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Experiences with FxPro

  • #1,081
  • Sep 6, 2017 11:53am Sep 6, 2017 11:53am
I have just had a nasty experience with FX Pro.
I placed a sell stop with an entry price for sell stop was 1.4751. At 16:00 during cad news the platform froze. My sell stop was entered at 1.4513; 238 pips below my trade. I cannot find the details on my journal tab and history won't show the order details as it's only showing what your system entered me at.
I've just opened an account with FX Pro and I have this nasty experience on my first day - talk about a baptism of fire
I'm extremely upset as that trade is currently in negative.
What are my chances with resolving this?
  • #1,082
  • Sep 7, 2017 1:18am Sep 7, 2017 1:18am
Dear Chibaya,

In case this happened using FxPro cTrader, we would like to advise you that you can easily access all necessary information in cTrader and provide it to your broker for further assistance. You can find your deal history in Tradewatch > History as shown in the history image attached.

By pressing the i button, your deal information will appear. There you can track all necessary information about the deal. Also you can access the information of the relevant order and the resulting position as shown in the deal information image. In the Order details window you will be able track all the relevant order details as well as the order events.

We hope that the above information can help you troubleshoot your issue.

Best Regards,

cTrader Team
Attached Image(s) (click to enlarge)
Click to Enlarge Name: History.png Size: 16 KB
Click to Enlarge Name: deal.png Size: 35 KB
Click to Enlarge Name: Order.png Size: 31 KB
cTrader & cAlgo - The New Standards in FX Trading
  • #1,083
  • Sep 7, 2017 3:09am Sep 7, 2017 3:09am
Quoting Chibaya
I have just had a nasty experience with FX Pro. I placed a sell stop with an entry price for sell stop was 1.4751. At 16:00 during cad news the platform froze. My sell stop was entered at 1.4513; 238 pips below my trade. I cannot find the details on my journal tab and history won't show the order details as it's only showing what your system entered me at. I've just opened an account with FX Pro and I have this nasty experience on my first day - talk about a baptism of fire I'm extremely upset as that trade is currently in negative. What are my...
Hi Chibaya,

Please follow the instructions that cTrader have provided above in order to find the OID number, and send an email to [email protected] with this and your account number, and we can check this trade for you with our Execution Department.

Kind regards,
Lianna
  • #1,084
  • Sep 7, 2017 6:43am Sep 7, 2017 6:43am
Thanks cTrader and Lianna for your feedback and assistance.

My relationship manager had the following to say:
You had a Sell Stop position opened on EURCAD, as you can see on the chart, EURCAD depreciated 328 pips due to the announcement of Bank of Canada to raise the interest to 1% at 17:00:00.

Please note, once any stop order is triggered, it is then executed as a Market Order. This means it will close at the best possible price available in the market once the requested price is hit.

For stop orders, this may be on, above or below the requested price.

See extract from out order execution policy below:

5.2 Stop Orders:
This is an order to buy or sell once the market reaches the ‘stop price’. Once the market reaches the ‘stop price’ the ‘stop order’ is triggered and treated as a ‘market order’.....

5.4 Market Order:
This is an order to buy or sell at the current market price that is available. The system automatically aggregates the volume received from the third party liquidity providers and executes the ‘market order’ at VWAP (Volume weighted average price) that is the average and best available price at the time of the execution. ....

