LatitudeFX.co.nz Review

3.092 · 14 REVIEWS
Updated: Nov 12, 2017 ·  · Is this your company?
LatitudeFX.co.nz
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3.092 · 14 REVIEWS
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Traders Reviews

David,
Auckland,
Jun 30, 2011,
Guest

I've been with Latitudefx since Nov 2008, and unlike my previous broker, have had absolutely zero issues as far as trading is concerned, no spikes, true charting, overnight withdrawals. Ive given them 4 stars instead of 5 as they could do a bit better with some of the support items such as the economic calender which sometimes is or is not published. Thouroughly recommend them.
 
John,
Auckland, NZ, sometimes sydney,
Feb 13, 2011,
Guest

Im a simple forex trader have been for 5 years, 2 with Latitude. I read some of the negative reviews below and can honestly say that I have not had these problems. Staff are friendly and helpful, and unlike cmc who I used before, I have not had problems with trade execution, or trade lockout (particularly when things are going well), I have also not had any issues surrounding price manipulation (you know when the price spikes when other price charts dont). There has been a few minor service issues post the velocity takeover and the additional currency pairs have not materialised as promised but otherwise things remain the same.
 
Todd Armstrong,
Australia,
Jan 27, 2011,
Guest

Hi guys it has been just under a year and i wanted to post another review that i still trade live with this broker and find them to be good. If you are having problems with your mt4 try running a vps server its only $50 month at crucial.com (no i do not work there) they are now part of velocity trade and nothing bad has come of that. If you are worried about the best spread do not come here as unrealistic spreads result in trade manipulation for the broker to profit. Concentrate on trading not spread betting and remember the strongest two warriors in FX are patience and time.

2010-03-23 5stars I have traded with Latitude FX for over 12months. I find them to be the best out of 3 brokers I have been with. Deposits/withdrawls never a problem and done in under 48hrs most under 24. Jim Devonport the sales manager is always there to give a hand when a problem arises with an answer not a question. If you think trading 1000's of dollars of money using leveraged accounts with a click of the button is fault proof your not in the right game, it is the way problems are handled that matters. For anyone in australia the ability to have your deposits held in aus banks regulated by asic and nz as opposed to mauritius is worth the small extra spread, which is made up in slippage by others anyway and in some cases stop hunting (you dont think this exists untill you see it for yourself). For any other traders out there in aus or nz I would RECOMEND this broker over the REST.
I would like to see the addition of mt4mobile in the future.
 
Mel Stewart,
Auckland ,
Aug 14, 2010,
Guest

6 months trading here and no problems - everything works well and the platform is easy to customise
The few queries I had were readily answered by the help desk
I can't fault this broker - I may try other sites for a better spread but I'll come back here if they aren't as good
I hear Jim Davenport has left ? - shame
 
John,
Sydney,
Jun 6, 2010,
Guest

After I made some money, each time there is news or volatility in the market Latitude would disable my trading platform. They would give me this message when I click to buy or sell: Trading is disabled. What kind of broker is that who disable your platform to stop you making money?
 
Roysthename,
Tauranga,
Jun 4, 2010,
Guest

Giving them a Very good on the report card over 12 months and using the Lxtrader platform. They do very well in that on installation I had a problem which they arranged for a software dude to sort immediately(software dude from Gain/Forex support team-excellent). Have used other brokers and this lot much better customer support. Havent experienced any of the problems that have been moaned about. If you are loosing money you will want to blame the broker. If you are making money then you are happy. I am happy!

2009-07-17 05:48AM 5 Stars Moved to Latitude earlier in the year after 4 years with forex.com.
Chalk and cheese in the service department. Had a tec problem and after a couple of days trying options they got an expert to dial into my machine and after 40 minutes we had the problem solved.
Most impressed. The real amusing thing is that they have a platform orginating from Gain Capital(the same as forex.com) but much better implementation than Forex.com.
Sending and receiving funds is also great for someone living in NZ as it can all be done overnight electronically with almost zero cost. Forex.com cooked their goose when they insisted on sending me paper checks in place of putting funds in my credit card........Yep the comments on the spread is there but hey if I can only make a profit by saving 1 or 2 pips then I shouldnt be doing this stuff :-)
 
Luckie C Macdonald,
NZ,
Mar 27, 2010,
Guest

I do not wish to enter a slagging match on this forum however-

Latitudes threat of legal action is laughable.
Every statement that I have made is fully supported by documentation and digital recordings
Jim please identify in your mind any erroneous statement, and I will publish or forward the supporting evidence.

Yes I did lose most of my account with Latitude, my intention here is to afford would be clients an insight into Latitudes unethical processes and the fallacy that all problems are at the clients end.

Additional issues that I had were-

Gain Capital is Latitudes partner, "Google" Gain Capital Spam, you will better understand what type of people they are.

