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Tadawul FX (TDFX) Discussion

  • #1
  • First Post: May 19, 2010 1:50am May 19, 2010 1:50am
Hi Everyone,

My name is Kate Alippa and I am the representative for Tadawul FX (also known as TDFX). I have started this thread as a means to assist you with any questions about Tadawul FX and trading with us. Please feel free to contact me on this forum or via email and I will be happy to help you along the way.

If you are new to Tadawul FX and don’t know much about us, here is a brief description:

Website: www.tadawulfx.com
Regulated by: CySec and MiFID compliant
Registered with: FSA, BAFIN, PSZAF
Instruments: currencies, metals, energies, CFDs
Spread: fixed spreads from 1 pip (on forex)
Acc Base Currencies: USD, EUR, GBP, CHF, JPY
Leverage: 1:1 to 1:500
Accounts: Mini, Standard, Premium, Islamic, Corporate, Managed
Strategies: All strategies are welcomed including hedging & scalping
EAs: All EAs are welcomed

I look forward to hearing from you.

Sincerely,
  • #2
  • May 19, 2010 2:51am May 19, 2010 2:51am
Downloaded a demo today, hours before the appearance of this thread coincidentally. I'll see how it goes. If I like it over the next couple weeks I may throw 500 at a test live account.
Thank you Lux!
  • #3
  • May 19, 2010 2:53am May 19, 2010 2:53am
Hello Kate,

Does Tadawul FX trade against traders?

What about order execution, slippage, requotes during news events / high volatility?
  • #4
  • May 19, 2010 5:09am May 19, 2010 5:09am
Hi Nederpip, I am using TDFX since September last year and it’s a very good broker. I got slippage once few weeks ago but the market was crazy but, nothing significant. Otherwise very professional, fast execution, deposits and withdrawals. i have also an account with a UK firm and during the market crash they rejected all my orders and blocked my account. As i always say it’s in difficult times that you see who is a good broker. I am quite happy with them. And their team is very helpful.

They are launching soon an ECN system in partnership with Currenex and this will be amazing. You can find this info on their website.


Hope this helps
  • #5
  • May 19, 2010 7:16am May 19, 2010 7:16am
Quoting NederPip
Hello Kate,

Does Tadawul FX trade against traders?

What about order execution, slippage, requotes during news events / high volatility?
Hi NederPip,

TDFX follows an STP model of execution, and we cover all trades in the real market. To put it simply, when you buy, we buy, when you sell, we sell, so we trade with clients and not against them.

Tadawul FX always provides the best available rate and execution at any given time, whether it’s during the quite hours of the day, during the Asian session or during extreme volatile markets. There are instances of course when the liquidity is low or markets jump over 70 pips in a matter of a second, and this is when it becomes extremely difficult to capture the rate of the market. During such conditions (and they are rare) requotes or slippage can occur, afterall we cannot offer a price that is not there (further confirming that we are an STP and not a Market Maker). For more information please have a look at this page on our website: http://www.tadawulfx.com/public/trad...thodology.html


I hope this was helpful. All the best with your trading!
  • #6
  • May 19, 2010 7:46am May 19, 2010 7:46am
Thank you Kate.

But on http://www.100forexbrokers.com/stp-ecn-brokers/cpage-8 I found this:

-----------------------------------------------------------------------
tadawul fx is listed as an stp(which got me interested in them). but here is what i found on page 5 of their account opening form, under the heading 'general risk disclosure':

item 5:'A Bank or Broker through whom TADAWUL FX LTD. deals or TADAWUL FX LTD. itself may act in the same market as you, its own account involvement could be contrary to your interests.

item 6:'The insolvency of TADAWUL FX LTD. or of a Bank or Broker used by TADAWUL FX LTD. to effect its transactions may lead to your positions being closed out against your wishes.

7. The Customer is hereby advised that the transactions undertaken through the dealing services of TADAWUL FX LTD. may be of a speculative nature. Large losses may occur in a short period of time, equaling the total of funds deposited with TADAWUL FX LTD.
-----------------------------------------------------------------------

This text made me believe TDFX is a market maker who trades against clients. How do you explain "A Bank or Broker through whom TADAWUL FX LTD. deals or TADAWUL FX LTD. itself may act in the same market as you, its own account involvement could be contrary to your interests."?

