RoboForex is a scam

[Simone Di Luca]

With wild markets around NFP, you may just have to live with it. Not all broker are willing to provide tic data to back up issues like this.

Pharaoh ok, I get it. but I could check my order effectively went in the real market (or interbank) and not on an internal server?

 

[ruseneca]

Pharaoh ok, I get it. but I could check my order effectively went in the real market (or interbank) and not on an internal server?

Every broker operates with a bunch of liquidity providers. These could be banks, major brokers ( market-makers ) or other companies which specialize in liquidity providing ( Leverate, for example ). What these companies see is just some volume and from which broker it comes . They don't see you as a client.

As per your stop orders...these orders are fullfulled in the first available price. Let's say that you would like to buy 1 GBP for $1.54 USD. You place a buy stop order by ordering your broker to buy 1 GBP for $1.54 USD. What brokers do is filling your order at the first available and best price. For example, the current market price could be $1.54010. The broker fills the order at this price. This is what we call "slippage" and it is important to take that into account while opening orders. This is how the market works...If a broker guarantees you filling your orders at the price set by you, be sure that the broker is either a market-maker, bucketshop, boiler room or whatever you'd like to call it...
In cTrader, there's a market depth which you could follow, no matter whether you're trading during NFP release or calm markets. You should have log files which indicate the way that orders have been filled. They could help you to check the slippage.

As per the interbank markets...These are different market level. As a trader, you operate in Level 2 where banks and brokers operate in the 1st level. Your order could go to the interbank market all together with several additional orders which form a minimum volume. These orders are summed up by the broker and sent to the market.

 

[ruseneca]

Pharaoh ok, I get it. but I could check my order effectively went in the real market (or interbank) and not on an internal server?

Every broker operates with a bunch of liquidity providers. These could be banks, major brokers ( market-makers ) or other companies which specialize in liquidity providing ( Leverate, for example ). What these companies see is just some volume and from which broker it comes . They don't see you as a client.

As per your stop orders...these orders are fullfulled in the first available price. Let's say that you would like to buy 1 GBP for $1.54 USD. You place a buy stop order by ordering your broker to buy 1 GBP for $1.54 USD. What brokers do is filling your order at the first available and best price. For example, the current market price could be $1.54010. The broker fills the order at this price. This is what we call "slippage" and it is important to take that into account while opening orders. This is how the market works...If a broker guarantees you filling your orders at the price set by you, be sure that the broker is either a market-maker, bucketshop, boiler room or whatever you'd like to call it...
In cTrader, there's a market depth which you could follow, no matter whether you're trading during NFP release or calm markets. You should have log files which indicate the way that orders have been filled. They could help you to check the slippage.

As per the interbank markets...These are different market level. As a trader, you operate in Level 2 where banks and brokers operate in the 1st level. Your order could go to the interbank market all together with several additional orders which form a minimum volume. These orders are summed up by the broker and sent to the market.

 

[Simone Di Luca]

Every broker operates with a bunch of liquidity providers. These could be banks, major brokers ( market-makers ) or other companies which specialize in liquidity providing ( Leverate, for example ). What these companies see is just some volume and from which broker it comes . They don't see you as a client.

As per your stop orders...these orders are fullfulled in the first available price. Let's say that you would like to buy 1 GBP for $1.54 USD. You place a buy stop order by ordering your broker to buy 1 GBP for $1.54 USD. What brokers do is filling your order at the first available and best price. For example, the current market price could be $1.54010. The broker fills the order at this price. This is what we call "slippage" and it is important to take that into account while opening orders. This is how the market works...If a broker guarantees you filling your orders at the price set by you, be sure that the broker is either a market-maker, bucketshop, boiler room or whatever you'd like to call it...
In cTrader, there's a market depth which you could follow, no matter whether you're trading during NFP release or calm markets. You should have log files which indicate the way that orders have been filled. They could help you to check the slippage.

As per the interbank markets...These are different market level. As a trader, you operate in Level 2 where banks and brokers operate in the 1st level. Your order could go to the interbank market all together with several additional orders which form a minimum volume. These orders are summed up by the broker and sent to the market.

runseca excuse, but an ECN broker should not differ by an STP precisely for the execution of orders? namely, while an STP sends orders to liquidity providers an ECN sends them directly in the interbank market? to me seems to work in this way or am I wrong?
regarding control .... each operation with movements of money has a code that I know and by that code you can go back to this operation. or it is not so for the forex?
I know what are the levels of the market, but, for a movement that did not seem so excessive, it does not seem real slippage so large. hence my deductions. and still can not understand if I'm right or I'm wrong. and at this point nearly I do not care more.

thanks for your reply and best regards

 

[ruseneca]

runseca excuse, but an ECN broker should not differ by an STP precisely for the execution of orders? namely, while an STP sends orders to liquidity providers an ECN sends them directly in the interbank market? to me seems to work in this way or am I wrong?

Actually, it doesn't work like that! Both STP and ECN business models route your order to other counter-party ( bank, liquidity provider, prime broker or another retail broker ). The STP model just route your order to another counter-party at the best available price. ECN system allows the broker hedge your order with another trader. Here's an example...You decide to open 1 lot and go long on EUR/USD at the price of $1.0960. In the same time, another trader decides to go short on EUR/USD at the same price, $1,0960. Then, the system will just hedge these orders as +1-1=0. This allows your broker to offer you the lowest spreads and commissions. The problem is that this sutiation occurs very rarely and both business models route your orders to another counter-party. Another difference is that the ECN broker could offer you a market depth which can help you in the decision-making process. However, it could not help you during news releases as price movement is sharp and gaps occur very often. These sharp movements simply change the market depth and distort it.
As per pending orders ( limit/stop ), your broker fullfil your pending orders at the best available market price and don't cancel it when there's no such price in the market because this was your intention. You are just ordering to your broker to fullfil your order at a given by you OR THE FIRST BETTER price. I would like to buy a kg of cheese for $5 but the markets can offer you a kg of the same cheese for $5.20, $5.30, $5.40. You simply choose the market with the lowest price...Brokers operate in the same way, well, at least most ECN/STP brokers....

