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Armada Markets

  • #1
  • First Post: Mar 16, 2012 7:18am Mar 16, 2012 7:18am
Guys,
This theme will either be a BIG or a BIG - the result of it depends entirely on the resolution of the issue that follows:

The issue regards an unfilled limit order at a price quoted by Armada markets - you can see from the attached screen shots that the order was posted almost 8 hours before the targeted price was quoted and deleted 3 hours after the quote in question. 20 odd pips are not big deal, but the principle of limit orders is that they get executed. I sent an e-mail to the Armada Markets CEO and await for his response. I will post again to show the resolution to this issue
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad_unfilled.gif Size: 341 KB
Click to Enlarge Name: usdcad_unfilled_time-of-cancel.gif Size: 354 KB
  • #2
  • Mar 16, 2012 7:40am Mar 16, 2012 7:40am
A friend of mine is using an EA running on on a demo with them, using 4xsentinel he is seeing a lot of market manipulation

What account you have with www.armadamarkets.com ?
  • #3
  • Mar 16, 2012 8:21am Mar 16, 2012 8:21am
Quoting Cocoflanel
A friend of mine is using an EA running on on a demo with them, using 4xsentinel he is seeing a lot of market manipulation

What account you have with www.armadamarkets.com ?
I've been with Armada for a week now (primeExchange account) and have occasionally checked their quotes alongside LMAX's. They have always been spot on and they do not lag LMAX. maybe your friend has the 'generic' version of the primexm mt4 platform (I downloaded this initially, it does not have 'arm' after the pair and you cannot trade microlots at market. The execution can be delayed, also. So, it's not an accurate representation of the proper demo. Perhaps get your friend to email them, Coco? Make sure he has the true PrimeXM Demo?
  • #4
  • Mar 16, 2012 8:27am Mar 16, 2012 8:27am
Quoting freelancer
The issue regards an unfilled limit order at a price quoted by Armada markets - you can see from the attached screen shots that the order was posted almost 8 hours before the targeted price was quoted and deleted 3 hours after the quote in question...
Fail--limit orders are guaranteed price, not guaranteed fill. Based on Forex Factory feed, price barely touched .994 then retreated. My MBT acct shows a bid high of .99399 for that same period. It's the downside of limit orders, I had the same thing today, price sat at my limit w/ no fill, then marched right back to my stop. It happens. Use market orders if you want guaranteed fills at any price and vice versa for limits...
  • #5
  • Mar 16, 2012 8:42am Mar 16, 2012 8:42am
Quoting BroncoCap
Fail--limit orders are guaranteed price, not guaranteed fill. Based on Forex Factory feed, price barely touched .994 then retreated. My MBT acct shows a bid high of .99399 for that same period. It's the downside of limit orders, I had the same thing today, price sat at my limit w/ no fill, then marched right back to my stop. It happens. Use market orders if you want guaranteed fills at any price and vice versa for limits...
BroncoCap,

Your argument is out of place - what does the Forex Factory or the MBT feeds have in common with the Armada quote of 0.99402?
If you do not have anything on the subject - stay away and don't spam
  • #6
  • Mar 16, 2012 8:44am Mar 16, 2012 8:44am
Quoting freelancer
BroncoCap,

Your argument is out of place - what does the Forex Factory or the MBT feeds have in common with the Armada quote of 0.99402?
If you do not have anything on the subject - stay away and don't spam
Fair enough, and when you get the reply, please post it. And I will be sure to not be around to say "I told you so"...The answer is in my reply, but guess you'll have to hear it from Armada rather than someone trying to help...
  • #7
  • Mar 16, 2012 9:10am Mar 16, 2012 9:10am
And here is the answer from Armada Markets:
Dear Mr ....,
Thank you for being a client of Armada Markets. ....
When you opened your account then you chose to have a primeClassic account type. primeClassic account is a commission-free trading account which has a wider spread than the primeExchange account. 0.3 is added to ask price, 0.3 is deducted from the bid price on primeClassic accounts. So 0.6 pips is added in total as a markup to incoming LMAX raw spread on all currency pairs. For additional informations please see the following page: http://www.armadamarkets.com/fx-trading/account-types/
About 5% of our accounts are primeClassic accounts. 95% are primeExchange accounts. Charts on both primeClassic and primeExchange account always reflect raw LMAX spreads, this can always be verified directly with LMAX or by comparing prices in our trading platform with the price widget on LMAX website. So even though primeClassic has a 0.3 deducted from the bid price then charts always show the real raw price coming from LMAX to better reflect real market conditions. This can also be verified at all times when you compare the price on the chart with the price you have on the left in the Market Watch panel and below in the Trade Panel of the client trading platform. I have also attached a picture confirming this, the picture is taken from a live primeClassic trading account.
The highest bid price on the USDCAD during the life of your SELL LIMIT order was 0.99402 which can be seen from your own chart and also from the chart of LMAX attached to this email. You have a primeClassic account which means that your bid price is always lower by a -0.3 pips. Which means that the highest bid price for you was in fact 0.99399. We are sorry that the market did not move 0.1 pips higher but we cannot be responsible for this as you most likely understand yourself.
Every client must be familiar with our trading terms. primeClassic accounts have always had a 0.3+0.3=0.6 pip markup and this is written in our account types page on the website. I hope this will now resolve the issue.
Feel free to contact us if you have any further comments or questions.