It doesn't look like I have any recourse except to leave FX Pro.
  • #1,085
  • Sep 7, 2017 7:27am Sep 7, 2017 7:27am
Hi, i think you will have the same 'problem' which ever broker you go to. Having orders near price before major market moving news is very dangerous and not a great trading strategy imo. (otherwise trading would be really easy).
Quite simply where your order was triggered there was no liquidity (or anybody willing to take the other side of your order) - your order was filled at a level where there was someone willing to take the other side of your order - which in this case was a few hundred points lower - Liquidity gaps are common at times of major news announcements.
Your broker can only execute your trade if there is someone else prepared to take the other side (and this may include your broker if they are providing the liquidity for your trades)
I think i am right in this - but, anybody, please feel free to correct me if I am talking rubbish
thanks,
FBD
  • #1,086
  • Sep 7, 2017 8:05am Sep 7, 2017 8:05am
Generally, having pending order has its own downside. One hand it gives you earlier entry, on the other hand if it goes against you it can be disaster and early loss
Make all mistakes in demo and rain in pips in live account
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  • #1,087
  • Sep 8, 2017 2:09am Sep 8, 2017 2:09am
Quoting Chibaya
Thanks cTrader and Lianna for your feedback and assistance. My relationship manager had the following to say: You had a Sell Stop position opened on EURCAD, as you can see on the chart, EURCAD depreciated 328 pips due to the announcement of Bank of Canada to raise the interest to 1% at 17:00:00. Please note, once any stop order is triggered, it is then executed as a Market Order. This means it will close at the best possible price available in the market once the requested price is hit. For stop orders, this may be on, above or below the requested...
Hi Chibaya,

I am sorry to hear that you are not satisfied with our response regarding this, however, this was a very high impact news release which caused a huge fall in price. In such volatile situations, it is often not possible to receive the requested price, as all stop orders are executed with VWAP. If you wish to clarify anything further please respond back to your relationship manager and we will be happy to discuss this with you further.

kind regards,
Lianna
  • #1,088
  • Sep 8, 2017 2:36am Sep 8, 2017 2:36am
Quoting Chibaya
I have just had a nasty experience with FX Pro. I placed a sell stop with an entry price for sell stop was 1.4751. At 16:00 during cad news the platform froze. My sell stop was entered at 1.4513; 238 pips below my trade. I cannot find the details on my journal tab and history won't show the order details as it's only showing what your system entered me at. I've just opened an account with FX Pro and I have this nasty experience on my first day - talk about a baptism of fire I'm extremely upset as that trade is currently in negative. What are my...

Chibaya,

you got responses from:

1. cTrader team, which provided you info how to track order flow on your position. That is good. They are neutral here.

2. FxPro representative, who is not neutral, she plays for the broker, which mean she plays against you. She told you some truth, but not all. Her job is to keep you as a client of that broker. She is paid for that.

Here is my offer:

A) You got slipped on stop order +200p based on what your said (I have not checked cTrader screenshots)
B) It is true that general liquidity was weak during that even
C) BUT was general liquidity weak enough to warrant +200p slippage on stop loss? I can tell you that is not true. There are brokers who had capacity to execute orders in between that +200p slide you experienced, I can assure you that.

Which leads you ultimately to a question: is FxPro actually pro broker and does it suit you? Or is "Pro" part just a marketing trick, something to emboss in your mind on subconscious level and tangle your ego? Are they REALLY Pro?

I am not going to recommend you any specific alternative, I am not here to make advertising for anyone. But I am saying, maybe you should find more suitable and resourceful broker then FxPro. Dont you think so? Do you want to deal with +200p slippage again in the future? I can assure you, it will happen again.
  • #1,089
  • Sep 8, 2017 8:16am Sep 8, 2017 8:16am
Quoting jdieieh
{quote} Chibaya, you got responses from: 1. cTrader team, which provided you info how to track order flow on your position. That is good. They are neutral here. 2. FxPro representative, who is not neutral, she plays for the broker, which mean she plays against you. She told you some truth, but not all. Her job is to keep you as a client of that broker. She is paid for that. Here is my offer: A) You got slipped on stop order +200p based on what your said (I have not checked cTrader screenshots) B) It is true that general liquidity was weak during...

