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  • #101
  • Jul 27, 2011 3:03am Jul 27, 2011 3:03am
Quoting twj1usa
anybody want to update any experience with this broker.. it appears they can not keep a website running for more than a couple of hours at a time and they do not answer support messages.. while the trade platform works it is run on a seperate server with another company so that really doesn't tell much about about the company operations itself.
Their support is a black hole and they just blame everything on your computer anyways. Things get "magically" fixed one day without explanation. They don't have a formal support ticket system. I ended up having to push everything through the Account Rep they assign to you to finally get anything done and even that ended up like pulling teeth.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #102
  • Aug 4, 2011 6:10pm Aug 4, 2011 6:10pm
Does the recent downgrade of the credit rating for Cyprus impact Trading Point's business or status?
  • #103
  • Aug 8, 2011 7:23am Aug 8, 2011 7:23am
Hello. I would like to know how big the Net Capitalization of Trade Point?

Would appreciate if Costas can give us some info about net capitalization of your company.

Thanks
The market will deceive you. Make your own judgement.
  • #104
  • Aug 11, 2011 3:37am Aug 11, 2011 3:37am
What PetroB said.
  • #105
  • Aug 11, 2011 10:26am Aug 11, 2011 10:26am
Quoting LasVahGoose
Their support is a black hole and they just blame everything on your computer anyways. Things get "magically" fixed one day without explanation. They don't have a formal support ticket system. I ended up having to push everything through the Account Rep they assign to you to finally get anything done and even that ended up like pulling teeth.
Dear twj1usa,

On July 7th our website server which is entirely different from our trading server has presented instances in which it was responding very slow therefore delaying loading in many regions of the world.

Our IT department advised that there was an unusual load and that to ensure long term reliability it would be wise that the server is upgraded, this resulted to a small partial downtime of only our website between the period of the 7th July until the midnight of the 10th of July.

Please note that the 9th and 10th of July were weekend days in which the market is closed and therefore would limit any transaction delays or any limitation of reach of customer service.

In regards to your question why a company would keep its trading server separate from its website server the issue is clearly technical for which I have provided an explanation below that is not too scientific and therefore will hopefully allow you to understand the reasoning in the case that you are not technical.

Technically speaking the MT4 Platform is a Windows Based Application and therefore operates on a Windows Based Server. Websites and web applications are in their majority operational on Linux Based Servers and cannot operate on Windows Based Servers as they are programmed mostly in PHP language.

In simple language this means that a website and its members area cannot operate on the same server the MT4 platform is running.

So although we might be using one International Server company which maintains servers and data centres across the globe when problems arise on a website server that does not mean that problems will arise on the Trading Server as Trading Servers have multiple mirroring servers and backup servers which do not allow trading activity to be interrupted no matter what might happen.

As you can understand if a website faces a small downtime it is a serious issue but it cannot be compared to the scenario of a trading server facing downtime as that would mean thousands of clients not being able to open or close positions which could result to Major Monetary Losses.

Dear LasVahGoose,

We understand that during the downtime of our website (Not the Trading Platform) on the 7th and the 8th of July we were unable to cater proper and high quality customer service but please understand that the emergency server upgrade required immediate action which did not allow us with any choices than to rely solely upon email and telephone support. We understand that it might have looked as a black hole in our support and we totally regret any inconvenience that might have been caused during that period.

However please note that all customers were notified about the update in the same way they had been informed when all systems were back in place.

Please note that Costas is primary in charge of catering to questions on Forex Factory but he is currently on holiday with his family and on limited internet accessibility so I will be here to cater any questions or needs until his return.

Thank you,

Chris A. Zacharia
  • #106
  • Edited 5:14pm Aug 11, 2011 10:57am | Edited 5:14pm
Quoting ibotman
Does the recent downgrade of the credit rating for Cyprus impact Trading Point's business or status?
Dear Ibotman,

Although the credit rating downgrades seem to be in fashion these days across the Globe for many reasons let me explain that the downgrade of Cyprus from Standard and Poor’s from A2 to Baa1 does not affect the operation of Trading Point in any way as we are not exposed to the Greek Market and we have no ties with Greek based banks.

The recent downgrade by S&P was primarily due to the material risk that at least some Cypriot banks will require state support over the medium term as a result of their exposure to Greece and Greek Bonds.

Cyprus has ties with Greece as many Cypriot Banks have expanded to Greece and are exposed to their case.