I am totally satisfied with the answer and the speed of response
  • #8
  • Mar 16, 2012 11:41am Mar 16, 2012 11:41am
Quoting freelancer
And here is the answer from Armada Markets:
Dear Mr ....,
Thank you for being a client of Armada Markets. ....
[color=Black][color=#480078][font=tahoma][size=2]When you opened your account then you...
i shared your sentiments abt Armada Markets too! I love their response and platform too!
  • #9
  • Mar 16, 2012 1:44pm Mar 16, 2012 1:44pm
Their rollover rate are very strange: http://www.armadamarkets.com/fx-trad...g-instruments/

Look at eur/usd for example, the long swap and the short swap are both negative, I do not know what interest standard they use...
  • #10
  • Mar 18, 2012 10:49am Mar 18, 2012 10:49am
Quoting internlin
Their rollover rate are very strange: http://www.armadamarkets.com/fx-trad...g-instruments/

Look at eur/usd for example, the long swap and the short swap are both negative, I do not know what interest standard they use...
The difference between EUR interest rate and USD interest rate is small enough to be covered by the spread on their swap rate, therefore it is negative for both long and short. It is like that for most brokers that have high spreads on their swap rates. Even Dukascopy are not positive for a long on eurusd, and they have one of the lowest swap spreads. take a look here
  • #11
  • Mar 18, 2012 3:44pm Mar 18, 2012 3:44pm
could anyone help me and tell me which one I should chose? armada or pepperstone? I still dont know...
  • #12
  • Mar 18, 2012 4:37pm Mar 18, 2012 4:37pm
Quoting NViet
could anyone help me and tell me which one I should chose? armada or pepperstone? I still dont know...

Very easy...Armada because they clear through Lmax , the only spot exchange in the world..
  • #13
  • Mar 18, 2012 5:14pm Mar 18, 2012 5:14pm
Quoting NViet
could anyone help me and tell me which one I should chose? armada or pepperstone? I still dont know...
Why don't you just open an account with both and see for yourself which you prefer...? minimum deposits are only $200...
  • #14
  • Mar 19, 2012 2:07am Mar 19, 2012 2:07am
Quoting rooicol
Why don't you just open an account with both and see for yourself which you prefer...? minimum deposits are only $200...
Good idea. The thing that gets me about Armada is they are "partly" owned by Goldman Sachs, operating in London but have a spot FX brokerage license and also other licenses for providing precious metals trading from Estonian Ministry of Economics!
Good Trading
  • #15
  • Mar 19, 2012 2:13am Mar 19, 2012 2:13am
Quoting aud
Good idea. The thing that gets me about Armada is they are "partly" owned by Goldman Sachs, operating in London but have a spot FX brokerage license and also other licenses for providing precious metals trading from Estonian Ministry of Economics!
I thought that e latest news that GS no longer owned Armada Markets! But nevertheless,i still like Armada's way of doing business and their supports r excellant too,for now! Hope they will continue their good stuff for a long long time!
  • #16
  • Mar 19, 2012 2:14am Mar 19, 2012 2:14am
very interesting this armada is....if they are as clean as purported the times of bucket shops including oanda are limited.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #17
  • Mar 19, 2012 3:42pm Mar 19, 2012 3:42pm
Does anyone know if funds with Armada are covered by the FSA £50k protection in the event they or lmax go under?

thanks
  • #18
  • Mar 19, 2012 3:49pm Mar 19, 2012 3:49pm
Quoting Ultimatus
Does anyone know if funds with Armada are covered by the FSA £50k protection in the event they or lmax go under?

thanks
No, FSA has nothing to do with it. You are sending your cash to Armada, which is an estonian firm. Unregulated, as far as i can tell, so no protection.
  • #19
  • Mar 29, 2012 12:54am Mar 29, 2012 12:54am
Quoting odarit
Can anyone with a live account at Armada Markets tell me about their MT4 PrimeXM FX Bridge execution speeds, is it on par with LMAX? Additionally, Jfk spoke about Armada Markets offering to its potential clients a 'generic' version of the primexm mt4 platform (arm)? My question is why would Armada offer this to its clients and not offer the true Demo? Can someone with a live account at Armada please comment about their experience withdrawing funds from Armada Markets, any transactions issue, withdrawal speed, complicated process?
I use their demo. When you apply for their demo account on the website then you get a unique login and password and a download link. Guys who have not followed the login instructions have ended up using a generic demo. Always follow the instructions. Armada Markets uses a Swiss company primeXM as a software vendor. primeXM's clients are large Asian and European brokers. So if you do not use Armada's demo account credentials for some reason then your demo will be a generic demo and it will have primeXM trading conditions. Always use the login and password that are created for you on their website.
  • #20
  • Mar 29, 2012 1:51am Mar 29, 2012 1:51am
Quoting odarit
Can anyone with a live account at Armada Markets tell me about their MT4 PrimeXM FX Bridge execution speeds, is it on par with LMAX? Additionally, Jfk spoke about Armada Markets offering to its potential clients a 'generic' version of the primexm mt4 platform (arm)? My question is why would Armada offer this to its clients and not offer the true PrimeXM Demo? Can someone with a live account at Armada please comment about their experience withdrawing funds from Armada Markets, any transactions issue, withdrawal speed, complicated process?
Dave's answered your question on making sure you have the correct Demo set up. The execution is as instant as LMAX. I have experienced absolutely no fill delays. Regarding funding, I would just say that when you initiate the transaction through Moneybookers or Paypal, send them an email (support@armadamarkets) notifying them of your deposit. One other thing, they have just started sending out Daily Confirmation and account balance statements via email, which is useful. So far, so good.
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