Thanks for your response Jdieieh. You are correct. They have zerorized the trade for me. Your suggestion to look for a different broker sounds about right!
  • #1,090
  • Sep 10, 2017 3:51pm Sep 10, 2017 3:51pm
Quoting Lianna@FxPro
{quote} Hi Chibaya, I am sorry to hear that you are not satisfied with our response regarding this, however, this was a very high impact news release which caused a huge fall in price. In such volatile situations, it is often not possible to receive the requested price, as all stop orders are executed with VWAP. If you wish to clarify anything further please respond back to your relationship manager and we will be happy to discuss this with you further. kind regards, Lianna
Thats insane, you cannot expect clients to put up with a 200+pip slippage. Is there any option to limit the amount of slippage on a stop order before you do no longer want to take the trade...?
  • #1,091
  • Sep 11, 2017 1:54am Sep 11, 2017 1:54am
Quoting jsk3010
{quote} Thats insane, you cannot expect clients to put up with a 200+pip slippage. Is there any option to limit the amount of slippage on a stop order before you do no longer want to take the trade...?
Hi jsk3010,

Unfortunately in situations such as Wednesday when EURCAD fell more than 300pips, this kind of slippage is to be expected, as all of the prices we receive are from LPs. We do not offer guaranteed stops or a feature to limit stop order prices once triggered, however, we are always trying our best in such cases to offer speedy execution and deep liquidity wherever possible.

Kind regards,
Lianna
  • #1,092
  • Edited 4:34am Sep 11, 2017 4:17am | Edited 4:34am
Quoting Lianna@FxPro
{quote} Hi jsk3010, Unfortunately in situations such as Wednesday when EURCAD fell more than 300pips, this kind of slippage is to be expected, as all of the prices we receive are from LPs. We do not offer guaranteed stops or a feature to limit stop order prices once triggered, however, we are always trying our best in such cases to offer speedy execution and deep liquidity wherever possible. Kind regards, Lianna
Lianna@FxPro,

That kind of slippage (+300p) is expected only from brokers who either a) do have poor support of liquidity providers OR b) do not send orders to liquidity providers at all (for whatever reason that might be).


Here is a proof. A screen shot of 1 tick chart on a live account from a "OK" broker. The slippage was 98p for the very first order. That is at 3x twice less than your and I will say again, this is "OK" broker. Other can do better. After that, before price reached -300p, there was plenty of other orders filled, PLENTY.

So, your claim that slippage +200p was cause by the market conditions is NOT true. But what is true, this slippage was cause either point A) or B) mention before. Which brings us back to a question: is "Pro" in the name of your company justified?

BTW: WHY DONT YOU ENLIGHTEN US AND PROVIDE THE SAME SCREENSHOT AS I DID? WOULD THAT BE TOO HARD? THAT WOULD GIVE US CLEAR EVIDENCE WHERE WERE YOUR LIQUIDITY LEVELS AT THE TIME OF THE EVENT, WOULDNT IT? IF I CAN DO THAT, I AM PRETTY SURE YOU CAN AS WELL.

Sooooo... next time, when you say your customer bullshit, make sure you can back it up!

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad_BoC_interest_slippage.PNG Size: 120 KB
  • #1,093
  • Sep 11, 2017 5:31am Sep 11, 2017 5:31am
Quoting jdieieh
{quote} Lianna@FxPro, That kind of slippage (+300p) is expected only from brokers who either a) do have poor support of liquidity providers OR b) do not send orders to liquidity providers at all (for whatever reason that might be). Here is a proof. A screen shot of 1 tick chart on a live account from a "OK" broker. The slippage was 98p for the very first order. That is at 3x twice less than your and I will say again, this is "OK" broker. Other can do better. After that, before price reached -300p, there was plenty of other orders filled, PLENTY....
Dear jdieieh,

Not sure what your agenda is here, however you will notice that this is an FxPro thread, and we have decided to respond with an explanation of what happened in this situation, so as to be clear to our client and also for anyone here who may have experienced a similar situation, during the huge market move on the CAD on Wednesday.

Please note that, as FxPro, we always do our best to respond to clients and examine each query, either via live chat, phone, email, or in forums such as this one. If you are an FxPro client or are thinking of becoming one and have any questions regarding our services, we would be more than happy to help.

Beyond that, I think you will share my opinion when I say that it is neither constructive nor professional to engage in arguments in public forums, especially since I fail to see how you have been negatively affected in any way by FxPro.

Regarding our ‘pro’ status as a broker, I think our 10years+ of being one of the global leaders of this industry speaks for itself, hence why we did not feel the need to respond to you when you previously made this comment.

