xCFD

gle101

Veteren member
3,717 84
Yes here we are again, a new kid on the block. They started up 2013 and normally I would wait before signing up with them, but I just could not resist trying out the Exante platform. The bonus and the spread on Forex are just insanely good. Is this to good to be true, it probably is, remains to be seen though. I would altogether disregard them if it wasn't for the Exante platform. Superfast desktop platform, love the streamline look and the feel of it. However I miss the user predefined stop loss in points, hopefully they will implement it in the future. The leverage on the indices could also be better but the spread is ok.

Anyone on this forum trading with xCFD?
 
1

12WBT

0 0
Hi gle101

What spread do they offer on Hong Kong 45.

Also have you tried to withdraw any winning yet.

Noticed they are registered in New Zealand, not sure if that means much.
http://www.business.govt.nz/fsp/app/...SP309046/10.do

There is a few Forex brokers based in NZ, lower company tax rate and less government intrusion than Australia.
 

DowJones

Experienced member
1,073 391
People should be aware that New Zealand has a history of extremely weak (or non-existent) regulation regarding brokers (ForexMagnates among others have run several articles on this theme), to quote:

...New Zealand repealed its entire Banking Act in 1995 thereby facilitating free entry in to the business of banking and financial product provision. There are several laws regulating a financial business, but New Zealand is unique in the sense that a borderless international banking business or financial service provider can be established without capital requirements, qualification requirements or excessive supervisory requirements...

In addition, not all brokers are regulated:

"...Although it is now compulsory for all companies offering financial products and services in New Zealand to be registered as a New Zealand Financial Service Provider, is worthy of note that the New Zealand FSP is purely a register of corporations offering financial services, and that the actual body responsible for regulating the financial sector within New Zealand is the FMA..."

On to xCFD:
- They don't appear to be regulated by the FMA.
- They offer zero spread/commission (usually a sign of a scam); and interestingly they use the xante platform which does charge commission... something doesn't add up here...
- Their website looks cheap and unprofessional (reminds me of the websites of scam binary brokers), more importantly there is no information about trading T&Cs, costs, account info etc etc... (usually a sign of a scam)

Good luck with this...
 
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gle101

Veteren member
3,717 84
Hi gle101

What spread do they offer on Hong Kong 45.

Also have you tried to withdraw any winning yet.

Noticed they are registered in New Zealand, not sure if that means much.
http://www.business.govt.nz/fsp/app/...SP309046/10.do

There is a few Forex brokers based in NZ, lower company tax rate and less government intrusion than Australia.
Yes I will check the spread on monday. I do not have any winnings to withdraw yet.:)
 
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gle101

Veteren member
3,717 84
People should be aware that New Zealand has a history of extremely weak (or non-existent) regulation regarding brokers (ForexMagnates among others have run several articles on this theme), to quote:

...New Zealand repealed its entire Banking Act in 1995 thereby facilitating free entry in to the business of banking and financial product provision. There are several laws regulating a financial business, but New Zealand is unique in the sense that a borderless international banking business or financial service provider can be established without capital requirements, qualification requirements or excessive supervisory requirements...

In addition, not all brokers are regulated:

"...Although it is now compulsory for all companies offering financial products and services in New Zealand to be registered as a New Zealand Financial Service Provider, is worthy of note that the New Zealand FSP is purely a register of corporations offering financial services, and that the actual body responsible for regulating the financial sector within New Zealand is the FMA..."

On to xCFD:
- They don't appear to be regulated by the FMA.
- They offer zero spread/commission (usually a sign of a scam); and interestingly they use the xante platform which does charge commission... something doesn't add up here...
- Their website looks cheap and unprofessional (reminds me of the websites of scam binary brokers), more importantly there is no information about trading T&Cs, costs, account info etc etc... (usually a sign of a scam)

Good luck with this...
Yes I were aware about all this and did a lot of research before signing up with them. The lack of regulation and segregation also reflected my deposit in a negative way. Usually one will find a lot of bad reviews but I didn't find any that would put me off. About the website the same company that designed the Exante's website did theirs. If you have a look at Exante's website they resemble each other.

About the T&C I will check it up during the weekend. Their is some more information when the account is opened.

Again, I would be more careful using the word scam before it actually is proven to be so. There is some warning signs to observe, but going from this to a outright scam is a long way. It is up to each individual to decide if opening a live account with a broker is safe or not.
 
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DowJones

Experienced member
1,073 391
Yes I were aware about all this and did a lot of research before signing up with them... It is up to each individual to decide if opening a live account with a broker is safe or not.

You signed up with an unregulated broker and are not fully aware of the T&Cs - some great research you did... :rolleyes:

Actually the onus is on the broker to prove they are regulated and legit. However please feel free to advise others to donate money to unregulated brokers... the stupidity prevalent on this site amazes me... really you couldn't make this up...
 
