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MT4 Brokers' Virtual Dealer Plug-In

  • #81
  • Feb 19, 2008 10:13am Feb 19, 2008 10:13am
Much confusion here..

CME (chicago mercantile exchange) and CBOT (chicago board of trade) merged last year. Those FX Spot Equivalent futures are traded on USFE (U.S. Futures exchange, formerly knowen as EUREX US, then bought by MAN and renamed to USFE).
  • #82
  • Feb 19, 2008 11:06am Feb 19, 2008 11:06am
Hey, BK...

& ... You started this issue and you're the first to admit that you do something. A bravery worthy of acknowledgement in my book. Thank you.

And CA...you response, yes... But I thought you don't give a shit about this VD. Still, thanks for responding.
  • #83
  • Feb 19, 2008 12:11pm Feb 19, 2008 12:11pm
Quoting CurrencyAnalyst
No ZEN ... we will not be closing our account with Ikon-Royal (MT4 Broker)
WE haven traded and trusted this broker aka Royal fx for 2 years now.
Don't let the common herd panic mentality among this type of thread post that just goes on and on until most of the mutiposters find a new toy to complain about.
royal was a decent mt4 broker but they couldn't make the cap requirement and sold to ikon.

ikon immediately turned up the plug-in dial to milk the accounts and spreads went wild. i closed my account at royal-ikon and have been looking ever since; they became impossible to trade with.

knowing about this plug-in and how the bridge works means that i will be looking for an ecn. i suggest that everyone do the same.

they only way i will go back to mt4 is when some broker realizes that their reputation and honesty will get all the accounts from the other guys and that profit from commission combined with a stable account base provides steady cash flow. they can set their dials to "very low" and compete on quality execution.
realize the universe is one thing, and attach it to your body
  • #84
  • Feb 19, 2008 12:21pm Feb 19, 2008 12:21pm
Quoting NordLounge
Hello guys. Once again I will be against the opinion of the crowd. Try to open similar trades with any ECN and MT4 broker with the same s/l and t/p levels and check after some period of the time...you know what? your balance at ECN account will be less then at any MT4 broker. Do I need to explain why or it is clear?

Just stop flooding and start trading because if you are professional it doesn't matter which broker or platform do you use. I hope that all ECN brokers can propose better trading conditions in the nearest future so we traders can stop using MT4 (ohh my dreams).
Do you mind if I create a new economy? Effectively taking 90% of your profit from you by using tactics that are illegal? Did anyone here try to load other sites that covered this topic? All no longer load, all have been hacked? Please tell me...
  • #85
  • Feb 19, 2008 3:16pm Feb 19, 2008 3:16pm
I clipped this defenition of fraud from Wikipedia.

" A civil fraud typically involves the act of intentionally making a false representation of a material fact, with the intent to deceive, which is reasonably relied upon by another person to that person's detriment. A "false representation" can take many forms, such as:

  1. A false statement of fact, known to be false at the time it was made;
  2. A statement of fact with no reasonable basis to make that statement;
  3. A promise of future performance made with an intent, at the time the promise was made, not to perform as promised;
  4. A statement of opinion based on a false statement of fact;
  5. A statement of opinion that the maker knows to be false; or
  6. An expression of opinion that is false, made by one claiming or implying to have special knowledge of the subject matter of the opinion. "Special knowledge" in this case means knowledge or information superior to that possessed by the other party, and to which the other party did not have equal access. "

Scott was right about the need for certified mail requesting info about the use of such plugins. This inquiry; however, should not be limited to MQ brokers, simply because I know of other brokers who utilize various plugins for their platforms and I've seen and read of slippage on other platforms.

Correct me if I'm wrong, but Slippage is a natural part of the real markets. The problem as I see it here is that the retail brokers are hit by slippage if and when they interact with the Interbank (real) market. As well, they need to balance their books occasionally, so they have developed a way to pass slippage onto their retail clients; therefore, the certified mail is only the first step needed to present a solid case against the broker in the event that they artificially caused spikes to gain funds from their clients.

If you still feel that you are being scammed by a broker you should also read the Wikipedia article under "Forex Scam" to get a more realistic view of what you're up against in the retail market. It seams apparent to me that in order to even survive this market one must be an accomplished "Artfull Dodger" even if you are well educated and have a good system.

Well, that's it from me on this topic. I'm off to practice my fancy footwork and work on my MQ4 indicators.

For what it's worth, MetaQuotes.net reinstated my membership for some reason. Evidently, Forex Factory carries a lot of clout on the web.

  • #86
  • Feb 19, 2008 3:26pm Feb 19, 2008 3:26pm
I've asked a certain IB for a statement on company letter head stating that they don't use such an EA and they refused to send me via snail mail or email me a PDF file on company letter head stating that they do not use such an EA. Instead they referred me to their "customer agreement".

All I want is a simple yes or no answer not a bunch of legalese non-sense typed up by a bunch of attorneys.
  • #87
  • Feb 19, 2008 4:04pm Feb 19, 2008 4:04pm
As far as i can see in the description of this plugin, the only part i feel is not fair is the first one with the freezing part.

