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Pepperstone AU accounts being moved to Pepperstone UK 0 replies

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Pepperstone Forex

Here is from their support. I guess nothing wrong with that though it will be better if they offset it directly to 0 for negative balance ))

[18:31:48]Pepperstone Client Support: For negative balances, it is actually owed to us by the client, but we like to work with them in extreme cases like this to make it easier. For example, we have had a number of clients have negative account balances due to the CHF news last week. We are giving them the option to make a deposit to trade again and we will cover the negative balance in form of a trading credit, which effectively covers the negative balance for them. So in our view, if a client wants to continue trading, then we can help them cover the negative balance and use that to trade again.
[18:31:50]Pepperstone Client Support: So using math
[18:31:57]Pepperstone Client Support: say you had negative 200
[18:31:59]Pepperstone Client Support: and you deposit 1000
[18:32:05]Pepperstone Client Support: so your trading balance remaining is 800
[18:32:19]Pepperstone Client Support: we will then give the account a trading credit of 200 to make the trading balance back to 1000
[18:32:48]Pepperstone Client Support: if you dont deposit though and you dont want to trade anymore, then we will ask you to deposit the 200 regardless to make the account balance 0
I had it both, and now the fxpro account is closed, while pepperstone is still open.
Quoting jagui
I had it both, and now the fxpro account is closed, while pepperstone is still open.
Do you trade often? I want to know do you encounter any difficulties when withdrawing money. Many thanks!!
I make 4-20 trades per day.
Withdrawing was always easy with both brokers, but pepperstone price feed and spread are better.
Quoting jagui
I make 4-20 trades per day. Withdrawing was always easy with both brokers, but pepperstone price feed and spread are better.
thank you very much dude, your comments are important to me
Quoting Robertk
{quote} Jack, come on, i know you represent/promote Pepperstone but you already knew this information years ago ( you replied to below post ) {quote} (http://www.forexfactory.com/showthre...52#post5770952) So in short, this mechanism does not protect one in events like last week. Xtrader, thanks for the heads up
I do not represent or promote them on FF. (And to date, not a single shred of evidence has ever been provided by FF that I do...) :/ I do represent my own trading site now.. hence the continued commercial status.

Like I said in that post, Pepper didn't have it before (as in, from my understanding this wasn't the case in the past.) Maybe this should be clarified on since the wording of the website suggests there's negative balance protection now.

In any case, no negative balance on my end so I didn't have to find out the hard way.

Quoting sun85
Here is from their support. I guess nothing wrong with that though it will be better if they offset it directly to 0 for negative balance )) [18:31:48]Pepperstone Client Support: For negative balances, it is actually owed to us by the client, but we like to work with them in extreme cases like this to make it easier. For example, we have had a number of clients have negative account balances due to the CHF news last week. We are giving them the option to make a deposit to trade again and we will cover the negative balance in form of a trading...
That sorta meets clients half way... using the event as an opportunity.
FXGears.com
Actually, I remember a long time ago explaining in this thread about why I was OK with Pepper lowering leverage on EUR/CHF and why I'd rather have a stable broker in the event something like this happens then risk them going under just because some punters think 400:1 on intervention risk is a good idea...

I should dig that post up..
FXGears.com
Quoting Jack_Larkin
Actually, I remember a long time ago explaining in this thread about why I was OK with Pepper lowering leverage on EUR/CHF and why I'd rather have a stable broker in the event something like this happens then risk them going under just because some punters think 400:1 on intervention risk is a good idea... I should dig that post up..
To be clear, this was back when the peg was first put into place.. since then leverage was put back in line with other pairs. Just a precaution at the time that made sense.

Also, it's important to note that changing leverage on EURCHF AFTER the move does little to help brokers. It's either precautionary, or not at all. I've seen some brokers try and put in restrictions post event, just as they're turning their quote feeds on CHF back on, and it doesn't make a lot of sense to me. (How does this help remove risk if the move already happened? Perhaps it's to shake their clients out of positions or create a more desired net exposure on the broker's end.. I donno...)

As it stands now, Pepper hasn't had to change leverage on any pairs, all still 400:1 (just confirmed with their support,) and they appear to have come out of the CHF move in good order.

