FXDD disaster | Forex Factory

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FXDD disaster

  • #1
  • First Post: Edited 10:03pm Aug 8, 2011 6:09am | Edited 10:03pm
I've been back and forth for the last two months with FXDD about everything from extended requotes, that hang on and on and on while the price still moves, to no signal, to closed orders that show closed...and the profit kept running. Tonight I went to get a drink of water and came back. It was still running with the closed order window up.

Now I cut them slack because I use satellite internet and I do lose signal from time to time. I don't complain about that....I take whatever comes out of it.

But.... I've lost money from a definate server problem and they do have a server problem. Server 4. They finally admitted it tonight. It took two months and drove me nuts. I also use IBFX. They're not my favorite but when I click close. It closes. When I click order...it's placed. I could go on and on...I won't.

I have a decent size account...not 100k but not 1000.00

I've been blamed, my computer blamed, my mother blamed and my dog. I'm pissed. And so is my dog.
  • #2
  • Aug 8, 2011 7:17am Aug 8, 2011 7:17am
welcome to the forex world of pass the buck.

I just recently tried to open an account with CitiFX pro and they claim I don't meet their requirements. I then asked them what are their requirements and they couldn't answer me... this went on for a good 15 mins of me tongue lashing them within an inch of their life. They really have no reason good enough to not accept me.

I have plenty of money to fund the account am probably more liquid than 90% of the general population, Own my own company, very little debt and this is somehow not good enough for them.

If they could have told me what their requirements are I could justify it and do what they require so I could open the account, but they simply won't tell me what their requirements are specifically. So maybe they are scared of me? Maybe I am just "too" good for them. I don't know the answer yet but I am trying to think about it from all angles.

Would they look at the demo I ran for the previous month and say oh this guy is too good we would get our sorry little bank panties in a wad? What do they look at that determines yeah or nay? Anyone have any experience with CitiFx Pro account opening?
  • #3
  • Aug 8, 2011 8:07am Aug 8, 2011 8:07am
Quoting pip_seeker
welcome to the forex world of pass the buck.

I just recently tried to open an account with CitiFX pro and they claim I don't meet their requirements. I then asked them what are their requirements and they couldn't answer me... this went on for a good 15 mins of me tongue lashing them within an inch of their life. They really have no reason good enough to not accept me.

I have plenty of money to fund the account am probably more liquid than 90% of the general population, Own my own company, very little debt and this is somehow not good enough...
wow wtf, that's really weird.
  • #4
  • Aug 8, 2011 9:28am Aug 8, 2011 9:28am
Quoting lUnknown
wow wtf, that's really weird.
Not really. Market Makers don't like traders to be too good. They might take from the CEO's slush fund.
  • #5
  • Aug 9, 2011 1:53am Aug 9, 2011 1:53am
Quoting pip_seeker
welcome to the forex world of pass the buck.

I just recently tried to open an account with CitiFX pro and they claim I don't meet their requirements. I then asked them what are their requirements and they couldn't answer me... this went on for a good 15 mins of me tongue lashing them within an inch of their life. They really have no reason good enough to not accept me.

I have plenty of money to fund the account am probably more liquid than 90% of the general population, Own my own company, very little debt and this is somehow not good enough...

My idea after ready this posts:" Forex Brokerx as Casinos have list of traders they don't want to trade with."
  • #6
  • Aug 9, 2011 7:26pm Aug 9, 2011 7:26pm
Quoting pip_seeker
welcome to the forex world of pass the buck.

I just recently tried to open an account with CitiFX pro and they claim I don't meet their requirements. I then asked them what are their requirements and they couldn't answer me... this went on for a good 15 mins of me tongue lashing them within an inch of their life. They really have no reason good enough to not accept me.

I have plenty of money to fund the account am probably more liquid than 90% of the general population, Own my own company, very little debt and this is somehow not good enough...
ECN brokers are the RIGHT choice for PROFESSIONAL forex traders
try FXCM active trader , interactivebrokers , mbtrading , dukascopy
ATG Marketplex ,London Capital Group , VCAP FX , FXCM PRO , GAIN GTX ...
  • #7
  • Aug 9, 2011 9:53pm Aug 9, 2011 9:53pm
Quoting @999
ECN brokers are the RIGHT choice for PROFESSIONAL forex traders
try FXCM active trader , interactivebrokers , mbtrading , dukascopy
ATG Marketplex ,London Capital Group , VCAP FX , FXCM PRO , GAIN GTX ...