The rest is just here to protect the broker from exploit.

Or am i getting this wrong ?

Slippage manipulation can only happen if one is stupid enough to put an order with a 100 pip authorized slippage (my settings is only 1 pips slippage) so i think i have the same point of view as Micro-MiniMe...
  • #88
  • Feb 19, 2008 4:13pm Feb 19, 2008 4:13pm
don't be afraid to post the actual names of brokers who refuse to provide a written statement. you would have no liability.

we should get statements from all the brokers, everyone of them, and post them here.

a certified letter is a very good idea. the general idea behind fraud is the intent to defraud.

if a dealer has this plug-in and you have a statement that they do not, you have a good case.

if you want to show a pattern of abuse to bolster your case, just ask their marketing (i.e. customer service) guys, who will automatically say they do not engage in these stealing desk practices.

i say lets get all the dealers on record about this plug-in. it would at least motivate them to turn it down.
realize the universe is one thing, and attach it to your body
  • #89
  • Feb 19, 2008 4:16pm Feb 19, 2008 4:16pm
the unfair or fraudulent part is if they have and use the plug-in but say they do not. this would apply even if the plug-in is designed to protect the broker.
realize the universe is one thing, and attach it to your body
  • #90
  • Feb 19, 2008 4:20pm Feb 19, 2008 4:20pm
I don't care what they use or how they use, but disclose it, especially if I ask about it. And if you're going to tout that you're better than the rest and boast of an award you received a year or two ago, then you need to have the gonads to stand up and tell me the truth when I ask you a question. Don't send me to a 15 page agreement that a group of drunk attorneys came up with that talks in circles. That way I can make an informed decision on whether or not to do business with you. Don't lie to me, ignore my request, or tell me you don't know, because you do know.

None of these firms are honest Some are only a little more dishonest. And in my opinion...every one of them are bucketshops. Some are 2 gallon buckets, others 5 gallon buckets, and some 55 gallon drums...all full of sh*t though.

/*end of rant
  • #91
  • Feb 19, 2008 4:27pm Feb 19, 2008 4:27pm
Quoting GulfCoastPip
I don't care what they use or how they use, but disclose it, especially if I ask about it. And if you're going to tout that you're better than the rest and boast of an award you received a year or two ago, then you need to have the gonads to stand up and tell me the truth when I ask you a question. Don't send me to a 15 page agreement that a group of drunk attorneys came up with that talks in circles. That way I can make an informed decision on whether or not to do business with you. Don't lie to me, ignore my request, or tell me you don't know, because you do know.

None of these firms are honest Some are only a little more dishonest. And in my opinion...every one of them are bucketshops. Some are 2 gallon buckets, others 5 gallon buckets, and some 55 gallon drums...all full of sh*t though.

/*end of rant
Same Whore .... Different Dress
  • #92
  • Feb 20, 2008 5:14am Feb 20, 2008 5:14am
Hi,
I asked my broker whether they used the virtual dealer plug-in. Here's the reply. They seem like good guys to me :


Hi

Virtual dealer does not have enough functionality for Alpari’s business model. We require the ability to automatically execute trades, including any hedging strategies that we incorporate and the need to filter and assess a number of price feeds from our spoke banks and ECNs that are distributed to our client base. That’s why our strategy is to use our own products (server plugins etc.) and be one step ahead our competitors.


Technology is the most important component to our business and to ensure that we are always at the forefront of any developments in this expert area we have a team of developers who are constantly writing and updating programmes specific to our wants and needs.


At the moment we are working on STP technology for institutional clients. All their orders will go straight to our spoke banks, so there will be very fast (usually less than 100 milliseconds) non-dealing desk execution and our institutional clients will see very tight spreads (approx., less than 1 pip in EURUSD up to 5M under normal market conditions). This will be released very soon.
__________________
Alpari (UK) Limited
41 Eastcheap, London EC3M 1DT, United Kingdom
Tel: +44 (0)20 7648 4580
[color=#004b85][email protected][/color]
www.alpari.co.uk

Alpari (UK) Limited is authorised and regulated by the Financial Services Authority.
  • #93
  • Feb 20, 2008 5:44am Feb 20, 2008 5:44am
Quoting gablehouse
Hi,
I asked my broker whether they used the virtual dealer plug-in. Here's the reply. They seem like good guys to me :


Hi

Virtual dealer does not have enough functionality for Alpari’s business model. We require the ability to automatically execute trades, including any hedging strategies that we incorporate and the need to filter and assess a number of price feeds from our spoke banks and ECNs that are distributed to our client base. That’s why our strategy is to use our own products (server plugins etc.) and be one step ahead our competitors.


Technology is the most important component to our business and to ensure that we are always at the forefront of any developments in this expert area we have a team of developers who are constantly writing and updating programmes specific to our wants and needs.


