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Pepperstone Forex

  • #2,641
  • Aug 1, 2014 8:49am Aug 1, 2014 8:49am
crazy trader fx. that sounds legitimate to me. I don't think so. ive traded with dukascopy and many good brokers. during news the spreads all widen with every broker,obviously. I just traded the nfp jobs reprt with pepperstone. it went perfectly, no crashes,good spreads. I just stopped using ic markets after my first 2 days. there mt4 platform just crashes all the time even on minor news.
  • #2,642
  • Aug 1, 2014 10:28am Aug 1, 2014 10:28am
On one of my trading methods I set pending orders.
I was watching Eur/Cad, and at precisely NFP, spread widened from 1.2 pips to 24.4 pips.

It slipped me a couple of pips too, no big deal I got out of the trade in profit but was surprised the spread widened so much.

How does that compare to IC Markets?
  • #2,643
  • Aug 15, 2014 7:27pm Aug 15, 2014 7:27pm
Can't say there is no money in being a forex broker
http://www.brw.com.au/p/lists/rich-2...0K7oigbpMvowWK
My comments are not to be taken as trading advice, not a financial advisor
  • #2,644
  • Aug 18, 2014 2:28am Aug 18, 2014 2:28am
Quoting Crazy-Trader
Hi, NFP 08/01/2014: Spread crash test has been done for 6 brokers
To be entirely fair, you cherry picked a pair that's notoriously illiquid (GBPNZD.) It's actually been talked about in this thread before (as well as on other broker's threads,) as the pair simply isn't very consistent when it comes to spreads during news releases, regardless of which broker you use. Sometimes one broker will come on top, other times another broker will.. in any case, anyone trading GBPNZD has to accept that it's not liquid and can easily spike around during news releases, and subsequently they need to adjust their strategies accordingly if it involves holding through news.
FXGears.com
  • #2,645
  • Aug 18, 2014 7:44am Aug 18, 2014 7:44am
Quoting Jack_Larkin
{quote} To be entirely fair, you cherry picked a pair that's notoriously illiquid (GBPNZD.) It's actually been talked about in this thread before (as well as on other broker's threads,) as the pair simply isn't very consistent when it comes to spreads during news releases, regardless of which broker you use. Sometimes one broker will come on top, other times another broker will.. in any case, anyone trading GBPNZD has to accept that it's not liquid and can easily spike around during news releases, and subsequently they need to adjust their strategies...
It would have been great saying why this particular pair is so " illiquid "
That's why I pick up this pair on purpose. We all have notice that this pair suffer a lot from spread at news time. In order to check which brokers provide best liquidity it appears to me to be relevant to to check spread on that pair in order to rank brokers. Do you get my point?

If you do the same crash test on EURUSD... this would be pointless as all "reliable" brokers will make sure to get no more than 5 to 15 pips spread and they all look the same.

My point point would be to get a dashboard from a third-party would provide average pips spread for high news impact for each pair. This would be a very innovative way to rank brokers.
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  • #2,646
  • Sep 3, 2014 6:25am Sep 3, 2014 6:25am
9.30 aussie time. 3.9.14. has pepperstone crashed for anyone else. been out for a few minutes now for me. would be first time in ages if it has.
  • #2,647
  • Sep 3, 2014 6:27am Sep 3, 2014 6:27am
Same here, all charts stopped. I've contacted them and they know about it.
  • #2,648
  • Sep 5, 2014 8:02am Sep 5, 2014 8:02am
Anyone else getting "Off Quote".

I can set a buy or sell limit or stop no problem but not close anything.

I have closed the 2 MT4 Pepperstone terminals and restared the PC but still have the same problem.

All the other MT4 platforms I use are working fine and I can close positions. ICMarkets, FXpro FXGlobe etc all working fine.

Very frustrating, it was working fine until NFP 2:30 P.m. Even now the volatitlity has ended I am still getting off quotes.
  • #2,649
  • Sep 5, 2014 10:17pm Sep 5, 2014 10:17pm
Hi,

Does Pepperstone support withdrawls VIA UnionPay cards??



Thanks in advance.
  • #2,650
  • Sep 6, 2014 10:55am Sep 6, 2014 10:55am
In July Pepperstone gave a 250 pips(!) "invisible" spike and slippage on a 6-lot USD/SEK trade, i.e. the spike has never shown up on their official price chart. (Probably because all traders would had to shrink their screens to 1/5th to be able to see the bottom of the 250 pips spike...)

 

  1. The official "explanation"? Well, they can fill any order wherever there is "liqudity", even if it were 250 pips away from the DISPLAYED bid/ask.

