $7 that actually resulted in our Compliance department just closing the account and wiring his money out so that we could avoid taking legal action against him. I’m sure that long time readers know that we, including myself, take customer relations seriously, but this was so far over the line, I can’t even explain it to you. I’m leaving OUT details on this one that occurred behind the scenes.
Point by point, quote by quote:
“but I tried to enter bothways stop market just 4 minutes before but it does not act nothing I did not see any numbers and I closed even in 2 seconds but they took my $7.00 it's not much but they suppose to pay me all 60 pips moved”
Took your $7.00? Despite knowing that the platform was not up yet for the weekend as we were engaged in some significant system enhancements from the banks Sunday (which have resulted in our quotes now showing bank liquidity to the tenth of a pip instead of just the one-pip increments that they showed until this week), you placed a trade and then closed it “2 seconds” later…this resulted in a loss as our trade confirmation reports confirm. Regarding the 60 pips, if you hadn’t closed out the trade, there wouldn’t have been a problem. I guess I should just open positions, close them, say nothing if they head back against my original position, or complain if they head in my favor for the universe letting me close it out.
“I called at mean time and the dealing desk operator was so rude absolutely no polite he just said it's gonna be ok and hang up, and after 4 housr they fixed their problem and I called again but they try to ignored it they are definately money sucher very big SCAM which is I hate.”
OK, first point. We don’t have a dealing desk, so we don’t have dealing desk operators. You spoke to a support desk rep (we have the recording). If you called on Sunday, then you would have spoke to an MBTF rep, not EFX, we do not go 24 hours for another couple weeks with the release of our new trading platform, EFX Remote Trader. Having said that, I doubt that MBTF hung up on you without reason (back to that recording…). The idea that we are a scam doesn’t need to be replied to at this point on these boards.
“I just gave you an example but there are too many error on their platform and they take commission whatever amount they like, they don't follow what they said on agreement. SO THINK ABOUT IT”
We charge $5.00 per 100,000 USD traded. This is clearly stated on our website, our agreements and well documented on the forums. If you place a buy of 100,000, this would result in a $5.00 per 100,000 USD traded charge. When you go to sell that trade, you would be charged another $5.00 per 100,000 USD charge. No secrets here. And when you say “too many error on their platform,” given the fact that your account was brand new and this buy and sell were your first two trades, what are all the errors that you have experience with?
“Reason is Too much spread during News time and they take both ways which is you would not notice that.”
I think it’s apparent to most traders in the industry that EFX offers the tightest spreads that can be offered by a broker on a consistent basis. Don’t take my word for it, but how about an independent study done by Michael Kreslik of Kreslik.com. This was recently (today) posted on his website;
Hello, friends,
I think you might be interested in the average spread statistics in pips that I've done yesterday. It's calculated from the millisecond-precision tick data that I've been collecting from EFX & Interactive Brokers from mid August:
The source data only contains new quotes. In this methodology, a quote consists of both the Bid and Ask values. A new quote is created when either the Bid or Ask or both differ from their respective values in the previous quote.
The resulting table also contains information on how many quotes for the FX pairs in question were available for the calculation. The quote stream is not always continuous, i.e. if there is some internet connection or other failure, the quotes are missing in the source data. But, provided the spread values are distributed normally, this should not skew the results in an essential way.
EFX offers more FX pairs than IB, so there are only the resulting values for EFX for some pairs.
That about covers everything.
Attached Image (click to enlarge)
Justin: