I recently mentioned on another thread that I was looking at going with Deutschebank’s FOREX because I felt I was getting some protection by dealing with a large financial institution like Deutschebank (safety in Size)
I received this quote obtained by [U]Daydreamer65[/U] in regards to their status as a independent broker:
[B][I]can you believe that one of the biggest banks in the world hooks up with a bucket shop operation like fxcm … unbelievable but true …
open your account with dbfx , send your forms to fxcms offices in new york … same mailing address … [/I][/B]
I then let the rep know this is the reason I was no longer interested in pursuing a relationship with their firm and this is the reply I got back:
[B][I]I have indeed seen this question come up from time to time. The confusion arises because the platform we use for our retail product is licensed from FXCM. When we decided to offer a retail product just under 2 years ago, we figured our autobahnFX platform was not palatable for the retail space. Rather than re-invent something that was already out there, we leased a platform from a major retail brokerage.
Other than software licensing, there is no relationship - the trading agreement is signed with Deutsche Bank AG London and all pricing/liquidity come directly from DB.
Hope that clarifies things.
Regards,
Ilya [/I][/B]
So…nowcomes the question are these guys for real or are they full of (insert Derogative word of your choice) ???
Has anyone had any experience with them especially anyone trading live accounts with them now who is a senior or recurring member of this forum…
Thanks a bunch and how about a healthy round of PIPS to all!!!
I spoke with their customer service and I didn’t like what they told me.
Their spreads are garbage and the rep kept dodging my questions.
He kept harping about how your ‘funds are secure’ and kept playing dumb saying that he had never heard of Oanda.
Most of Deutschebank FX feedback out there is poor.
Don’t waste your time.
I have a feeling that the outfit running it is only licensed to use Deutschebank’s name because they are COMPLETELY UNPROFESSIONAL and PUSHY.
As for FXCM, don’t even get me started.
The only reason they are so big is because they use high pressure marketing tactics and have a whole legion of introducing broker’s out there preying on every newbie they can get their hands on. Not to mention numerous NFA fines and lawsuits against them…
FXCM is just letting picking up where Refco left off. Same sleaze, just in a different bucket.
Funny you responded just as I was researching their latest response to me…
I did some research and according to websites and application documents phone numbers ad-nausea I see no association between the two… their address are completely different. I just came back from NY after spending quite a few months in the city (well bout three aboard ship) and they are not located next to each other or anything like that (not that I’m aware of anyway) I found a site that said they were “White Lable” associated…
Wouldn’t this be the same arrangement as say ABN Amro has with Oanda???
Your replys are greatly appreciated oh oracle yea Forex…
Funny you responded just as I was researching their latest response to me…
I did some research and according to websites and application documents phone numbers ad-nausea I see no association between the two… their address are completely different. I just came back from NY after spending quite a few months in the city (well bout three aboard ship) and they are not located next to each other or anything like that (not that I’m aware of anyway) I found a site that said they were “White Lable” associated…
Wouldn’t this be the same arrangement as say ABN Amro has with Oanda???
Your replys are greatly appreciated oh oracle yea Forex…
Yep & I did. I found that the bank in the states is the one below.
Deutsche Bank Trust Company America, New York
As you say possibly it is the same relationship as Oanda’s to
ABN Amro.
I have downloaded the demo platform & will have a look once the
markets open, at the moment can’t get candles on it, but that was
just a quick squint.
Of course what did jump out at me atraight away was the minimum
account level.
Open an Account with as little as $5,000 or �2,500
But I am at the moment researching various options to open
a sterling account here in the UK, so will use the platform to
see how user friendly etc. it is.
Now as you probably know I am with Oanda, who have been great
as far as I am concerned but, they are in the states, it is a dollar
account, so I lose on the exchange rate through the bank.
(A currency trader losing on the exchange rate. :lol: )
(Where do banks make money? On the markets rate $2, their
exchange rate $1.90 :lmao:)
Ok I am the one rambling now…keep us in touch if you should
decide to join them & I will do the same.
I plan on openeing with Oanda as well as soon as I hone my system down. I also have some of my ex-pat goodies located in your channels with a well known and am looking for a new source off the mainland…I checked with ABN and they won’t accept a Yank regardless of where the funds are now or how long they have been there. I’m surprised that you aren’t going with them as they are a secure Nederlander bank, have a UK presence and are using Oanda trading platform???
Just signed up with DBFX and customer service is ok, they seem to know what they are talking about. Have not withdrawn funds yet, i have only been with them for about 2 weeks. I too was weary of their association with FXCM - since everone out there hates them- but you are right they are only a whitelabel for fxcm only leasing there platform.
ALso, your broker should fit your trading strategy. Something to keep in mind too, most traders out there are getting upset due to the fact that brokers are not filling there orders during news events and who else can the trader blame? Brokers are not going to be left holding the bag any longer, so if you are news trading DBFX is not the bank for you.
Will post experiences with this broker. So far, so good.
Specifically asked if they had a White Lable affiliation with FXCM and this is the response I got:
[QUOTE=;] Hi Jim.
No, that statement would not be accurate. A “white label” relationship would imply that dbFX and FXCM are the same underlying service, which is not the case. As I mentioned previously, all pricing and liquidity come strictly from DB, and Deutsche is the counter-party to all transactions. Finally, your funds would be held directly with Deutsche Bank. This is materially different from the service offered by any broker, including FXCM.
With regard to online forums, you will notice that they typically advocate smaller brokerages and sometimes even offer discounts or other promotions if you reference them when opening account at said firms.
Have you made way for South America already? Please let me know how when best to reach you and I will be happy to phone and go over any questions that you have.
Best,
Ilya
dbFX - Deutsche Bank
Mail Stop NYC60-0510
60 Wall Street
New York, NY 10005[/QUOTE]
So…Jury is still out as to who and most importantly what they are…
Based on some of my reading on this forum and the advise of Sr. Posters, I am begining to be able to tell who’s real and who’s fake…
Course…
It could be some of the evil FOREX firms are employing the Cruciatus Curse on un-suspecting Forum participants and having them post negative things about the competition whilst posting positive things on them …(who can’t be named)
