E Net Speculation

garyp75

Junior member
14 0
It looks interesting but they are based in Uraguay and so are unregulated.

Also from their FAQ:

Can I contact you by telephone ?
No. We are an internet only company and this is the only means of communication we offer. Our Customer Support is extremely efficient and replies to all enquiries rapidly. Some replies may take a little longer if investigation or account verification is required. Replies by email allow us to handle many such enquiries at the same time without wasting the client's time or ours. Also, we find that in writing an email to explain their difficulties or make an enquiry many clients resolve their own problems, thereby ensuring that we only ever receive real enquiries.

Image the site is down, (it happens even to the big boys) and the market shifts big, which generally tends to happen together. You gonna be happy with just swinging them an email.

On the positive side they do guarantee stops, but couldn't find any info. spreads??

Let me know how you get on if you go ahead, I need another broker for my currency bets, these IG spreads are killing me and the D4F interface sucks.

G
 

MCGF

Well-known member
339 0
Shame!

Always been interested to know how a uruguyan would sound on the phone!
 

Theurgian

Newbie
9 0
Yes they are Net only. But their uptime statistics is almost 100%.
The risk is when you enter an order and then before you put in a stop ... the site goes down.

Spanish accent I suppose. Portuquese used only in Brazil.

There's Saxo Bank but minimum account size is USD10K.
RefcoFX, FXCM, MG Financials come to mind for mini FX (10K contract).
 

Theurgian

Newbie
9 0
The spreads are exchange supposed to be the exchange prices while for FX it is 5 pips. Essentially, a bucket shop/bookie. But they seem to have been around for a while. Then again, most SBs are running a book ...
 

MCGF

Well-known member
339 0
Im about to learn spanish-perhaps if they get a phoneline installed i could ring them 4 u?

I would be a little bit wary of that situation
 

Theurgian

Newbie
9 0
I know they are a bucket shop/running a book. The only difference between an SB (or the interbank/OTC markets) and them is that there is a regulatory authority.

What I need to know is if they have been honoring their deals.

I have search the net but can't find complaints of them not honoring their deals which is kind of strange (might be no one does business with them...)
 
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MCGF

Well-known member
339 0
Can some1 please explain to me what a bucket shop is?
 

Theurgian

Newbie
9 0
The customer's order is not send to the pit/exchange, it is "dropped" into a "bucket" inside the firm. Conceptually related to exchange traded products. With exchange traded products, brokers don't run a book (except for stock specialist), they execute the trade at the exchange.

SB, Interbank, and E Net, run a book (of customers orders). Then when they feel the need/pain, then go to the exchange or whatever to hedge themselves against the customers' orders.

That's why they are able to offer the exchange prices, no spread, but require commission, (midrange I say cos the old bucket shop used to charge as much as ten times over the normal full service brokerage). It is just slightly over what a discount broker could over.

No phone, well, with Interactive Brokers, you get no phone too. Last I heard at least. So it is their uptime history that is important. Beats deal4free from what I can see based on the independent monitoring service used.

So the link with the comments about E Net being a bucket shop is besides the point. Yes they are not FSA, but so are another of biggies like Saxo Bank, etc.

What I need to know is there anyone out who have done business with them and do they honor their deals.
 
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Trader333

Moderator
8,652 979
Theurgian,

........well, with Interactive Brokers, you get no phone too......

The last couple of times I have needed to contact IB by phone it has taken less than 60 seconds to get to the trade desk from the point at which I identified a trading issue.


Paul
 

neil

Legendary member
5,167 748
Trader333 said:
Theurgian,



The last couple of times I have needed to contact IB by phone it has taken less than 60 seconds to get to the trade desk from the point at which I identified a trading issue.


Paul

Likewise, trader333, for myself.

Therefore, since the instigator of this thread has not got the answers he/she needed, from experienced USA traders over at Elite or at T2W, then dipping a toe into the waters to test this unregulated bucket shop is the only way he/she will get a satisfactory answer.
 
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garyp75

Junior member
14 0
I think the key message is "completely unregulated".

Whilst unlikely what are you going to do if the following scenario happens.

- You give them your money
- Their website dissapears
- You cannot phone them
- what next?

Your reward is easy dealing, potentially tax free (offshore), low costs
Your risk is they run off with all your money

That's a pretty poor R/R in my book.

I run through this with anyone you give money to - so for me I have fallback if HSBC, D4F, IG or Etrade go tits up.

Hmmm but then there's Equitable Life.....damn! (another story altogether) :confused:
 

MCGF

Well-known member
339 0
Thanks for clearing up the bucket thing-just hope they dont end up kicking it!
 
 
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