However the political climate in Greece in no case has nothing to do with Cyprus.

For informational reasons there has been a recent explosion at a naval base in Cyprus which has badly damaged a power plant here which credit agencies feel will be a hit to the economy, however the state has taken major and multiple measures with backup plants and mobile generators until the issue is resolved which are eliminating any possible effect on the overall economy.

Feel free to ask me for any further clarifications if you feel they are needed.

Please note that Costas is primary in charge of catering to questions on Forex Factory but he is currently on holiday with his family and on limited internet accessibility so I will be here to cater any questions or needs until his return.

Regards,

Chris A. Zacharia
  • #107
  • Aug 11, 2011 2:50pm Aug 11, 2011 2:50pm
Quoting TradingPoint
Dear LasVahGoose,

We understand that during the downtime of our website (Not the Trading Platform) on the 7th and the 8th of July we were unable to cater proper and high quality customer service

Thank you,
Chris A. Zacharia
I appreciate the response, but my comment was with your organization in general and nothing to do with whatever downtime the website had. I think this is a prefect example of you folks just don't listen well or understand what the customer is saying. You responding to something I never even talked about. You folks are confused as usual.

I also believe you folks are not very technically savvy with your infrastructure considering some of the strange behavior I saw with my MT4 platform and your tech support was telling me I was dumb and it turned out the problem was on your backend, but nobody in your organization would acknowledge it or let me know why or how the problem got magically fixed. Anyways, water under the bridge. Things are working now.

Just saying you folks have lots of room for improvement.

Outside of that I'm generally happy with you guys as a broker, for now.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #108
  • Aug 11, 2011 5:07pm Aug 11, 2011 5:07pm
Quoting LasVahGoose
I appreciate the response, but my comment was with your organization in general and nothing to do with whatever downtime the website had. I think this is a prefect example of you folks just don't listen well or understand what the customer is saying. You responding to something I never even talked about. You folks are confused as usual.

I also believe you folks are not very technically savvy with your infrastructure considering some of the strange behavior I saw with my MT4 platform and your tech support was telling me I was dumb and it turned...
Dear LasVahGoose,

Sorry for the misunderstanding in this case, maybe it was my mistake due to the follow up you had made on the post made by twj1usa which was referring to the website downtime.

However your overall comment about the technical service has been taken into account and it will be discussed about with our team during the weekly overview which we conduct every Friday morning.

Your feedback and participation on these thread is highly appreciated from all of us.

Kind Regards,

Chris A. Zacharia
  • #109
  • Sep 5, 2011 12:29am Sep 5, 2011 12:29am
After a lot of research, i have finally settled to TP. Lets see how it goes , will keep you guys posted.
For existing clients please let me know how the overall withdrawal experience has been.

Thanks
  • #110
  • Sep 21, 2011 6:48am Sep 21, 2011 6:48am
Quoting pipsteady
My opinion of Trading Point is that, for USA residents, they are one of the best choices one can have.. I have 2 accounts with them and to this point, have had no problems or issues with them.. It is a major plus to have mt-4 with no re-quotes.. I would recommend them to anyone looking for a non-usa broker..
ELEVEN UNREGISTERED FOREX FIRMS SUED BY CFTC
Posted by Felix Shipkevich on Sep 8, 2011 | Comments (8)
The CFTC had filed ten enforcement actions against eleven different firms allegedly illegally soliciting the public to engage in foreign exchange (“forex”) trading while remaining unregistered with the Commission. This is the second multi-business sweep the CFTC has orchestrated this year. In January, suits were filed against 14 other entities for similar violations.

Suits were filed against the following firms:

1st Investment Management, LLC, a Wyoming LLC;

City Credit Capital, (UK) Ltd., a United Kingdom company;

Enfinium Pty Ltd., an Australian company;

GBFX, LLC, a New York LLC;

Gold & Bennett, LLC, a New York LLC;

InterForex, Inc., a British Virgin Islands company;

Lucid Financial, Inc., a Utah corporation;

MF Financial, Ltd., a Belize company with offices in New York City;

O.C.M. Online Capital Markets Limited, a British Virgin Islands company

Trading Point of Financial Instruments Ltd. a Cyprus company; and

Windsor Brokers, Ltd., a Cyprus company.

