FX Solutions (FXSol)

No it was at 10:02 to 10:05 EST time of 01/08/2007.

It was an enter stop at GBPUSD 1.9354.

I had this broker for almost a year already and in the beggining I had no problems at all plus I liked the platform a lot, then they started cheating me on premium fees. Charging me for premium fees every day different procentage and then giving me some reasons that thats their policy and stuff, but whatever.

Also for the whole year trading I had total of 2 positions that were closed, didn't seem that it was my stop loss but on one I made only $90 when I had a bigger limit order and I knew what my profit would be, second position was closed at 0 so I didn't loose anything but again I wrote them asking whats wrong and they told me that it was my fault putting the limit order to that point so I guess thats it.

What I hate is when I try to deposit more money I have to wait 1 week until they put them on my account, also they ignored couple of my e-mails that I wrote them telling them that they did mistake on me but they ignored it, refused to recognize it was really their fault.

I have been with them since 2004 and very happy with them after having had a very bad experiance someone who claimed to have the most advance trading platform and charting system that magicaily would freeze up at the news announcements. They claimed there servers where over loaded, but it happen everytime the volume would rise they would simply shut down and they would say they are working on it. I believe they still are working on it. I used there charts until Accu Chart came available with FX SOL. First let me tell you that i am using cable high speed internet service. I have a lap top dedicated to forxe only to keep my operating system clean. Windows XP with 512 mega RAM. I have not experienced any problems with getting filled on open orders , but do not trade right at the news announcements. All my LIMIT ORDERS for profit have been executed correctly and the trailing stop feature work correctly. I trade 3 contracts with the first two closing with limit orders and the third contract i use a trailing stop loss to let the market take me out. I have traded all of the different size contracts, 5000, 10,000, 50,000 and 100,000. They make it very easy to change your trading platform for the size of contract and margin you prefer. I agree the some of the studys leaves some things to be desired but they do ask for your input so they can make things better, so in time i would believe things will improve in that area. Lets face it guys and gals the charts are free so lets give them a break. I have only seen improvements in the last 3 years. Hope this helps, believe me as soon as there is a big problem i will be the first to post it here.

HAPPY TRADING

I forgot to address the money not available for 5 days and interest up date. I to got in to a trade at 16:45 and exited at 17:10. Interest up date takes place at 17:00 and if your in the market no mather how long or short of time your in, you will be charged a premium, industery standard. We just put $1800.00 into my brothers account after the first of the year. We used his bank card and with in less than 1 hour the money was available. They have a very good explanation on the deposit page covering the different types of deposites and how long it takes for the funds to be available. I am finding that most guys donot take the time to read the operating manuals and info thats available,(do your home work guys) you will save yourself a lot of heart ache. READ THE OPERATING MANUALS. Things that you think are not available,are, you just haven,t found them yet. not everything we want will be here , but it beats most freebies. NO I DONOT WORK FOR FX-SOL. it just sounds that way , i am just a trader like you looking to find my way through the jungle like the rest of you. If this helps someone then what goes around will come around.

HAPPY TRADING

Hi everybody,
thanks for your information regarding FX Sol. I will try to join the broker starting with mini account. Or perhaps, you could share me some directions to start my first step in FOREX trading spesifically in choosing the 'best' broker?
Looking forward to hearing...thanks again...

