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Tadawul FX (TDFX) Discussion

  • #361
  • Sep 16, 2011 12:50am Sep 16, 2011 12:50am
Quoting TDFX
Hi Montana,

I'm afraid Tadawul FX no longer accepts US residents.

All the best with your search!

Regards,

This is sad. What are you going to do with existing US client?
  • #362
  • Sep 20, 2011 2:51am Sep 20, 2011 2:51am
Quoting josef
This is sad. What are you going to do with existing US client?
Hi Joseph,

US clients with residential addresses outside of the US can still register and trade with Tadawul FX. As always it is best to contact our Customer Support team directly to discuss all the details and get help [email protected].

Have a good day!
  • #363
  • Oct 7, 2011 12:42am Oct 7, 2011 12:42am
Quoting TDFX
The Eurobank used by Tadawul FX is located in Cyprus, where it abides and conforms to Cypriot rules and regulations. The crisis in Greece does not affect banks in Cyprus as banks in Cyprus operate independently. Your deposit is absolutely safe, and please also note that your money is further ensured through Investment Compensation Fund (up to EUR20,000).
Your phrase "absolutely safe" is questionable, as is the claim that the crisis in Greece does not affect banks in Cyprus. The crisis in Greece is affecting the entire world!

Cyprus is quite close to Greece, and Eurobank is the third largest bank in Greece. In the Business Insider article on 2011-06-20, The 20 Institutions Most Exposed To A Greek Default, Eurobank is listed 9th with bonds and bills totalling 9B EUR.

Tadawul FX clients must deposit funds into Eurobank Cyprus via Eurobank Greece (correspondent bank).

If Greece defaults on its debt, what effect would there be on Eurobank Greece, Eurobank Cyprus, and the funds of Tadawul FX clients?
  • #364
  • Oct 7, 2011 8:29am Oct 7, 2011 8:29am
Quoting Hyper
Your phrase "absolutely safe" is questionable, as is the claim that the crisis in Greece does not affect banks in Cyprus. The crisis in Greece is affecting the entire world!

Cyprus is quite close to Greece, and Eurobank is the third largest bank in Greece. In the Business Insider article on 2011-06-20, The 20 Institutions Most Exposed To A Greek Default, Eurobank is listed 9th with bonds and bills totalling 9B...


Hi Hyper,

Excellent question.

According to European Regulation, in the event that Eurobank, or any other bank that Tadawul FX works with defaults, the client ‘s claim at any given point in time will not be against the defaulted bank, but rather against Tadawul FX, because when you open an account with Tadawul FX, you sign an agreement with Tadawul FX and not the bank.

Here are some additional points to consider:

1. Funds are kept in Current Accounts, which is the most liquid form of assets, thus it is very possible to remove or transfer those assets, even with the same day value, should matters worsen or even if a Bank was to enter into insolvency.
2. Under no circumstances would TADAWUL FX wait until a bank goes bankrupt before taking measures, even for the banks where we hold small percentages of funds.
3. TADAWUL FX does not leave the funds that clients deposit in one Bank only, due to factors of coverage, Capital Adequacy and Large Exposures Requirements, as these are stemming within the MIFID Laws and directives, and are enforced with local regulatory authorities; these funds are distributed/diversified between a number of banks, that are in fact in different geographical regions and economic sectors.
4. Each retail client has additional protection through the investment compensation scheme of up to 20,000 EUR, in extremely unlikely event that TADAWUL FX was to enter into insolvency and was unable to return all of the clients funds.

Lastly, Tadawul FX works with other bank besides Eurobank, including German and Cypriot banks. If you feel safer depositing funds to a bank which is not related to Greece, please don’t hesitate to let us know and we would be more than happy to provide you with the bank details. Just send your request to [color=#0000ff][email protected][/color].

All the best!

Kate
  • #365
  • Oct 10, 2011 2:01am Oct 10, 2011 2:01am
“In accordance with regulatory requirements and with an objective of giving superior protection to clients, with TDFX, traders funds and assets are held in segregated accounts, apart from other clients’ funds and apart from the company accounts.”

The question is does somebody has access to his segregated account? Is it possible to return money if the broker disappears?

