Swiss move and Brokers worth their salt

karmit

Well-known member
490 5
all,

So the Swiss franc move yesterday had a major impact on a lot of brokers and bucket shops. I would like to create this thread to know your experience with your fx provider. This is an acid test of which ones are the good ones?!

My broker just got f**** and I'm trying to find a stable one :)

Appreciate if you kindly update this thread.

Thanks!
 

karmit

Well-known member
490 5
Alpari - folded up

ETX - sent out emails saying they will review positions which got filled (basically take money back)

SpreadCo - they were untradeable during the time
 

ffsear

Senior member
2,166 444
Spreadco on twitter...

Spread Co @spreadco · 19m 19 minutes ago
Spread Co trading as normal, will not be reviewing prices of executed trades & processing deposits/ withdrawals as per our standard policy.
 

scholfield

Established member
993 233
FXCM were hit
CMC, too? (to a lesser extent)

One of my brokers, GKFX, don't seem to have been affected? from what I can see?
 

karmit

Well-known member
490 5
Spreadco on twitter...

Spread Co @spreadco · 19m 19 minutes ago
Spread Co trading as normal, will not be reviewing prices of executed trades & processing deposits/ withdrawals as per our standard policy.

nothing to review as they shut platform when the storm came :cheesy:
 

karmit

Well-known member
490 5
How did the following fare?

1. IG
2. CMC

Also, any notable superstars? (ie platform up and running/ telephone lines running/ no "review" of closed positions)?
 

Jason101

Experienced member
1,372 215
How did the following fare?

1. IG
2. CMC

Also, any notable superstars? (ie platform up and running/ telephone lines running/ no "review" of closed positions)?

IG - I traded right through the storm with them, everything still ran smoothly.
They took up to a possible max of £30mil hit (depending on clients paying what is due). But I believe last years profits were over £100mil, so should not be a major problem to affect trading, just their share price a bit I would imagine.(incidentally, I checked their platform for a possible IG Group short and it looked as though they were no longer quoting for their own company. :LOL:

I am still happy with IG, they were still taking phone calls and business as usual.
You would not even notice there was a storm at all.
 

scholfield

Established member
993 233
sounds similar to CMC.

''

Peter Cruddas, Chief Executive, CMC Markets said:

“Yesterday’s unprecedented move by the Swiss National Bank created a large amount of volatility in the Swiss Franc and Foreign Exchange markets.

Like many of our competitors, CMC Markets sustained some losses, however, the overall impact including possible bad debts has not materially impacted the Group.

The Group’s balance sheet post these events remains strong, with a regulatory capital ratio of 24% (300% pre CRD IV) and own funds in excess of £130m. All retail client funds are fully segregated and protected.

Some of our competitors may suffer as a result of this market event but CMC Markets continues to have a strong balance sheet and business model; the Group remains on course to exceed last year’s financial performance.

It’s business as usual.”
''
 

mebz

Junior member
13 2
IG - I traded right through the storm with them, everything still ran smoothly.
They took up to a possible max of £30mil hit (depending on clients paying what is due). But I believe last years profits were over £100mil, so should not be a major problem to affect trading, just their share price a bit I would imagine.(incidentally, I checked their platform for a possible IG Group short and it looked as though they were no longer quoting for their own company. :LOL:

I am still happy with IG, they were still taking phone calls and business as usual.
You would not even notice there was a storm at all.

hi Jason

Could you please provide any details as to how IG was still running smoothly? I refer to times between 09:30 and 10:05 on Thursday after Snb pulled the rug. Any info could well be much appreciated by others.
Thanks
 

Jason101

Experienced member
1,372 215
[/QUOTE=mebz;2475936]hi Jason

Could you please provide any details as to how IG was still running smoothly? I refer to times between 09:30 and 10:05 on Thursday after Snb. ulled the rug. Any info could well be much appreciated by others.
Thanks[/QUOTE]

Sorry if I have misinformed you, I was obviously not trading the Swissy. But it didn't interrupt the other trades I was running and didn't interrupted quotes for other currency pairs.
 

hatemypips

Established member
616 45
due a shocking movement with CHF, several brokers fail to handle those event. receive many email, but mostly said it's an inevitable event. got couple account with several brokers company, my UK based brokers as ceased out, the other one with hongkong IB based end up at negative balaance (this my first time for having such account condition), while my last discovery with armada ( now tickmill ), seem didnt affect at all, as chf trading keep going, even i read some member at DF got 50k withing 15 minutes trading at GC pair.
now i dont have any idea with the negative balance, it happen my stop loss slipped at unbearable pips, it not much deposit to begin with, i can barely get over it, but still it's a negative balance, did the brokers would accuse me at should paid for the minus ?
 
Last edited:

Theopportunity

Newbie
2 0
My broker got f***** too haven't even got my money back!

all,

So the Swiss franc move yesterday had a major impact on a lot of brokers and bucket shops. I would like to create this thread to know your experience with your fx provider. This is an acid test of which ones are the good ones?!

My broker just got f**** and I'm trying to find a stable one :)

Appreciate if you kindly update this thread.

Thanks!

I MOVED TO HANTEC MARKET AS MY FRIEND TRADES THERE AND BASICALLY WHEN YOU OPEN AN ACCOUNT WITH REFERRAL NUMBER 5588 YOU GET TO TRADE RISK FREE FOR ONE MONTH AS THEY COVER YOUR LOSS AND LET YOU KEEP THE PROFIT their website is www.hantecfx.com
 

Jason101

Experienced member
1,372 215
[TE=FCMForex;2476794]Brokers need solid system in place which can ensure the client losses never exceeded the equity .[/QUOTE]

I think some spread betting companies do offer this as an account option. I am pretty sure Ig offer an account in which you are only able to open trades with gaurenteede stops. You will have to enquire with them to be sure. The trouble is most traders who take this option soon they feel no need to pay the extra spread and feel they would like the extra margin that non-gaurenteede stops offer. Because black swans are pretty rare.
Until something like this happens and then it's to late.
I think longer term traders where the percentage cost of the spread is smaller should definitely look into them.
 
 
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