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Pepperstone Forex

  • #2,281
  • Jul 18, 2013 2:29am Jul 18, 2013 2:29am
Peperstone is using virtual dealer plug in software'' By the end of delay the plugin confirms the order using the worst price for the trader''
http://www.tools4brokers.com/product..._Dealer_Plugin
http://www.tools4brokers.com/clients
  • #2,282
  • Jul 18, 2013 3:29am Jul 18, 2013 3:29am
Quoting olsen-yersen
Peperstone is using virtual dealer plug in software'' By the end of delay the plugin confirms the order using the worst price for the trader'' http://www.tools4brokers.com/product..._Dealer_Plugin http://www.tools4brokers.com/clients
All that says is that they a client - it doesn't say they use that plug in.
  • #2,283
  • Jul 19, 2013 2:13am Jul 19, 2013 2:13am
Client for what?They are selling virtual dealer plug in to brokers and Pepperstone one of them.
  • #2,284
  • Edited 3:03am Jul 19, 2013 2:44am | Edited 3:03am
Quoting olsen-yersen
Client for what?They are selling virtual dealer plug in to brokers and Pepperstone one of them.
Do you not see the logic flaw there? That's like saying you eat oranges because you shopped for apples at a market that also happens to sell oranges.

The company sells 15 different products if you browse their site.

And guess what? If you look at this product:
http://www.tools4brokers.com/product...t-depth-panels

Does that not look familiar to you?!
(If you're a Pepper client, it probably would.)

A hint:
https://pepperstone.com/img/edge/One...adingImage.gif
(taken from here: https://pepperstone.com/trading-accounts/edge.php )

And to verify, let's look at the experts tab after adding it to a chart:

http://i.imgur.com/PbTAeB7.png

... mystery solved.
FXGears.com
  • #2,285
  • Jul 19, 2013 2:56am Jul 19, 2013 2:56am
pepperstones spreads right now on edge server. eur-usd 1.1 gpd-usd 1.4 aud usd 1.4

nzd-cad 3.4 nzd-chf 2.8 eur-jpy 1.8 aud-jpy 1.8


awesome spreads.
  • #2,286
  • Jul 19, 2013 2:57am Jul 19, 2013 2:57am
that's with commission of course. commission included in the spreads I just quoted. 0.7 round trip
  • #2,287
  • Jul 22, 2013 4:24pm Jul 22, 2013 4:24pm
I realise liquidity is slim at this time, but 51pips is over doing it, particularly since other brokers are at around 15pips on this pair at the same time.

If holding a position, I'd be getting nervous that a Pepperstone spread spike was going to take me out.

Difficult doing business with confidence.
Attached Image (click to enlarge)
Click to Enlarge Name: 2013-07-23_0713.png Size: 94 KB
  • #2,288
  • Jul 22, 2013 5:59pm Jul 22, 2013 5:59pm
Ouch, was this during rollover? Yeah, looks like it was.

GBPNZD is notoriously illiquid during that time, and in general for that matter.

Did you point this out to their support? Maybe they could improve something here if enough people make mention of it (I'll bug them too, no harm there.)

I did some quick digging, and other brokers can be the same or higher:

Oanda saw as high as 120 pip spreads during that period yesterday. ICM matched Pepper at ~50 pips. And Axi seems to be coming in near 15-20pips. So there's a huge variation there between brokers..
FXGears.com
  • #2,289
  • Jul 22, 2013 6:26pm Jul 22, 2013 6:26pm
i expect spreads to be higher at this time of the day, but 51pips is too much, i cant trade confidently under those conditions

and just because other brokers are doing it, doesnt make it right

overall i'm a PS fan, to-date i have nothing else to complain about; but i would like to see such outrageous spread spikes removed from the feed

particularly since LMAX, FXCM and Global Prime, for example, arent widening spreads this much at this time of the day

so lets see if PS can make a change here

btw: PS "blackout", where no trading is allowed and spreads are excessive (nor are stops tripped) ends at 2105GMT, as i understand it
  • #2,290
  • Jul 22, 2013 6:47pm Jul 22, 2013 6:47pm
Quoting PeterE
i expect spreads to be higher at this time of the day, but 51pips is too much, i cant trade confidently under those conditions and just because other brokers are doing it, doesnt make it right overall
Yeah, since I don't trade GBPNZD I pulled up the other broker's stats for reference. I agree in general that just because others do it, doesn't mean it should be done..

