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Tadawul FX (TDFX) Discussion

  • #181
  • Oct 17, 2010 2:02pm Oct 17, 2010 2:02pm
Kate, someone asked recently about TDFX accepting U.S. clients. I didn't see your answer. Sorry if I missed it. Do you accept U.S. clients (after Oct.17th)?

John
  • #182
  • Oct 17, 2010 3:06pm Oct 17, 2010 3:06pm
Quoting Slack
This is what I thought, too. Now that I've seen their price/data feed, I see where the name came from.

__________________
"... stay out of the Commercial Forum because most of it is worthless or worse..., " Twee
  • #183
  • Oct 17, 2010 6:04pm Oct 17, 2010 6:04pm
...
  • #184
  • Oct 18, 2010 5:41am Oct 18, 2010 5:41am
Quoting pip_seeker
Hello Kate,

I am former IBFX'er as well due to the CFTC handcuffs. I wonder if TDFX could offer nano lots? [ penny a pip lot size]

When IBFX did this years ago it gave us an avenue to test systems without too much risk and also on the flip side of this the compounding is phenominal.

My understanding is that you offer 1/2 mini lots or 50 cent per pip. That is not a true micro but fractional mini. If not for the nano lot then at least a true micro @ 10 cent per pip... please with extra strawberries?

I think it will help TDFX grow alot, because...

Hi Pip Seeker,

Thank you for your comments.

I will address this with the management and will let you how it goes.

Kind Regards,
  • #185
  • Oct 18, 2010 8:29am Oct 18, 2010 8:29am
Quoting TDFX
Hi Pip Seeker,

Thank you for your comments.

I will address this with the management and will let you how it goes.

Kind Regards,

Ok, maybe add some sugar to those strawberries I gave you?

I think us peeps are one of a kind because I had the same thought pop into my head as well... (tad-awful). But after seeing Kates responses to some of the peeps following this thread I came to other conclusions at least to check them out.

Anywho, TDFX is a better name by far because now I get this thought...
TouchDown Forex. [as far as I know superstition never paid anything. ]

I hope they can lower the lot sizing to at least 10 cent a pip so I have another broker to test out. Otherwise I have to pass for now.
  • #186
  • Oct 18, 2010 8:51am Oct 18, 2010 8:51am
Quoting sonicpunk32
The first few weeks I saw this thread's name, I had never seen the full name of TDFX. So I thought that someone was calling it "Tad-AWFUL FX." Now I see it's Tadawul. Such a weird name.
Hi Sonicounk32,

The word “tadawul” actually means “exchange” in Arabic. :nerd:

Tadawul FX was co-founded in Switzerland by Ramzi Chamat who is Swiss/Lebanese, and in its earlier days the company primarily focused on the Middle Eastern market (hence the name). As Tadawul FX grew, so did the client base, and now we have clients from all over the world (hence the easier to pronounce abreviated name TDFX). The official name of the company still remains Tadawul FX, but we also go by the name of TDFX for quick reference.

All the best!
  • #187
  • Oct 18, 2010 9:16am Oct 18, 2010 9:16am
Quoting johnathome
Kate, someone asked recently about TDFX accepting U.S. clients. I didn't see your answer. Sorry if I missed it. Do you accept U.S. clients (after Oct.17th)?

John

Hi John,

Tadawul FX has been in contact with various financial authorites and as far as we know Tadawul FX will not be affected by the new CFTC rules introduced on the 18th of October. TDFX will continue to accept US client and offer leverage of up to 1:500. Of course, once the rules come into effect we will be have to see how they play out in reality.

Kind Regards,
  • #188
  • Oct 18, 2010 3:41pm Oct 18, 2010 3:41pm
Quoting TDFX
Hi John,

Tadawul FX has been in contact with various financial authorites and as far as we know Tadawul FX will not be affected by the new CFTC rules introduced on the 18th of October. TDFX will continue to accept US client and offer leverage of up to 1:500. Of course, once the rules come into effect we will be have to see how they play out in reality.

Kind Regards,

The rules are supposedly in "effect" right now. But I would rather forget about them all-together.

