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Fxsolutions UK/AU

  • #1
  • First Post: Sep 15, 2010 2:49pm Sep 15, 2010 2:49pm
I'm just now finding out that the leverage in forex trading within the U.S. is being reduced....AGAIN! I prefer having the option of using higher leverage at my discretion so I'm going to use a broker overseas. I currently use FXsolutions and wanted to hear the opinions of anyone who has an account with them in London or Austrailia.

Thanks
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #2
  • Sep 15, 2010 5:24pm Sep 15, 2010 5:24pm
I've got a UK acct....happy with it. I wonder how long it will last with the new laws our Marxist U.S. gov just passed, waiting to hear
  • #3
  • Sep 16, 2010 2:51am Sep 16, 2010 2:51am
I am angryier than H............ about FXSol UK. They just made a big deal about how they lowered their spreads but what they dont tell you is they charge the swaps daily off of your account and call it a premium fee. They then take the fee daily off of your account. This has some kind of compounding affect because the fees are through the roof. I trade dime lots and this is a new way brokers are out to take your money.

June -- 134 trades swap charge for the month -16.66
July -- 106 trades swap charge for the month -11.91
August --256 trades swap charge for the month -29.72
September 1-16 -- 114 trades for only the first 16 days -63.82
That is 28% of my profit so far for the month they have stolen back with their new premium charges. I also made profit all three months I show above so I am a successful trader.

Dont go to them now they will steal your money through their new premium fee. The trading and execution is excellent but they wont let you keep your profits they are going to premium it right back out of the account.
  • #4
  • Sep 16, 2010 4:02am Sep 16, 2010 4:02am
It is a shame when brokers are not satisfied with making straight honest profit and choose to resort to underhanded methods to take money from their customers. I and a number of other traders opened an account with these people on the recommendation of our teacher Nanningbob. Then they start this swap business. Well on his recommendation we are going to close our accounts. They already have quite a large margin, they stop loss hunt and that seems to be not enough now this. I suppose the only way they will learn is when enough people leave them.

BYE BYE FXSOL UK
  • #5
  • Sep 16, 2010 7:40am Sep 16, 2010 7:40am
They changed their accounting method, it used to be simple you looked at the trade and then you saw the swap right next to it. Now you see a number, you have to go match it with a currency pair and it takes a long time to figure out what is what. The swap was part of the trade now it is dedutcted from your profits and it takes a lot of work to figure out what they are doing. They have figured out a way to confuse the issue so you really dont know what they are doing. I dont have time to play around with a company that obviously is trying to hide something. Yes the charges can be the same but if you play with the accounting you can compound the mathmatic figures and make sure no one can see what your are really doing. It used to be at one glance you knew exactly what the swap was and it wasnt coming out of your profits, it was part of the trade. Now they are reducing your already cleared profits with charges that werent deducted until your trade was closed. Doing this somehow changes the math and allows them to collect more money. So they can say the charges are the same but they are not. They are burying the the truth behind a new accounting system. So instead of accumulating the charges, deducting them every day somehow changes it. You dont really know unless you are willing to go through the entire accounting method to try to find out. This has been deliberately muddled so you wont do that. The only reason a company would try to change what was a very clear and easy to understand number to a hidden one is they are hiding something and it is showing up on the bottom line. That part they cant hide. The bottom line is this. Deducting the charges every day from your profits gets them more money than doing it at the close of the trade. Some accountant out there probably could figure it out but I dont have time for that. At this rate, it is going to cost me 125-150 bucks a month in premiums when I used to pay 10-25. You tell me that is the same charges, that is BS big time.
  • #6
  • Sep 16, 2010 12:43pm Sep 16, 2010 12:43pm
Hold up....wait a second. Are you all saying that if you have a profitable day and have all trades closed before the close of the day that you are still charged a fee? Is this fee based on having a profit at the end of the day or is it based on the transactions themselves, regardless if you have a net profit or loss at the end of the day?
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #7
  • Sep 16, 2010 3:28pm Sep 16, 2010 3:28pm
Quoting kapital
Hold up....wait a second. Are you all saying that if you have a profitable day and have all trades closed before the close of the day that you are still charged a fee? Is this fee based on having a profit at the end of the day or is it based on the transactions themselves, regardless if you have a net profit or loss at the end of the day?
It is the daily swaps. I am not a short term trader so if you trade only intraday you probably wont be hit with these charges. Their swap rate or interest paid is much higher than everyone elses right now.
  • #8
  • Sep 16, 2010 7:48pm Sep 16, 2010 7:48pm
YEAH....it's ridiculous how they calculate the interest. For mostly all pairs, it doesn't matter if you are buying or selling, you will end up paying interest.

However, I think I'm still going to go the overseas route because I'm for the most part and intraday trader who prefers to use higher leverage from time to time.

Are there any extra fees involved for having an overseas account?
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #9
  • Sep 16, 2010 10:20pm Sep 16, 2010 10:20pm
Quoting kapital
YEAH....it's ridiculous how they calculate the interest. For mostly all pairs, it doesn't matter if you are buying or selling, you will end up paying interest.