  1. And why not show the spike on the chart? Well, they show only the "highest tier" liquidity bids/asks...


Woooow! How convenient is that...?

In other words they can keep a 0.1 lot liquidity at the "highest tier", and they can fill orders larger than 0.1 lot even 250 pips away!! So they could have filled the order even 500 or 1000 pips away... Why not...? Usually such "surrealistic" fills are handled as "off-quotes" by more reputable brokers.

Apparently it is LEGAL... so no account is safe from such events...!

  • #2,651
  • Sep 6, 2014 3:28pm Sep 6, 2014 3:28pm
Quoting Paracelsus
In July Pepperstone gave a 250 pips(!) "invisible" spike and slippage on a 6-lot USD/SEK trade, i.e. the spike has never shown up on their official price chart. (Probably because all traders would had to shrink their screens to 1/5th to be able to see the bottom of the 250 pips spike...) The official "explanation"? Well, they can fill any order wherever there is "liqudity", even if it were 250 pips away from the DISPLAYED bid/ask. And why not show the spike on the chart? Well, they show only the "highest tier" liquidity bids/asks... Woooow! How...
That kind of thing IS disgusting.
Now it has to be noted that 1 USD = more than 7 SEK, so it is approx a 35 pips spike in USD terms (the higher the value of the pair, the more pips any movement makes) which is still huge, especially on a 6 LOTS trade. (It's approx a $2000 USD instant loss)

The problem is that a "market" order is "at any available price", so they ARE right on this part. The first problem is that there is some manipulation behind: If there wasn't really any liquidity, it's mainly because it has been quickly removed to be put more far away from the current price to increase the profit of the liquidity providers, but unfortunately this is still "legal". And not to defend Pepperstone, but they will tell you it isn't their fault, but their liquidity providers' fault, and it's true. Where it is more tricky is that you are totally in the dark about liquidity as you are not provided any order book or anything (unless it was on an ECN account ?).


The conclusion is: Try to not enter orders at market but with limit orders. And when you have a broker that put limitations on where you can put your limit orders, it just tells you directly: There are some manipulations. If there wasn't why the hell can't you place your limit order "too close" from the actual price ?

The other conclusion is: Don't enter or exit big orders all at once, but part by part if you do it at market.

But I do agree, it's disgusting and really unfair. The best solution is to trade with a real broker with a real order book and do everything with limit orders, even when you want to enter the actual price, place a limit order to avoid this kind of surprise.

Sorry for your loss, you should quit Pepperstone anyway for this, I guess you will do it if you haven't done it yet. If it can give you a little comfort (very little), I will close my account too next week. I had some swap changes (we can say manipulation) that I didn't apreciate, and with your story, now I'm decided. It may be their liquidity providers fault, but it's their fault if they work with them.
  • #2,652
  • Sep 6, 2014 3:43pm Sep 6, 2014 3:43pm
Quoting Mevo
{quote} That kind of thing IS disgusting. Now it has to be noted that 1 USD = more than 7 SEK, so it is approx a 35 pips spike in USD terms (the higher the value of the pair, the more pips any movement makes) which is still huge, especially on a 6 LOTS trade. (It's approx a $2000 USD instant loss) The problem is that a "market" order is "at any available price", so they ARE right on this part. The first problem is that there is some manipulation behind: If there wasn't really any liquidity, it's mainly because it has been quickly removed to be put...
@Mevo

Thanks for the supporting words and the clarifying facts. Funds have been witdrawn from Pepperstone and a claim is getting ready to be filed with ASIC about this unethical and "disgusting" behavour. As probably you know, they don't allow limit orders to be placed within 20 pips of the current price. Many other ECN brokers do allow it. It tells already, that something is "fishy" at Pepperstone.

By the way it was a Pepperstone "Razor", i.e. ECN account. Well, if their "razor" can produce 35 pips EURUSD equivalent slippage ("invisible spike"), they better not to shave ever with a "razor"...
  • #2,653
  • Sep 6, 2014 3:54pm Sep 6, 2014 3:54pm
@Paracelsus: There is limitations on where you can put limit orders on their ECN "razor" account too ? That would be crazy !
I have a standard account, and have the limitations, but I was expecting there wasn't any on the ECN account.

Good luck, but I don't have any faith in "regulators" and fear you won't get anything from them ;(
Keep us informed of the results.

