FXPRO Withdrawal? Anyone withdraw profits?

[wackypete2]

However they're still stealing money from you no matter what way you look at it. It's like saying a vandal only broke a small window in your house and it didn't cost much to fix.

I don't condone any illegal practices but your comparison to a broken window isn't very good. Slippage is a cost of doing business much like losses from shoplifters would be to a retail store. Both are illegal but if you can't make money solely due to slippage or shoplifting then it is ultimately the trader/store owner who is not doing something right. If someone threw a rock through my house window then it's not business, but if someone threw a rock through my profitable storefront business then I certainly wouldn't go out of business because of it.

Peter

 

[random12345]

Asymmetrical slippage would have an effect on you bottom line, how couldn't it. The question is whether it makes a big enough difference to matter to you. If you trade 50 times a week and each time they slip you two pips that could make a massive difference to most people. If you trade twice a month and hold the trade for two weeks it will make less of a difference. However they're still stealing money from you no matter what way you look at it. It's like saying a vandal only broke a small window in your house and it didn't cost much to fix.

My analogy was more that if the reason you're an overall loser by way of >2 pips slippage against you being filled from time to time, then you're an overall loser anyway. I agree it's crooked and wrong, but I still stand by the fact you were going to lose anyway. That doesn't make it acceptable, it is criminal and criminal charges should be brought. But I still reiterate that your crooked broker is taking your money instead of some institutional chump on the other side.

My reading of the case wasn't that they were slipping people by 2 pips each trade (going on your 50 trade example), how would that be possible? That would be genuine crooked active slipping rather than asymmetrical, which they weren't charged for, but I'd love to see a case for because so often people think they're getting spiked/slipped JUST for them. I stand by the fact that if you're regularly getting slipped by >2 pips, you're chasing volatile price action or one of those clowns who try and profit from lag or.. I guess... betting institutional volume.

I must continue to restate that I in no way support their actions, I abhor them and they should be out of business.

 

[Splitlink]

You're not trading in a market they are taking the other side of your trades, when you lose they get the money. That is why it is always in their interests for you to keep losing. Of course some brokers will help you to lose faster by giving you slippage and so on (google FXCM fine or Gain Capital fine).

Regarding withdrawals they will attempt to hold out for a while in the hope you lose a bit more.

As regards regulation they are in Cyprus. Can you think why?

You have not answered his question. I find this unbelievable when OP has been so clear about his requirements.

 

[random12345]

Asymmetrical slippage would have an effect on you bottom line, how couldn't it. The question is whether it makes a big enough difference to matter to you. If you trade 50 times a week and each time they slip you two pips that could make a massive difference to most people. If you trade twice a month and hold the trade for two weeks it will make less of a difference. However they're still stealing money from you no matter what way you look at it. It's like saying a vandal only broke a small window in your house and it didn't cost much to fix.

I also must say it's good work that you do by keeping track of crooked brokers and being able to quote cases etc.

 

[ZEN archer]

Asymmetrical slippage would have an effect on you bottom line, how couldn't it. The question is whether it makes a big enough difference to matter to you. If you trade 50 times a week and each time they slip you two pips that could make a massive difference to most people. If you trade twice a month and hold the trade for two weeks it will make less of a difference. However they're still stealing money from you no matter what way you look at it. It's like saying a vandal only broke a small window in your house and it didn't cost much to fix.

All that slippage is almost all the time against the client (there is a specific software that does it). I don't really need to research about it - it's enough for me to use their services. Sometimes slippages in their favour (some of the reasonable brokers) take up to 30% of my daily profit. With some of them I can't make profit (wrong price fills etc.)

I never understood why should they be allowed to rob you if you use a particular style of trading? I know that's how they increase their profits, but shouldn't that be against the law/rules?

 

[pboyles]

All that slippage is almost all the time against the client (there is a specific software that does it). I don't really need to research about it - it's enough for me to use their services. Sometimes slippages in their favour (some of the reasonable brokers) take up to 30% of my daily profit. With some of them I can't make profit (wrong price fills etc.)

I never understood why should they be allowed to rob you if you use a particular style of trading? I know that's how they increase their profits, but shouldn't that be against the law/rules?

It's against the law, that's why they're getting fined tens of millions. The rest will keep doing it until they're caught too.