Rules were made to be broken in this case.
  • #189
  • Oct 21, 2010 1:15pm Oct 21, 2010 1:15pm
My managed Forex co. now wants to move to another broker as they are having trouble with TDFX' s platform freezing when in profit. I must add that this is what they say so I cannot be sure if this is correct or they are just doing bad trades.
  • #190
  • Oct 22, 2010 12:54am Oct 22, 2010 12:54am
I've never seen anything like that. If its a managed acct more often than not they are just making excuses for their lack of performance or bad trades.

There was a official release on US customers now from them.


Tadawul FX Ltd is an EU licensed and regulated brokerage firm and as such, will not be affected by the rules set forth by the CFTC. As such, TDFX will continue to accept US clients as before and offer leverage of up to 1:500 on all Mini and Standard Accounts, the two major areas of concern.


At Tadawul FX, we continue to provide our clients with fair and ethical trading conditions and offer a safe and secure trading environment. We remain competitive in the market place and aim to give you quality products and professional service and support at all times.


We wish you successful trading!

Please if you check them out use these demo or live acct links, goes to good cause .

( Any kickback proceeds from the IB go to my little daughters medical bills not covered by insurance.)


Live Account :
https://www.tadawulfx.com/v2/registe....php/ib/801115

Demo Account https://www.tadawulfx.com/private/in...demo/ib/801115
  • #191
  • Oct 22, 2010 1:37am Oct 22, 2010 1:37am
Kate
Question on spread on my live account.
on my platform the market watch shows a spread of 3 pips all the time for USDGBP.
on my chart the difference between the bid and the ask price show up as a spread of 4 pips.
What is going on.? why the difference
  • #192
  • Oct 29, 2010 4:49am Oct 29, 2010 4:49am
Quoting kauaibobby
Kate
Question on spread on my live account.
on my platform the market watch shows a spread of 3 pips all the time for USDGBP.
on my chart the difference between the bid and the ask price show up as a spread of 4 pips.
What is going on.? why the difference


Hi Kauaibobby,

That’s a very good question.

The MT4 charting system can only set one spread on the charts for one specific currency pair. As such, the spreads displayed on the charts always refer to the spreads of the Mini account (4 pips for the GBPUSD), regardless if you have a Mini Account or Standard Account.

To view the exact spreads for your particular account, pleaser always refer the spreads in the Market Watch. For you specific account, which is a Standard Account the spread for USDGBP is 3 pips fixed (as you see in the Market Watch) and is the exact spread that you are trading with.

To view the complete list of spreads, please click here: http://www.tadawulfx.com/public/trading-conditions/spreads.html

I hope this helps?

Kind Regards,
  • #193
  • Oct 31, 2010 5:51am Oct 31, 2010 5:51am
Hi TDFX,
I am interested in opening an Islamic account. I have few questions, what is the agreed profit/loss sharing ratio? I didn't see this figure while browsing the webpage. If the client doesn't pay Riba on the loan given by Tadawul, will Tadawul pay interest on the loan to the bank from which it was initially taken? What is the real intention of giving gifts, in the webpage it was written that its voluntary to give these gifts, so does that mean that if I choose not to give those gifts its OK? Is it possible to change the leverage to 1:1?

Thanks. Eagerly waiting for ur response.
  • #194
  • Oct 31, 2010 9:39am Oct 31, 2010 9:39am
And one more this, Is there any Islamic Shariah scholar who is supervising the Islamic account policies. Normally in Islamic banking there is a Shariah advisory board which overlooks the Shariah abiding policies. I just wanted to have some more details.

Thanks for ur patience.

Kind regard
  • #195
  • Nov 1, 2010 12:03am Nov 1, 2010 12:03am
? about daylight saving time.
i am in the US and will be going back to standard time next weekend, right now you are at GMT +2. will that change
thankyou for explantion of spreads between market watch and chart
  • #196
  • Nov 1, 2010 3:42am Nov 1, 2010 3:42am
Quoting kauaibobby
? about daylight saving time.
i am in the US and will be going back to standard time next weekend, right now you are at GMT +2. will that change
thankyou for explantion of spreads between market watch and chart

Hi Kauaibobby,

My pleasure.

Tadawul FX trading hours are in accordance with the European standards and daylight saving time. This past weekend, Saturday (Nov 6th) to Sunday (Nov 7th), the clocks went back 1 hour. The current server time is GMT+1, changing from GMT+2 (as it was in the summer).


