I got this email today from my broker… I’m a little speechless. I know it was a small amount. I’m just curious if they would have done this had the trade amount been much larger… I’m still impressed.
"Dear Chris :
Due to the price spike today on the GBPJPY and EURJPY your order(s) 45732748 executed at an invalid price. We have credited your account $1.54 for the loss of the order(s).
Deltastock is now the only OTHER broker that I know of that corrects a mistake without YOU having to ‘lose it’ (I’ve noted once or twice before their correcting a mistake or data error before I’ve even noticed and it’s one of the reasons why I’ve ‘stuck it out’ with them and are as ‘involved’ with them as I am).
It’s nice to know that there is another honest broker around!!! Well done IBFX!!!
But you see this has always been my point:
Just think what this type of thing does for the broker’s reputation??? Why most other brokers think they can ‘skim a bit off the top here and there’ and get away with it is beyond me. As a matter of fact: why they even feel the NEED to ‘skim a bit off the top here and there’ is also beyond me i.e. a broker that does things ‘by the book’ STILL makes a LOT of money WITHOUT having to ‘do their clients in’ at any opportunity they get. And it’s the honest brokers like this (and, of course, Deltastock: I’m ‘obliged’ to ‘throw this line in’ of course), that don’t need to keep replenishing their ‘new trader pool’ in order to stay in business because the ‘old’ traders have moved on because they’ve ‘seen through the bullsh*t’ and moved on to another broker (and unfortunately are probably subjected to the same ‘shinanigans’)!!!
But once again: well done IBFX (although it ‘kills me’ to say that for obvious reasons)!!! LOL!!!
And actually: I do believe that even if it was a bigger amount they would not have handled it any differently. I think the only difference MAY have been that YOU would have noticed BEFORE them and ‘been on the blower’ before they’d had the time to correct the mistake is all!!! LOL!!! And think about it THIS way: a dishonest broker wouldn’t have bothered with a small amount such as this because they’d just as soon assume that the trader wouldn’t ‘give a continental’ given the amount involved (and most of the ‘bucket shop’ brokers that I know of, and one or two that I have personal experience with, would have used the variable spread as a reason for the error and ‘sorry for you Mr Trader)’!!!
I take it then you’re not going to open an account with Deltastock any time soon??? LOL!!!
But I’m happy for you. It gives you just that ‘little more confidence’ in your broker (this type of thing) does it not???
That is good to know about DS also, but yeah, right now it would be pretty hard to pull me away from ibfx. I personally just have a lot more peace of mind with them and wanted to share this experience. hehe, when you trade micro lots like I am doing now, 1.54 is a 15 pip move or almost .5% of my account. I like to look at my account moves in terms of percents while its so small, I seem to take my trading more serious when I look at it that way.
I’m ‘right with you’ on the looking at percentage gains / losses instead of pips (well in my case mostly points). You could be making a thousand of pips (points) on one pair (instrument) and fifty on another and in monetary terms it’s possible that the fifty pip (point) trade is the more profitable!!! And not only that: a 2% or 5% gain is as ‘material’ on a $50 account as it is on a $1M account.
And hey: as long as you’re making money and happy with your broker then ‘everything is good’!!! (Of course: if you want to trade with a decent trading platform, some nice exotic pairs, and maybe some equities, commodities, and metals, then you know where I am)!!! (ONLY A JOKE EVERYONE so don’t bother with the ‘arrows’)!!! LOL!!!