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FxPig raises spread to 10000 pips on USDZAR

  • #41
  • Dec 24, 2015 1:06pm Dec 24, 2015 1:06pm
Quoting aagarcia
Hi, I wanted to chime in. I have been an FXPIG client now for over 3 years and my uncle is in their DOOR managed account with a significant amount of money. I can honestly say I have NEVER been ripped off by them or have had any broker manipulation happen to my account. It was one of the reasons I came to them because I had already been screwed by others and lost 5k at another scam broker (you can still see my FPA complaint from back then). My uncle has withdrawn over 100k lump sum with no issues and I have withdrawn over the years with no problems...
I'm glad you have not had issues, I'm sure there are lots of happy clients. They had really good reviews on the FPA as well. But it looks like they are not perfect, I'm trying to find out how often this kind of thing happens. If they do this to only 5% of their clients, that could make th em a ton of profit won't you agree?
  • #42
  • Dec 24, 2015 10:02pm Dec 24, 2015 10:02pm
I trade with a different broker around that time spread was 5000 to 6000and also mornings in Australia spreads around 2000 to 4000 every day it changes around 4.30pm Brisbane time and falls I have never seen a 10000 spread on zar before also I trade try and it gets to around 600 then falls around the same time
people leave, but this thread will go on for ever
  • #43
  • Dec 25, 2015 8:01am Dec 25, 2015 8:01am
Quoting Cobra
I see the Pig is regulated in New Zealand. My advice. Do not trade with any broker which is not UK regulated. Many brokers are registered in New Zealand. They go there for a reason. New Zealand regulation do not match FCA regulation in the UK. G
Really? I was sure that New Zealand brokers are trustable. Thanks for your advice. What about FOpen? I was thinking to open an account there, but now I'm not sure.
  • #44
  • Dec 25, 2015 10:05am Dec 25, 2015 10:05am
Premier Interchange Gateway LP is duly registered with the Financial Service Provider Registry in New Zealand (FSP License Number: FSP122864), and is a member of the Financial Dispute Resolution Scheme as obligated by law (FDR Member ID: FM0786). PIG offers off-exchange foreign currency (forex) products through FXPIG. Trading in forex is speculative in nature and not appropriate for all investors. Investors should only use risk capital when trading futures, options and forex because there is always the risk of substantial loss. Account access, trade executions and system response may be adversely affected by market conditions, quote delays, system performance and other factors.

FXPIG does not open or maintain accounts for New Zealand based entities or residents or U.S. based entites or residents whom are classified as retail or low net worth clients as per the most recent definition of such by the CTFC. Governmental restrictions along with our own internal company policies prohibit FXPIG from opening accounts originating from restricted and/or OFAC sanctioned countries, including, but not limited to: Afghanistan, Burma (Myanmar), Cote d'Ivoire (Ivory Coast), Cuba, The Democratic Republic of Congo, The former Liberian Regime of Charles Taylor, Iran, Iraq, Libya, North Korea, and Somalia.
  • #45
  • Dec 27, 2015 9:58am Dec 27, 2015 9:58am
Quoting Dunno67
{quote} Really? I was sure that New Zealand brokers are trustable. Thanks for your advice. What about FOpen? I was thinking to open an account there, but now I'm not sure.
Do NOT go to FXOpen. I busted them a long time ago (in my FapTurbo days) manipulating the feed and left right away. FXPIG's ECN feed is the same as FXOpen's but without the broker manipulation. This is how I landed at FXPIG years ago. Just food for thought.
  • #46
  • Dec 27, 2015 10:27am Dec 27, 2015 10:27am
Just ask them to show you records that a liquidity provider actually covered and executed your stop loss
  • #47
  • Dec 27, 2015 1:25pm Dec 27, 2015 1:25pm
Quoting aagarcia
{quote} Do NOT go to FXOpen. I busted them a long time ago (in my FapTurbo days) manipulating the feed and left right away. FXPIG's ECN feed is the same as FXOpen's but without the broker manipulation. This is how I landed at FXPIG years ago. Just food for thought.
Thanks a lot.
  • #48
  • Dec 27, 2015 4:20pm Dec 27, 2015 4:20pm
right now 8.18am Brisbane spread zar 18198​
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  • #49
  • Dec 28, 2015 11:08am Dec 28, 2015 11:08am
Quoting plotinus82
Just ask them to show you records that a liquidity provider actually covered and executed your stop loss
That is a trade receipt. Do ask for it!
  • #50
  • Jan 8, 2016 10:20am Jan 8, 2016 10:20am
Just wanted to give you all an update. I submitted all my gathered evidence to NZ FDR(The PIG's regulator), and am currently awaiting a ruling. Will update once I know more.
  • #51
  • Jan 9, 2016 1:53pm Jan 9, 2016 1:53pm
if you win i will also post mine, fx pig owes me LOOOOOOOTS OF MONEY from last year.
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #52
  • Apr 21, 2016 2:53pm Apr 21, 2016 2:53pm
I want to start out here with an apology to all forum readers for not posting a reply to this complaint sooner.

