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Pepperstone Forex

  • #2,321
  • Aug 22, 2013 5:50pm Aug 22, 2013 5:50pm
Quoting GRforex
I am with pepperstone. I was short at the UK open and noticed that price was likely to reverse, I moved my SL to 130.97 and placed pending buy at 131.00. There was news and my stops got hit but at 131.238. With my SL position I was 26 pips worse off and 23 pips on my pending long position. Excuse they are giving is that the market reacted to the news and gapped up creating slippage. There is no gap when look at the 1M charts. I have told them to refund the money or I withdraw and go elsewhere and should hear back tomorrow. Appreciate your thoughts...
How a chart is painted has nothing to do with liquidity available during a news release.

A candlestick or bar is just a visual representation of open, high, low, and closing prices. If the candle opened at one price, then news is released causing a drastic gap, then the candle closed, it would appear like a long bar that covers the gap. This means it has zero relation to liquidity during the news release that could cause such a move.

If the market moves through your order levels, and it triggers your orders, they get executed at the next available market price. Should a huge gap caused by a news release move through your orders, they get triggered, but the next avilable market price will be where the current market trades (not where your order was placed.) Understand, an unexpected result (like drastically different numbers from what was forecast) of a news release can cause the market to move very far (I've seen 100+ pips at times) within just a few ticks (not seconds, not minutes, but single ticks of price moving.)
FXGears.com
  • #2,322
  • Aug 22, 2013 5:57pm Aug 22, 2013 5:57pm
Quoting aiming4stars
{quote} It goes without hassle, but the only offer wire transfers... and international wires cost 30$, compared to 10$ for australian banks I think.
International clients can use credit card withdrawal for free. Even if they didn't deposit by credit card. Pepper runs an "imbalanced refund" on the card.

This might not make sense for withdrawals up near $10k, but for a few hundred+ it's quite convenient.
FXGears.com
  • #2,323
  • Aug 23, 2013 12:45am Aug 23, 2013 12:45am
Quoting Jack_Larkin
{quote} I've done many CC based withdrawals (they are free) and it's always been posted to my account within a few business days. Usually takes 24 hours for Pepper to process then another two to three days for my CC company to 'post' it to the account.
That's nice, if it's true *thumbs up* electronic payment systems are fine, but fast withdrawal to CC may be even better.
  • #2,324
  • Aug 23, 2013 3:19am Aug 23, 2013 3:19am
I've mentioned this before, but I had Pepper convert my last transfer from USD to GBP before depositing it in my bank account. They gave me a rate much better than I could have gotten with my bank, so even after the $30 fee I was hundreds of dollars ahead.
  • #2,325
  • Edited 11:56am Aug 23, 2013 10:49am | Edited 11:56am
This morning I had an issue with Pepperstone. Right before the GBP news release I placed a pending order at 1.56185 on GBP/USD.
A few seconds before the news was released I modified this order to 1.56149. The price jumped over my pending order, which was not triggered.
At this point the pending order vanished for no apparent reason. Due to this disappearance I've missed around 20 pips profit.
I have screenshots of my journal in mt4; http://prntscr.com/1mye9y
As you can see the modification was just before the price went up.
I thought that might be the problem, but the order was, before the modification, at 1.56185, so i would expect Pepperstone to trigger the trade on that price, if the modification was failed. Not just remove the pending order.
The funny thing is, the modification was confirmed. There was no other error in my journal and no where in my journal was the deleted order to be found.
Normally when i delete a order, i get the confirmation order deleted, nothing to be found in this case, the last thing about order 2144221 was the modification i made right before the news release, price went up and my pending order vanished.
Very weird don't you think?
Have anyone of you experienced this before?
I asked a trade investigation on Pepperstone, i will post the results here.
  • #2,326
  • Aug 23, 2013 6:37pm Aug 23, 2013 6:37pm
Quoting meng88
{quote} That's nice, if it's true *thumbs up* electronic payment systems are fine, but fast withdrawal to CC may be even better.
Here's a post where I detail a CC withdrawal that only took 2 days before it arrived in my account:

http://www.forexfactory.com/showthre...59#post6673959

BUT! 2 days was the fastest I've seen it, usually it's 3 days, seldom longer than 4. Still fast overall though.
FXGears.com
  • #2,327
  • Aug 25, 2013 8:43pm Aug 25, 2013 8:43pm
been happy with PS to date re feed, customer service etc; but have only used PS demo so far, thinking of funding an account with these guys

doing some surfing i keep running into the "always negative slippage, never positive slippage" accusation

there's also claims that PS is a white label of Axitrader ......not concerned if PS is a white label, although if they are they should just admit it and get on with business

anyone got anything to say about the slippage claims?