ECN biggest weakness is getting filled... as much as I hate to admit it I decided to go back to IBFX. While they aren't the best at least I know what to expect.

Had no problems whatsoever and they got my wire with in hours and I'm back up again. What's probably even more ironic is that Citi is likely one of their Liquidity Providers.

The FX pool of LP's is only so big on this big hard rock we call EARTH.

In the meantime I'll consider others and even Citi if they were so inclined to drop their foolish rhetoric.
  • #8
  • Edited Aug 10, 2011 12:58am Aug 9, 2011 11:14pm | Edited Aug 10, 2011 12:58am
I agree with you 100%. I'm on IBFX right now. They're my other broker. I was amazed at the last one they closed. The price was running. One click...done. They're like the sun coming up for orders. I signed up with pfg best today. Not sure I'm going to bank it......still thinking. The demo has been fine....any thoughts?

Just to add....I've taken 15 scalps at IBFX on the 1min in the last two days.....some slow, some running. Not one came back as a requote. Not one! The runner hesitated. That's it. But that's not even the real issue...the real issue is a requote screen that doesn't go away for an extended period of time.

Quoting pip_seeker
ECN biggest weakness is getting filled... as much as I hate to admit it I decided to go back to IBFX. While they aren't the best at least I know what to expect.

Had no problems whatsoever and they got my wire with in hours and I'm back up again. What's probably even more ironic is that Citi is likely one of their Liquidity Providers.

The FX pool of LP's is only so big on this big hard rock we call EARTH.

In the meantime I'll consider others and even Citi if they were so inclined to drop their foolish rhetoric.
  • #9
  • Aug 11, 2011 3:56am Aug 11, 2011 3:56am
The more I use IBFX the happier I am....I didn't use them for a long time.

I've been trading the 1min and doing lots of scalps. I have yet to have one requote. I'm up to 31 trades in the last few days....now granted....they do get a little for the grocery bill if it's moving. I hate going in when it jumps. You definately won't get your click price but, It's way better then a requote...especially for exit.

I'm still weighing PFGbest (I signed up) or using my present account to drop some bigger bucks.

The spreads are better then FXDD....especially G/U
  • #10
  • Aug 11, 2011 5:15am Aug 11, 2011 5:15am
yeah I really have no problem with IBFX, just the club they belong to in dictating to me how I must trade.

  • #11
  • Aug 18, 2011 9:59am Aug 18, 2011 9:59am
Quoting pip_seeker
ECN biggest weakness is getting filled... as much as I hate to admit it I decided to go back to IBFX. While they aren't the best at least I know what to expect.
I want to know why some traders choose market makers ?
don't they know that banks , Financial Institutions , hedge funds , and Professional traders trade forex with ECN
  • #12
  • Aug 18, 2011 10:31am Aug 18, 2011 10:31am
Quoting @999
I want to know why some traders choose market makers ?
don't they know that banks , Financial Institutions , hedge funds , and Professional traders trade forex with ECN
Actually IBFX is as good as it gets for entering and exiting. If they could just keep their system up. Minor problem. Well, except when you got a trade going. It's fun watching!

Scalp 'em and you'll see why.
  • #13
  • Aug 18, 2011 10:45am Aug 18, 2011 10:45am
Quoting @999
I want to know why some traders choose market makers ?
don't they know that banks , Financial Institutions , hedge funds , and Professional traders trade forex with ECN

You don't think there are any professional traders with market makers?

ECN is not all it's cracked up to be IMHO. Just look to the recent fine of $2 million issued to FXCM by NFA with CFTC likely on the way.

And yet fxcm is listed twice FXCM active trader, FXCM Pro by you a few posts back.

So how could ECN really be that good? It's kinda like calling the kettle black.
  • #14
  • Aug 18, 2011 9:03pm Aug 18, 2011 9:03pm
Quoting pip_seeker
You don't think there are any professional traders with market makers?

ECN is not all it's cracked up to be IMHO. Just look to the recent fine of $2 million issued to FXCM by NFA with CFTC likely on the way.

And yet fxcm is listed twice FXCM active trader, FXCM Pro by you a few posts back.

So how could ECN really be that good? It's kinda like calling the kettle black.
That's nothing for fxcm , they have to pay the unpaid positive slippage after June 2008 , you will not get refunds for slippage , this is about unpaid positive slippage only .
http://www.forexfactory.com/showthread.php?t=309386
  • #15
  • Aug 19, 2011 7:36am Aug 19, 2011 7:36am
IBFX has been fined before too and it doesn't matter if it is "nothing" for fxcm.

