First, thank you for being a client of ours since 2011, and thank you for this feedback.
We're glad to know you found our service to be fantastic in the first 5 years you traded with us. It is our goal to always provide you with great service, and if we have fallen short of that since 2016, please accept our apologies. This is something we definitely want to fix for you.
You mentioned that you have been trading profitably since 2016. Congratulations on your achievement! You noted that the timing of the service issues you had with us coincided with you becoming profitable. We can understand how at first glance this can seem suspicious. However, there is a more reasonable explanation than simply concluding that we don't want you to be a profitable trader.
When you were not trading profitably, it's unlikely you were making many withdrawals from your trading account. Therefore, your assessment of our service was based on other aspects: live customer support, news and research, platforms and charts.
When you became a profitable trader, and started submitting withdrawal requests, it seems from your description that we had some issues in sending the funds efficiently to your bank in Mexico. These unpleasant experiences with the wire transfers changed your opinion of our service which is completely understandable.
The good news is this is something we can fix. We apologize that it wasn't addressed for you sooner, but we would be happy to have a specialist in our financial operations team follow up with you and your bank to review the wire transfer instructions we have used in the past to send your funds to your bank account in Mexico from your FOREX.com trading account in the UK. You can send us a private message with your contact details.
We should be able to determine a more efficient process with your bank in Mexico so that as you continue to withdraw more and more profits from your FOREX.com account these funds will arrive quickly and smoothly to your bank account in Mexico. Our desire to address this issue should show you that we want you and all profitable traders to continue trading with FOREX.com. We value your business and want to keep it.
Frankly speaking, we are a bit surprised to hear that you didn't know FOREX.com is a market maker from the start, because we have never tried to hide this fact. We are proud to be your market maker, because we believe market making is the best way to provide our retail* clients with reliable pricing at retail trade sizes while effectively managing our own risk. We are fully accountable for every execution and don’t outsource that responsibility to a third party.
It's important to understand that if a particular retail forex broker tells you they are an ECN, that only means they must offset your trades with another firm that is a market maker. That's because market makers perform a critical service, not only in forex, but in many financial markets, including major stock and futures exchanges.
Consider what the world's largest stock exchange says about how their market model works:
The cornerstone of the NYSE market model is the Designated Market Maker (DMM). DMMs have obligations to maintain fair and orderly markets for their assigned securities. They operate both manually and electronically to facilitate price discovery during market opens, closes and during periods of trading imbalances or instability. This high touch approach is crucial for offering the best prices, dampening volatility, adding liquidity and enhancing value.
DMMs apply their market experience and judgment of dynamic trading conditions, macroeconomic news and industry-specific intelligence, to inform their decisions. A valuable resource for our listed company community, DMMs offer insights, while making capital commitments, maintaining market integrity, and supporting price discovery.
In the following post, we discuss the three methods retail forex brokers can use to offset your trades in greater detail: https://forums.babypips.com/t/who-is-the-counterparty-in-an-exchange/131392/204
*For institutional clients our parent company, GAIN Capital, offers ECN solutions through the GTX marketplace.