Kind Regards,
  • #197
  • Edited 7:51am Nov 1, 2010 4:53am | Edited 7:51am
Quoting saqiby2002
Hi TDFX,
I am interested in opening an Islamic account. I have few questions, what is the agreed profit/loss sharing ratio? I didn't see this figure while browsing the webpage. If the client doesn't pay Riba on the loan given by Tadawul, will Tadawul pay interest on the loan to the bank from which it was initially taken? What is the real intention of giving gifts, in the webpage it was written that its voluntary to give these gifts, so does that mean that if I choose not to give those gifts its OK? Is it possible to change the leverage to 1:1?...

Hi Saqiby2002,

Thank you for your questions.

There seems to be a bit of confusion here which I would like to clarify for you.

Tadawul FX offers 2 types of Islamic Accounts:

(1) Standard Islamic Account
(2) Musharaka Account (commonly called joint venture account)

A standard Islamic Account is a No Riba account, or in other words, a SWAP free account where no interest is charged/paid to the client. Unlike most of its competitors, Tadawul FX does not charge any additional fees/commission, increases the spread, or puts a limit on the leverage on Islamic Accounts. Clients with Islamic Accounts, enjoy the exact same conditions as all other traders. Generally, clients with Islamic Accounts choose leverage of 1:100 to 1:500, as leverage in the forex market is not considered to be a loan (like it is in the banking industry) and there is no physical delivery of leverage (like there is of a loan). Rather, leverage in the forex market is a standard policy and is given free of charge/interest to all. It allows a trader to take a large position in the market with a small investment amount (eg. with leverage of 1:100, you can invest $10 of real money, but take a position of $100 in the forex market). This is what makes the forex market so unique and accessible to all, not just large investors. Tadawul FX can give you leverage of 1:1, but that means you generally have to invest at least $100,000 of real money to be able to manage the risk properly, and this beats the whole point of trading in the forex market which revolves around leverage. Lastly, there is no Sharia Advisory board in the forex industry, and therefore no such supervision exists.

A Musharaka Account is a joint venture account where all profits and losses are spilt 50/50 between the client and Tadawul FX. The minimum investment for this account is USD 50,000, and this account can also be No Riba account (with the conditions mentioned above).

You have also asked about “Hibah” or gift/donation. Hibah refers to a voluntary donation that can be given to a charity of your choice. For example, some clients choose to give 10% of their monthly profits from trading to a charity. Of course, if you wish not to, the choice is completely yours.

Please let me know if you have any more questions. J

Best Regards,
  • #198
  • Nov 1, 2010 6:53am Nov 1, 2010 6:53am
To TadawulFX

In recent events wherein IkonGM was penalized by CFTC/NFA for using Virtual Dealer Plug-in, traders are anxious to know what their brokers are up to.

Can you categorically claim or disclaim if TadawulFX uses this Virtual Dealer Plug-in? And is TadawulFX willing to have itself accounted/audited for such Plug-In by the regulatory body you are currently registered in?

This should aleviate the fear in many trader's mind.
  • #199
  • Nov 1, 2010 7:47am Nov 1, 2010 7:47am
Quoting BurgerKing
To TadawulFX

In recent events wherein IkonGM was penalized by CFTC/NFA for using Virtual Dealer Plug-in, traders are anxious to know what their brokers are up to.

Can you categorically claim or disclaim if TadawulFX uses this Virtual Dealer Plug-in? And is TadawulFX willing to have itself accounted/audited for such Plug-In by the regulatory body you are currently registered in?

This should aleviate the fear in many trader's mind.

Dear BurgerKing,

I would like to officially confirm that Tadawul FX does not use a Virtual Dealer Plug-in, and Tadawul FX is open to inspection of all aspects of its dealings and business to our external auditors and regulators as is required by law.

Best Regards,
  • #200
  • Nov 5, 2010 5:18pm Nov 5, 2010 5:18pm
I'm trying to get my arms around my Tadawulfx demo account parameters and whether they accurately represent how a live account would be set up. I requested a $3,000 mini demo yet it looks like it's a standard account. I emailed them and they stated it's a mini account, but the dollar value per tick and the 100,000 value being returned from the MarketInfo(Symbol(), MODE_LOTSIZE) call both indicate it's a standard account.

And sadly I'm not able to make any virtual money on the acount.

http://bobthoughts.net/Phantom_AddSix_03b_TADAWUL.htm
Open to new approaches.
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