sky_fx

sky_fx, if you join FXSol, please, please, please, don't do it with a mini account. Only a micro! This is a huge benefit of FXSol, and enough has been said on this forum about the advantages of a micro account, so I'll not repeat it. As a beginner, I wouldn't choose a broker without a micro.
Another advantage of FXSol is their 1:400 leverage (although it isn't important for many trading styles). I'm not aware of another broker with microes that offers such leverage.
FXSol customer service seems to be Ok, and the platform is reliable, as you have probably experienced yourself with a demo account.
The negative side of FXSol (for me, at least) is its charting, which has already been discussed. Also, for some people/trading styles, FXSol spread may be too wide (3 on EURUSD, 5 on GBPUSD).
An alternative could be a broker with micro accounts and with MetaTrader platform (excellent charting, possibility of programming). One is MWHeadway ($200 minimum deposit, 1:200 leverage, spread 2 on EURUSD, 3 on GBPUSD). I don't know anything about their service. Another is FXDD ($500 minimum deposit, 1:200 leverage, spread 2 on EURUSD, 4 on GBPUSD). I trade with them live for a year - the service is good. There is also Interbank FX, but a quick search on this and any other forum would yield very bad results re. their service.
Finally, there is EFX. This is a different type of broker (not a market maker, but an ECN), $400 minimum deposit, 1:100 leverage, spread varies, but it usually looks like 1.5 on EURUSD, 2.5 on GBPUSD. I've read only very positive feedback regarding them. They don't have their own charting, but you can subscribe through them for $25/month, which is nothing for us, the future forex millionaires .
If anyone knows an additional broker with micro accounts, I'd love to hear.

Dear ilanr,
thank you very much for your precious information and suggestion. I apreciate your kindness for sharing your knowledge and experience regarding the FX Sol. You gave positive contribution for me. Again, thanks!

FX Sol increased their premiums as of today. This is something to be considered in my opinion when opening an account. If you are a short term trader I guess it's ok but if you're used to holding to a position for a longer time such as days or weeks it really sucks. For example for the past month and a half I've paid almost 10% of my initial deposit in premiums .

See for yourself :

FXSol increase in their cost of carry and relevant practices is the final straw for my account with them. I am closing my positions and moving on. There service is getting worse and I have had enough of them. I trade with two other brokers and have had a few problems, but nothing like FXSol.

the only way to get around that is to drop your leverage to 50:1

I was a bit upset w/FXSol when they raised the spread from 4 to 5 on the GbpUsd pair but find myself trading it during the London Open and making up for the pip difference anyway.

The post on the carry cost is interesting. I rarely have orders open bast 17:00 GMT so it is a non issue, but a drag none the less for my fellow traders that do trade with a longer approach.

the only reason i still have my FXSol account is for the micro account trading manually. I will be opening an MT4 broker account in the next month for use with an EA.

: ) Thom

If you have or are trading a live account with FXSol you can leave a review for them here:

http://www.forexanonymous.com/details.php?mid=119

Merlin,

Altho, much time has passed since this post of yours. However I have come to respect your posts and wish to extend thanks for addressing and therefore answering a question I had.

Good Trading to you Sir

I can not log in my Live account. But their Practice account can be logged smoothly. What's wrong with Fx Solutions?

most likely since the markets are done for the week, they are doing system maintenance on their live server. With a 24 hour market during the week there is not much time to do maintenance.

I wouldn't worry about it. As magnum pointed out, it's probably down for maintenance which means next time you'll probably have the update downloaded for you too. When I used FXSol it would happen every so often, but never at intrusive times, IE when they had the lightest load possible such as Saturday mornings.

T minus 3 minutes before someone else post and/or starts a thread about not being able to log in.

It's weekend maintenance. Normal stuff but in all fairness, a notification wouldn't have hurt.

Also might be a good idea to contact your broker if you're concerned. I sure would do that before posting here

Any time you have problems with your broker.... call your broker.

Second option is to check the web site to see if they are posting any messages in reference to the system being down.

Hi all I am a newbie and I search this site for information regarding fx solutions. I understand they trade micro and have mobile access.

My question to the vets , is it still a stable broker to use? For micro traders account not too many brokers out there offering mobile services I suppose.
http://www.telegraph.co.uk/finance/n...s-default.html
Michael Spencer forced to inject £70m as City Index clients default

Michael Spencer, the Conservative party treasurer, has been forced to inject £70m of his personal fortune into City Index after traders defaulted on tens of millions of pounds worth of trades.

Been using them since 2006 and have not had any problems with them.

Hope that helps

HOLLA