(Though, I wouldn't exactly mind if they lowered leverage on metals... seriously speaking, 400:1 on Gold is silly risk. Of course, to each their own when it comes to trading I guess...)
FXGears.com
Just confirmed with Pepperstone that hours ago they removed the DKK from their product list.
They have still not sent out a press release, but you know now.
I had a negative balance with them because my stop loss level was not respected and after that my margin call level was not respected and I got a negative balance.
They send tons of emails to me and one of them even called me several time and told me they would shut down my trading account if I didn't deposit
and settled the negative balance.
I was given a deadline and I had to deposit the money before that date otherwise they would close my account.
They threatened to take legal action against me.

I became afraid and deposited the money into my Pepperstone trading account.
During the SNB event aftermath I found out about my rights and talked to Australian Securities and Investments Commission.
Turns out what they did and how they did it was wrong.

I have now filed a complaint against Pepperstone with Australian Securities and Investments Commission.
10x for the info!
I want money!
Quoting tzolov
10x for the info!

UW!
If anyone is having a hard time with negative balances with Pepperstone, you better have a closer read of their terms and conditions:

15. SUSPENSION AND MARKET DISRUPTION 15.1 If, at any time: (a) trading in an Underlying Instrument on any exchange is limited or suspended; or(b) trading is limited or suspended on any exchange so as to restrict trading within any relevant Index, such that we are prevented from determining the Underlying Instrument Price of an Underlying Instrument, then the Underlying Instrument Price of such Underlying Instrument is to the Underlying Instrument Price immediately preceding such limitation or suspension.

Therefore, for each losing transaction caused by the SNB announcement, you should demand that the losing trades should have been closed out at the price immediately preceding market disruption caused by the SNB announcement!
After getting screwed by Alpari UK, I've been looking to either open with FxPro or Pepperstone. Decided to go with the latter. Thinking of opening an islamic account with them since I mainly hold positions for weeks to months. Been very profitable with Alpari, I hope I don't get screwed by another broker anymore
Id like to hear from guys that have direct knowledge of Pepperstone - Trading,Withdrawals,spreads,slippage etc.

As I am about to make a deposit and am a little hesitant because of the problems I encountered with my current broker over the last few weeks.

I've seen some good reviews and also some crazy bad ones.

Id appreciate any constructive Information and or comments from current or former clients.

That could help me make a final decision on whether or not to use them.
Its amazing to me how on an active thread like this no one steps up to answer a valid question about the very broker that everyone here is discussing.

I can do a Google search and find a 5 star Peruvian restaurant in Decatur Georgia.

But when I do that same search for forex brokers I cant weed thru all the BS to get a straight answer.

Stop to realize that maybe that's the reason this Industry is full of bucket shops and scam artists.

Trading on our backs, slipping our prices and just all around screwing us in every way shape and form possible.

Because of all the traders out there who provide Disinformation,Non-information

And those of you who refuse to offer any Information at all.

If people were just up front with their experiences concerning these different brokers it would be much easier to weed out the Bull!@#$.

But that's just a thought.
Quoting TheBodyguard
Id like to hear from guys that have direct knowledge of Pepperstone - Trading,Withdrawals,spreads,slippage etc. As I am about to make a deposit and am a little hesitant because of the problems I encountered with my current broker over the last few weeks. I've seen some good reviews and also some crazy bad ones. Id appreciate any constructive Information and or comments from current or former clients. That could help me make a final decision on whether or not to use them.
Here you go bro,

Deposit CC = instant
Withdrawal CC within 2 business day
Withdrawal wire = Within 3 business days
Slippage = not bad
Spreads ECN = less than 0.7 on EU and UJ most of the time
Spreads standard = less than 1.5 on EU and UJ most of the time.
Support = good. email, phone, chat

I have been with Pepperstone over 3 years now.

Cheers,
FxTurtle
Fear prevent possibilities, and so does Greed
They are chasing clients to pay the negative balances from the chf debacle and several have complained to ASIC about it.
The main problem is forexfactory is focused on trading discussions.
The way some other websites allow members to talk about their concerns about different brokers or websites for that matter is not part of the rules here and not allowed.

So all brokers discussions are completely meaningless.

If for example broker a scammed person x. Person x could not post in FF due to it being revenge action. Whatever that means.
I have read that they have $14 million missing from their client trust accounts.

The news first broke here

http://www.theaustralian.com.au/busi...-1227202824312

On the back of this, the two founders extracted $32m from the company in dividends, even though their total liabilities stand at $94m compared to $83m in cash and cash equivalents. The accounts also reveal there is a $14m shortfall in clients’ funds with $85m recorded as owed to clients while $71m is held on segregated client accounts.

They are not responding to client questions regarding this which is even more concerning.

Run forest run !
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