When I closed my account, it stated there was a "Inactivity Fee"
I quiried Latitude about this, and was informed via e-mail, very politely that the IT Department had investigated the "Inactivity Fee"
and found it incorrect and reversed the "Inactivity Fee"
In conclusion Latitude stated that "Latitude clients are not subject to Inactivity Fees"
All a bit odd really, an "Inactivity Fee" registered on my account, an "Inactivity Fee" investigated and reversed, and finally a statement that Latitude does not have "Inactivity Fees"

Forex Trading is hard enough without these type of people.
Perhaps other disgruntled traders have been intimidated by Latitudes "Jim Devonport" threat of legal action etc etc
Not me, you know my address, whenever you are ready.

These types of Broker Review Forums, are for traders listing their experience with specific brokers.
Actual brokers trawling these forums trying to discredit and/or intimidate traders is disgraceful, albeit does further clarify the integrity of the Broker / Management

Once again guys sorry for such a long rebuttal, perhaps you should only allow "Traders to list reviews of their repsective broker on a Broker Review Forum, and open a Traders Review Forum where mongrel brokers can write all they wish about disgruntled traders lol

Luckie C Macdonald

2010-03-09 12:00AM 1 Star Felix

I agree with John
Some of these reviews have obviously been written by themselves.
I believe this has clearly achieved seriously biased review rating.

I have been trading with Latitude approx 9 months.
If the market is moving even glacial movement, you get -
Re-quote
Timed-Out
Common Error
Error 6
Trade Text Busy
No Connection etc etc etc
Each time your system is completely frozen.
The online help was usless
1st time I called by telephone I was in formed the problem was at my end with my internet connection!
I had my connectivity checked, as we are connected via fibre optic cable, we have the best possible connectivity.
2nd time I called they advised me to remove my firewall!
My IT friend advised me not to do this.
3rd time I call I was advised to remove virus protection
Again my IT friend advised me not to do this,
At this stage I requested all correspondence via e-mail.
All relevant emails, journal snapshots, history records, video recordings etc will be forwared if each forum so desires on completion of our comparitive testing.

My friend suggested we run simultaneous feed both Live & Demo from 3 additional FX Brokers for comparison.
We did encounter some of the problems as listed, but Latitudefx NZ was by far the worst.
As stated the findings from the testing will be sent to FPA and others on completion.
We identified numerous anomalies including Micro market reactions to 90% of live trade entries, irregular price spikes,incorrect trade entries, excessive requotes,excessive slippage, repeated freezing as listed above ironically watching the market move, with supposedly no connection.

When I advised Latitude, that I was in consultation with various FX Trading Forums, I was repeatedly asked, who? eventually my friend suggested naming one of the forums that I am registered with,
I informed Latitude of my discussions with FPA forum members, my e-mail was dated 23.12.09 a couple of days later Jim Devonport from Latitude entered the review below,I was also informed by Jim that if I said anything on a public forum, he would have his legal department contact me, ironicaly he states in his review that he will also be closely monitoring this site etc etc.

This type of intimidation really encouraged me to write this review as a warning to all FX Traders looking for a Broker.

I am also a registered member of Forex Factory, BabyPips, My Forex Space, INO .Com, Winners Edge Trading, OTA and I will be submitting this review on each site.

Conclusion.
Do yourself a favour and find another broker or at least try the Demo Platform 1st, then multiply the problems by 10

I am sorry for such a big review, I just want people looking for brokers to be wary of stacked reviews / ratings.

Cheers Luckie C Macdonald
 
Tom,
Auckland,
Mar 22, 2010,
Guest

Actually "Luckie" is not only person with complaints about LatitudeFX - it's just that s/he is the only person who has spoken out so far.

Your tone hardly befits that of a Sales Manager, Jim, and stop being complacent about your "service" - it certainly leaves much to be desired. The high spreads, dodgy server connections, and "trading is disabled" rubbish will eventually do you out of a business. It's only so far that people will buy into that "oh, we're NZ-based" BS.

People, if your goal is to make money, check out the spreads of the other online forex brokers before signing up - you'd be glad you did.
 
Jim Devonport,
LatitudeFX,
Mar 17, 2010,
Guest

Response to "Luckie": Luckie - if you are to write reviews then please have correct facts. If you are a dissatified with our service and are looking to blame someone for the fact you lost money then I will not enter in to a slanging match with you. I will however reaffirm that our legal dept will investigate should you write incorrect or slanderous information. Suffice to say that you are the only client to report such issues on a continuous basis, thus the conclusion that the problem was at your end. A vast majority of our clients are very happy with the level of service and functionality of the platforms.
 
Jim Devonport,
Auckland,
Jan 4, 2010,
Guest

Hi there, I am the Sales Manager at LatitudeFX. A brief answer to questions/comments on LatitudeFX : 1) we are one of the most highly regulated brokerages in Australasia 2) no review here has been written by a staff member of LatitudeFX 3) we have no dealing desk but run a straight through processing module so it is in our interest to keep you trading and not hunt stops etc. Infact in cases of extreme volatility we have suggested to our client base to cease trading as the market could be deemed as erractic 4) (in response to Tom's post) if positions are closed before stop loss orders are hit it is because there would have been insufficient funds in the account to maintain the position. 5) funds are held in a "segregated client fund account" which also has indemnity insurance placed upon it.
I will be reviewing all further comments and welcome any and all questions. Hope to hear from you soon. Best regards