At the moment we are working on STP technology for institutional clients. All their orders will go straight to our spoke banks, so there will be very fast (usually less than 100 milliseconds) non-dealing desk execution and our institutional clients will see very tight spreads (approx., less than 1 pip in EURUSD up to 5M under normal market conditions). This will be released very soon.
__________________
Alpari (UK) Limited
41 Eastcheap, London EC3M 1DT, United Kingdom
Tel: +44 (0)20 7648 4580
[color=#004b85][email protected][/color]
www.alpari.co.uk

Alpari (UK) Limited is authorised and regulated by the Financial Services Authority.
Interesting, thanks for posting.
  • #94
  • Edited 9:59am Feb 20, 2008 9:58am | Edited 9:59am
This is the reply I got from ODL Securities. I do not have an account with them yet nor am I promoting them but their representative has been in touch with me several times. Hope they are genuine in their reply....

Basically all trades on this platform are ECN, yes there are
some providers that carry out dishonest activities but this
is not something we employ. Please test out the demo to get
some idea or open a small account to check the live server.



People that come to ODL rarely leave and if they do it is usually
where they are doing things they shouldn’t, we are regarded as one
of the fairest brokers around and im sure you will see that the
forums reflect this.



cheers
  • #95
  • Feb 20, 2008 11:43am Feb 20, 2008 11:43am
Quoting goldcourse
This is the reply I got from ODL Securities. I do not have an account with them yet nor am I promoting them but their representative has been in touch with me several times. Hope they are genuine in their reply....

Basically all trades on this platform are ECN, yes there are
some providers that carry out dishonest activities but this
is not something we employ. Please test out the demo to get
some idea or open a small account to check the live server.
They claim to be a true ECN that uses MT4? And they still charge on the spread rather taking a commission? Is this believable?
  • #96
  • Feb 20, 2008 11:49am Feb 20, 2008 11:49am
Quoting opie999
They claim to be a true ECN that uses MT4? And they still charge on the spread rather taking a commission? Is this believable?
I find it hard to believe this, but using fixed spread would mean more profit for them? Alpari have plans for ECN in the future they told me with minimum of 5 lot trade volume.

Thanks for the info on Alpari
gablehouse

I contacted FSA about this plugin, not sure how they can prevent brokers using it apart from taking away the licence if they do.
  • #97
  • Feb 20, 2008 1:36pm Feb 20, 2008 1:36pm
I find it amusing that they state that they use their own plugins and strategies to stay one step ahead of the their competitors. I wonder if they consider their clients "competitors". Makes you wonder about some of these outfits!

Quoting gablehouse
Hi,
I asked my broker whether they used the virtual dealer plug-in. Here's the reply. They seem like good guys to me :


Hi

Virtual dealer does not have enough functionality for Alpari’s business model. We require the ability to automatically execute trades, including any hedging strategies that we incorporate and the need to filter and assess a number of price feeds from our spoke banks and ECNs that are distributed to our client base. That’s why our strategy is to use our own products (server plugins etc.) and be one step ahead our competitors.


Technology is the most important component to our business and to ensure that we are always at the forefront of any developments in this expert area we have a team of developers who are constantly writing and updating programmes specific to our wants and needs.


At the moment we are working on STP technology for institutional clients. All their orders will go straight to our spoke banks, so there will be very fast (usually less than 100 milliseconds) non-dealing desk execution and our institutional clients will see very tight spreads (approx., less than 1 pip in EURUSD up to 5M under normal market conditions). This will be released very soon.
__________________
Alpari (UK) Limited
41 Eastcheap, London EC3M 1DT, United Kingdom
Tel: +44 (0)20 7648 4580
[color=#004b85][email protected][/color]
www.alpari.co.uk

Alpari (UK) Limited is authorised and regulated by the Financial Services Authority.
  • #98
  • Feb 20, 2008 2:01pm Feb 20, 2008 2:01pm
http://forum.alpari.co.uk/showthread.php?p=3879
  • #99
  • Feb 20, 2008 6:24pm Feb 20, 2008 6:24pm
Does anyone have feedback on North Finance?


Quoting GulfCoastPip
I don't care what they use or how they use, but disclose it, especially if I ask about it. And if you're going to tout that you're better than the rest and boast of an award you received a year or two ago, then you need to have the gonads to stand up and tell me the truth when I ask you a question. Don't send me to a 15 page agreement that a group of drunk attorneys came up with that talks in circles. That way I can make an informed decision on whether or not to do business with you. Don't lie to me, ignore my request, or tell me you don't know, because you do know.

None of these firms are honest Some are only a little more dishonest. And in my opinion...every one of them are bucketshops. Some are 2 gallon buckets, others 5 gallon buckets, and some 55 gallon drums...all full of sh*t though.

/*end of rant
  • #100
  • Feb 20, 2008 9:38pm Feb 20, 2008 9:38pm
I just sent off a very long post to the CFTC from the link that was posted ... the only way we'll every get heard if is EVERYBODY ON THIS GROUP send them an email expressing their 'alarm' at this blantant attempt at robbery by the MT4 dealers ... Jim
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