Regards,

Josef
  • #366
  • Oct 10, 2011 4:19am Oct 10, 2011 4:19am
Quoting josef
“In accordance with regulatory requirements and with an objective of giving superior protection to clients, with TDFX, traders funds and assets are held in segregated accounts, apart from other clients’ funds and apart from the company accounts.”

The question is does somebody has access to his segregated account? Is it possible to return money if the broker disappears?

Regards,

Josef


Hi Joseph,

The client has the right to deposit or withdraw funds at any time he likes. This process is to be carried out via the broker and not directly through the bank, as the client/company agreement is done between the client and the broker, and not the client and the bank.

In the event that the broker is insolvent, all client funds are paid back to the original source (clients), and at no time is the company allowed to use clients’ funds to repay its own debts or for any other purposes. An EU licensed broker is regularly audited by internal and external auditors to ensure that this stands true at all times. If for some reason there are not enough funds in the segregated client bank accounts to pay back all the clients at the time of insolvency, the broker will resume to the investor compensation fund, which was specifically created for such situations. The broker will use this fund to repay its clients of up to EUR20,000 per client.

Kind Regards,
  • #367
  • Oct 11, 2011 5:26am Oct 11, 2011 5:26am
Quoting TDFX
Hi Joseph,

The client has the right to deposit or withdraw funds at any time he likes. This process is to be carried out via the broker and not directly through the bank, as the client/company agreement is done between the client and the broker, and not the client and the bank.

[size=3][font=Calibri]In the event that the broker is insolvent, all client funds are paid back to the original source (clients), and at no time is the company allowed to use clients’ funds to repay...
Thank you for reply.
  • #368
  • Oct 11, 2011 8:37pm Oct 11, 2011 8:37pm
Quoting TDFX
...........If for some reason there are not enough funds in the segregated client bank accounts to pay back all the clients at the time of insolvency, the broker will resume to the investor compensation fund, which was specifically created for such situations. The broker will use this fund to repay its clients of up to EUR20,000 per client.

Kind Regards,
How long does this take? Is there a maximum amount of time broker has to act on this?

Here is one problem I see with this (and this is not targeted towards TWFX specifically). If the broker becomes insolvent, won't the people managing the internal operations of the broker be gone or laid off already?
Measure trends automatically with zero lag
  • #369
  • Oct 12, 2011 12:32am Oct 12, 2011 12:32am
Quoting ybfjax
How long does this take? Is there a maximum amount of time broker has to act on this?

Here is one problem I see with this (and this is not targeted towards TWFX specifically). If the broker becomes insolvent, won't the people managing the internal operations of the broker be gone or laid off already?

Hi ybfjax,

The amount of time it takes depends on the circumstances of the specific broker and can vary depending on the complexity and size of the company in question, and all its assets.

Regarding your second point, it is actually irrelevant what happens with the management team of the Ltd company, as all claim are made against the company and not individuals. To better understand how this works, have a read about the different types of business structures: http://www.simpleformations.com/types-business.htm

This is the official document regarding the compensation fund where detailed information can be found: http://bit.ly/qALONe

Best Regards
  • #370
  • Oct 27, 2011 7:54pm Oct 27, 2011 7:54pm
Kate, any chance TDFX gets listing here so that we can look at performance over time?

http://www.fxintel.com/
  • #371
  • Oct 28, 2011 4:04am Oct 28, 2011 4:04am
Has TDFX account with variable spread?
  • #372
  • Oct 30, 2011 11:50pm Oct 30, 2011 11:50pm
Hey TDFX, ive been pretty satisfied by your service until today...
i had a BUY LIMIT order at 75.5 waiting to be triggered to catch the intervention from BOJ, but it never got filled... Broker showed daily low 75.57, but... looking at some reliable source like xe.com, i found the daily low at 75.44xx even with the 2 pip spread on the UJ, i should've been triggered...

clearly ill need an explanation or ill be filing a complaint... you say you follow STP/ECN model but you cant even get the price feed right?? something fishy is going on here...
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #373
  • Oct 31, 2011 2:19am Oct 31, 2011 2:19am
Quoting mobthehop
Kate, any chance TDFX gets listing here so that we can look at performance over time?

http://www.fxintel.com/

Hi Mobthehop,

The site doesn’t seem to work very well just yet, it looks like it still might be in the Beta stage...

Also I don’t see how a broker can register?

