coesfx.com Review

Just got off the phone with CoesFX. Or at least that's how they answered the phone. I asked about the CFTC injunction:
http://www.nfa.futures.org/BasicNet/Case.aspx?entityid=0314715&case=CV+05+2547&contrib=CFTC and was transferred to some guy who gave me a confusing story about how they're no longer coesfx , they're now some other company (I forget the name he gave me) etc etc. I asked him if they have an NFA registration, and he said "Not any more." When I - completely perplexed by this point - asked "What is the name of your company?" he named it (*not* "CoesFX" - he gave me a different name) and when I then asked why the girl answered the phone "CoesFX" he said "Listen, guy, I don't have all day to talk about this..." in a very I'll-break-your-knee-caps sort of new yawk accent and that's when I hung-up on him. Oh yeah, I'm going to wire them my money. NOT! Pathetic.

I think there are a lot of bandwagon jumpers here. I trade my managed accounts with COES. Joe, my rep, has been a top-notch professional, and has given quick responses to all my queries. Their platform is outstanding, and their charts are excellent, and their spreads are unbeatable. This recent deal with the NFA has come up. This is not a Refco situation, Folks. I am patiently waiting for the matter to be resolved, and you guys will see who comes out on top. I am just an independent trader, not an employee of COES. I've given 4 stars just because of the impending hearing. Add another star on once we get on the other side of this. Cheers!

I was fool enough to open a mini account with SpotFX/CoesFX (luckily only 250). I wanted to try them out. And i'am very disappointed. In their account opening agreement is clearly said, that there is no commission charge on mini account. But their system charged a commission with every trade! I sent many emails, asking about that. They never responded! And they definitely use a trading desk! Lieing crooks! They use a system of keeping a spread occasionally very wide, at quiet market hours. Very high spikes! It does not reflect a ECN market! Their only aim is to steal clients money! I hope they will be taken permanently out of business!

Looks like coesfx attempt to change their name to “spotfx” didn’t fool regulators. Leopards can never change their spots.. This is just the beginning of the end to coesfx / spotfx and their bucket shop buddies CFG Trading spotfx’s not allowing clients to withdrawal their funds:
http://nondealingdesk.com/showthread.php?p=561#post561 Pity the fools who have funds with these crooks.

Most people don't get it. COESfx is a platform without a trading desk the Regulatory issues did not even concern them just a client who cleared through them. Also They clear through Spotfx now that FCM is clean. I think most people who are saying bad things lost their own money and need an excuse. The MT4 was to let people trade mimis because banks don't let that happen. All of COESfx's feeds come from banks. I think this is the way Forex is going to move in the future. They are regulated and in business. I would try them at least once

Platform looks outdated, internet page sucks, 20$ per roundtrip...guys this is not the 21st Century

I was lobbied by Coes very aggressively to bring them my business with the promise of Straight Through Processing on the MT4 platform. Fact: If you use their MT4 platform you will be routed through CFGTrading for this and it IS in fact a dealing desk. This was a nightmare experience from the beginning and regret moving my accounts to Coes FX.

2006-09-16 update BEWARE: Someone at the forexfactory.com forum under the user name "Stockwet" started a thread entitled "Coes and MT4" claiming all these wonderful things, blah, blah, blah, and once I started telling of my experience with thest assholes, my IP was blocked and I was banned. This "stockwet" was the one who had to have done it, b/c he is a moderator, or had someone do it for him to protect his lies.

2006-11-19 update
Dear Sir or Madam:
Thank you for your recent inquiry regarding Spot FX Clearing, Inc, (#358427). Currently, Spot FX is suspended from NFA Membership and has been ordered to refund all customer accounts as of 11/9/06. If you have any questions regarding the terms of the Member Responsibility Action naming Spot FX, please visit NFA's website at www.nfa.futures.org.
Regards,
Joe Patrick
Manager
Compliance Department
National Futures Association

Not to be trusted. Bait and switch. Horrible sales staff that are oftentimes rude and one even hung up on me - and he called me! Ridiculous commission schedule too.

COESfx is my first choice among ECNs -- great spreads, no dealing desk gunning for stops, first-rate service. Don't get me wrong: I'm no COESfx booster. Show me a better ECN alternative and I'll move my account in a heartbeat. But there is such thing as playing fair: more than half of the COESfx ratings on this site are by people who don't appear to trade with COESfx -- they apparently just scanned the NFA headlines without bothering to read the actual cases. . If you actually read the cases, as BillFl below did, you 'll see that COESfx was named as an accessory. presumably as a warning to improve their IB screening process. Before even considering opening an account with COESfx, I talked with them about their legal entanglements. They acknowledged that their IB screening process was flawed -- I think they were focusing on rapid growth, on the quantity rather than quality of new business. They also noted that they have implemented a more effective IB screening process. Based on evaluations of all the players in the current universe of ECNs, I chose COESfx. What should you do? Your own due diligence. Don't let yourself be overly influenced by irresponsible, unfounded accusations that you see in this thread, or, for that matter, by glowing endorsements (of which this is clearly one!). Go see for yourself. Open a demo account. Ask tough questions -- "Why should i even consider trusting my money to a bunch of convicted felons?" -- and see how they respond. Then use your own judgment. You'll feel good.

COES is young, inexperienced and beleaguered by 'backroom' violations, including 'cease & desist' orders! FAR too many for their age! Check ALL their NFA/CFTC violations, including against M. Weiner, a continual 'front' for them. They push 'all' the rules; why would you expect or allow them to care for your money? Remember, it isn't about the 'guys', it is about the everyday practices in handling of your money. How can you trust someone who can't even keep their backroom straight!