pic source: http://www.donnaforex.com/forum/inde...topic=3544.705
Attached Image (click to enlarge)
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  • #2,328
  • Aug 25, 2013 9:01pm Aug 25, 2013 9:01pm
another thing, PS would do themself a favour if they had a representative here answering questions, like "Jason" at the FXCM thread

it would be very good for PR
  • #2,329
  • Edited 9:45pm Aug 25, 2013 9:16pm | Edited 9:45pm
Quoting PeterE
been happy with PS to date re feed, customer service etc; but have only used PS demo so far, thinking of funding an account with these guys doing some surfing i keep running into the "always negative slippage, never positive slippage" accusation there's also claims that PS is a white label of Axitrader ......not concerned if PS is a white label, although if they are they should just admit it and get on with business anyone got anything...
I get positive slippage. It will always be less frequent than negative slippage but it does happen.

Since Pepper's feed is non-participating on the liquidity 'making' side (meaning your orders can only remove liquidity, not add, and do not sit on their book, but instead gets triggered and executed once price touches it,) the price still has to gap through your limit order price level before you'll visibly see positive slippage.

On the bright side, given we are only taking liquidity when using Pepper's service, this means we can actually get positive slippage in the first place. On other ECN-like platforms, your order joins the book and if price gaps through it, you do not get the price improvement (example: LMAX, the CME with futures, stock exchanges, etc...)

--

Pepper hasn't used Axi's infrastructure in ages. The new edge servers were Pepper's way of moving away from Axi and onto their own platform. They did work with Axi in the past when they first launched, but that was quite a while ago now.

We actually talked quite a lot about this in this very thread long ago (over a year now maybe.) Basically, even back when Axi was involved, it was a non-issue, and now that they aren't involved, it's still a non-issue. Other people seemed to just want to sensationalize it.

I mean, I could dig up links to the meaty posts we all made about it back then, but I see little point.. it's history now.

Anyone under Pepper's Edge services are trading with Pepper directly, no Axi involvement.

--


No broker has 100% positive remarks said about them. Some people tend to get alarmed over very trivial details or simply misunderstand what impacts their trades the most. Gotta sift through the junk to find out what's really an issue... but you're on the right track in general by doing your homework before signing up to a broker.
FXGears.com
  • #2,330
  • Aug 25, 2013 9:30pm Aug 25, 2013 9:30pm
I do get both positive and negative slippage. I aim for 100 pips to 300 pips so slippage of +/- 3 pips is not a biggie.
Fear prevent possibilities, and so does Greed
  • #2,331
  • Aug 25, 2013 9:38pm Aug 25, 2013 9:38pm
Quoting Jack_Larkin
{quote}(Positive slippage) will always be less frequent than negative slippage but it does happen.
I doubt that.

FXCM had massive fines for only giving customers negative slippage and keeping the positive slippage for themself. I have an account with FXCM, the slippage now seems to be more positive than negative.

Quoting Jack_Larkin
{quote}Pepper hasn't used Axi's infrastructure in ages. The new edge servers were Pepper's way of moving away from Axi and onto their own platform. They did work with Axi in the past when they first launched, but that was quite a while ago now. We actually talked quite a lot about this in this very thread long ago (over a year now maybe.) Basically, even back when Axi was involved, it was a non-issue, and now that they aren't involved, it's still a non-issue. Other people seemed to just want to sensationalize it. I mean, I could dig up links to...
Good. Honesty is best.

Quoting Jack_Larkin
{quote}No broker has 100% positive remarks said about them. Some people tend to get alarmed over very trivial details or simply misunderstand what impacts their trades the most. Gotta sift through the junk to find out what's really an issue... but you're on the right track in general by doing your homework before signing up to a broker.
I agree, broker reviews are difficult to sort. There are brokers criticising other brokers. Brokers covertly promoting themself. Traders blaming brokers for their own lack of skill.
  • #2,332
  • Aug 25, 2013 9:56pm Aug 25, 2013 9:56pm
Quoting PeterE
{quote} I doubt that. FXCM had massive fines for only giving customers negative slippage and keeping the positive slippage for themself. I have an account with FXCM, the slippage now seems to be more positive than negative.
Yeah, I can't comment on how frequently one would get positive slippage on that broker, as I don't actively use them. (Also, I bet you a dollar that JR comes around these parts to clarify the charges you pointed out, as he tends to do so whenever it is mentioned. Not saying that in a bad way, he's just everywhere, gotta give the guy credit there.)

I revised my post though, upon thinking about it, I can't assume how Pepper manages their TP order book just based on my observations (of fills) alone. What I first said makes sense to me, but I digress.