The CFTC is alleging that all but two of the companies named above acted as Retail Forex Dealers (“RFED”). Since last fall, only CFTC-registered RFEDs are permitted to take or offer to take the opposite side of a customer’s forex transaction. The other two firms, GBFX, LLC/Gold & Bennett, LLC and Lucid Financial, Inc., are accused of soliciting customers for RFEDs without registering as Introducing Brokers (“IB”).

In a statement, CFTC Director of Enforcement David Meister said that “These actions reflect the CFTC’s continued resolve to make the forex market safer for investors by strictly enforcing the CFTC’s new forex regulations, which became effective in October 2010. These new regulations require entities that wish to participate in the forex market to register with the CFTC and abide by regulations that are intended to protect the public from potentially fraudulent operations.”

The Commission is seeking preliminary injunctions to prevent the ten defendants from operating illegally until they comply with the CEA and CFTC Regulations. The complaints also seek civil monetary penalties, trading and registration bans, disgorgement, and rescission.

In the previous round of suits, eleven settled the charges or defaulted. Three are still pending. The CFTC is using the opportunity to urge the public to be careful where they invest funds.

Read more about this CFTC enforcement action.

http://www.cftclaw.com/2011/09/eleven-forex-firms-sued/
  • #111
  • Sep 21, 2011 2:22pm Sep 21, 2011 2:22pm
Quoting alstural
ELEVEN UNREGISTERED FOREX FIRMS SUED BY CFTC
Posted by Felix Shipkevich on Sep 8, 2011 | Comments (8)
The CFTC had filed ten enforcement actions against eleven different firms allegedly illegally soliciting the public to engage in foreign exchange (“forex”) trading while remaining unregistered with the Commission. This is the second multi-business sweep the CFTC has orchestrated this year. In January, suits were filed against 14 other entities for similar violations.

Suits were filed against the following firms:

1st Investment Management,...
CFTC is run by criminals, who cares what they say. Their probably just pissed off because folks told them to go to hell and accept U.S. Citizens as clients. CFTC is trying to destroy the retail trader and now they are trying to destroy companies that accept retail traders.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #112
  • Sep 22, 2011 2:00am Sep 22, 2011 2:00am
Quoting alstural
ELEVEN UNREGISTERED FOREX FIRMS SUED BY CFTC
Posted by Felix Shipkevich on Sep 8, 2011 | Comments (8)
The CFTC had filed ten enforcement actions against eleven different firms allegedly illegally soliciting the public to engage in foreign exchange (“forex”) trading while remaining unregistered with the Commission. This is the second multi-business sweep the CFTC has orchestrated this year. In January, suits were filed against 14 other entities for similar violations.

Suits were filed against the following firms:

1st Investment Management, LLC,...

Hi alstural,

Kindly find below our Company statement regarding the recent actions of the CFTC with respect to Trading Point's stance on the acceptance of U.S. based clients;

Trading Point of Financial instruments is aware of the September 8th complaint by CFTC for failure to register according to the new legislation. The complaint has yet to be officially served to Trading Point, however the management and legal team of the company are fully aware of the issue and will be in communication with the CFTC staff to speedily resolve the matter.



Trading Point of Financial Instruments is a European regulated company licensed by CYSEC and in strict compliance with the Markets in Financial Instruments Directive 2004/39/EC (known as "MiFID"). MIFID is the European Union law that provides harmonized regulation for investment services across the 30 member states of the European Economic Area. The main objectives of the Directive are to increase competition and consumer protection in investment service. The key aspects of MiFID are to ensure amongst others: Authorization, regulation and pass-porting, client categorization, client order handling, pre-trade transparency, post-trade transparency, best execution and Systematic Internaliser.


MIFID consumer protection regulation is by no means inferior to any non EU equivalent. Moreover the EU directive respects the rights of any responsible trader to trade under the conditions he chooses as long as the substantial risks of financial loss are clearly made known to him.
Trading Point prides itself on its reputation for having the client’s best interests as its cornerstone. The company respects and does its best to be in line with the laws of every country.



Finally we want to reassure everyone that the complaint of CFTC for failure to register will be resolved and it does not in any way affect the everyday operations of the company.



