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Pepperstone Forex

  • #1,041
  • Sep 3, 2012 11:11am Sep 3, 2012 11:11am
Quoting Trekker
I currently have a Razor account with Pepperstone and pay commission on each trade.

I'm about to switch over to their new Edge platform and am wondering whether I should stay with a commission based account or switch to an Edge Standard account (pay no commission, but have slight increase in spread).

I originally choose the commission based account purely because of the lower spread. Can anyone advise the best way to decide which account type to go for. Do they work out about the same cost wise?

Thanks for you help.

(btw very happy...
Nearly the same between the two, with Razor being a bit cheaper in the total cost sense but it will impact your trading differently depending on your style.

For instance, if you are scalping 20-30 times a day and your average profit on a trade is less than 10 pips, than Razor is what you want. However, if you swing trade once or twice a week and your TPs are 100's of pips away, then the difference will have very little impact on you at all.

Also, keep in mind: Tracking and reporting wise, Razor will show a different net pips gained or lost than Standard would with the same P/L.

Some people don't care to keep track of commissions outside of their trade. Some don't mind.

As Ramy pointed out, personal preference is a big part of which account you feel better with as well.
FXGears.com
  • #1,042
  • Sep 3, 2012 11:11am Sep 3, 2012 11:11am
Quoting ramy3
LOL, what a dumb ass, he's not a machine, lol... Dumb ass meant respectfully.
I was just enjoying the show
FXGears.com
  • #1,043
  • Sep 3, 2012 11:19am Sep 3, 2012 11:19am
Quoting fx13
This is fucking scam moving from 1:400 to 1:25 so we have to close position while I trade EURCHF it's slow trades could take a month to bank profits! We got a warning previously over possible gap last months & this never happened & no gapoccured. I have one of my accounts trading EURCHF & use full leverage 1:400 avaible to increase profits when entering at 1.2008 so risk is mostly 10 pips against SNB 1.20 bids while wait for 1.2030 spikes & banking swap to pay for comission. Currently since month's didn't loose a trade & more than doubled traded...

When a broker offers 400:1, and a client goes full margin before a major gap, there's a high chance their account can go 'debit' (negative.) In that case the broker is holding the bag (risk) of clients not making their accounts whole...

Regardless of what's happened in the past, 'anything' can happen in the future. Brokers around the world are very concerned about SNB's potential changes and no business is going to risk their solvency over something potentially explosive. We're the punters, not the broker.

I don't trade EUR/CHF myself, nor will I before any news comes out from the SNB, but I'm glad my broker is taking steps to make sure they won't go tits up because of something like this.
FXGears.com
  • #1,044
  • Sep 3, 2012 11:20am Sep 3, 2012 11:20am
Quoting Jack_Larkin
http://i.imgur.com/aOAUP.gif

lol..
Jack, good to see you've dispensed with the 6 22" flats and bought those monitor glasses you were talking about.
Take it easy with the salt and butter on the popcorn though. You know the doc warned you about your blood pressure.

It's taken 15 mins and 5 missed trades totaling 57 pips to type this and check the spelling and grammar...
  • #1,045
  • Edited 2:24pm Sep 3, 2012 1:14pm | Edited 2:24pm
Quoting Doji Star
JUST GOT THIS MAIL FROM PEPPERSTONE....

Dear Client,


Over the next few days the Swiss National Bank may take measures to intervene with the exchange rate of the EURCHF. Pepperstone does not offer financial advise but we believe that such an event may result in extreme volatility in the EURCHF currency pair. This in turn may cause the market to "gap" significantly. In light of these conditions foreign exchange providers across the globe are adopting leverage reductions on the EURCHF.


Effective immediately Pepperstone will reduce the...
Not liking this effective immediately msg, though. A fairer and better warning should have been in place…. Don’t trade this instrument, but, if I where, l’d be totally pissed…

Something like this maybe would have been a bit better (IMHO):
Quoting DodieMix
Other broker (VantageFX) is going to close all positions (Shorts and Longs) in $EURCHF by 10th of September, no matter what, because of the risks. They are scared of SNB.
A head start at least...
Fuck Forex Factory.Wake up people.
  • #1,046
  • Sep 3, 2012 1:30pm Sep 3, 2012 1:30pm
Quoting Jack_Larkin
When a broker offers 400:1, and a client goes full margin before a major gap, there's a high chance their account can go 'debit' (negative.) In that case the broker is holding the bag (risk) of clients not making their accounts whole...

Regardless of what's happened in the past, 'anything' can happen in the future. Brokers around the world are very concerned about SNB's potential changes and no business is going to risk their solvency over something potentially explosive. We're the punters, not the broker.

