I know DBFX (A German Bank) is a market maker but with their $50,000 demo account i have turned a profit of $11,324 in a space of 2 weeks trading. I’m not confident enough to start a live account with them, as i have seen some unusual incidences occur around my trades. For example when i want to close my position I’m met with resistance, i keep getting error message that say “The current price quota has expired”…hitting the button numerous times and i can finally exist the market. This is dangerous, as i feel i should be able to exist the market when i want to and not hang around for a “new quota price”, I have taken some losses becuase of this, I’m not ready to put some real cash on the line as i feel the risk would be too great. Even though i have fine tuned my trading system, and make consistent profit without too much risk, although i have to leverage a lot higher to make that decent profit at the same risk.
I really like DBFX, as they seem to be nice (and the fact they have huge sums of liquidly) and their trading station is easy to understand, but being a market maker, makes me question if they could go against say a profitable trader, i don’t use stop losses or limit orders. I feel that they just get in the way of trading of making a decent profit. I have been in the market since October 2008. I’m not looking to make massive amount of money (although i see the potential to do so) just want to make some decent amount.
Do you guys know of any ECN brokers out there? thanks.
I’ve never head of DBFX…which might be why they are shady. If you’re going to go with a market maker you’d best go with one that’s really well known.
The ones that seem to get the best reviews and seem the most legit are Oanda, IBFX, and Alpari.
I’ve used Oanda for about 2 years and have never had a problem with them. Like all brokers their spreads increase and decrease depending on market conditions but at no time do they block a trade to deny it based on requotes.
Personally I’d stick with one of these well known until you make enough money that you can go with an ECN…which, btw, I don’t know of any well known ones but they are around.
DBFX are part of Deutsch Bank headquarters in Germany, which i believe is one of the oldest and largest Banks in the world, even bigger than HSBC or Lloyd’s TSB. They are a genuine bank that has massive credit link, and i believe they use this massive credit line to destroy small retail day traders.
The point i making is that DBFX has slow execution orders.
If you don’t like how they handle your demo trades I doubt that your going to like what they do with real money. DB is one of the BIG banks and the Germans regulate their banks and their stock markets more tightly than Americans do. Last time their middle class was wiped out by an economic down turn they had a guy with a mustace running the place into the ground.
This is a chat conversation i had with a DBFX rep, about turning my impressive demo account results into some kind of real account. it did not go down well! Worth a try though.
Please wait for a site operator to respond.
Chat Information
dbFX Sales and Client Services: Welcome to dbFX Instant Messenger. How may I help you?
weylan: I have a few questions i would like to ask you. the first is how does a demo account differ from a live account?
dbFX Sales and Client Services: Hello Weylan
dbFX Sales and Client Services: my name is Robert
dbFX Sales and Client Services: the demo account shows the exact same pricing as the live account
dbFX Sales and Client Services: the only difference would be the liquidity available
dbFX Sales and Client Services: as no demo is able to show that
weylan: oh ok, i see, however, the demo account is like a real account.then it stands to reason my account as been profitable for 2 weeks now i have made $12,000+ in that time. if this was a live account the results would be the same, yes?
dbFX Sales and Client Services: I would see no reason why they would be any different
weylan: why i ask these question is simple, i have no money of my own and i would like to use the demo account as a means of making DB money. like a bank loan, but i would pay back to you via tading on the forex. do you think this is possible?
dbFX Sales and Client Services: that is not possible
weylan: why?
weylan: for what reason?
dbFX Sales and Client Services: because this product is set up for clients to trade their own risk capital
dbFX Sales and Client Services: not Deutsche Banks
dbFX Sales and Client Services: we have professional traders who are employed with db that currently do that
weylan: yes i understand this, but i was asking in refernce to a bank loan, the demo account has been profiable. If their is no difference between a demo accoun or a live account then my trading methods should not change. yes? Why account you give me a bank loan to get started?
dbFX Sales and Client Services: because normally clients need to have a few years of backtested results
dbFX Sales and Client Services: to prove that their strategy is legitimate
dbFX Sales and Client Services: not 2 weeks
dbFX Sales and Client Services: also
dbFX Sales and Client Services: we do not provide loans for trading
dbFX Sales and Client Services: under any circumstances
weylan: ok this demo account has 2 months to go, if i turn my $50,000 account into $100,000, would this be enough to convince you? What do i have to do to earn you trust?
dbFX Sales and Client Services: again
dbFX Sales and Client Services: this is not a possibility
dbFX Sales and Client Services: under any circumstances
dbFX Sales and Client Services: this product of db is only set up for clients to trade their own money
weylan: youy
dbFX Sales and Client Services: is there anything else I can help you with?
weylan: you are not listing to what i’m saying, what if i turn my account from $50,000 to $100,000, would this prove my point?
dbFX Sales and Client Services: no it would not
dbFX Sales and Client Services: again
dbFX Sales and Client Services: we already have professional traders who are employed with db
dbFX Sales and Client Services: that do this
weylan: o.k fair enough.thanks. buy…
Chat InformationChat session has ended.
Before you send money to dbFX, you need to do some serious due diligence. This is true for [B]any[/B] trader, considering an account with [B]any[/B] broker. But, it’s [B]especially true for you[/B], because you already have some concerns about order rejections, and slow order execution.
Check out this post from a few months ago on the Forex Peace Army forum:
Professional FX Trader, Miami, Florida
Date of Post: 2009-02-25
FACTS FOR ALL OF YOU RETAIL TRADERS.
DBFX IS FXCM. Located at 32 Old Slip,N.Y. DBFX has a “White Lable” with the FXCM platform run out of and on same floor with FXCM at FXCM offices using a “Chinese Wall” to separate the FXCM operation from the DBFX operation although
run by FXCM with, I’m sure, some DB employees. This is the old FXCM platform with the same Market Makers spiking your trades and taking your money.
2-25-2009
Of course, they will show different identities at NFA or CFTC; do not be fooled; this is the old “Refco Rapid” platform I traded at 40 Wall St., when Mr. Drew Niv, CEO OF FXCM ran a prop shop of which I was one of the professional traders. PLEASE UNDERSTAND, DBFX HAS A WHITE LABLE FROM FXCM AND THE LAST TIME I LOOKED WAS ACTUALLY BEING RUN OUT OF THE FXCM OFFICES AT 32 OLD SLIP SEPARATED BY A “CHINESE WALL” USING BOTH FXCM/DBFX MARKET MAKERS WHO WILL TRADE AGAINST YOU…PERIOD! ! ! ! !
The only “good thing” here is that your money, if they even open an account will be on deposit at Deutsche Bank. FXCM WILL COMMINGLE YOUR MONEY WITH ALL OTHER DEPOSITS; SHOULD THEY GO BANKRUPT LIKE REFCO, THEN GET IN LINE AS YOU HAVE NO PROTECTION AND ARE JUST ANOTHER SUCKER CREDITOR…THINK ABOUT IT…ALL FCM’S OPERATE THAT WAY…
Wow scary world! :eek: Real eye opener, i never knew DBFX was a FXCM operation run from the same New York office!:eek:, but know it’s all making sense. Wow what a bunch of crooks!! They even give you a little taste of things to come by showing how much they will spike your demo trades, even though i don’t use stop losses i still feel the spikes.
Thank you for this information, Do you know any ECN brokers out their that are not Market Makers?
Worth a try though. 