RESOLVED: Pepperstone: manipulating spread 50pips on EURSGD

[Johnny88]

I know there is spread widening at rollover periods.

It's acceptable as the spread widening below 200 points but a whooping over 500 points spread widening in just a tick is can't acceptable.

Below is their support staff send me the attachment showing the spread after I emailed them.

What do you guys think about this?

 

[4evermaat]

What do you guys think about this?

--> Mt4 or mt5?

--> Do you use a spread monitor indicator on all pairs you trade and/or consider trading? Some spread history would be good for context.

--> Do you record your screen continuously during your trading sessions (Bandicam and/or Thundersoft screen recorders)? Will you consider doing so now for future trading sessions?

I do know that spreads over rollover can be much higher as there is very thin liquidity during that time, especially for exotic pairs. There is no theoretical spread limit, although some brokers use spread caps during that period.

--> Consider avoiding trading during or through rollover, reduce your position size, or try to use a different broker.

 

[FxMaster]

I know there is spread widening at rollover periods.

It's acceptable as the spread widening below 200 points but a whooping over 500 points spread widening in just a tick is can't acceptable.

Below is their support staff send me the attachment showing the spread after I emailed them.

What do you guys think about this?

Let's start with adding your story as a review https://www.forexpeacearmy.com/forex-reviews/7523/pepperstone.com and then follow the below suggestions.

Note 1: The invitation button will be enabled when your first post reaches 4 days old.
Note: 2 You need to make a second post in this thread to enable the official invitation option.
Note 3: Make sure to share your account number (Only account number). Many time this help companies to find out you are genuine or not.
Note 4: Make sure to follow the suggestions correctly, when you do it correctly you will get the below message in your thread automatically.

 

[Johnny88]

--> Mt4 or mt5?

--> Do you use a spread monitor indicator on all pairs you trade and/or consider trading? Some spread history would be good for context.

--> Do you record your screen continuously during your trading sessions (Bandicam and/or Thundersoft screen recorders)? Will you consider doing so now for future trading sessions?

I do know that spreads over rollover can be much higher as there is very thin liquidity during that time, especially for exotic pairs. There is no theoretical spread limit, although some brokers use spread caps during that period.

--> Consider avoiding trading during or through rollover, reduce your position size, or try to use a different broker.

MT4.

No. Will consider.

No.

I know but I noticed it's average 20 pips spread widening at rollover periods but not a whooping 50 pips.
I also noticed that Pepperstone have price manipulation at that time.
see attachment below.
The highest bid price at that time
Pepperstone 1.52125
IC Markets 1.51807
Tickmill 1.51780

That is 32 pips different plus 50 pips widening ie over 80pips

 

[4evermaat]

No. Will consider.

No.

strongly recommend this spread monitoring. Use 1 min chart so you get the smallest increment for comparison. 10-60 min is good for measuring over several months

And to catch broker in the act, using screen video recording is the best evidence.

Did you leave a review yet?

---

Why trade with a broker that you can't really trust? especially larger positions, over a volatile time period, in an exotic currency pair?

The other brokers you mention might show a smaller spread, but may have other tricks to wipe out your profit. Just spend some more time in the scam alerts folder [with the search function] and you will come to find out their cleverness.

I personally would rather see the real spread AND trade with honest counterparty where I'm not looking over my shoulder. Only a handful of these kind of fx brokers these days. To each their own.

 

[Johnny88]

strongly recommend this spread monitoring. Use 1 min chart so you get the smallest increment for comparison. 10-60 min is good for measuring over several months

And to catch broker in the act, using screen video recording is the best evidence.

Did you leave a review yet?

---

Why trade with a broker that you can't really trust? especially larger positions, over a volatile time period, in an exotic currency pair?

The other brokers you mention might show a smaller spread, but may have other tricks to wipe out your profit. Just spend some more time in the scam alerts folder [with the search function] and you will come to find out their cleverness.

I personally would rather see the real spread AND trade with honest counterparty where I'm not looking over my shoulder. Only a handful of these kind of fx brokers these days. To each their own.

This is common reply
"As a non dealing desk broker we do not interfere with the spread or pricing received from our liquidity providers. Spreads during rollover will widen and how wide they go depends on underlying market conditions."

This is the common answer you will get when you complaint.
How sad we as retailer can't do anything. They just manipulate and point finger to LP and washed hand.

Can you recommend any honest broker?

FPA Forums Team Note: Do NOT ask for company recommendations in Scam Alerts. Doing so permanently ties the recommended company to a complaint thread against an unrelated compant. Anyone trying to recommend a "better company" in a complaint thread like this will be fed to Spam Cat.

If you wish to compare brokers or other forex companies, go to the Forex Company Comparisons folder.

 

[aliforex]

That's insane, I used to trade with Pepperstone in 2019, switched to REMOVED as they had better spread and execution.

But now trading with REMOVED as they offer everything, most importantly 24/7 trading in crypto.

Spam Cat thinks it is insane that someone would be stupid enough to recommend a broker in this thread just after the FPA Forums Team added a warning about the consequences.

Spam Cat will now grind you up and make a Spam burger out of you. NOM NOM NOM!

 

[Trader09]

--> Mt4 or mt5?

--> Do you use a spread monitor indicator on all pairs you trade and/or consider trading? Some spread history would be good for context.

--> Do you record your screen continuously during your trading sessions (Bandicam and/or Thundersoft screen recorders)? Will you consider doing so now for future trading sessions?

I do know that spreads over rollover can be much higher as there is very thin liquidity during that time, especially for exotic pairs. There is no theoretical spread limit, although some brokers use spread caps during that period.

--> Consider avoiding trading during or through rollover, reduce your position size, or try to use a different broker.

So you record your screen continuously during all of your trading sessions?
Interesting!

 

[4evermaat]

So you record your screen continuously during all of your trading sessions?
Interesting!

This solves 2 problems:

1) you can review your own strategy for improvement or bug fixing.

2) you can review execution problems with hard evidence.

See an example of what video can do for your case here
and also here

Considering the social media age of tiktok, facebook, twitter, youtube, et al..... No excuse not to have something similar. Especially considering the amount of money some victims are losing. And Bandicam or Thundersoft screen records make this fairly straightforward process after some initial configuration.

 

[sebking1986]

Certainly looks poor on the face of it. Easy to pass the buck onto your liquidity provider.