Broker Conversation

This is a conversation I had with my Broker Today. Some my find this interesting and hopefully helpful. This Business can be difficult.


https://server.iad.liveperson.net/hc...o/chatinfo.gifPlease wait for a site operator to respond.
https://server.iad.liveperson.net/hc...o/chatinfo.gifYou are now chatting with 'Kelly'


Kelly: Thank you for completing our pre-chat survey. Now that I have your information, how may I assist you today?


you: first i would like to say that i am an fxcm.uk customer so if i need transferred i understand


you: hello?


you: anyone there?


Kelly: Yes, I apologize for the wait.


Kelly: How may I assist you?


you: okay, i have noticed a problem with the dealing rate quotes on the MT4 platform


you: after news events and they freeze for a period of time but only on my Live account


you: the demo account i have (also yours) never stops


Kelly: No problem, Jamin, please allow me a moment to have a Trading Specialist better assist you.
https://server.iad.liveperson.net/hc...o/chatinfo.gifPlease wait while I transfer the chat to the best suited site operator.
https://server.iad.liveperson.net/hc...o/chatinfo.gifYou are now chatting with 'FXCM£5'


FXCM£5: Hi Jamin, this is Michael.


you: hello


FXCM£5: I see your question.


FXCM£5: Just one moment.


FXCM£5: Around major economic releases, like Non Farm Payroll, prices will widen a bit for a short period of time as market makers on our system widen to protect themselves, but then it will quickly return to normal.


you: yes i am fully aware of that fact that is not what i am talking about


FXCM£5: During these times of illiquidity if our liquidity providers are not streaming prices through to us we neither can stream prices on to our customers.


you: then how are you able to maintain the feed to your demo accounts at the same time the live are not working?


FXCM£5: The demo price feed is slightly different than that of the live price feed in that there isn't need for it to be executed on with live funds with a live liquidity provider.


FXCM£5: If you'd like, we would be happy to call you about this if that'd be easier as well.


you: i see, but that still leaves me with a question. I have been in contact with another trader(also with FXCM) that uses the Trading Station and his Live Quotes have never frozen. I've watched them myself. So would I be better served continuing to use the Demo Account and move to The Trading Station?


FXCM£5: May I just give you my opinion?


you: please do i am not angry I would just like to know what i need to accept while i continue to trade


FXCM£5: I understand that.


FXCM£5: Realistically they're on the same price feed (ie, same servers). The MT4 platform does have to utilize the resources of a third party. The



FXCM Trading Station does not. Rates that are 'greyed out' or untradeable can occur on either platform. I find it to be less on the FXCM Trading Station in my opinion.


you: thank you

Totally freezing on news release is a bucketshop trick. Trade with an ECN instead. You may get liquidity problems, or spread spikes but at least your platform will not freeze.

I'm on an ECN on MT4 and I never get freezing or other dodgy problems.

Yes, if you trade on a pure direct market access facility, with live executable bank bids and asks, you will see prices widen considerably around data releases but the prices you see are real and tradeable and nothing will freeze.

I have limited experience but as I've posted elsewhere:

If you want a US broker: Advanced Markets

If you want an offshore broker: Osiris FX

Neither of these will ever "freeze" while the market makers decide who to fill !!!

ACM is the only broker that owns their software for their platforms, that is why you hardly have any technical problems even during news releases when the prices are moving so fast. Your broker has to respect that, it is necessary

What about writing your own programs? Do they allow you to run EA's?

This may be the funniest post I've seen yet on these boards. Are you saying that ACM doesn't use outside banks (question 1) and that that is a good thing (question 2)?

Goes to show that MT4 is not a good platform, never has, never will be. FXCM is a good broker in my experience and I have no idea why they decided to soil their reputation by being 'one of those MT4 brokers'. My opinion only, take it FWIW.

Smoke

Yes ac-markets allow EAs, no problem with any adding you feel like adding.

PS yes, they use outside banks, how did you get that from my post? Glad you find me funny, its better than being a boring forumer