There are different types of execuction: Instant and Market
The main difference is that in the market execution, the price quoted by the broker is taken from the market and it is not promosed by the broker. If your broker offers instant execution, it means that broker can offer you one price, the market another. Then, broker just starts requoting you because market price has been changed and you should agree on another price. What the market execution offers you is simply eliminating these requotes and automatically place your order at the first available price. The consiquence is called "slippage"...most traders consider it as a disadvantage.

regarding control .... each operation with movements of money has a code that I know and by that code you can go back to this operation. or it is not so for the forex?

The situation is almost the same, talking for forex trading. Each order has its own unique ticket id but it is visible for the broker only. It stays in its books. What the real market see is what I wrote above - just broker's name and the volume. This is not a simple bank transaction...You can check your transaction with the broker but in the real market, your broker has routed all orders from clients that has bought EUR in the same time, for example. You can just see what part of the deal is your order. Of course, there's always a possibility that your broker could have routed your order to another retail broker. Then, the order could be visible as it is cleared in the same level.

I know what are the levels of the market, but, for a movement that did not seem so excessive, it does not seem real slippage so large

During NFP releases, such gaps ( or slippage ) are not just common, they are consiquence and occur with each release.
Several months ago, one of my accounts reached the stop-out after FOMC. My short order was executed with 40 pips away from the set price ( as this was the 1st available price ) and in several miliseconds, the price rebounded with 50-60 pips and then the price started to fall. I didn't accuse my broker as this was I agreed with, a market execution with an ECN broker. Well, the situation could be different with a market-maker. Therefore, this should be your first decision to make...then what platform to choose.
Basically, your situation is similar to mine...There are several ways to cope with the excessive slippage...

 

[Simone Di Luca]

This is not a simple bank transaction...You can check your transaction with the broker but in the real market, your broker has routed all orders from clients that has bought EUR in the same time, for example. You can just see what part of the deal is your order. Of course, there's always a possibility that your broker could have routed your order to another retail broker. Then, the order could be visible as it is cleared in the same level.

I still have this doubt. Transaction unique ok. but on this transaction there are voices (of course) and between these voices should be my order (id ticket for example) ...... codes are everywhere, even this message I am writing has its own code, however still I not have been able to see anything.

best regard

 

[ruseneca]

I still have this doubt. Transaction unique ok. but on this transaction there are voices (of course) and between these voices should be my order (id ticket for example) ...... codes are everywhere, even this message I am writing has its own code, however still I not have been able to see anything.

best regard

What "voices", what do you mean?!

If you're looking for the unique number of your order, it should be quoted in your cTrader platform under "ID" column, as well as in the log files.
The broker can show you how they have executed a certain order and how the deal has been closed. So, if you need something from RoboForex representative here, be more specific what you need check and why you need to check that.
Do you want to check whether RoboForex is a market-maker or ECN/STP?! Is this your idea?!

 

[Simone Di Luca]

What "voices", what do you mean?!

If you're looking for the unique number of your order, it should be quoted in your cTrader platform under "ID" column, as well as in the log files.
The broker can show you how they have executed a certain order and how the deal has been closed. So, if you need something from RoboForex representative here, be more specific what you need check and why you need to check that.
Do you want to check whether RoboForex is a market-maker or ECN/STP?! Is this your idea?!

How do you speak it seems to me that you work for them ... anyhow ... my request is simple if you know! the ticket id I've written! I want to see the other counter-party! What liquidity provider! ..... I can also make more complicated .... I want to check on each their liquidity provider market depth at that moment!? do you understand now? If you haven't understood facts see by a specialist! and because I want to check are my interests! Ok!?
ECN, STP, MM, PR, BTM and GDP. I don't care. I wanted to check if they are corrected.

 

[ruseneca]

How do you speak it seems to me that you work for them ... anyhow ... my request is simple if you know! the ticket id I've written! I want to see the other counter-party! What liquidity provider! ..... I can also make more complicated .... I want to check on each their liquidity provider market depth at that moment!? do you understand now? If you haven't understood facts see by a specialist! and because I want to check are my interests! Ok!?
ECN, STP, MM, PR, BTM and GDP. I don't care. I wanted to check if they are corrected.

I think that we got your point now! From your posts, it was not clear what you want from the broker. They've sent you some tick history and you again complained due to possibility of faking that excel file...then asked to remove some ECN statement from their website and put STP ( when both types are similar and cTrader offers pure ECN with Level-2 market depth ).
If you want to check whether your orders have been filled correctly, then asking the broker to provide you with some information about which liquidity provider has been broker's counter-party is not the way to do that! Simply choose 3 independent brokers and compare the information from them. There's always a possibility of failure from LP's side but your case has nothing to do with such problems...Anyway, you have the right to ask...

 

[Simone Di Luca]

I do not want to ask more! rather, also I will remove my review and this thread if possible, since it does not seem the case to defame a broker on which I have no evidence (although I have not their fault). but at this point I do not want to know. then I ask if anyone can do these operations.