All I am trying to say is that you have no advantage by using an ECN. They can be just as crooked as any other way to process trades and fxcm's $2mil fine shows this clearly.

If ECN is right for you who am I to say you shouldn't trade with ECN? Do what works for you, but don't put an ECN on a cloud as somehow being better than other solutions.

IBFX is far from perfect but I at least know what to expect from them.
  • #16
  • Aug 19, 2011 9:48pm Aug 19, 2011 9:48pm
With IBFX your order will always be placed....even when price is running...with 0 deviation....I believe their 0 deviation is....zero when the price hesitates. To me this is better then a requote. It ensures entrance and exit.

The thing that depresses me! I've tested more then one broker including a very well known ECN....I am sitting on a large amount of money I want to bank with someone...IBFX had me until the past week. I have a small amount with them. Twice, in one week, the system has crashed at very interesting times. (I'd heard about this problem online....I've haven't been using them much so I didn't see it)

With IBFX you can set your sl, sell stop, TP, very close to the price. That's incredible. All these benefits mean nothing if the system is down at opportune times. (I don't trade news.)

I wish they'd get it together. It would make my choice very easy.

There's not a lot I hate in this life....brokers are it....brokers are a few steps down from used car salesmen and lawyers. Congrad's guys....you've been upgraded. That includes ECN's....they are a little better and the spreads are lower. They are like the pond scum. Most are lower. They will rarely admit anything and blame you and your mother for any problems. If one ever get's it...they're going to rise to the top like cream. Word spreads fast.

FXDD delayed requote windows are easy to prove....when you have two brokers open...one has it and the other doesn't....in electronics it's called...."all problems must be common."

Quoting pip_seeker
IBFX has been fined before too and it doesn't matter if it is "nothing" for fxcm.

All I am trying to say is that you have no advantage by using an ECN. They can be just as crooked as any other way to process trades and fxcm's $2mil fine shows this clearly.

If ECN is right for you who am I to say you shouldn't trade with ECN? Do what works for you, but don't put an ECN on a cloud as somehow being better than other solutions.

[size=3]IBFX is far from perfect but I at least know what to expect from...
  • #17
  • Aug 20, 2011 6:58am Aug 20, 2011 6:58am
Quoting cugir321
There's not a lot I hate in this life....brokers are it....brokers are a few steps down from used car salesmen and lawyers. Congrad's guys....you've been upgraded. That includes ECN's....they are a little better and the spreads are lower. They are like the pond scum. Most are lower. They will rarely admit anything and blame you and your mother for any problems. If one ever get's it...they're going to rise to the top like cream. Word spreads fast.
Yeah finding someone who plays fair 100% is like being 5 yrs old and getting your first lesson of what the real world
is like.

The difference with IBFX is being able to prove it's them. It's called the dirty little trick no one can prove 100%, but then you have the likes of FXCM who do it right in front of your face and get fined $2 mil. lol.

Money is the root of everything evil and then when you get caught with your pants down you are required to use that evil vehicle to right your wrong doing, how ironic is that?

No admission of guilt just pay up.

Naivety and FX don't mix and if they did it would be one wicked cocktail.

I think you're a bit too nice: brokers are the scum that the pond scum feeds on, the only reason they exist is so that the pond scum has something to eat.
  • #18
  • Aug 20, 2011 12:01pm Aug 20, 2011 12:01pm
any comment about this broker http://www.axitrader.com.au/ ?
  • #19
  • Aug 21, 2011 10:47pm Aug 21, 2011 10:47pm
I would take a look at the reviews here:

http://www.forexpeacearmy.com/public...broker_reviews

and

http://www.100forexbrokers.com/revie...fx-interbankfx
  • #20
  • Last Post: Aug 21, 2011 11:41pm Aug 21, 2011 11:41pm
It's always interesting to read this stuff.....

100forex brokers actually recommends FXDD for scalping. That says it all to me.

PFG best get's some knocks too. I'm not impressed with their customer service. I'm always skeptical if they don't have an 800 number to the desk. Says tight ass to me. I've heard good and bad about them. I called customer service and tried to get to my sales rep and they didn't want to transfer me. I was like....what the heck is this!!! A new customer and you can't transfer me....eventually they did. How will you treat me when you got my money?

Quoting PipPursuit
I would take a look at the reviews here:

http://www.forexpeacearmy.com/public...broker_reviews

and

http://www.100forexbrokers.com/revie...fx-interbankfx
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