Kind regards,
Lianna
  • #1,094
  • Edited 5:58am Sep 11, 2017 5:48am | Edited 5:58am
Quoting Lianna@FxPro
{quote} Dear jdieieh, Not sure what your agenda is here, however you will notice that this is an FxPro thread, and we have decided to respond with an explanation of what happened in this situation, so as to be clear to our client and also for anyone here who may have experienced a similar situation, during the huge market move on the CAD on Wednesday. Please note that, as FxPro, we always do our best to respond to clients and examine each query, either via live chat, phone, email, or in forums such as this one. If you are an FxPro client or are...
Dear Lianna@FxPro,

this is not your forum. This is pubic forum and as a part of public I question your claims. I have right to do it.

I already proved that your claim is of +300p slippage on eurcad during BoC interest decision is not due to market conditions, but either lack of substantial liquidity providers as your business partners or intentional orders holding. Other brokers were able to provide 3x better execution than your company.

Stop your marketing talk, go to your boss and as him to provide tick chart on eurcad with order levels during the even, the same as I, poor outsider could do. You see that attachment above, right?

Your lack of willingness to do so proves me you are just market maker and talk bullshit to your customers about slippage. No amount of marketing talk is going to change that. And who would like to deal with bucket shop? And that is my point. It does not matter how many years you have been a bucket shop. You might be as good 100+ years. This only proves that you were able fooling customers for that long. Is it clear now?

So... next time when you talk bullshit to your client, make sure you can back it up with hard evidence. Your arguments would not stand in a court, I can assure you that.
  • #1,095
  • Sep 11, 2017 1:58pm Sep 11, 2017 1:58pm
Quoting Lianna@FxPro
{quote} Hi jsk3010, Unfortunately in situations such as Wednesday when EURCAD fell more than 300pips, this kind of slippage is to be expected, as all of the prices we receive are from LPs. We do not offer guaranteed stops or a feature to limit stop order prices once triggered, however, we are always trying our best in such cases to offer speedy execution and deep liquidity wherever possible. Kind regards, Lianna
Thanks for replying Lianna. Would I be able to avoid such slippage using an instant execution account rather than a market execution account?

Thanks
  • #1,096
  • Sep 12, 2017 1:39am Sep 12, 2017 1:39am
Quoting jsk3010
{quote} Thanks for replying Lianna. Would I be able to avoid such slippage using an instant execution account rather than a market execution account? Thanks
Hi jsk3010,

You can avoid slippage on the opening of orders when using our Instant execution account, because with this execution type, you will either receive your requested price or a requote. However, when using 'Stop' orders, such as pending buy or sell stop, they will always use Market execution, and you will therefore receive the VWAP price, so it is possible to receive slippage on such orders. This is the risk when you use Stop orders, you are guaranteed entry to the market, but not necessarily at the price that you requested.

Hope this clarifies things,

kind regards,
Lianna
  • #1,097
  • Sep 12, 2017 2:01am Sep 12, 2017 2:01am
Quoting Lianna@FxPro
{quote} Hi jsk3010, You can avoid slippage on the opening of orders when using our Instant execution account, because with this execution type, you will either receive your requested price or a requote. However, when using 'Stop' orders, such as pending buy or sell stop, they will always use Market execution, and you will therefore receive the VWAP price, so it is possible to receive slippage on such orders. This is the risk when you use Stop orders, you are guaranteed entry to the market, but not necessarily at the price that you requested. Hope...
Lianna@FxPro,

nice THEORETICAL explanation of stop orders, available in about 1000 resources online.

Now, I requested you to provide a tick chart for BoC interest rate to see what order levels were PRACTICLY available at the time and to verify your claim of +300p slippage.

I am pretty sure this is very easy task for you. You seems to intentionally ignoring my request. Could you please explain why? Why is it a problem to show REAL, practical, not theoretical example how liquidity of your company looks during major event and how it compare to your competitors. Would not that make you more creditable, opposing to hiding this information? I already provided similar tick chart from other broker, one of your competitors, which is attached in one of my previous posts.

