FX Solutions imaginary prices

[Kirst1]

I've just had a trade on NFP with FXSolutions AU.

My order was received and processed within 46ms of the news release yet they filled me at a price way off the bottom of the chart. The last tick when the order went in was 0.7766 on NZDUSD, the order was filled at 0.76816!

I've just had a really long and very frustrating online chat with their rep 'Stuart' and he predictably kept repeating that it was due to volatility and that their fast price order execution policy covered them for this. My point was that the real market price never got anywhere near their quoted price (see the Dukascopy chart below). He reminded me they were an MM and were unwilling to amend the ticket in any way. Basically AVOID FXSOLUTIONS AT ALL COSTS - they are clearly stating that they are acting with impunity creating non-existent prices/slippage so far off the market to be laughable yet believe it's fine because they're an MM and have a policy to excuse themselves.

I urge FXSoolutions to answer to this pubicly, it's outrageous and opens the doors for any broker to simply invent prices and take client monies. Disgusting.

 

[Joa]

After 35 years in Forex:

IMHO when you play the news, you're playing a hazardous game.
Usually and unfortunately, in the General Terms and Conditions, there is a paragraph referring to this. Please read that.
Those moments are declared "fast market" and then "+anything goes+" - and this is true when opening a position, as well as closing, and even worse, when stops are involved. A stop only needs to be triggered, it does not mean you are getting that price, they can give you a price off the wall so to speak and still it would be legal - unless you have a feature where you are guaranteed the stop at THAT price. It is what I refer to as playing in a rigged market.......

Unfortunately, your last statement is indeed very close to reality.

Joa

 

[Kirst1]

Hi just a note on my original post - the price was actually 0.7716 which was still way off the chart at the time.
I spoke with the broker at length and they are hiding behind T&Cs and the fact that they're a MM.It's a total scam.

Pharoah - is there any way to get an FXSolutions rep here to talk about this publicly please?

Thanks