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I've been operating with FXTurbo for two weeks and everything seemed to be going well until I noticed that spreads between 23:00 and 01:00 become absurd. In pairs like EUR/GBP they reach up to 14 pips, which is ridiculous. Is this happening to someone else or am I alone?
That's what happens to you by relying on brokers who call themselves "turbo." Already with that name they should give you a bad spine. Change the platform before they rip off your balance.
I also operate with them and yes, the night spreads are high, but according to their support, it's because of low liquidity. I don't know to what extent that is true, but at least they respond quickly.
Brother, that's not low liquidity, it's a legalized robbery, you're frozen by the SL and you're blown up by artificial spread.
I had the same experience. My advice: Find a real ECN broker and forget those who tell you they don't have a money table but then manipulate everything from behind.
It's frustrating because outside that schedule, it's all going like silk, good executions, no retractions, but in the morning it looks like they're going into casino mode.
You can try to operate only in London and NY sessions. So you avoid the problem. But of course, that doesn�t solve the underlying issue: the broker is not transparent.
It happened to me with another broker and it was because they had a junk liquidity provider. I traded them for ICMarkets and the difference went from heaven to earth.
It's not about defending anyone, but all brokers increase spreads when liquidity drops. Some warn, others go crazy. Read the terms of the contract well.
I understand about liquidity, but there's no justification for a spread of 14 pips on a larger pair. I'm not talking about an exotic like USD/TRY. I think it's abuse.