Once we completed our internal review of the trades that Mr. Ivanov was disputing, raising the issue not only to the front facing LP who cleared the trades on our side but also the second tier LP who ultimately filled the trades on our LP's books, pushing to the point where we nearly were forced to close our clearing account, it was clear that we were not going to reach an agreement without some third party arbitration.

At that point, on our suggestion, he escalated the complaint to the FDR in NZ. Let me stress that this was the first escalated complaint we have ever dealt with in our, now going on, 6 years online. Given this fact we were advised to wait a final decision before responding publicly regarding the underlying complaint.

After a review by the FDR, which took quite a lot of time considering their scaled escalation process, their adjudication team ruled in our favor, siting the submitted report detailing the complete history of the orders, the fills, the FIX confirmations, and our email threads with the LP and the email threads of the LP with their clearing partner.

We are a fully STP brokerage and our SPA (formally DMA) feed is non filtered, what you see is the actual market rates as they come in, spread spikes and all. Some trades find this advantageous as it increases the tick count and the amount of entires on most systems. We hold no book, and we FIGHT for our clients, but sometimes, at the LP level, they stand ground on a fill, especially when it happens on market moving news like the firing of a finance minister in a low liquidity market on a super low liquidity pair.

On the comments by user Soros here; Without even knowing his/her real name, I can unilaterally, without hesitation, tell you that his/her stated claim that FXPIG owes him/her money is 100% false. How can I be so sure? We owe money to no one, nor has anyone, client or otherwise, ever made such a claim to us directly.

Do not hesitate to contact us directly if you have any further questions on this topic.
Kevin Murcko | CEO at FXPIG
  • #53
  • Apr 21, 2016 3:58pm Apr 21, 2016 3:58pm
Quoting Fxpig.com
I want to start out here with an apology to all forum readers for not posting a reply to this complaint sooner. Once we completed our internal review of the trades that Mr. Ivanov was disputing, raising the issue not only to the front facing LP who cleared the trades on our side but also the second tier LP who ultimately filled the trades on our LP's books, pushing to the point where we nearly were forced to close our clearing account, it was clear that we were not going to reach an agreement without some third party arbitration. At that point,...



please supply link by fdr i went to sight and nothing about fxpig
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  • #54
  • Apr 21, 2016 4:02pm Apr 21, 2016 4:02pm
As requested:

http://www.fdr.org.nz/member_search/...any&name=fxpig

They do not publish dispute information.
Kevin Murcko | CEO at FXPIG
  • #55
  • Apr 21, 2016 4:12pm Apr 21, 2016 4:12pm
Quoting Fxpig.com
As requested: http://www.fdr.org.nz/member_search/...any&name=fxpig They do not publish dispute information.
well its like extracting a tooth , you have the information from them post it
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  • #56
  • Apr 21, 2016 4:25pm Apr 21, 2016 4:25pm
Aussi,

As I said, they came back in favor of FXPIG. I will post a screen shot from the final decision below, I cannot post the full response, which was received via PDF as it contains personal information from Mr. Ivanov, and information on LPs that do not face us, and as we have no contractual obligation with them we cannot release their details publicly.

This was a pending decision awaiting further comment from both parties, we replied that we were in agreement, and Mr. Ivanov did not reply and thus the complaint was dismissed.
Attached Image (click to enlarge)
Click to Enlarge Name: decision-FDR.png Size: 262 KB
Kevin Murcko | CEO at FXPIG
  • #57
  • Apr 21, 2016 4:28pm Apr 21, 2016 4:28pm
Quoting Fxpig.com
Aussi, As I said, they came back in favor of FXPIG. I will post a screen shot from the final decision below, I cannot post the full response, which was received via PDF as it contains personal information from Mr. Ivanov, and information on LPs that do not face us, and as we have no contractual obligation with them we cannot release their details publicly. This was a pending decision awaiting further comment from both parties, we replied that we were in agreement, and Mr. Ivanov did not reply and thus the complaint was dismissed. {image}
thank you for the info , i also had zar sells with other brokers 2 of them , all paid into my account spread was high with both brokers
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  • #58
  • Apr 21, 2016 4:33pm Apr 21, 2016 4:33pm
Aussie,

You are very welcome.

I think most FX traders know that one execution has nothing to do with another, even at the same broker or LP. We fought with our front facing LP for 2 weeks and we actually even fought their front facing LP, one of the top 10 FX banks. They came back that the prices were legitimate and they provided evidence. When this happens the only option is a commercial gesture from our side, but IF we do that we create a precedent. Now we DO offer commercial gestures, but on issues caused by our own fault, i.e. something akin internal tech issues.

Cheers,
Kevin Murcko | CEO at FXPIG
  • #59
  • Last Post: Apr 21, 2016 4:41pm Apr 21, 2016 4:41pm
I would also add we did offer a commercial gesture, but it was not well received by the client.

We are VERY serious about our client relations, and we truly do fight when we feel something is amiss at the LP level. After nearly 6 years one 'got away from us' and we are not happy about that, but a solid company needs strict internal guidelines or it fails.
Kevin Murcko | CEO at FXPIG
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