EDIT: Are you provided an order book with the razor account ?
EDIT2: After reading your story, their website about their razor account is pretty funny:
Quote
The Pepperstone Razor account gives you direct access to some of the world's deepest liquidity
  • #2,654
  • Edited Sep 7, 2014 4:58am Sep 6, 2014 4:03pm | Edited Sep 7, 2014 4:58am
Quoting Mevo
@Paracelsus: There is limitations on where you can put limit orders on their ECN "razor" account too ? That would be crazy ! I have a standard account, and have the limitations, but I was expecting there wasn't any on the ECN account. Good luck, but I don't have any faith in "regulators" and fear you won't get anything from them ;( Keep us informed of the results. EDIT: Are you provided an order book with the razor account ?
Only "verbal explanations" so far. It seems that Forex is a jungle, banks are the lions and brokers are the "koyotes" of this jungle eating "retail" traders alive... I would not trust large funds on any Forex broker after such an event. (Probably move back to the regulated Future arena.)

I considered Pepperstone being a "reputable" broker, so what to expect from other "non-reputable" brokers...?? By the way many brokers simply refuse paying out profits, like Yadix did recently with one of my freinds "newstrading" earnings...

Well, one just cannot win... If they see profitable traders they have an arsenal of "weaponry" to stop them. Like Boston Technologies' "virtual dealer plug-ins"...
  • #2,655
  • Edited Sep 7, 2014 4:57am Sep 6, 2014 4:04pm | Edited Sep 7, 2014 4:57am
Quoting Mevo
@Paracelsus: There is limitations on where you can put limit orders on their ECN "razor" account too ? That would be crazy ! I have a standard account, and have the limitations, but I was expecting there wasn't any on the ECN account. Good luck, but I don't have any faith in "regulators" and fear you won't get anything from them ;( Keep us informed of the results. EDIT: Are you provided an order book with the razor account ? EDIT2: After reading your story, their website about their razor account is pretty funny: The Pepperstone Razor account gives you direct access to some of the world's deepest liquidity.
Yeah, sure: the bottom of this "liquidity pool" was 250 pips deep on USD/SEK... and no "water" in the pool...
  • #2,656
  • Sep 6, 2014 4:27pm Sep 6, 2014 4:27pm
What would be brokers to use then?
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  • #2,657
  • Sep 7, 2014 6:07am Sep 7, 2014 6:07am
Quoting Mevo
{quote} I will close my account too next week. I had some swap changes (we can say manipulation) that I didn't apreciate, and with your story, now I'm decided. It may be their liquidity providers fault, but it's their fault if they work with them.
Mevo can you please elaborate on the swap changes/manipulation that affected you. I would be interested to hear more as a pair I trade just for the positive swap changed last week by about 40%.

Crazy-Trader, good question. I wonder how much is needed to invest with the "reputable broker" Paracelsus mentions.
  • #2,658
  • Sep 7, 2014 6:47am Sep 7, 2014 6:47am
One of the reasons why you want to trade liquid currencies......
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #2,659
  • Sep 7, 2014 6:55am Sep 7, 2014 6:55am
Quoting normtold
{quote} Mevo can you please elaborate on the swap changes/manipulation that affected you. I would be interested to hear more as a pair I trade just for the positive swap changed last week by about 40%. Crazy-Trader, good question. I wonder how much is needed to invest with the "reputable broker" Paracelsus mentions.
It is exactly that: When you built a too large position on a pair, they reduce the swap or even turn it negative.There are times where a change in swap can be justified, and times it's absolutely not. i had selected Pepperstone as it had a good positive swap in EUR/CHF where I was highly long, and one day, at a time there was no reason (it was before ECB rate cuts) their swap on E/C turned negative (and I mean it was far more expensive than at most brokers having negative swap). When you have a multi lot position on the pair, it's not nice.

They told me they don't set the swap rates, it's their liquidity providers who fix them. I already experienced the same thing with other MT4 brokers, and had the same answer, so it's probably correct.

I closed the position with Pepperstone and reopened it in the futures market, but don't like the principle. BUT it's how forex "liquidity providing" works: They adjust swaps according to how much traders are short/long on the pair ;( The worst is LMAX: If you trade with them (not on MT4), the swap rates are known only the day AFTER ! LMAX can tell you how much swap there was on a pair yesterday, but not how much there will be tonight, they will only will be able to tell you tomorrow ... Pretty amazing.
  • #2,660
  • Sep 7, 2014 5:16pm Sep 7, 2014 5:16pm
Quoting Mevo
{quote}They told me they don't set the swap rates, it's their liquidity providers who fix them. I already experienced the same thing with other MT4 brokers, and had the same answer, so it's probably correct.
That simply means all brokers use the same dodgy stuff steal us.
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