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AKFX broker (spreadbetting) issues with price
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AKFX broker (spreadbetting) issues with price

  #1 (permalink)
Belfast Ireland
 
Trading Experience: Advanced
Platform: Ninja trader
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Posts: 8 since Apr 2012
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AKFX broker (spreadbetting) issues with price

Several days a week on this broker, on EUR/GBP at midnight chart time (UTC+3) I will see price action like this:

https://www.screencast.com/t/04xJ9HH6VY
https://www.screencast.com/t/wA2FNLWd4nv

Recently I got stopped out a few times because of it.

This was their response when I queried it:


Quoting 
We have investigated your case and cay say that the price movements at those night times actually existed.



You may not see the same price movement in every broker as some brokers applies a cap at rollover times at night between sometime 23:58-00:05 MT4 time or cuts the trading session in order not to have such drops or spikes.



Likewise, we have decided to cut the trading session to protect our clients from such movements at night; the updated trading session is going to be 23:59-00:03.



We can see that your orders got triggered at 00:02 usually.



Please let us know if you ever witness the same drop or spike for the symbol EURGBP


It continues to happen but are they right that they are also blameless and that this is true price? I dont see the same PA on trading view for example

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  #2 (permalink)
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  #3 (permalink)
London UK
 
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Supermad View Post
It continues to happen but are they right that they are also blameless and that this is true price? I dont see the same PA on trading view for example

I can't comment on the specific case - what I will say is that the charts do look dubious. That kind of anomalous spikes should point to errors in data, not actual trades, but this is my experience in futures.

Maybe someone with a wider experience, even with spreadbetting brokers, can chime in.

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  #4 (permalink)
Legendary Market Wizard
Boca Raton
 
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xplorer View Post
I can't comment on the specific case - what I will say is that the charts do look dubious. That kind of anomalous spikes should point to errors in data, not actual trades, but this is my experience in futures.

Maybe someone with a wider experience, even with spreadbetting brokers, can chime in.

I do not have customers who do spread betting, but it seems to be considered as gambling in the UK and hence no tax. But, this also could allow the broker to make its own markets(?). The above customer should find a legitimate outfit in FX. At Optimus FX division we can help.

Matt Z
OptimusFutures
There is a substantial risk of loss in FX and Futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #5 (permalink)
London UK
 
Trading Experience: Beginner
Platform: CQG
Broker/Data: S5
Favorite Futures: Futures
 
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Posts: 4,688 since Sep 2015
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mattz View Post
I do not have customers who do spread betting, but it seems to be considered as gambling in the UK and hence no tax. But, this also could allow the broker to make its own markets(?). The above customer should find a legitimate outfit in FX. At Optimus FX division we can help.

Thanks Matt - yes, the reason I was asking for a more expert opinion (such as yours) is that I have always seen spread betting as a bit shady. As you suggested, the brokers that do spreadbetting take the opposite side of the trader's position, as I understand it - which indicates that, when thing go wrong for the trader, someone else benefits from that, and that someone else happens to be the spread betting broker.

One of the many reasons why I tend to stick to futures is the lack of the model above in the futures market.

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  #6 (permalink)
Legendary Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
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mattz's Avatar
 
Posts: 2,364 since Sep 2010
Thanks: 2,302 given, 3,404 received


xplorer View Post
Thanks Matt - yes, the reason I was asking for a more expert opinion (such as yours) is that I have always seen spread betting as a bit shady. As you suggested, the brokers that do spreadbetting take the opposite side of the trader's position, as I understand it - which indicates that, when thing go wrong for the trader, someone else benefits from that, and that someone else happens to be the spread betting broker.

One of the many reasons why I tend to stick to futures is the lack of the model above in the futures market.

Futures was and always will be my main business. However, there is a specific size in FX trading needs to be accommodated by interbank rates. As oppose to Futures in FX there are many business models for price discovery, but the majority of the accounts are so mall in FX that they are attracted to highest leverage brokers, and SOME are just stacking the odds against their customers. Nevertheless, you can find legitimate players who do not operate against their customers; The key is to know the model of price discovery they use (or lack of).

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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