Kind Regards,
The TradingPoint Team
  • #113
  • Sep 23, 2011 1:15am Sep 23, 2011 1:15am
I believe that Trading Point is a good company and I am sincerely hoping that they are able to withstand the CFTC pressure. There are so few decent brokers left (outside the US) that can offer a better than 50:1 leverage plus their other benefits.
  • #114
  • Oct 27, 2011 10:43pm Oct 27, 2011 10:43pm
Trading Point assures me that the swap rates are 100% accurate. Anyone know how to do the math to see if that is true? I totally forgot about this DEMO Standard Lot account and noticed that the swap rate on Silver was much higher than Gold.

Thanks.

.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #115
  • Oct 31, 2011 10:43am Oct 31, 2011 10:43am
MarinosIoannou – Official Representative of Trading Point of Financial

Dear Las Vas Goose,

The calculations are correct.


Please have a look below at an example of a formula to calculate the swaps, I hope this is helpful,
 Example with GOLD:
 Client base currency is USD
 1 Standard Lot Buy GOLD
 Long = -2.16
 Because it is a Buy position the system will take the Long points which currently is -2.16
 Point size = Contract Size of a symbol * Minimum Price Fluctuation
 GOLD point size = 100 * 0.01 = 1
 If we apply the given numbers in the formula it will be as follows
 1 * (-2.16) * 1 = -2.16 USD
 So to reflect your example the swap rate value would be:
 0.01(Lot size) (-2.16) * 1 = -0.0216 USD

 So provided that your trade was open for example 100 days the swap value charged to your account will be equal to $2.16

 Note***

If the base currency of the account was in EURO on the given examples above then the swap calculation was going to be converted from USD in EUROS. The result of the swap calculation is at all times the secondary currency in a symbol and the system converts it to the base currency of the account.

Example with SILVER:
 Client base currency is USD
 1 Standard Lot Buy SILVER
 Long = -3.15
 Because it is a Buy position the system will take the Long points which currently is -3.15
 Point size = Contract Size of a symbol * Minimum Price Fluctuation
 SILVER point size = 5000* 0.01 = 50
 If we apply the given numbers in the formula it will be as follows
 1 * (-3.15) * 50 = -157.5 USD
 So to reflect your example the swap rate value would be:
 0.01(Lot size) (-3.15) * 50 = -1.575 USD

 So provided that your trade was open for example 100 days the swap value charged to your account will be equal to $157.5

 Please kindly note that in both cases the volume is the same however, the difference in lot sizes (silver 5000 oz and gold 100 oz as 1 standard lot)on those metals causing that the swap charged to those trades would as calculated above. ( provided that the period of time is the same).

 Silver $ 157.5 Gold$ 2.16

 If you might need any additional clarifications please let me know,

 Thanks,

 MarinosIoannou – Official Representative of Trading Point of Financial
  • #116
  • Nov 3, 2011 11:37am Nov 3, 2011 11:37am
ok, for everyone asking about trading point , i have opened a real account , and deposited a small amount of money.
I'll be updating every significant issue here in this thread, while i'm trading with them.
  • #117
  • Nov 11, 2011 11:09am Nov 11, 2011 11:09am
Trading Point is an awesome Broker, No Requotes, Quick and Prompt Support.....

What else Required ????
  • #118
  • Nov 20, 2011 6:18am Nov 20, 2011 6:18am
Quoting farxyun
Trading Point is an awesome Broker, No Requotes, Quick and Prompt Support.....

What else Required ????
reasonable spreads...there were days they used to have 1.5-2.1 spread on eurusd...nowadays its always 2.4-2.7...too steep!!!!!!
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #119
  • Nov 24, 2011 6:24am Nov 24, 2011 6:24am
Why doesn't TP allow pending orders and stop losses close to market price?
For example on GBP/CHF you cannot place a pending order within 178 points of the market price.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #120
  • Dec 11, 2011 9:15am Dec 11, 2011 9:15am
Hello Costas,

I want to ask some question about market order:

1.
It is said on Order Execution Policy that
"The Client places a “market order” which is an order instantly executed against a price that the Company has provided. The client may attach to a market order a Stop Loss and/or Take Profit. Stop Loss is an order to limit Client’s loss, whereas Take Profit is an order to limit Client’s profit."

But why i can't attach the SL/TP? it is disabled in the order window . Also, if i'm happen to use market order script that attaching SL/TP it will be rejected.

2.
In some case when volatility is very high, i want to put max slippage in the market order so if the price is actually 10 pip different i want to cancel it. Can i do that? Should i use market order script that attaching max slippage 10 pip will it be working?

Thanks

Regards.
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