I don't trade EUR/CHF myself, nor...
So you are happy with a broker that will move from 400:1 to 1:25 within 24 hour! & margin call customers. Hey you were warned guys! I don't agree also over the analysis behind this IF 1.20 peg if lifted now SNB will fill for 911 as it's still over loaded with EURCHF bets long! IT's loading billions each day & holding the peg. Pepperstone had previously warned over EURCHF moves & of course nothing happened any way.

BUT EURUSD can hold big gaps over week end so if you load full account size margin over week end you will never survive 50 pips gap wich is common with EURUSD & for sure account will be negative. So?

Also moving to 1:25!!! I think that pepperstone is not making enough money over EURCHF slow motion trades!

Check who is moving against EURCHF trades now ...

Any pepperstone guys here on FF?

13
Brokers are angels
  • #1,047
  • Edited 2:32pm Sep 3, 2012 1:35pm | Edited 2:32pm
Quoting fx13
So you are happy with a broker that will move from 400:1 to 1:25 within 24 hour! & margin call customers. Hey you were warned guys! I don't agree also over the analysis behind this IF 1.20 peg if lifted now SNB will fill for 911 as it's still over loaded with EURCHF bets long! IT's loading billions each day & holding the peg. Pepperstone had previously warned over EURCHF moves & of course nothing happened any way.

BUT EURUSD can hold big gaps over week end so if you load full account size margin over week end you will never survive 50 pips gap...
Just to be fair, they are not the only broker doing this.

Like i said; i would be "totally pissed" too. Not much we can do... If they are all doing it.
Fuck Forex Factory.Wake up people.
  • #1,048
  • Edited 4:39pm Sep 3, 2012 4:05pm | Edited 4:39pm
Quoting ramy3
Just to be fair, they are not the only broker doing this.

Like i said; i would be "totally pissed" too. Not much we can do... If they are all doing it.
Hi,

Yep bucket shops do that. But we are talking here about a broker we expect to offer higher standards! & once again pepperstone didn't lower margin to 1:100 or 1:50 US level it totaly required 8X more margin requirement.

BTW they have a FLAW in their margin orders I was able once to fill orders beyond 1:400 leverage... Shhh didn't tell support but it's true & hopefully for me the trade gone well ;-). I usually use one account on full scale leverage.

Any way already don't like the 2 pips distance ( said before it's a problem in EURCHF trading) so adding here 1:25 to force traders unwind EURCHF bets ( 95% are long! only big boys & real money flows go against SNB!)

Just to point out all I saw currently are stories about VantageFX & parent company Axis & if I'm not wrong Pepperstone IS linked to AXIS! Show here great concerne as this not about about using their licence as proxy they depend on Axis decisions & LP!

13
Brokers are angels
  • #1,049
  • Sep 3, 2012 4:41pm Sep 3, 2012 4:41pm
Go this right now:

Quote
Dear XXXX,

Thank you for your email. SInce you have open position we would be happy to offer a grace period until the weekend before imposing the leverage reduction.

Kind regards,

Joseph
Pepperstone Administration

13
Brokers are angels
  • #1,050
  • Edited 5:36pm Sep 3, 2012 4:59pm | Edited 5:36pm
Quoting fx13
Hi,

Yep bucket shops do that. But we are talking here about a broker we expect to offer higher standards! & once again pepperstone didn't lower margin to 1:100 or 1:50 US level it totaly required 8X more margin requirement.

BTW they have a FLAW in their margin orders I was able once to fill orders beyond 1:400 leverage... Shhh didn't tell support but it's true & hopefully for me the trade gone well ;-). I usually use one account on full scale leverage.

Any way already don't like the 2 pips distance ( said before it's a problem in EURCHF...
Not, sure what to say here. I haven’t even received that initial email from Pepperstone or from any of my other broker accounts…(That’s what's bugging me now.) Probably because I do not trade that pair (Not sure). Hope it still works out for you and you can get back in at the same price or better without having occurred to much of a loss.

At least they are offering a grace period now… No real comfort but still…
Fuck Forex Factory.Wake up people.
  • #1,051
  • Sep 3, 2012 6:00pm Sep 3, 2012 6:00pm
Quoting Doji Star
JUST GOT THIS MAIL FROM PEPPERSTONE....

Dear Client,


Over the next few days the Swiss National Bank may take measures to intervene with the exchange rate of the EURCHF. Pepperstone does not offer financial advise but we believe that such an event may result in extreme volatility in the EURCHF currency pair. This in turn may cause the market to "gap" significantly. In light of these conditions foreign exchange providers across the globe are adopting leverage reductions on the EURCHF.