 

[Antonio1711]

You're not trading in a market they are taking the other side of your trades, when you lose they get the money. That is why it is always in their interests for you to keep losing. Of course some brokers will help you to lose faster by giving you slippage and so on (google FXCM fine or Gain Capital fine).

Regarding withdrawals they will attempt to hold out for a while in the hope you lose a bit more.

As regards regulation they are in Cyprus. Can you think why?

I am with FxPro for 2 years now, I 've opened an account 2 years ago and then went to FXCM, because freind of mine had an IB contract with them so I ve got some "rebates" at fxcm, but for 1 year now I trade with FxPro !

regarding the TS question - yes, withdrawals are processed very quickly, I am using bank transfers - normally next day I see in my online bank the transfer . If you want - I can send some screenshots .

@pboyles FxPro is not a Market Maker, you aren't right when you say that "You're not trading in a market they are taking the other side of your trades , when you lose they get the money" - Because FxPro works on full Agency Model - streaming prices from the worlds top banks , then they aggregate it and trader has the best BID and ASK - means that FxPro is NDD - no intervention of dealers. So you trade with the BANKS through FxPro, if you loose - bank have your money and not FxPro !

FxPRo is regulated by the FSA as well as by cysec and asic (australia) - they have a full license from FSA (FSA Register).

It is my 1st message, but I can prove you all what I said above.

I am using their FxPro cTrader and FxPro MetaTrader 4 - both are working fine, without any slippage or requotes !

Really - 5 stars broker. They have an office in the City of London, check on g maps.

cheers !

 

[wackypete2]

@pboyles FxPro is not a Market Maker, you aren't right when you say that "You're not trading in a market they are taking the other side of your trades , when you lose they get the money" - Because FxPro works on full Agency Model - streaming prices from the worlds top banks , then they aggregate it and trader has the best BID and ASK - means that FxPro is NDD - no intervention of dealers. So you trade with the BANKS through FxPro, if you loose - bank have your money and not FxPro !

You guys really need to read the Terms of Service before opening accounts with any broker.

Quotes from FXPRO's Terms of service (go here FxPro Document Downloads | FxPro and download the Order Execution Policy)

This applies to both their ECN Platform and MT4. You can read that elsewhere in their TOS.

Peter

 

[pboyles]

I am with FxPro for 2 years now, I 've opened an account 2 years ago and then went to FXCM, because freind of mine had an IB contract with them so I ve got some "rebates" at fxcm, but for 1 year now I trade with FxPro !

regarding the TS question - yes, withdrawals are processed very quickly, I am using bank transfers - normally next day I see in my online bank the transfer . If you want - I can send some screenshots .

@pboyles FxPro is not a Market Maker, you aren't right when you say that "You're not trading in a market they are taking the other side of your trades , when you lose they get the money" - Because FxPro works on full Agency Model - streaming prices from the worlds top banks , then they aggregate it and trader has the best BID and ASK - means that FxPro is NDD - no intervention of dealers. So you trade with the BANKS through FxPro, if you loose - bank have your money and not FxPro !

FxPRo is regulated by the FSA as well as by cysec and asic (australia) - they have a full license from FSA (FSA Register).

It is my 1st message, but I can prove you all what I said above.

I am using their FxPro cTrader and FxPro MetaTrader 4 - both are working fine, without any slippage or requotes !

Really - 5 stars broker. They have an office in the City of London, check on g maps.

cheers !

Well that's what they may have told you but none of these firms are passing your trades to 'the banks'. As wackypete says it's actually in their terms and conditions if only people would look.

 

[pboyles]

Really - 5 stars broker. They have an office in the City of London, check on g maps.

)

Their London address is 13/14 Basinghall Street, City of London, EC2V 5BQ

That's also home to Morgan Pepper Surveyors Morgan Pepper Surveyors - 13-14 Basinghall Street City of London EC2V 5BQ United Kingdom : LocalBuzz!

Its also home to the London Bullion Market Association London Bullion Market Association, 13-14 Basinghall Street, London, EC2V 5BQ - Trade and Business Organisations

and Enoteca Enoteca (Guildhall) Ltd - in Liverpool Street EC2V 5BQ - 192.com

and Westburn Stores Westburn Stores Ltd - in Liverpool Street EC2V 5BQ - 192.com

and so on.

