Yeah that’s what I mean, I normally steer clear of CFDs.
Another way to look at it, is explain what we think it should be, where the difference is and get them to validate why their number is correct. I’m not sure my xrate is correct btw.
So we have:
-45,000 x (1.21378 - 1.21752) / 1.258694189 = 133.71EUR
And taking the worst exchange rate pair for the day, it would have been:
-45,000 x (1.21378 - 1.21752) / (1.21738 x 1.005) = 137.56EUR
Can they please review and justify the exchange rate applied.
After what I have seen (artificial pin bars triggering stop losses, artificially elevated exchange rates, system outages, slow and overworked/incapable customer service…) this is probably the right approach
I’m looking at the 212 fee structure, is there any chance they have charged you the margin on closing, rather than refunding from opening the position?
Thanks for checking! Do you mean the SWAP charge? I have my charges in my interest reports but how do I check whether they are deducted automatically from the free funds or whether they increase the exchange rate?
I would like to point out that we’re receiving our quotes within milliseconds from multiple banks and institutions, however, the difference in the exchange rate we use, and the exchange rate other institutions use, may come from our SPREAD values, which are adjusted in accordance with the market’s conditions.
The spread is floating, meaning that the more volatile a market is, the wider the range of the spread can be, Additionally, as the market is constantly changing, so is the exchange rate which is applied to your trades.
That being said, I would like to confirm that all of your orders have been executed correctly.
What I don’t understand from this response is how the SPREAD for the exchange rate can be different to what is shown on T212’s charts. There is clear proof that the price was never above 1,22 on the date the trade closed (see screenshot), and the last time it was over 1,25 was in 2018.
The BUY price which closed the position on 14.01 at 3:30am at a price of 1,21378 already had a SPREAD included and should also be the exchange rate. However, T212’s response effectively means that there are two SPREADs in the same direction for the same instrument. This cannot be correct or should at least be stated somewhere.
This happens with all my forex trades and I already lost 130€ over 28 trades.
It seems useless to continue the discussion per email as there is constantly a new guy replying and none of them seems to get the issue. Also, @Team212 hasn’t managed to jump in yet. Is there any other way to ask for clarification? Can this be escalated somehow?
I would tend to agree, I don’t think they are looking at the right thing. Its not the opening/closing price on the CFD, its the spot FX that looks off.
Show them if the Spot FX is out with the daily high/low rate when you include the 0.5%, and ask for backup as they have yet to provide.
If you do not receive the appropriate backup, then you will assume your assumptions are correct, and will raise it through the appropriate channels.
I cant actually find anything on 212’s SPREAD values, but this does suggest they should be tight as I thought.