I reviewed FXCM's spreads during that time, and they are ~25 pips... LMAX comes in at just tipping off at 50 for the last few days on rollover, and Vantage at ~45.

This is starting to seem like there's an LP that is more aggressive on the pair during rollover that some brokers have in place, but others don't. Odd how consistently brokers are either ~50, with two now that are ~25. Curious.

Though, to be honest, none of this is shaking "confidence" with me just yet. Had we seen the levels Oanda was using (120pips) I'd be quite a bit more concerned.

Quoting PeterE
i'm a PS fan, to-date i have nothing else to complain about; but i would like to see such outrageous spread spikes removed from the feed particularly since LMAX, FXCM and Global Prime, for example, arent widening spreads this much at this time of the day so lets see if PS can make a change here btw: PS "blackout", where no trading is allowed and spreads are excessive (nor are stops tripped) ends at 2105GMT, as i understand it
Yes, during rollover, for 5 minutes, no trades would be triggered regardless of the quote. So perhaps this might have little impact on actual positions in the live market. However, I don't give Pepper a free pass on that technicality. I'd rather just see them be better than their competition instead of just matching the 'average'.

I'll write in about it and see what they come back with. If others do as well, they might get the message.
FXGears.com
  • #2,291
  • Jul 22, 2013 7:24pm Jul 22, 2013 7:24pm
2113GMT (when i took the spread pic) isnt rollover/reset,

21 to 2105 is, so we would expect an increase across the board with all brokers at this time, even LMAX, and thereafter, spreads slowly begin to "normalize"

a 50 pip spread is a concern (whoever your broker is!).......because your stop can be triggered by a broker induced spread spike [Vs. technical/fundamental reasons or poor trading.......which is easier to swallow]

nevertheless, if i start getting stopped by unreasonable spread spikes (when compared to what other brokers are offering), then the decision is easy for me
  • #2,292
  • Jul 22, 2013 7:31pm Jul 22, 2013 7:31pm
Quoting PeterE
2113GMT (when i took the spread pic) isnt rollover/reset, 21 to 2105 is, so we would expect an increase across the board with all brokers at this time, even LMAX, and thereafter, spreads slowly begin to "normalize" a 50 pip spread is a concern (whoever your broker is!).......because your stop can be triggered by a broker induced spread spike [Vs. technical/fundamental reasons or poor trading.......which is easier to swallow] nevertheless, if i start getting stopped by unreasonable spread spikes (when compared to what other brokers are offering),...
In context though, it's on GBPNZD, and DMA brokers don't set the spread, they just process based off the quote feed from their LPs.

Had this been EURUSD, I'd be freaking out about it too and yelling at Pepper right now.

I'm not trying to say your concern is unfounded, I'm just explaining why I don't find the spread as alarming as you do. Especially since other major brokers are nearly in line with a few beating by half and one huge broker being more than twice as bad.

GBPNZD is generally illiquid, and some major brokers even quote it synthetically as a cross (GBPUSD by NZDUSD) instead of having access to the pair itself since there's so little interest in it. I know InteractiveBrokers does this for instance, and they are huge in the US.
FXGears.com
  • #2,293
  • Jul 22, 2013 7:54pm Jul 22, 2013 7:54pm
Quoting Jack_Larkin
{quote} In context though, it's on GBPNZD, and DMA brokers don't set the spread, they just process based off the quote feed from their LPs.
true, it's the LP's, but if other brokers can achieve it, can PS also?, it would be good to see

Quoting Jack_Larkin
{quote}Especially since other major brokers are nearly in line with a few beating by half and one huge broker being more than twice as bad.
there's no point in comparing to brokers who are the same as or worse than PS,
or who are increasing their spreads during the 5min rollover, as that's to be expected

i am talking about brokers who offer better spreads outside the rollover period, and between 2105 to 2200 GMT; i've already named 3

can PS match these brokers?, that's the challenge!

Quoting Jack_Larkin
{quote} GBPNZD is generally illiquid,
not true, look at the daily volume PS has on euro Vs. GBPNZD, the difference is what 20%, and often similar
  • #2,294
  • Edited 8:24pm Jul 22, 2013 8:09pm | Edited 8:24pm
Quoting PeterE
not true, look at the daily volume PS has on euro Vs. GBPNZD, the difference is what 20%, and often similar
Oh, MetaTrader 4 doesn't report real volume in dollars transacted terms. There's actually no way to measure real volume in the forex market since it's decentralized and has no single point of reporting (not to mention currency trading doesn't stop at spot, there's swaps, NDFs, futures, etc..)