 

[pboyles]

Must be a tight squeeze

 

[maxtail]

I am with FxPro for 2 years now, I 've opened an account 2 years ago and then went to FXCM, because freind of mine had an IB contract with them so I ve got some "rebates" at fxcm, but for 1 year now I trade with FxPro !

regarding the TS question - yes, withdrawals are processed very quickly, I am using bank transfers - normally next day I see in my online bank the transfer . If you want - I can send some screenshots .

@pboyles FxPro is not a Market Maker, you aren't right when you say that "You're not trading in a market they are taking the other side of your trades , when you lose they get the money" - Because FxPro works on full Agency Model - streaming prices from the worlds top banks , then they aggregate it and trader has the best BID and ASK - means that FxPro is NDD - no intervention of dealers. So you trade with the BANKS through FxPro, if you loose - bank have your money and not FxPro !

FxPRo is regulated by the FSA as well as by cysec and asic (australia) - they have a full license from FSA (FSA Register).

It is my 1st message, but I can prove you all what I said above.

I am using their FxPro cTrader and FxPro MetaTrader 4 - both are working fine, without any slippage or requotes !

Really - 5 stars broker. They have an office in the City of London, check on g maps.

cheers !

Can you please PM me the screen shots.. Would appreciate. It would help alot for me to clarify my doubts. thanks alot.

 

[redtag12]

Must be a tight squeeze

God you have to laugh dont you.

 

[redtag12]

Prehaps FXPRO could come on the forum and explain their execution policies.Ie, are they a Market maker or an ECN broker.Seems to me that prehaps they like to be both.They are i think the prniciple in any trade placed with them.

 

[FxPro Group]

Dear Redtag12,

We operate under a 100% Agency Model. FxPro streams prices from leading international banks and all of the trades flow straight to the market which cannot see your stop loss, take profit and other pending instructions, minimising the likelihood of price manipulation,eliminating the no conflict between the firm and the trader.

I do hope that has answered your question.

Shall you require any more information, I will be happy to answer.

Kind regards,

Vasily Sukhotin
Director of Sales
FxPro

 

[The Pear]

i think from a T&C point of view most companies will state they act as principal, primarily due to there being no one centralised marketplace. It is still possible to act as an ECN type business. Companies like FXPRO (I assume) may offer themselves as the counterparty but also work on a matched basis (ie STP) acting like a broker. This is what tends to happen with consistent winners / scalpers - its a no risk play for the company.

 

[redtag12]

No the banks or the liquidity providers cannot see stop losses take profits pending orders but my question is can you at fxpro.

 

[kwickwool]

Dear Redtag12,

We operate under a 100% Agency Model. FxPro streams prices from leading international banks and all of the trades flow straight to the market which cannot see your stop loss, take profit and other pending instructions, minimising the likelihood of price manipulation,eliminating the no conflict between the firm and the trader.

I do hope that has answered your question.

Shall you require any more information, I will be happy to answer.

Kind regards,

Vasily Sukhotin
Director of Sales
FxPro

FXpro,

please explain comments below and initially from Pete earlier from your company statement in that

" FXpro acts as the principal and the firm is the sole execution venue which is a non-regulated market "

 

[Antonio1711]

Can you please PM me the screen shots.. Would appreciate. It would help alot for me to clarify my doubts. thanks alot.

Hi Maxtail,

I've attach the screenshot here so everyone can see, did a test withdrawal of 10 eur specially for you

If I manage to make a big profit - will send you once I withdraw my full account

cheers,

 

[abcpip123]

FXpro,

please explain comments below and initially from Pete earlier from your company statement in that

" FXpro acts as the principal and the firm is the sole execution venue which is a non-regulated market "

Knickwool, another forum has the explanation you are looking for, I have posted it below.

Let's assume that you make a trade, let's say you buy 10'000 Units EURUSD at 1.3000. FXPro takes that order and immediately forwards that trade to either a Bank, or multiple liquidity providers. That's what's called STP Straight Through Processing.

The Banks and/or Liquidity providers who take that order from FXPro can only see that this order comes from FXPro, but not from what person it comes i.e. John Doe from Alabama. That's why those Clients are anonymous, FXPro are the principal with the LP's as they are the banks trading counterparty.

It is not possible for your trades to reach the banks if they are not represented as FXPro. It seems that people are becoming confused by the language and assuming that they are being traded against.