Garbriel21 posted:
Are the platform freezes something that happens very often?

That has happened to me not often but a couple of times long ago when I traded with this broker. Although volatility was not the weakest, don't know how that goes now.

learn2trade posted:
I also wrote a review on Forex Peace Army which would be helpful for other users but it hasn't been published yet. So writing my experience here-


Excellent - You can contact GP and their response is fast. You can contact them regarding anything to your account and they reply fast. It is very important that you can communicate easily with speed to your broker.


Bad - Most of my Stop Loss orders were executed with negative slippage of few pips during normal trading hours. This results in a bad risk reward ratio. At the end of the day those few pips of negative slippage adds up to your losses. Take profit orders were mostly executed on price set with very few having positive slippage. But the number of time negative slippage occurs is a way lot more than positive slippage.


Bad - I was charged £12 each for two withdrawals and £6 for another. As per GP these fees are charged by intermediary banks.


Finally I am sharing this so that prospective traders can make informed decisions. Now different traders have different needs which they look for in a broker. Always do your own research thoroughly and extensively to see what clicks for you before putting money to any broker.


That is likely because of where you placed the stops vs TP. If the broker is running a-book, there is little control over where you get filled. You must remember that slippage is caused by the difference between the quoted price and where it is actually filled. If you are trading WITH momentum (which a stop loss is), then the slippage will likely be negative a lot. A stop loss is simply a pending order that becomes a market order when it is touched. They can trace the order and see how long it took at each checkpoint. If anything is unusual, they can then take it up with the LP or even fire an LP if their last look is too long or improperly configured.

If you trade counter-trend (against the momentum), the slippage is positive a lot of the times.

I just did a withdraw and saw that I was charged 0.00 additional when it arrived. But when I deposited money, the bank that was used wanted $30 USD in estimated intermediary fees ON TOP OF $45 standard int'l wire fee. It can work both ways and it depends somewhat on bank's relationships with other banks. Au banks tend to be good at covering all intermediary fees. USA banks tend to be terrible. Banking system in general is full of sh*t anyway. So what can we do?

And GP has always been very fast with replies. And generally very transparent with their explanations. Other brokers (even in Australia) should take notice and stop trying to churn/burn their clients.

Great to hear all the nice reviews here. Thanks for sharing your input! We will keep doing our best to ensure our clients are enjoying their time with us.

ahmedfouad posted:
What is maximum leverage offered on real accounts?
1:100 is the standard

You can REQUEST 1:200 max leverage after an risk interview. I think XAUUSD (Gold) is still capped at 1:100

Also, GP does margins a little different from most brokers I've seen. Instead of using the base currency to calculate margin, they 'pretend' all pairs use USD as the base currency. This is to match how their prime broker calculates margin. Works well on pairs like XAUUSD, GBPUSD, etc. (USD exchange rate > $1.00) But you get less buying power on pairs like AUDUSD, NZDUSD, etc. (USD exchange rate < $1.00) It evens out, but it is something to consider.

note: There are usually rare circumstances where they will reduce leverage across certain pairs, like when BREXIT was announced. All clients will get an email stating the reason for the change, and how long it is expected to occur.

ahmedfouad posted:

Thanks for your reply.
Hi There....May I know your experience with this broker since 2015 either you are a trader or the broker rep itself , how did GP react to SNB sudden intervention on CHF with movement of over 2,000 pips in few minutes in Jan 2015..? Was STOP LOSS filled for who were long on CHF pairs? or it was large negative slippage like most of other brokers without filling any SL?
Regards,

Was not trading with GP during that time. i did monitor some prices there via an old live acct issued to copy trades to.
I will begin trading again in a week or so.

My understanding is that GP kept pricing throughout SNB. As a real ECN, traders connected can still make real buys/sells (bid/ask). Slippage was massive for those on the 'wrong' side. as liquidity was nearly 0, and the spreads reflected this. Your stop loss would have been filled at the next available price, which may have been several hundred pips away. But at least you got out at an honest price. This might be preferable to getting a [fake] price feed cut off altogether from a bucket shop (regulated or not), and then you have to trust that their re-quote is correct. Not to mention not being able to exit or reenter position.

There is a youtube video on how Saxo Bank requoted a client who was on the CORRECT side. Had the guy been trading with a more proper PoP like GP, he should have been able to make a withdraw with little issues and had it processed (actually sent) within 2 business days of request.

Most retail traders should not have been trading a pegged currency anyway, but that is a separate argument.

PS: here is video:


there is a followup video also (part 2).

At least he had screenshot proof. Imagine the other clients who were not quick enough to do this and only relied on the broker record. An agency model keeps things honest on both sides. Market making is ok also, but again, there is a certain degree of trust and a question of structural conflict of interest between broker loyalty vs clients.

Hope this help you.