Armadamarkets SCAM - execution issues

[alladir]

Andrew, thanks for staying with this thread. It gives me confidence in the company that you continue to answer questions.

The highest Bid prices on Armada's MT4 was 0.94724. It seems the order filled at Ask of 0.94780. Does that mean
a) the spread was at least 0.00056 at that moment, OR
b) available prices for fills are not always reflected in the MT4 chart prices.

Both are bad because, if it's a), that means Sucden's institutional liquidity is worse than its retail liquidity (if tobeone's Sucden retail chart is correct). If it's b).. well, it's bad.

 

[Andrew_arm]

Alladir, MT4 chart shows always the BID price. Sell positions are closed with an ASK price which is always either the same or higher that BID price. During the news releases real market spreads widen considerably. The reason being that nobody wants to absorb massive and unmanageable risks. We, our clients nor other market participants cannot force liquidity providers to absorb the risks at whatever prices and volumes we want. This would not be a free market. For every buyer there has to be a seller. We, other brokers, corporates and other participants send thousands of orders to liquidity providers during market events. Both sides of every trade act based on their own risk tolerance. If banks would not care about risks and would instead be charity organisations then we could all place tight stop orders before the news, would get perfect fills and would retire in our twenties. However, in reality trading the news is one of the riskiest strategies because banks do manage risks on a real-time basis and therefore trading conditions are severe during market events. This was, is and will be the reality. Thank you.

 

[tobeone]

The AUDUSD trades in question were executed during extreme market conditions with our partner Sucden Financial. We are their institutional client and connect through FIX API. We are not their retail client, we are not served by the retail client division, we do not use their retail client platform Smart, nor do we send live orders to their demo environment that has indicative prices, nor do we get pricing from their charting package that has indicative prices as confirmed by Sucden. Therefore comparing in this video executions on institutional liquidity with indicative, private client and demo environment is not appropriate to say the least. Institutional clients are always provided real-time, actual market conditions and the liquidity situation can and often varies a lot depending on market conditions. News trading is an extremely risky strategy and it is not our nor Sucden's fault that liquidity conditions are severe during market events. Some may not like it but this is the reality. Thank you.

I'm quoting Sucden:

The Forex prices on the SMART Demo are in fact live so the Demo will give you a great feeling for how the Live Platform performs, these prices are streamed through by 15 tier 1 banks.
There is no difference in the prices avaiable for institutional or Private Retail Clients

Can you provide clear arguments or will you consider to recognize that you can be wrong sometimes.

 

[LoRio]

my 6.52 lot order stopped out with 42 pips more slippage compared to 18.23 lot order on another account which was opened after mine.
and all my orders have been filled and stopped out at worse prices than all identical orders on 5 different accounts.


All the proofs are in the thread opened by tobeone along with their explanations.
I can't repost them here because I have not sufficient knowledge to analyse them in details.

P.S. I'm still waiting for Armadamarkets to respond my question and state clearly:

42 pips is not slippage bro.
42 pips is fear inflicted NATURAL market move.

 

[LoRio]

seriously this thread sounds like :
"so i was in the woods the other hot summer day , i was sitting in a lake of benzin and got a desire to light a smoke with a match .guess what , im on fire now...damn , what went wrong?"

 

[Master Yoda]

I have checked this issue with a professional, as I understood, the sellstop should have triggered at the next price available (in market) so the price should have been set on the next available tick.

 

[alladir]

I don't see this case being resolved without more information.
That Sucden chart will be for ECN accounts... tobeone used 'fixed spread' account, so at news time, the spread could have been anything, and seems to have been over 50 points.
Unless tobeone was recording the Ask price for his account, or Armada will release an Ask price chart for that account-type.. there's no way of knowing.
Moral of the story is record tick data, and don't trade the news.

 

[tobeone]

I don't see this case being resolved without more information.
That Sucden chart will be for ECN accounts... tobeone used 'fixed spread' account, so at news time, the spread could have been anything, and seems to have been over 50 points.
Unless tobeone was recording the Ask price for his account, or Armada will release an Ask price chart for that account-type.. there's no way of knowing.
Moral of the story is record tick data, and don't trade the news.

Yes, but, Alladir, it's a target spread, it widens and I kindly ask you to measure BID/ASK distance on Sucden smart platform's BID/ASK chart with a measure tool to see that it changes. You can see detailed trading conditions and description for target spreads in Sucden's Smart Platform. Please, kindly double-check if information you provide is 100% true before you post. Thank you.

 

[alladir]

If this situation happened with an ECN account, the Sucden chart you posted would be very damning, but with a 'Classic' account, there is a question mark over what the Ask price actually was at that moment.

 

[tobeone]

If this situation happened with an ECN account, the Sucden chart you posted would be very damning, but with a 'Classic' account, there is a question mark over what the Ask price actually was at that moment.

Of course it happened with classic account, you can check previous posts of this Thread. I believe this is less important. Armadamarket's MT4 chart includes other LP's than SUCDEN and provides prices from all of them, so comparison, may not be appropriate enough. SUCDEN's ASK price is live, it's never less than 3 pips on AUDUSD and typical spread is 3 pips and when it widens, you can always see on the SMART platform's chart, especially during news. Nor ECN (EXCHANGE) nor Classic accounts can execute trades off chart if it provides prices exclusively from LP where these orders were executed. If you are Armadamarkets client I understand you completely. SCAM doesn't especially mean Armada cheats you directly. It's the responsibility Armadamarkets has, in my opinion, thas has to be applied in this situation. Thank you.