Especially the words "or TADAWUL FX LTD. itself" suggest that TDFX is a market maker.
  • #7
  • May 19, 2010 7:48am May 19, 2010 7:48am
Thank you Alek.

Quoting Alek
They are launching soon an ECN system in partnership with Currenex and this will be amazing. You can find this info on their website.
That sounds good, but I can't find that on their website. Do you have a link?
  • #8
  • May 19, 2010 8:06am May 19, 2010 8:06am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
I closed my live acc. after some frustrating weeks, bc their old fashioned 4 digit platform is the worst place to trade with modern, fractal pips hungry scalper EAs..


So, be warned!
  • #9
  • May 19, 2010 8:53am May 19, 2010 8:53am
Quoting NederPip
Thank you Kate.

But on http://www.100forexbrokers.com/stp-ecn-brokers/cpage-8 I found this:

-----------------------------------------------------------------------
tadawul fx is listed as an stp(which got me interested in them). but here is what i found on page 5 of their account opening form, under the heading 'general risk disclosure':

item 5:'A Bank or Broker through whom TADAWUL FX LTD. deals or TADAWUL FX LTD. itself may act in the same market as you, its own account involvement could be contrary to your interests....


NederPip,

Very creative statements I must say, but also very false.

There is no such information anywhere on our contract. You can see our Account Opening Terms and Conditions here http://www.tadawulfx.com/public/documents/TDFX-ACCOUNT_OPENING-V2.pdf .
  • #10
  • Edited 2:28pm May 19, 2010 2:12pm | Edited 2:28pm
Quoting TDFX
NederPip,

Very creative statements I must say, but also very false.

There is no such information anywhere on our contract. You can see our Account Opening Terms and Conditions here http://www.tadawulfx.com/public/documents/TDFX-ACCOUNT_OPENING-V2.pdf .
In your Account Opening Terms the sentence "'A Bank or Broker through whom TADAWUL FX LTD. deals or TADAWUL FX LTD. itself may act in the same market as you, its own account involvement could be contrary to your interests" is item 15 on page 25 (only "TADAWUL FX LTD." is changed to "the Company").
  • #11
  • May 19, 2010 4:00pm May 19, 2010 4:00pm
I doubt they are STP. I never met an STP direct market access broker using 4 digits and fixed spreads. Just does not happen. Also, to determine whether a broker is STP using MT4 the limit orders (stops and take profits) should be able to be set zero pips from price and they have 5 pips set. The most important aspect is the they are instant execution and not market execution. True STP uses market execution. Deal desk brokers use instant execution with the slippage control feature (max deviation) and TDFX uses this deal desk model.
  • #12
  • May 20, 2010 12:29am May 20, 2010 12:29am
I'm one of their members,
I can't confirm whether they are STP or market maker but I can insure that they are helpful, organized, sending daily confirmation about your trades and your account details.

I only problem that I faced was the transfer of my cash. I sent 1030$ as a start to my first live account ever. I paid 15$ here in my bank from this amount. They told me that they will take just 5 euro about 6.6$ so, they account should be 1009$ but the reaillty I get 972$.

Maybe if you enabled Western Union or things like that it will help alot.

THANKS
  • #13
  • May 20, 2010 2:11am May 20, 2010 2:11am
Good Morning Guys,

NederPip – The clause you mentioned refers to the fact that TDFX can act in the marketplace exactly as a client does (ie being a taker of prices) in its relationships with other Companies.

Extradeath & DaleC – Thank you for your comments. TDFX always aims to offer the best possible trading conditions and execution. Different brokers, whether STP or not, operate differently, this is why no two brokers are ever the same, even when they follow the same model of execution. TDFX is able to offer fixed spreads at all times because we work with over 14 liquidity providers and are able to choose the best rate available at any given time. In other words if one liquidity provider widens, we can use another one for the price feed.

