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  • #701
  • Edited 8:43am Jul 19, 2010 7:29am | Edited 8:43am
Quoting PipStar
First, great to see that you got your 10k plus back!
But let's get this whole thing right. Your account was emptied of some over 10k after a suspicious 150 pips spike on the Go Markets platform. You state that you contacted Go Markets, exchanged emails as I understand in your post above but got nowhere for quite some time and certainly you were unable to get your money back until you made the whole thing public on this forum. Within a day of posting this matter here you are refunded. If this broker really wanted to build some goodwill and good reputation...

Well as a Go Markets client I am pleased to hear that they did resolve the issue.

cheers
  • #702
  • Jul 19, 2010 4:18pm Jul 19, 2010 4:18pm
Quoting >Apocalypto<
Well as a Go Markets client I am pleased to hear that they did resolve the issue.

cheers
i agree with pipstar. gomarkets should have looked at aengusj's case when he first contacted them privately. not until aengusj decided to wash the dirty linen public on ff. this is bad for their reputation and integrity.

what's your take on this chris??

after adding a whole bunch of new data centres in australia and those planned around the region. maybe now you should take a look at your customer service department?? inject new blood or find out why this thing can happen?? thanks
  • #703
  • Jul 19, 2010 6:53pm Jul 19, 2010 6:53pm
When the client originally asked about this we looked at it and were told it was a genuine price by our hedging partner. If it is a genuine price then there is nothing we can do. In this case after he recontacted us we spoke again to our hedging partner because we agree that 170 pip spreads are not normal and in my opinion, completely ridiculous for this announcement. They do happen on occasion, but they are not nice and they are not normal.

Our hedging partner was able to talk to the provider who put through the price feed and arranged for these trades to be fixed up, which is a great result.

To confirm our policy on spikes/wrong prices, if it is a false price then any trades will be fixed up regardless of the result of the trade. If there is a price action which is seen to be genuine, then the trades will remain.

As for some of the comments from people like PipStar, what can I say? You're damned if you do and damned if you don't it seems.

I am pleased we managed to get this sorted for our client and I can guarantee that it makes no difference to the outcome if the issue is raised on a forum or by contacting us directly. The forums only role in this was to bring it to our attention, so that is a good thing.
  • #704
  • Jul 19, 2010 7:00pm Jul 19, 2010 7:00pm
As for the question about insuring funds, we have PI insurance which protects against fraud and the wrongdoing of company officers and we also have client funds held in accounts segregated from our own.

I don't know what else we can do more than that, I don't know if other regulators also require companies to have PI insurance or other things like that?
  • #705
  • Jul 19, 2010 9:26pm Jul 19, 2010 9:26pm
can i ask a question what the go with this is 6 bars back the 2 pin bars price is way lower than oandas? its very obvious its different to?

regards damien
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp-usd.png Size: 34 KB
Click to Enlarge Name: gbp-usd_oanda.jpg Size: 153 KB
i pull the trigger when others are fearful---me
  • #706
  • Jul 19, 2010 9:33pm Jul 19, 2010 9:33pm
gft is also the same as oanda

regards damien
Attached Image (click to enlarge)
Click to Enlarge Name: gft_1hr.jpg Size: 88 KB
i pull the trigger when others are fearful---me
  • #707
  • Jul 19, 2010 9:37pm Jul 19, 2010 9:37pm
i dont get that spike dn on my GoM GU60, that's odd, you didnt change the bar inadvertently did you?
  • #708
  • Jul 19, 2010 9:53pm Jul 19, 2010 9:53pm
nah didnt change anything i wasnt trading but i was just curious

regards damien
i pull the trigger when others are fearful---me
  • #709
  • Jul 19, 2010 10:24pm Jul 19, 2010 10:24pm
Hi, There was a strange price action across a few pairs this morning at exactly this time. Not sure if it was caused by fat fingers or something like that.

I was aware of it on EURCAD, but not GBPUSD until now, but I am sure others are aware of it. From the looks of it, it is a false price so if you have any trade caught on it zip me across an email and I will get it looked at as they are probably checking orders now.
  • #710
  • Jul 19, 2010 10:28pm Jul 19, 2010 10:28pm
Quoting PeterE
i dont get that spike dn on my GoM GU60, that's odd, you didnt change the bar inadvertently did you?
When looking at the H1 chart it actually is not very obvious unless you specifically look. It is the bar at 23:00. Can you see it? What is your low at that time?
  • #711
  • Jul 19, 2010 10:30pm Jul 19, 2010 10:30pm
Quoting GoMarkets
When the client originally asked about this we looked at it and were told it was a genuine price by our hedging partner. If it is a genuine price then there is nothing we can do. In this case after he recontacted us we spoke again to our hedging partner because we agree that 170 pip spreads are not normal and in my opinion, completely ridiculous for this announcement. They do happen on occasion, but they are not nice and they are not normal.

