Broker Price Manipulation? - Page 2
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Thread: Broker Price Manipulation?

  1. #11
    ResiSTawor1977
    Guest
    Really following the plantation reports past month I think I began running OANDA and FXCM demos together. It was intriguing. You ought to try it and see who follows who.
    My 2 cents,

  2. #12
    Cartoxxa
    Guest
    Quote Originally Posted by ;
    LOU:
    That might be good news. I've already called FXCM and contested my transactions. If this really was a misquote , then I should currently possess an open short position and also be up about 80 pips per lot (I have 7 lots going). This may get interesting.
    CA1962
    I also got caught by that FXCM GBP phantom spike that doesn't show on the chart and want to know what is up with this.

  3. #13
    Cartoxxa
    Guest
    Quote Originally Posted by ;
    LOU:
    That may be good news. I have already called FXCM and contested my transactions. If this really was a misquote , then I ought to currently have an open short position and also be up about 80 pips per lot (I have 7 lots going). This could get interesting.
    CA1962
    I also got caught by that FXCM GBP phantom spike that doesn't show on the chart and want to know what is up with that.

  4. #14
    birns_birns1
    Guest
    It does seem quite suspicious that Refco/FXCM are the sole broker who has a policy against straddling entry orders before news, and the sole broker who shows these unexplained spikes (excuse me, a misquote yeah right) as news is published.

    Has anyone heard of coesfx? (http://www.coesfx.com) they say they are not a market maker or trading desk but instead an ECN that gives direct anonymous acces to the very best real time prices. They were showing 1-2 pip spread on the majors. I had not heard of them before and wonder maybe this is an alternative to the FXCM scammers.

    Based on their website:

    Since COES doesn't operate a gaming desk, each participant on the community is provided the capability to post bids and offers through the COES Level 1™ Trading Platform. The COES pricing is derived directly from a number of partners in our network such as banks,FCMs, IBs, finance managers and every trader on our ECN. Trading with COESfx provides traders with procedure. Each participant on the network is in fact a market manufacturer, trading on direct prices.

    By trading with COESfx, every participant may take advantage of the power of COES Level 1™, a totally compliant non-matching
    system that provides traders with features like:


    No Trading Desk Intervention
    No Price Manipulation
    Anonymous Trading
    Constant 24-Hour Liquidity

  5. #15
    gCayes
    Guest
    Quote Originally Posted by ;
    I also got caught by that FXCM GBP phantom spike that doesn't reveal on the chart and wish to know what's up with this.
    SteamTrader:

    When this happened to you then you should certainly call them, tell them what happened, and dispute the commerce.

    I only spoke to an FXCM Rep for the second time this morning, and he confirmed what Lou submitted earlier -- that there was a misquote and the cheapest price at 8:32 AM (EDT) was 1.8370 (maybe not, 1.8313 as reported). I'd an Entry Order to market GBP/USD @ 1.8365, and if you look at your own 1-minute chart, it shouldn't have been actuated before between 8:41-8:42 AM. I should still be in the commerce, and 80 to 90 pips a lot. They explained that they would review my trade and call me back. I'll post the results after they call.

  6. #16
    Quote Originally Posted by ;
    It does look quite suspicious that Refco/FXCM are the sole broker who has a policy against straddling entry orders prior to news, and the sole broker who shows these untoward spikes (excuse me, a misquote yeah right) as news is released.
    I spoke to the customer service representatives at FXCM, they do not have a policy against straddling news. Can't speak for Refco, but as closely affiliated since they are, they are still two seperate companies.

  7. #17
    Cartoxxa
    Guest
    Quote Originally Posted by ;
    :
    When that happened to you then you should definitely call them, tell them what happened, and dispute that the commerce.
    I just spoke to an FXCM Rep for the next time this morning, and he confirmed what Lou posted earlier -- there was a misquote and the cheapest price at 8:32 AM (EDT) was 1.8370 (not, 1.8313 as reported). I had an Entry Order to market GBP/USD @ 1.8365, and if you look at your own 1-minute chart, it should not have been actuated before between 8:41-8:42 AM. I must still maintain the commerce, and 80 to 90 pips a lot. They told me they would review my commerce and call me back. I'll post the results here after they call.
    CA1962
    Thank you. I called based on your advice and they will review/audit my order. I will not be able to find out anything before midnight since I will be out and away until then and not be able to check on the outcomes.