I do get positive slippage, like I said, and I highly doubt there's any asymmetrical level slippage issues a-la the example you gave of that other broker.

After all, if you toss out a TP order and over the weekend the market gaps through it, you are going to get the better price. (An extreme example, I know, just trying to be illustrative.)

Pepper even has a blurb about their technology that handles the better pricing on their Edge page:

https://pepperstone.com/trading-accounts/edge.php

Scroll down to PPI - Pepperstone Price Improvements
FXGears.com
  • #2,333
  • Aug 25, 2013 10:02pm Aug 25, 2013 10:02pm
Of course you can get positive slippage on limit orders with futures (or lmax).
  • #2,334
  • Edited Aug 26, 2013 4:39pm Aug 25, 2013 10:19pm | Edited Aug 26, 2013 4:39pm
Quoting shrike
Of course you can get positive slippage on limit orders with futures (or lmax).
When you join the limit order book on futures at the CME or an "Exchange" where you are actively participating in providing liquidity? Not really.

For the CME's case (futures) if it's on the underlying order book, and price moves through it, you provided liquidity to someone else as they chewed through the price level. Even if someone sweeps multiple levels of price (often the case of spikes) or everyone else pulled their orders and price moved quickly (often the case of LPs getting out of the way during news releases or shocks,) your order is still there to be taken by someone else who wants to trade through that price.

Now, there might be cases where LMAX might still give you positive slippage (like over weekends where you get the current market price at the open.) But as as price gaps go during regular trading hours I can't see how they could produce positive slippage given their exchange order matching model. I'm not 100% on all their exchange rules (it's been a year since I last checked them out even) but on the basis of being a liquidity providing participant alone it would make positive slippage during regular trading hours, on your passive, non-marketable, limit orders, which rest on the book, pretty much non-existent. You either join the book and provide liquidity or are removing it...

--

This really gets into the differences between ECNs and their execution models. Specifically: Electronic networks that have retail traders as "removing" liquidity only (like the majority of spot forex ECN-like or STP brokers,) or electronic networks that allow retailers to participate in providing liquidity on their book (the CME, and only a few spot forex brokers.) There's advantages and disadvantages to both models, but in OTC based markets (inherently not centralized, not standardized, and not-exchange based, like spot forex) I'm quite happy being able to get positive slippage during regular trading conditions with the former type.
FXGears.com
  • #2,335
  • Aug 26, 2013 7:29am Aug 26, 2013 7:29am
OK. I always use marketable limits instead of market orders and i get positive slippage sometimes.

But theoretically, on an exchange it would be better to post a stop- or MIT-order as a target, since when momentum moves through your target-price it is more likely to produce positive slippage than negative?
  • #2,336
  • Aug 26, 2013 1:20pm Aug 26, 2013 1:20pm
Quoting xtrader101
I do get both positive and negative slippage. I aim for 100 pips to 300 pips so slippage of +/- 3 pips is not a biggie.

3 pip is huge , i'v been with papper live for 3 months now, i never experienced any slippage good or bad (except during the news when shit hits the fan).
i always get instant fills, right on the price.

you should check your latency (ping) maybe, also using your Internet connection for video streaming, torrent, downloading, ..... etc, will slow down you Internet and give you higher latency
i lose money for a living
  • #2,337
  • Aug 28, 2013 2:29am Aug 28, 2013 2:29am
For the ones that trade with Pepperstone why dont you bennefit from below rebate rates.

Pepperstone Rebates

  1. 0.3 pips per round-turn lot


For more info visit www.kickbackfx.com.

  • #2,338
  • Aug 28, 2013 3:28am Aug 28, 2013 3:28am
Quoting kickbackfx
For the ones that trade with Pepperstone why dont you bennefit from below rebate rates. Pepperstone Rebates 0.3 pips per round-turn lot For more info visit www.kickbackfx.com.
You can get 0.36 pips per round-turn lot through the Alsan Group:
https://pepperstone.com/company-prof...slan-group.php
  • #2,339
  • Aug 28, 2013 12:52pm Aug 28, 2013 12:52pm
Got an email from Pepper last night. The new web trader by appears to be live.

https://pepperstone.com/trading-platforms/webtrader.php

I tried it out and it's a vast improvement over the previous web trader. The new version is rather slick actually..

Quite pleased with this.

http://i.imgur.com/AcfqZQP.png
FXGears.com
  • #2,340
  • Aug 28, 2013 2:43pm Aug 28, 2013 2:43pm
we need custom timeframe option.
zoomin/out with mouse wheel.
upcoming news icons at the bottom.
and chart customization options.

a web trader with charting capabilities and layout like https://www.tradingview.com/e/?symbol=EURUSD is what we need.
5 traders viewing now