In regards to charges for deposits, please note that TDFX does not charge any fees or commission, however your bank will charge you a small fee for sending the funds and our bank takes a small fee of EUR 5 for accepting the funds. There are instances where your bank will use an intermediary bank to send the funds to us, which will also take a small fee for the use of their services.

TDFX is currently looking at other safe and secure options for depositing and withdrawing funds (besides banks and paypal) where the fees are significantly less. We will keep you updated as soon as these become available, so stay tuned.

Sincerely,
  • #14
  • May 20, 2010 8:10am May 20, 2010 8:10am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Which are the "... over 14 liquidity providers "?
  • #15
  • May 20, 2010 7:06pm May 20, 2010 7:06pm
So what's the deal with mysteriously closing my losing as well as two profitable positions alike when I have more than enough margin? And this is just on the demo. Dealing desk plug in acting up? Spreads are not fixed and actually pretty wild, and on top of that not competitive even with other bucket shops.

You're not winning me over trading your demo here. Usually demo trading a broker's platform is at least a smidge more optimistic than live trading with it. I'd hate to see how much money I'd lose on mysterious position closes if I invested real money, which is honestly just robbery.
Thank you Lux!
  • #16
  • May 21, 2010 1:13am May 21, 2010 1:13am
Thanks Katy,

Really the withdrawal in the main point as to give me confidence with the broker that I'm working with. Beside that I'm looking forward to increase my account as to make be able to work with bigger lots.

By the way, I think that your bank is the one who use an intermediate bank.

I hope that this only problem be solved as soon as possible.

Best wishes
  • #17
  • Edited 6:15am May 21, 2010 2:28am | Edited 6:15am
Hi All,

Onu – I am afraid this information can not be disclosed publicly due to various security and privacy policies.

ScalporDie – I am sure you can agree that it is not in our interest to close any positions “mysteriously,” especially on demo accounts. Kindly provide me with your demo account number and deal numbers so I can look into this matter and provide you with an accurate answer. Please also note that ALL spreads are fixed 24/5 when trading forex with TDFX, and this is very clear from any LIVE or DEMO account you have with us.

Many thanks and all the best!
  • #18
  • May 21, 2010 3:03am May 21, 2010 3:03am
item 6:'The insolvency of TADAWUL FX LTD. or of a Bank or Broker used by TADAWUL FX LTD. to effect its transactions may lead to your positions being closed out against your wishes.



To back up Kate, before a broker defaults, a million and one traders would have defaulted a million times over and over again.

Do the math.
  • #19
  • Edited 5:10am May 21, 2010 3:10am | Edited 5:10am
Quoting extradeath
Thanks Katy,

Really the withdrawal in the main point as to give me confidence with the broker that I'm working with. Beside that I'm looking forward to increase my account as to make be able to work with bigger lots.

By the way, I think that your bank is the one who use an intermediate bank.

I hope that this only problem be solved as soon as possible.

Best wishes

Hi Extradeath,

My pleasure.

I come from a banking background and in my experience an intermediary bank is usually used by the sender’s bank when sending funds in a currency that is different from it’s home currency. So for example, if you send USD (from US) to France (where the home currency is EUR), your bank will use an intermediary bank. If on the other hand, if our bank sends EUR to France (where both countries have EUR as the home currency), our bank will not use an intermediary bank.

I hope this helps.

Have a pip filled day!
  • #20
  • May 21, 2010 8:25am May 21, 2010 8:25am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting TDFX
Hi All,

Onu – I am afraid this information can not be disclosed publicly due to various security and privacy policies.

[size=3][font=Calibri]ScalporDie – I am sure you can agree that it is not in our interest to close any positions “mysteriously,” especially on demo accounts. Kindly provide me with your demo account number and deal numbers so I can look into this matter and provide you with an accurate answer. Please also note that ALL spreads are fixed 24/5 when trading...

"item 6:'The insolvency of TADAWUL FX LTD. or of a Bank or Broker used by TADAWUL FX LTD. to effect its transactions may lead to your positions being closed out against your wishes."

Considering this, I think its your duty to disclose who are your liquidity provider(s).
As a trader I have to know how good or bad your backround is...

Serious brokers have no issue to disclose this information
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