  8. #18
    gCayes
    Guest
    Quote Originally Posted by ;
    It does look very doubtful that Refco/FXCM are the sole broker that has a policy against straddling entry orders before news, and the sole broker who shows such unexplained spikes (excuse me, a misquote yeah right) as news is released.

    Has anybody heard of coesfx? (http://www.coesfx.com) they state they are not a market maker or trading desk but rather an ECN that provides direct anonymous acces to the best real time prices. They were revealing 1-2 pip spread on the majors. I'd not heard of these before and wonder perhaps this is an alternate to the FXCM scammers.

    Based on their website:

    Since COES doesn't operate a trading desk, every participant on the community is provided the ability to post bids and offers throughout the COES Level 1™ Trading Platform. The COES pricing has been based directly from numerous partners in our network including banks,FCMs, IBs, fund managers and each trader on our ECN. Trading with COESfx provides traders with live and executable process. Each participant on the network is in reality a market manufacturer, trading on direct prices.

    By trading with COESfx, every participant may take advantage of this energy of COES Level 1™, a fully compliant non-matching
    system that provides traders with attributes like:


    No Trading Desk Intervention
    No Price Manipulation
    Anonymous Trading
    Continuous 24-Hour Liquidity
    Vdeluca:


    Good find.

    Rather Interesting. I only called them and talked to the rep. They've been open to people for approximately 1 year. Quotes are from the banks. Spreads are 1-2 pips (and according to the rep, occasionally there is no spread - bid and ask prices are exactly the same). They make their money by charging a round turn commission of $20 per lot (equal to 2 pips).

    Based on the rep, brokers absolutely do manipulate their prices. I'm not saying any particular broker does so, but in line with this COEfx rep, there is no doubt that this occurs. Since COESfx is not a market maker and doesn't have a trading desk, there is not any matching or manipulation. The price you get is that the price quoted by the banks. Standard accounts take a minimum of $10,000 to start (no more minis). They have no problem whatsoever with entry orders (straddles) around information release times. I intend on trying one of the demos.

    If anybody has had any direct dealings with this business, please let us know.

  9. #19
    Cartoxxa
    Guest
    Quote Originally Posted by ;
    :
    If that happened to you then you should certainly call them, tell them what happened, and dispute the transaction.
    I just spoke to an FXCM Rep for the next time this morning, and he confirmed what Lou posted before -- that there was a misquote and the lowest price at 8:32 AM (EDT) was 1.8370 (maybe not, 1.8313 as reported). I had an Entry Order to market GBP/USD @ 1.8365, and if you have a look at your 1-minute chart, it shouldn't have been actuated before between 8:41-8:42 AM. I must still be in the trade, and 80 to 90 pips a lot. They explained that they would examine my trade and call me back. I will post the results after they call.
    CA1962
    Thank you. I called according to your advice and they'll review/audit my order. I won't have the ability to find out anything until midnight since I'll be out and off until then and be unable to test the outcomes.

  10. #20
    Quote Originally Posted by ;
    Just wondering if anybody who deals with FXCM believes this might be an issue?

    Thanks.
    CA1961
    Refco and FXCM wasn't at bad as you guys think. I utilize Refco. Today I've entry order Sell GBP 1.8323 SL 1.8353. This order got executed and in a minute went reverse and struck stop reduction of 30 pips. On Oanda and Metatrader charts price didn't go below 1.8338. I checked a chart with information origin from refco and discovered there was a significant spike down to 1.8315. I immeadetly had a chat with refco men and disputed about the spike which only appeared in their own charts and non from others brokers. I also gave him the ticket quantity of my order. Support men explained they would explore the issue and call me back. After an hour I got a call out of Refco telling me they had reverse the order and put the money straight back in my account. That was pretty neat. I've found out that if they screw up they mend it.

    I dont even know why they had a spike but should you find something is not right with your order, have a chat with support and ask for explanation. You may even ask for official price quote for a particular time in the past.

    Concerning the straddle statergy, I've got diffrent answers from diffrent support guys. They generally dissuade you from straddling but they dont prevent you from doing it.

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