Discuss PFD-NZ.com (Pacific Financial Derivatives Limited)

[info@pfd-nz.com]

I was under the impression that virtually all ECN's allowed or even welcomed scalping. The primary reason that other brokers ban scalping is that they can't hedge themselves against the market quickly enough and a trader's gains from scalping become the broker's losses.

Also, you mention that fixed spread is an option. Fixed spread doesn't exactly fit with my understanding of how an ECN broker should be passing on the true spread from the market.

Are your KiwiTrader accounts ECN?

KiwiTrader was not an ECN trading platform though it was connected with our multiple liquidity providers. KiwiTrader required time for clearing and the reason scalping was not allowed in KiwiTrader. KiwiTrader was a customised trading platform for offering very specific major FX products under customised trading terms like zero spreads but with commission on only profit making trades for specific products. PFD ceased offering KiwiTrader since 2014.

 

[info@pfd-nz.com]

Complaints.
My account: 64768
Prices do not properly matched with the market price.
At 23 hours 59 minutes 56 seconds. I made a Buy Stop order at price 0.82348
(Transaction ID: 2630238)
At this time the actual market price without this price. So I asked why my order matched the price when I was put in the market price does not exist?
A scam company! Stay away from it.

From: Paul F Louis (Compliance & AML/CFT Manager) [mailto paulfrancis@pfd-nz.com]
Sent: Thursday, 11 September 2014 3:06 p.m.
To: CLIENT EMAIL ADDRESS REMOVED BY FPA
Cc: 'dealers@pfd-nz.com' ; 'backoffice@pfd-nz.com'
Subject: Complaints - Account:64768

Hi CLIENT FULL NAME REMOVED BY FPA

We checked your account. Please find enclosed market watch at least extracted from two other brokers to evidence the market movement which occurred at the time when your order 2630238 was transacted.

However our executing broker have agreed to reverse the trade that had flown from PFD to the executing broker taking into the consideration that the market movement happened exactly at the trading day closing minute.

We have therefore cancelled the trade as a special case. Please do bear in mind such requests are never entertained by our executing brokers easily and this should not therefore be taken as a precedence in any future instances.

We request your cooperation in future in following industry rules.

Thanks,

Paul F Louis