Quote:
Originally Posted by okitikan
Has any body has exprience with Master forex?
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Reproduced from Forex Peace Army site:-
Date of Post: 2009-11-09
Review: MASTERFOREX SCAM OR JUST A TECHNICAL FAULT - I WILL LET YOU DECIDE!!!!
I witnesed masterforex new ECN trading platform (MT4) move 4 times 80-90 pips each time when other brokers moved only 10-15.
Once the spread went from 1 pip to 228 in seconds. I have screenshots of all these events.
I emailed them to explain why but and they passed the buck to currenex and said it was due to them a technial fault! I said so what would happen if you had an open position in this instance and they said - basically in a nutshell tough!!!
You could get your account wiped out during this technical fault...
I have witness this happen 4 times in the last 2 trading days.
Here is my email echange with them.
Hi
I have attached 3 screenshots.
As you can see there are some major disprepancies between them and it appears that there has been some major stop running being done by your company even though you say you are a NDD ECN/STP broker.
I will give you an opportunity to explain.
But there are 3 occaisions when your chart simply does not match what is happening in the market. On your chart price rapidly moved around 90 pips and the spread went as big as 113 pips.
This is going to be very hard to explain on your part but I will give you the benefit of the doubt.
We are not filtering quotes from Currenex. What you seen on the chartsis consequences of technical troubles on Currenex, 3 times there was no bank's bids and offers. As charts draw by bid price, there ishuge drop on it. Also as all trades executed on Currenex, therecouldn't be any trades at this time. Here is letter from our prime broker:
Dear Andrei,
Currenex has been experiencing some technical problems yesterday and today. They had to reset the connectivity with the banks a few times and i noticed spikes on your EURUSD and GBPUSD charts.
Currenex has been working on the problems and confirmed that it should be under control.
Regards,
We are waiting official answer from Currenex about this issue. Youcan contact Currenex technical support by e-mail:
support@currenex.comfor confirmation about this problem. Also if you will make reviews about our new service, we can provide you with official letter from our Currenex broker, which confirms that we are STPing 100% clients orders to Currenex and had no hidden markups in spread, etc.
Also we can explain all technical and trading solutions in our bridge from MT4 to Currenex and one click trading plugin. Best Regards,
Andrey Pisarev -- MasterForex tech development team+7.905.218.8414www.masterforex.org
This problems was not more then 2 minutes long. But if you would have position opened, you cant close it at this time.
Again, as we heard from Currenex that they has been working onthe problems and confirmed that it should be under control. Regards, Andrey
(THERE WAS NO LETTER ATTACHED AND I DID ASK FOR IT AGAIN BUT THEY DID NOT SEND IT!!)
Hi Andrey
Well this is the critical point really isn't it! Are you saying this would be down to a bad fill and tough luck you have potentially lost your entire account due to a technical fault!!!
If so then no one on the planet will want to trade with your company. I would like an official statement from your company so that people have full transparency if they were to trade with you. People have a right ahead of time to know if there was a technical fault with currenex whether your company will honour the trade or just pass the buck after they have lost their account balance.
Remember people have opened an account with you not currenex! People will be very eager to hear your official response as to what would happen in such an event. I will await your response etc.
Best
(NO MORE RESPONSE FROM THEM - NO SUPRISE THERE!!!)
Sergio Lenarez, Barcelona, Spain
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There are many posts on FPA praising MasterForex.
They all seem to come from Russia.
MF is a Russian based broker.!!
Egwig
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