Regards,

Kate
  • #374
  • Oct 31, 2011 2:21am Oct 31, 2011 2:21am
Quoting Oliver_Chart
Has TDFX account with variable spread?
Hi Oliver,

Tadawul FX has fixed spreads on all currency pairs, silver and gold, 24 hours a day. The only currency pairs with variable spread are HUF pairs.

Regards,
  • #375
  • Oct 31, 2011 4:02am Oct 31, 2011 4:02am
Quoting bguguen
Hey TDFX, ive been pretty satisfied by your service until today...
i had a BUY LIMIT order at 75.5 waiting to be triggered to catch the intervention from BOJ, but it never got filled... Broker showed daily low 75.57, but... looking at some reliable source like xe.com, i found the daily low at 75.44xx even with the 2 pip spread on the UJ, i should've been triggered...

clearly ill need an explanation or ill be filing a complaint... you say you follow STP/ECN model but you cant even get the price feed right?? something fishy is going on here...

Hi Bguguen,

Thanks for your feedback, its much appreciated!

Your query has been thoroughly investigated by the Treasury Department and I can confirm that Tadawul FX’s price was very much in line with the prices provided by many other reputable brokers. The low of the day at TDFX was 75.57, at MIG Bank it was 75.563, at Citi Bank 75.536 and at FXPro 75.563, etc. The rates vary slightly because each company works with different liquidity providers, but as you can see they were more or less the same. If you would like for me to provide you with screen shots as evidence, please let me know and I would be happy to send them to you.

Please remember that www.xe.com is a site to be used for ‘reference’ only, and it often shows prices that are not tradable.

If you have any more questions, don’t hesitate to let me know.

Regards,
  • #376
  • Nov 1, 2011 5:25am Nov 1, 2011 5:25am
Quoting TDFX
Hi Bguguen,

Thanks for your feedback, its much appreciated!

[size=3][font=Calibri]Your query has been thoroughly investigated by the Treasury Department and I can confirm that Tadawul FX’s price was very much in line with the prices provided by many other reputable brokers. The low of the day at TDFX was 75.57, at MIG Bank it was 75.563, at Citi Bank 75.536 and at FXPro 75.563, etc. The rates vary slightly because each company works with different liquidity providers, but...
Thanks for getting this clear, but i had to hesitate a bit, because i have multiple sources that say the UJ daily candle reached as low as 75.31 before the intervention kicks in... MB Trading reported 75.44 and Forexlive.com reported 75.31
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #377
  • Nov 1, 2011 7:43am Nov 1, 2011 7:43am
Quoting bguguen
Thanks for getting this clear, but i had to hesitate a bit, because i have multiple sources that say the UJ daily candle reached as low as 75.31 before the intervention kicks in... MB Trading reported 75.44 and Forexlive.com reported 75.31

My pleasure Bguguen,

This difference is most likely due to different companies using different liquidity providers (or sources of price feed).

If you have any more questions, don't hesitate to let me know.

Best Regards,
  • #378
  • Nov 10, 2011 8:59pm Nov 10, 2011 8:59pm
The spread of eur at 1 pips during all market hours?
What about news time?
  • #379
  • Nov 10, 2011 11:23pm Nov 10, 2011 11:23pm
Quoting MoreYummy
The spread of eur at 1 pips during all market hours?
What about news time?
Hi MoreYummy,

That's correct, the spread stays the same 24 hours a day, even during the news.

You mentioned the spread on EUR... if you are reffering to EURUSD than the spread is: 1 pip fixed (on Premium Accounts), 2 pips fixed (on Standard Accounts), 3 pips fixed (on Mini Account).

Let me know if you have more questions.

Kind Regards,

Kate
  • #380
  • Nov 25, 2011 6:45pm Nov 25, 2011 6:45pm
First, I want to apologize if my following question has been asked before.

I am a news trader. TDFX claims that they use fix spread at all times, and they do not restrict news trading strategy. Of course I was very happy because this trading condition supported my trading style very well.

But....

I was disappointed when I finally heard this further trading condition: pending order could be widen 15-30pip up to 5 minutes before news and will be normal 5 minutes after news.

So, all I want to ask is, is this what TDFX claiming that they do not restrict news trading? What will be the benefit of "fixed spread all times" if the "widening pending order" condition exists?
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