Effective immediately Pepperstone will reduce the...
Thank you for having posted this.
Fuck Forex Factory.Wake up people.
  • #1,052
  • Sep 3, 2012 6:20pm Sep 3, 2012 6:20pm
Quoting fx13
So you are happy with a broker that will move from 400:1 to 1:25 within 24 hour! & margin call customers. Hey you were warned guys! I don't agree also over the analysis behind this IF 1.20 peg if lifted now SNB will fill for 911 as it's still over loaded with EURCHF bets long! IT's loading billions each day & holding the peg. Pepperstone had previously warned over EURCHF moves & of course nothing happened any way.
I agree the notice period was too short. It could have been a little longer. Personally I don't see why anyone would take such extreme risk of leaning on a wound up peg like this with 400:1 margin.. but for the ones that did, maybe a little more time would have been better.

SNB has other options to trade out of their net position on their own currency. Insurance products, options, forwards, alternative markets, etcc.. they also aren't levered up in the same way either. If the market hits EURCHF down hard, they aren't as exposed as you're suggesting. The SNB isn't dumb, and they aren't going to shoot themselves in the foot so easily.

Just because no new change has happened yet, doesn't mean it won't happen. Don't think something won't happen in the future because it hasn't happened in the past. Keep a risk manager's and trader's mentality toward possibilities like this.

Which is what this whole thing is all about, "possibilities"... I really don't think you're appreciating what outcomes are possible. It's not just about the gap, but the volatile moves after since few liquidity providers are going to fill orders when they can't hedge out easily themselves. It's about the possible change and market environment when handling client orders post SNB announcement.

Quoting fx13
BUT EURUSD can hold big gaps over week end so if you load full account size margin over week end you will never survive 50 pips gap wich is common with EURUSD & for sure account will be negative. So?
We're not talking about a potential 50 pip gap here.

You do realize that before the SNB peg, the pair traded 2000+ pips lower? The market has no idea how the unwinding of positions, stop outs, and such will affect it should the SNB make a move, let alone the months of fundamentals that will take effect without the peg in place.



Quoting fx13
Also moving to 1:25!!! I think that pepperstone is not making enough money over EURCHF slow motion trades!
Dude, I personally think they should have lowered it to 5:1 or less... 25:1 could still put people's account into a negative state should the move be violent enough. Again, the market has no idea what will happen.

Quoting fx13
Hi,

Yep bucket shops do that. But we are talking here about a broker we expect to offer higher standards! & once again pepperstone didn't lower margin to 1:100 or 1:50 US level it totaly required 8X more margin requirement.
This has nothing to do with bucket shops, it's about risk mitigation. You can rant here all you want (I welcome it, critical talk about problem is part of how things are solved) but don't confuse a broker moving to protect themselves from client accounts going 'debit' with being sleazy.. this move makes sense from a business prospective and as a trader I want to know my broker will remain healthy so I can continue to trade there.

A broker makes money from transactions, they can't just cover the negative balances of a given portion of their client base should the market not give a chance to close client positions within their regular margin stop out threshold.

As I said in my other post:
Quoting Jack_Larkin
We're the punters, not the broker.



Quoting fx13
BTW they have a FLAW in their margin orders I was able once to fill orders beyond 1:400 leverage... Shhh didn't tell support but it's true & hopefully for me the trade gone well ;-). I usually use one account on full scale leverage.
If you mean the use of hedging to lower margin requirements, adding more in the intended direction, then removing the hedge order to create a net position greater than your margin would permit.. then you're really pushing your margin stop out levels and giving yourself little room to move. EURCHF might run UP quite a bit before snapping down hard on any news release, keep that in mind.

A better way would be to create a synthetic EURCHF position using EURUSD and USDCHF... look up synthetic pairs trading if you're not already well versed in the process. Less cost in setting up the trade, and full margin available split between two positions.

In the end though, I wish you luck for both yours and Pepper's sake. I personally feel you're being reckless if you truly want to go full 400:1 on a EURCHF, but I wish losses on no one.


Quoting fx13
Any way already don't like the 2 pips distance ( said before it's a problem in EURCHF trading) so adding here 1:25 to force traders unwind EURCHF bets ( 95% are long! only big boys & real money flows go against SNB!)

Just to point out all I saw currently are stories about VantageFX & parent company Axis & if I'm not wrong Pepperstone IS linked to AXIS! Show here great concerne as this not about about using their licence as proxy they depend on Axis decisions & LP!

13
With EDGE, Pepper is connecting directly to the banks. They might use other partners to facilitate that, but I don't believe Axi is involved at all anymore. They have full control over EDGE.