What MetaTrader (and most other fx platform) will do is measure the "tick" volume. So how many ticks took place during that bar's time on the chart.

A tick happens when the quote changes or updates, but not necessarily when a transaction took place. In GBPNZD's case, any change to the price of GBPUSD or NZDUSD could/would cause a potential quote refresh on GBPNZD, since you can synthetically price GBPNZD by combining the two pairs, and thus generate a tick on GBPNZD without any transaction taking place at all. If you think about how active GBPUSD is alone, that would cause a lot of activity on GBPNZD's tick volume.

(Think how efficient markets have to work and triangular arbitrage as for why GBPNZD would 'tick' on moves in GBPUSD and NZDUSD.)

Brokers often spin tick volume to be a 'substitute' for real volume since a lot of people coming over from the stock or futures world request a volume feed. Heck, MetaQuotes outright labels tick volume as plain "volume" on their MT4 platform.. but tick volume simply does not begin to capture the same information or stand as a substitute at all for real volume in $'s transacted terms.

Actually, I got restricted from commenting on MyFXBook's blog after I called them out for measuring tick volume as "liquidity" with one of their new site features, which was extremely misleading on their part and they admitted to using MetaQuote's definition of volume (which is flawed):
http://blog.myfxbook.com/2013/01/14/.../#comment-3462

I <3 MyFXBook, but they are so very and completely wrong about this one.

While it won't work for GBPNZD (due to a lack of interest/activity) a valid substitute for real fx volume would be the CME currency futures volume on the majors. The pound, euro (6E), etc... just watch the volume on their standard sized front month futures contract. It wont' be exactly what the real volume is on spot, but it's far better of an indicator/substitute than tick volume.
FXGears.com
  • #2,295
  • Jul 22, 2013 8:51pm Jul 22, 2013 8:51pm
tick volume, i see,

i dont use the volume, i only mentioned re GBPNZD liquidity, or lack of, but as you say, it cant even be used as a sample of the population
  • #2,296
  • Jul 30, 2013 7:40pm Jul 30, 2013 7:40pm
can any one tell me if pepper is DMA ?, because i'v been looking on their website for the past 30 minutes and haven't find anything.
i guess if they were DMA they would have advertised on it .
i lose money for a living
  • #2,297
  • Jul 30, 2013 8:01pm Jul 30, 2013 8:01pm
Quoting tylerbose
can any one tell me if pepper is DMA ?, because i'v been looking on their website for the past 30 minutes and haven't find anything. i guess if they were DMA they would have advertised on it .
Yes:

"""EDGE allows Pepperstone clients direct ECN trading via Metatrader 4 – The world’s favourite FX trading platform. """

Qutoe from here:
https://pepperstone.com/trading-accounts/edge.php
FXGears.com
  • #2,298
  • Jul 30, 2013 8:36pm Jul 30, 2013 8:36pm
Quoting Jack_Larkin
{quote} Yes: """EDGE allows Pepperstone clients direct ECN trading via Metatrader 4 – The world’s favourite FX trading platform. """ Qutoe from here: https://pepperstone.com/trading-accounts/edge.php
still, ECN =/= DMA, but i'v been looking around and it turns out that ecn includes dma .
anyhow, can you help me? my DOM isn't working :/ (i know it isn't a fire wall problem)
i lose money for a living
  • #2,299
  • Jul 31, 2013 8:27pm Jul 31, 2013 8:27pm
15 Pip slippage and then my order getting filled 30-60 secs late right at the extreme top of the move. WHY the fuk am i using this broker
MMMYYYKKK
  • #2,300
  • Jul 31, 2013 10:47pm Jul 31, 2013 10:47pm
Quoting tylerbose
{quote} still, ECN =/= DMA, but i'v been looking around and it turns out that ecn includes dma . anyhow, can you help me? my DOM isn't working :/ (i know it isn't a fire wall problem)
Fresh install? Try giving support a shout (use the chat feature on Pepper's website,) they may be able to help.

Mine seems to be up and running, but sometimes it takes a minute to populate once loaded.
FXGears.com
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