However, I think I'm still going to go the overseas route because I'm for the most part and intraday trader who prefers to use higher leverage from time to time.

Are there any extra fees involved for having an overseas account?
They have usually been a decent company but this last little trick has really ticked me off. They made a big deal about how they lowered spreads, good news, only to get whacked on the back end with the new swap rates or how they are deducting them now. The real problem is how they calculate it. It is no longer part of the trade you have on the board but is deducted from your account everyday so you are now not just fighting to make a profit but they are taking your profits out on the back end when you have already pocketed them. I havent figured out yet how they are doing it but this is compounding the rate and you end up paying a lot more this way. I have paid out more in swap charges the last 16 days than I have in the last 3 months so this is not small potatoes. They got this figured out and they changed how they post the figures so it takes you a long time to figure out what they are doing. I am not going to mess with them. I am winding down my trades and getting out.
  • #10
  • Sep 16, 2010 11:56pm Sep 16, 2010 11:56pm
Quoting nanningbob
They have usually been a decent company but this last little trick has really ticked me off. They made a big deal about how they lowered spreads, good news, only to get whacked on the back end with the new swap rates or how they are deducting them now. The real problem is how they calculate it. It is no longer part of the trade you have on the board but is deducted from your account everyday so you are now not just fighting to make a profit but they are taking your profits out on the back end when you have already pocketed them. I havent figured...
Any recommendations for an non-U.S. broker?
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #11
  • Sep 21, 2010 6:24am Sep 21, 2010 6:24am
I'm just finding out that even if I decide to open a U.K. account, come Oct. 18th the 50:1 leverage restriction will still apply. What a bunch of B.S.!!!
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #12
  • Sep 22, 2010 4:18am Sep 22, 2010 4:18am
Quoting kapital
Any recommendations for an non-U.S. broker?
No I dont have one. I cant really recommend until I see what is going to be allowed after the new regs are implemented. What countries and brokers are going to buck the system or not. I may have to trade through one of my CHinese friends and then wont have to worry about the d.......... US governtment. Stupid idiots. Gonna vote everyone of them out of office.
  • #13
  • Sep 29, 2010 9:03am Sep 29, 2010 9:03am
Did anyone else receive the repatriation email from FXSolutions? It's a done deal....back to the U.S. with 50:1 leverage.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #14
  • Sep 29, 2010 9:58am Sep 29, 2010 9:58am
Hi nanningbob,

I also have account with fxsol and I raised this issue with them a long time back. It seems if you use leverage higher than 200:1 (or 100:1 - I cant remember), then they charge you premium fees. If you use 100 or 200, then the swaps are calculated normally like other brokers. The representative did send me a link to their website saying this but I dont have it.

Also, they are only charged if you have the trade open after 5pm NY time. If you close it before then you wont be charged swap fees.

Kapital,

I received the same email. I am looking for a foreign broker who doesnt have presence in US. Unfortunately, all of them are either MT4 guys or their software is not good.
  • #15
  • Sep 30, 2010 10:40pm Sep 30, 2010 10:40pm
Yes I got the email from them but I have already closed my trades and will be asking for my check.
  • #16
  • Oct 6, 2010 9:41pm Oct 6, 2010 9:41pm
I just noticed that FXSOL UK offers the pair USD/HKD. Does HKD represent Hong Kong? Is it offered on the U.S. based platform as well?
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #17
  • Oct 14, 2010 7:55am Oct 14, 2010 7:55am
FXSOL continues to be full of suprises. I'm just now finding out that gold and silver trading will be discontinued.

WHAT'S NEXT???
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #18
  • Oct 14, 2010 1:07pm Oct 14, 2010 1:07pm
Quoting kapital
FXSOL continues to be full of suprises. I'm just now finding out that gold and silver trading will be discontinued.

WHAT'S NEXT???
What's next? Total NWO control, martial law, dogs & cats living together....
it don't look pretty

I'm with FX Sol as well .. now looking for a broker where I can continue trading gold & silver. If anyone knows of one, please let me know in here. Is it possible to get an account with a non-US based broker? My (grown)daughter was born in Italy ... could she get an overseas acct or does she need a passport from Italy (she only has US passport).

Any ideas or input on where we go from here to escape Big Brother's clutches ??
******************* I'd rather make money than be right.
  • #19
  • Last Post: Oct 15, 2010 2:44pm Oct 15, 2010 2:44pm
Quoting 4xStar
What's next? Total NWO control, martial law, dogs & cats living together....
it don't look pretty

I'm with FX Sol as well .. now looking for a broker where I can continue trading gold & silver. If anyone knows of one, please let me know in here. Is it possible to get an account with a non-US based broker? My (grown)daughter was born in Italy ... could she get an overseas acct or does she need a passport from Italy (she only has US passport).

Any ideas or input on where we go from here to escape Big Brother's clutches ??
Here ya go: http://www.forexfactory.com/showthread.php?t=260801

By the way, did you receive an email about offering a 15% deposit bonus on deposits (not transferred funds) of $1000 or more by the end of next week?
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
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