EXTOcapital.com Review

I have been trading with ExtoCapital since 3 weeks. On my side I have never experience any issues, slippage or lost orders. In fairness I am not a news trader so I can not judge on the reliability of the execution during the news.
I tried them first with a small amount did some trade and asked the send the money with the gains back. In 24 hours the money was on my account. I reactivated my account now and so far so good.

We appreciate comments from readers and are thankful for the opportunity to provide clarification and improve our services.

Concerning our trade execution policies, we have recently updated our website in order to increase clarity. For example, it was necessary to specify that execution cannot always be guaranteed in highly volatile market conditions.

Our clients look for low spreads and quality execution at market rates. Providing these rates and liquidity to traders can, at times of high market volatility such as the first few seconds after important news, mean that a triggered order cannot be satisfied at desired price if the market price has moved, market prices being the driver. We have now tried to make that clear in our website. We do apologize for any misunderstanding.

Thank you for your support.

Let me share an interesting chat I had with Exto live support. Pls be extra careful of brokers who advertise "Guaranteed order fills (stop-losses, limits, OCOs, and more) during open trading hours" and "Zero slippage". Ask them questions and all the exceptions to these wonderful conditions start to be revealed. Unfortunately I was disconnected by their chat operator before I got all my answers. Ah well...

[alvin] are you regulated?
[Support] Hello, welcome to Exto Capital.
[Support] For full and detailed information on our company, please visit http://www.extocapital.com/en/about-us/company-profile.html
[alvin] can i ask you about your advantages?
[alvin] do you really guarantee order fills, even during news?
[alvin] ?
[Support] Our systems are developed to fill orders at your price however, in some cases there can be large gaps in the market, for example when markets open on Sunday. In this case, the order will be filled at the first available price. For more information on order filling, please visit http://www.extocapital.com/en/forex/trading-execution/execution-prices.html
[alvin] what about when prices shoot up or down after news announcements?
[alvin] will there be slippage on entry stop orders?
[Support] Same principle is used. We have to provide prices that are provided and executable by liquidity providers (banks). If there is a jump and the liquidity providers accept trades at the higher price, we can only provide that price of course.
[alvin] ok, so that means your claim of "Guaranteed order fills (stop-losses, limits, OCOs, and more) during open trading hours" on your webpage is just for marketing purposes only
[Support] No. That is not the case.
The trading execution page on our web site aims to clarify this point.
Are you only interested in trading in the first few seconds of news?
[alvin] In your trading execution page, you mentioned about the weekend gap situation. You also mentioned about spreads widening in volatile markets. But you never mentioned about slippage on stop orders in volatile markets
[alvin] YOu did mention about FOK for market orders in volatile markets. So that is why I am asking you about your missing info
[Support] Thank you, I will pass this information for further verification. I think it is clear that at highly volatile market conditions, orders can be executed if they are at market prices. I assume that the main point is to ensure that if traders get a trade executed, they do so at market prices. That, I assume, is the aim, but as mentioned, I will pass on your comments for verification.
[Support] Is your concern only the first few seconds after the news?

... disconnected by Exto

To Clarify!

1) the first instance of a problem was not brought forward by the company till weeks later and only after trades were reject and questioned by trader

2) ISP's as a backup = sensible, price feed affected both, (ought not imply deceipt)

The info was for FYI, so as others do not get hung up with this issue.

While the company seems good. The misinformation about informing the trader when the problem FIRST showed up in there system is disappointing.

It is not too much to ask that when a restriction is placed on an a account and you are told that you are the only one with the issue, remember well after the fact, that one be informed in a reasonable time frame and not after the client asks about the problem.

Does guinea-pig apply here?

It is understood that the broker can respond to comments without adding a rating. We would like to add the following in relation to the comment of Steve, Canada:

If a trader has been experiencing price feed issues, it is natural that certain of his orders were not processed due to wrong prices, even more so because of a STP setup - prices that are transacted upon have to match those of the liquidity providers.

Such problems are rare. In this case the trader was accessing the trading platform using two separate IPs at the same time - one of which seemed to have delays. The objective here is not to detail why and how this was caused, however the trader was informed within minutes after a price mismatch was noticed and an entry order was rejected by the STP setup. Expecting us to inform of an unexpected upcoming event is not reasonable.

We do our best to provide fully automatic execution to traders, with no dealing desk intervention, and very competitive spreads. For this the system has to have protective measures to provide only market rates to traders. In this case, as it seemed that due to certain technical issues, be it on our side or the trader's, the trader was not able to transact seamlessly, he was invited to stop trading or to close before any technical mishaps lead to losses for him. The trader's deposit and his gains were transferred to him within 4 hours of his withdrawal request. We respect the view of the trader but are sorry to see that our efforts have been misjudged by him.

Not for active day traders.

They have a problem with their prices at times. Restricted trading without notice due to this, after being told no restrictions and an STP broker etc.

Very happy, have had no problems with this company, even though Ive lost a few dollars learning this business!!

I update my rating to 3*, because I had my issue resolved. A representative of the company called me and we discussed the matter in detail. They do not allow news trading using SNW as they consider that it benefits from internet delays and that this is in their user agreement. They say if the trade benefits from internet delays, it has a high chance of getting rejected by their liquidity banks. They nevertheless paid my 300E profit to close the matter. So I wouldn't recommend using the SNW when you trade with these guys, otherwise they are OK for normal trading and the spreads are not high.

2009-07-26 1 star I had a very unpleasant experience with Exto Capital 2 months ago. I had a small account with then and I tried some trades on major news events. I got some fills, though not very good ones and I had some small profits. Then on my last winning trade they kept the price about 20 pips below the market price untill I was finally forced to close my position and then they called me on the phone, accusing me of unfair trading and told me they would close my acocunt and return all my money back. However they only returned my initial deposit, and kept my profit (about 300E). I wrote then a series of letters, asking about the legal basis on which they are doing that, but all the time they answered that my e-mails are redirected for a legal review and I never got at least any explanation, until at the end they just stopped replying.
I consider this very unethical and thats why I give them the lowest rating possible and I will be filing a scam complaint.

I have tried a few. These people are straightforward and easy to get in touch with. Platform is very fast and spreads ok. Probably the best broker in the market.

I supplement my comments below. I was able to have probably the most honest conversation with an employee of any broker. I spoke with the senior admin guy here a few days ago and he told me EXTO is terrible for trading the news.

I have experienced this also. There are requotes for most of your trades and I am told by the company that their banks totally lock down at news times, preventing any trades, no matter how many requotes. I have used SNW to now avail with EXTO and even got 2 requotes as some times and still no fills! If you are a news trader, stay away, otherwise an OK platform.

2007-11-17 3 Stars I have a live account with these guys. Platform is well laid out and have one click execution. However, one click execution currently has no slippage control. I have seen requotes on one click trading using SNW. It gives you 5 seconds to accept the requoted price or it will drop off. I have not been able to get into big new releases using SNW so far. I will keep trying. The liquidity providers are very good, being Barclays Bank and UBS. Service is very good.

One major set back is the monstrous application form, about 12 pages!! Not only that, you have to mail a hard copy with a copy of a utility bill AND CERTIFIED ID !! Very Swiss broker for you though!