As for some of the comments from people like PipStar, what can I say? You're damned if you...
By your own account which I have highlighted in bold above: The first time you contacted your hedging partner you were told that the 170 pips spreads was genuine and you agreed. 170 pips spreads at first looked ok to you, blimey! It appears you told the client these things happen at news and it did not look like back then that he would get a refund. How you can ever think that a 170 pips spread is ok at any time is beyond me. But you had a late change of heart when this matter was posted here. Suddenly you realised that a 170 pips spread is not normal and completely ridiculous. The fact remains that you should have settled this matter in favour of the client the first time he contacted you because clearly this is outrageous. You did not settle it the first time around but needed some more convincing. Now it seems you feel damned either way for not being given the credit for refunding him the 10k. I tell you what, if you want to build a reputation for honesty and integrity you will have to do better than that.
  • #712
  • Jul 19, 2010 10:43pm Jul 19, 2010 10:43pm
ooops, i had a different br*ker up

Quoting GoMarkets
When looking at the H1 chart it actually is not very obvious unless you specifically look. It is the bar at 23:00. Can you see it? What is your low at that time?
  • #713
  • Jul 19, 2010 10:57pm Jul 19, 2010 10:57pm
Quoting PipStar
By your own account which I have highlighted in bold above: The first time you contacted your hedging partner you were told that the 170 pips spreads was genuine and you agreed. 170 pips spreads at first looked ok to you, blimey! It appears you told the client these things happen at news and it did not look like back then that he would get a refund. How you can ever think that a 170 pips spread is ok at any time is beyond me. But you had a late change of heart when this matter was posted here. Suddenly you realised that a 170 pips spread is not...
Spreads of 170 pips do happen, and spreads above that. Before I moved to Australia and to this company I was a derivatives dealer in London. We didn't look at AUDNZD and had no interest in it, but in major pairs I have seen spreads over 200 pips. I am talking about major pairs around news announcements. If you don't think they happen, especially on exotic pairs, then you are very much mistaken. What I actually said is that I would not expect such a spread on this announcement.

I know you said that you used to trade with us and talked on this forum making false statements about us and I've also seen you posting on other threads and I don't think I have ever seen a positive post about anything, so I guess I am not surprised that you instantly responded in the way you did. Either way, you obviously have no interest in trading with us again as you constantly claim wrongdoing etc so I wonder why you feel the need to chime in every time someone asks a question. We watch posts carefully because as you know in the terms and conditions of this forum and from recent cases with Hot Copper for example, constant defamation may have consequences.

Any clients actually trading with us, and have genuine questions, concerns or problems I am more than happy to discuss either on here or more directly through email/phone.

Cheers.
  • #714
  • Jul 19, 2010 11:16pm Jul 19, 2010 11:16pm
The fact that it took a second try says something about the liquidity (or "hedging") provider. Who is this "hedging provider"?

If this is the only liquidity provider GoMarkets has at which to execute clients' orders, then it's not much different to trading at a bucketshop market maker (assuming that this liquidity provider does not further offset their exposure to other parties), with the only major difference being there is a middleman.

Does GoMarkets welcome extremely profitable high frequency traders?

Connecting to more liquidity providers would be better because it would spread the damage that profitable traders do to market maker liquidity providers such that each individual one is not as highly affected, compared with having only one liquidity provider who would take on 100% of the damage done by the profitable traders.
  • #715
  • Jul 19, 2010 11:37pm Jul 19, 2010 11:37pm
Quoting GoMarkets
in major pairs I have seen spreads over 200 pips. I am talking about major pairs around news announcements. If you don't think they happen, especially on exotic pairs, then you are very much mistaken.
an excellent reason to close positions pre-news announcement
  • #716
  • Jul 20, 2010 12:33am Jul 20, 2010 12:33am
i will say one thing even institutional brokers get huge spread widenings around news time. its not just gomarkets or any other broker its everyone


regards damien
i pull the trigger when others are fearful---me
  • #717
  • Jul 20, 2010 1:44am Jul 20, 2010 1:44am
High everyone,

i am with GoMarkets since over 1 year and so far no complaints. Execution and closing of orders is reliable with almost no slippage.

At times, even outside of news events, spread widening and larger price fluctuations are occuring, but nowhere near a critical state.

Please keep in mind, that there are certain times during forex trading hours, which can have wider spreads and stronger fluctuations, even outside any news event.(before and after rollover each day).

Traders must be aware of this and place orders and TP/SL according to these market conditions.

PT
  • #718
  • Jul 20, 2010 2:07am Jul 20, 2010 2:07am
Hyper, we have more than one liquidity provider, but being honest it would not make commercial sense to give out this information on forums (who knows which of our competitors are watching!).

As for your question - yes, we do welcome highly active and profitable traders. As you will be able to see in our recently updated legal documents, it states exactly how we make our money and how much we make per trade.
  • #719
  • Jul 20, 2010 2:09am Jul 20, 2010 2:09am
Quoting PeterE
an excellent reason to close positions pre-news announcement
Those kind of spreads are not the norm, but it is just something to be aware of.

One thing I can say is that if one of the contributors to our feed repeatedly sends through prices that appear away from the market then we will look to stop receiving prices from that institution.
  • #720
  • Jul 20, 2010 7:08am Jul 20, 2010 7:08am
Quoting Hyper
........ extremely profitable high frequency traders?

............
About as rare as Lady Gaga doing a command performance for the Queen.
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