RESOLVED: Pepperstone: placed orders with 11pips slippage. It is legal?

Pharaoh

Colonel
Messages
20,172
There's no fixed "tolerated" slippage. Instead, it's based on current market conditions. Flat or crazy markets have low liquidity. Try placing a trade just as a big surprise change of interest rates happens and you'll find out.

Even so, brokers with better LPs should offer lower slippage. All brokers claim to have magnificent LPs (even though many refuse to name the LPs), so side-by-side comparisons are the best way to test them.
 

BotTrader

Recruit
Messages
8
Final update:

After i accepted the 100 euro "goodwill refund" they credited up my account in less than 24 hours. After few days, i received a detailed PDF regarding their formal response at my complaint, containing 6 well-detailed pages, graphs, explaination of slippage, and every operation which was made server side as result of my trades, as well as a detailed summarize of the complaint and how they handle it. They also calculated my money loss due to slippage in 79,36€ (not sure about that, my estimate was 200-300€) and they were willing to give me an exceptional refund of 100€

Also, in each mail they sent me there were 4-5 other support team member in CC.

That was an awesome handling of the complaint!

We can mark this as resolved
 

RahmanSL

Major
Messages
2,866
Final update:

After i accepted the 100 euro "goodwill refund" they credited up my account in less than 24 hours. After few days, i received a detailed PDF regarding their formal response at my complaint, containing 6 well-detailed pages, graphs, explaination of slippage, and every operation which was made server side as result of my trades, as well as a detailed summarize of the complaint and how they handle it. They also calculated my money loss due to slippage in 79,36€ (not sure about that, my estimate was 200-300€) and they were willing to give me an exceptional refund of 100€

Also, in each mail they sent me there were 4-5 other support team member in CC.

That was an awesome handling of the complaint!

We can mark this as resolved
I used to think and even believe Pepperstone is a good & trusted broker and has been using them on-and-off since 2010. BUT, my last experiences with them a couple months back or so has left me with less than satisfied with how that broker has evolved through the years. Their Islamic account is not Islamic as they charge "administration fee" if left opened for number days after their "expiry dateline", trade commissions are immediately deducted from trading account balance, positive daily swap are changed to negative daily swap without reason other than blaming their liquid providers, and small little things here and there which go against their clients best interest. All very difficult to prove and so subtle that most of them go without notice.
Long story short, Pepperstone is no longer the Pepperstone I used to know and trust, and it has been removed from my list of trusted brokers and I strongly advise against using them as a broker.
 

BotTrader

Recruit
Messages
8
I used to think and even believe Pepperstone is a good & trusted broker and has been using them on-and-off since 2010. BUT, my last experiences with them a couple months back or so has left me with less than satisfied with how that broker has evolved through the years. Their Islamic account is not Islamic as they charge "administration fee" if left opened for number days after their "expiry dateline", trade commissions are immediately deducted from trading account balance, positive daily swap are changed to negative daily swap without reason other than blaming their liquid providers, and small little things here and there which go against their clients best interest. All very difficult to prove and so subtle that most of them go without notice.
Long story short, Pepperstone is no longer the Pepperstone I used to know and trust, and it has been removed from my list of trusted brokers and I strongly advise against using them as a broker.
Hi RanmanSL and thank you for sharing your experience.
I'm new with Pepperstone, i have the PepperstoneUK account and didn't know any of this.

Could you share your list of trusted brokers, or send a PM with that?
 

RahmanSL

Major
Messages
2,866
Hi RanmanSL and thank you for sharing your experience.
I'm new with Pepperstone, i have the PepperstoneUK account and didn't know any of this.

Could you share your list of trusted brokers, or send a PM with that?
Hello BotTrader,

Once upon a time, without hesitation I would name Pepperstone and a couple more brokers. BUT, as my experiences with Pepperstone has proven, I am now extremely reluctant to recommend any broker because a broker can become bad any time and I do not wish to be responsible for your lost when that happens with the broker that I have recommended. There are a number of brokers out there who are pretty reliable & trustworthy, but like I have mentioned, any of them can turned rogue tomorrow.

I have already gone through quite a number of brokers who are regulated by the Australian Securities and Investments Commission (ASIC), and can say not to trust the Australian brokers too much because they are quite manipulative and complaints to ASIC usually would not help you much unless you have airtight proofs which, in a fast trading environment like the forex market, are difficult to compile. If you are using their MT4 trading platform, brokers can easily manipulate your trading platform with false none existence spikes, temporarily reducing your leverage, and etc to make you loss money because, contrary to these brokers claiming to be ENC & STP, in reality they are market makers, meaning they make money when you loss, and they loss money when you make money.

I know you do not like to hear this, but you will just have to do your own research into each broker and decide on the one that you think is sufficiently well regulated and fits your requirements.

Good luck and all the best!
 

HeavenLeighRob

Sergeant
Messages
247
I've heard lately that Pepperstone has been manipulating prices and just doesn't seem to be the most trustworthy. I think you may fare better if you simply move to a more transparent broker and see if things get better.
 

4evermaat

2nd Lieutenant
Messages
2,242
Final update:

After i accepted the 100 euro "goodwill refund" they credited up my account in less than 24 hours. ...........
That was an awesome handling of the complaint!

We can mark this as resolved
@FPA Forums Team you forgot this one should be resolved.

Once upon a time, without hesitation I would name Pepperstone and a couple more brokers. BUT, as my experiences with Pepperstone has proven, I am now extremely reluctant to recommend any broker because a broker can become bad any time and I do not wish to be responsible for your lost when that happens with the broker that I have recommended. There are a number of brokers out there who are pretty reliable & trustworthy, but like I have mentioned, any of them can turned rogue tomorrow.
Did you post a scam alert with your case details? Would love to hear about this....
 
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