Also, I have no idea what you're talking about with the Vantage comment. Vantage has nothing to do with Pepper.
FXGears.com
  • #1,053
  • Sep 3, 2012 6:21pm Sep 3, 2012 6:21pm
Quoting ramy3
Thank you for having posted this.
Check your "mailbox" tab in the MT4 terminal, it should be there as well. Typos and all hah
FXGears.com
  • #1,054
  • Sep 3, 2012 6:25pm Sep 3, 2012 6:25pm
Quoting fx13
Go this right now:



13
Ah, a grace period of a week.. now that's a lot better than expected.

I realize you're directly affected by this decision on Pepper's part, so your comments are heated... don't think I'm trying to put you down when I respond to your comments, I'm just expressing what I think is a fair point of view.

Again, good luck on your trade, and do look into the synthetic position I was talking about to make better use of your leverage before you do anything that would tie up your margin entirely or cost you a trade in gaming the hedge/margin limits.
FXGears.com
  • #1,055
  • Edited 7:05pm Sep 3, 2012 6:28pm | Edited 7:05pm
Quoting Jack_Larkin
Check your "mailbox" tab in the MT4 terminal, it should be there as well. Typos and all hah
Dude, my Mailbox tab, who the f*** checks that!
A machine i say, a machine!
Fuck Forex Factory.Wake up people.
  • #1,056
  • Sep 3, 2012 6:29pm Sep 3, 2012 6:29pm
Quoting ramy3
Dude my Mailbox tab, who the f*** checks that!
I know right? I found it by accident myself when I miss-clicked for the Journal tab.

I think they directly emailed people with open positions.
FXGears.com
  • #1,057
  • Edited 6:57pm Sep 3, 2012 6:31pm | Edited 6:57pm
Quoting Jack_Larkin
Personally I don't see why anyone would take such extreme risk of leaning on a wound up peg like this with 400:1 margin.. but for the ones that did, maybe a little more time would have been better.
To each is own...
Fuck Forex Factory.Wake up people.
  • #1,058
  • Edited 7:32pm Sep 3, 2012 6:32pm | Edited 7:32pm
Quoting Jack_Larkin
I know right? I found it by accident myself when I miss-clicked for the Journal tab.

I think they directly emailed people with open positions.
Will check my other accounts now, ghezz...

Honestly, not a good idea to go thru that method of communication. My .50 cents worth. Who the f*** ever checks that tab... (Pardon my french...)
Fuck Forex Factory.Wake up people.
  • #1,059
  • Sep 4, 2012 2:55am Sep 4, 2012 2:55am
Quoting Jack_Larkin
If you mean the use of hedging to lower margin requirements, adding more in the intended direction, then removing the hedge order to create a net position greater than your margin would permit.. then you're really pushing your margin stop out levels and giving yourself little room to move. EURCHF might run UP quite a bit before snapping down hard on any news release, keep that in mind.

A better way would be to create a synthetic EURCHF position using EURUSD and USDCHF... look up synthetic pairs trading if you're not already well versed in the...
It's not Hedging... At once was able to fire trades with 70% margin !!! IT happened once and have logs to prove it. & IT's not after the price moved against me that margin moved to 70% something was wrong. ( A hint it was pending orders stock piled that got fired same level).

Quoting Jack_Larkin
SNB has other options to trade out of their net position on their own currency. Insurance products, options, forwards, alternative markets, etcc.. they also aren't levered up in the same way either. If the market hits EURCHF down hard, they aren't as exposed as you're suggesting. The SNB isn't dumb, and they aren't going to shoot themselves in the foot so easily.

Just because no new change has happened yet, doesn't mean it won't happen. Don't think something won't happen in the future because it hasn't happened in the past. Keep a risk manager's...
You might then read this:

http://snbchf.com/2012/07/eurchf-1-1...0-francs-week/

Also in the past when we lost 1.50 peg SNB lost 31 billions$!
http://www.bloomberg.com/news/2011-0...on-losses.html


Notice I'm not dumb it's not all my $$ I said it's one account & the amount I would risk on those EURCHF trades. Over leveraged compared to account but remain contained % risk within my asset & that's why when using leverage to the maximum I use separate account as you said any thing can happen.

13
Brokers are angels
  • #1,060
  • Sep 4, 2012 3:07am Sep 4, 2012 3:07am
Hi,

Any one with razor account should checl EURCHF chart! in Asia lows again 1.1975 ! while on pepperstone EDGE 1.20058 & so on other serious broker like dukas. That make a whole 7 pips difference that mostly was spread!

So all Eurchf longs against 1.20 are getting wiped out... I don't understand why now razor on eurchf is having such spikes.

13
Brokers are angels
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