Dont you want assure your customers, by ACTIONS AND EVIDENCE, NOT WORDS, that you really do the best? You know, talking is cheap, everybody can talk.
  • #1,098
  • Edited 2:55am Sep 12, 2017 2:33am | Edited 2:55am
Lianna@FxPro,

since you are not willing to provide this information, I decided to do a bit more investigation by myself.

Here is screenshot I took couple minutes ago of 3 brokers quoting gbpusd - it time for high liquidity for that pair, London fx opened about 1.5 hour ago. As you can see for all 3 brokers I use the same platform - cTrader. Also as you can see, I have a nice plugin that captures current spread, as well as minimum and maximum over period of time.

Results are:

Competing broker 1: current spread 0.4, minimum spread 0.0, maximum spread 0.6

Competing broker 2: current spread 0.5, minimum spread 0.1, maximum spread 0.7

FxPro: current spread 0.8, minimum spread 0.4, maximum spread 1.0

As we can see, FxPro is on current spread 2x (twice) more expensive than the best of those 3 brokers. Also on maximum spread FxPro is almost 2x (twice) more expensive than the best of those 3 brokers. Minimum spread does not matter much, as brokers can remove mark up on spread temporary for marketing purposes, so when a customer looks at brokers comparison pages, they see what they were intended to see, good, minimum spread.

Lilianna, how do you explain that in normal, liquid times you tend to be 2x (twice) more expensive on spread than your competitors. How is it possible that you claim you do the best for your clients, yet results shows something opposite?

BTW, big economic UK news coming soon. We will see more charts from your company. It does not talk much to expose bullshit, does it

Attached Image (click to enlarge)
Click to Enlarge Name: fxpro_gbpusd_spread_comparision_to_other_brokers copy.png Size: 183 KB
  • #1,099
  • Sep 12, 2017 3:56am Sep 12, 2017 3:56am
Nice moves on GBP pairs after quite good UK CPI/PPI couple minutes ago. Lets see how FxPro was doing for the event. Screenshot of 1 tick chart comparing 3 brokers is attached.

Attached Image (click to enlarge)
Click to Enlarge Name: fxpro_gbpusd_spread_during_UK_CPI_PPI_comparision_to_other_brokers copy.png Size: 184 KB


First of all we can see a gap on gbpusd was comparable for all 3 brokers. Perhpas we could find some extra orders levels here and there, but that is pretty close. No such a big difference as in case of BoC interest, not surprisingly though, results were expected.

Secondly we can see that maximum spread of FxPro during event was 10p. Better then Broker_2 (13.1p), but still 50% worse then a good Broker_1.

Unfortunately, normal spread several minutes after the even does not look good for FxPro. being at level 0.9 it is 3x (three times) worse then good Broker_1 (0.3) and more then 2x (twice) then Broker_2 (0.4).

In other words, simple comparison between brokers for couple days release that FxPro:

1. Has sometimes big problems during major events and does not hesitate slip customers +300p. Worse, they recon it is justifiable and most likely will repeat in the future.

2. Normal spread for very liquid pair like gbpusd seems to be constantly marked by 2-3 times. Which really means that if you are scalping with this broker, spread alone will kill you in long term. Simply as that.

Sooo.... perhaps just looks around for other offers that might suit you better.

Thank you for lack of cooperation from FxPro!
  • #1,100
  • Sep 12, 2017 5:58am Sep 12, 2017 5:58am
Quoting Lianna@FxPro
{quote} Hi jsk3010, You can avoid slippage on the opening of orders when using our Instant execution account, because with this execution type, you will either receive your requested price or a requote. However, when using 'Stop' orders, such as pending buy or sell stop, they will always use Market execution, and you will therefore receive the VWAP price, so it is possible to receive slippage on such orders. This is the risk when you use Stop orders, you are guaranteed entry to the market, but not necessarily at the price that you requested. Hope...
Just learning new information. Great thanks
Make all mistakes in demo and rain in pips in live account
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