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gle101

Veteren member
3,717 84
You signed up with an unregulated broker and are not fully aware of the T&Cs - some great research you did... :rolleyes:

Actually the onus is on the broker to prove they are regulated and legit. However please feel free to advise others to donate money to unregulated brokers... the stupidity prevalent on this site amazes me... really you couldn't make this up...
Please do not write in my name, I have not promoted them in any way or have any connection with them whatsoever other than being a client. I just want to find out more about this company. If you feel everybody is stupid besides you why do you stay?
 
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timsk

Legendary member
7,379 2,166
That's a very good point... I'm asking myself the same question.
Hi DJ,
As it's Saturday and I've had a glass of wine - I'll offer an answer . . .
Could it be that you hope to acquire the necessary discipline to post in a way that doesn't sound like you're deliberately trying to wind members up and cause offense? If so, you've still some way to go - so I suggest you stick around!
;)
Tim.
 
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DowJones

Experienced member
1,073 391
Hi DJ,
As it's Saturday and I've had a glass of wine - I'll offer an answer . . .
Could it be that you hope to acquire the necessary discipline to post in a way that doesn't sound like you're deliberately trying to wind members up and cause offense? If so, you've still some way to go - so I suggest you stick around!
;)
Tim.

Hi Tim,

I've never denied being harsh or offensive at times. When there is garbage such as erroneous/false/misleading information, or worse scamming & suchlike, I've called it what it is. I feel there should be a zero tolerance for it, because it harms those genuinely trying to learn and/or find their way in this industry.

By the same token, I've made efforts to post useful information & provide some level of evidence regarding trading ability. I've also tried to assist others where possible (e.g. a lot of PMs in this area).

However, it would appear that there is more appetite for the above mentioned garbage, and on that basis I'll call it a day. Enjoy the rest of your weekend.
 

timsk

Legendary member
7,379 2,166
Hi DJ,
I've never denied being harsh or offensive at times. When there is garbage such as erroneous/false/misleading information, or worse scamming & suchlike, I've called it what it is. I feel there should be a zero tolerance for it, because it harms those genuinely trying to learn and/or find their way in this industry.
As I've said to you before, T2W welcomes your efforts and those of other knowledgeable traders who highlight "erroneous/false/misleading information, or worse scamming & suchlike". But can you not do it in a way that isn't rude or offensive please?

By the same token, I've made efforts to post useful information & provide some level of evidence regarding trading ability. I've also tried to assist others where possible (e.g. a lot of PMs in this area).
Indeed you have - thank you - and I hope you'll continue to do so.

However, it would appear that there is more appetite for the above mentioned garbage, and on that basis I'll call it a day. Enjoy the rest of your weekend.
I can tell you quite emphatically - from the perspective of T2W admin' - that there's zero appetite for garbage. The one caveat being that we may not always agree on what constitutes 'garbage'. What there is a ravenous appetite for, is a safe and friendly environment that facilitates discussion so that all members feel they can participate in the community without being insulted.
Tim.
 

DowJones

Experienced member
1,073 391
I can tell you quite emphatically - from the perspective of T2W admin' - that there's zero appetite for garbage.

Tim - I have no wish to argue with you, however with all due respect I disagree entirely. Anyway I'm done here.
 
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timsk

Legendary member
7,379 2,166
Hi DJ,
Tim - I have no wish to argue with you, however with all due respect I disagree entirely..
In the past, many members have wrongly attributed all kinds of things to T2W and falsely accused it of pretty much everything under the sun! For the most part, this is born out of a misunderstanding about what the forum is, who it is for and how it works. In other words, there is a disconnect between what they think the forum is, who it's for and how it works - and what is actually the case. I suspect you're making the same mistake but, unless you're prepared to expand on why you hold the views you have, I can't be sure.

Anyway I'm done here.
That's a shame - my best wishes to you for the future.
Tim.
 

gle101

Veteren member
3,717 84
Hi DJ,

In the past, many members have wrongly attributed all kinds of things to T2W and falsely accused it of pretty much everything under the sun! For the most part, this is born out of a misunderstanding about what the forum is, who it is for and how it works. In other words, there is a disconnect between what they think the forum is, who it's for and how it works - and what is actually the case. I suspect you're making the same mistake but, unless you're prepared to expand on why you hold the views you have, I can't be sure.


That's a shame - my best wishes to you for the future.
Tim.
Thanks Tim,

I agree entirely with you on your posts with Dow Jones and liked the gentle way you expressed the aim of a forum like T2W. T2W sure has come a long way of improvement since I first started to post in 2006. Dow Jones will probably come back and hopefully so, as he seems to have a lot of interesting viewpoints and experience. I just hope he will leave out the final twist of insult in order to have a more fruitful discussion. I have always felt that one can get across much better without it.
 
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Sonicscooter

Experienced member
1,811 351
Thanks Tim,

I agree entirely with you on your posts with Dow Jones and liked the gentle way you expressed the aim of a forum like T2W. T2W sure has come a long way of improvement since I first started to post in 2006. Dow Jones will probably come back and hopefully so, as he seems to have a lot of interesting viewpoints and experience. I just hope he will leave out the final twist of insult in order to have a more fruitful discussion. I have always felt that one can get across much better without it.

Would you rather DJ be straight and honest with you or have the market do it.......PC brigade.
 
 
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