Pepperstone Feedback

Discussion in 'Brokers' started by Ramy3, Jun 17, 2013.

  1. Tauranga

    Tauranga Well-Known Member

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    Dear Jack, thank you very much for your help as always, I will be organising the additional GBP and USD accounts this week, thanks again and good trades! ;)
     
  2. jack

    jack Administrator Staff Member

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    Pepper came out strong from the CHF move. Working with clients on any negative balances they have (with options to credit it out should they continue to trade.)

    They also haven't had to adjust trading conditions or leverage on CHF pairs since the event. Right now there's still a lot of volatility around CHF so this is a plus.

    I was trading the fallout on EUR/CHF within their cTrader platform and never had issues opening or closing positions... the spread was crazy, and the pair was moving hundreds of pips every few seconds in the heat of it, but nothing broke down and cTrader kept up with it all.

    No idea how MT4 held up, as I didn't use it at the time..

    Overall still happy with them. :) (And been a client for years.)
     
  3. sqa

    sqa Village Scribe

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    Ah, welcome back, Shopster!

    As for Pepperstone... oy, that's troubling. AussieDoc, I think we need a little location knowledge on this. A lot of people use Pepperstone, and that little tidbit is quite troubling. (Not that I can, since I'm a US Citizen. :-\ )
     
  4. jack

    jack Administrator Staff Member

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    From here:
    https://pepperstone.com/company-profile/statement.php

     
  5. jack

    jack Administrator Staff Member

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    Further to that, the people I see pushing this article around the net are likely rivals to Pepper in the industry. (Aside from shopster though, as I know he's not related and just trying to help spread info.)

    Pepper stepped on a lot of toes while going from a new company to the largest broker in Australia within 5 years.. a lot of rivals of theirs aren't happy and would like nothing more than to see them hurt, especially just before an IPO. So I can easily see reporters fed with bad info just to help spread fear.

    For instance, there's two posters over at ForexFactory who keep referencing this article and suggesting that Pepper is crippled, but a quick look into their post history show they are exclusively on the site to bash Pepper and cheerlead for another specific Aussie broker (who's name sounds like 'eye see' something..) and that exact pattern has been observed by myself and others for years now.

    Anyway, I'm not worried about my deposits at Pepper. I'm just reminded that the industry is cut throat and there's a lot of other Aussies who'd rather spread FUD online than compete on level terms.
     
  6. jack

    jack Administrator Staff Member

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    Lastly, this "shortfall" talk is just people trying to be alarmists.. I have no idea what pepper's balance sheet looks like, but I do know that they put up some funds with LPs to cover off margin requirements and such.

    Further, we're talking about a business with revenues and profits in the hundreds of millions..

    They are also in the process of going IPO. They have UBS and Citibank as underwriters.

    If anyone of you aren't familiar with the IPO process, right now their books, accounting records, and entire business is basically being put under the microscope by the underwriters so they can properly price and sell off shares on the open market. Multiple 3rd parties are going to be liable if there's material differences between the prospectus, the financial records as presented when selling off the IPO, and reality. (And since Pepper settled with UBS and Citi, neither bank has backed out of the deal and both are comfortable moving forward.)

    Do you really think the execs at Pepper would harpoon their own IPO (which is worth hundreds of millions to them personally in shareholder value,) for a few million now?

    The Australian article shop posted was horseshit, written by someone who was either fed bad info (probably by rivals of Pepper) or just wanted to be an alarmist to get readers riled up.

    At least that's my opinion. I don't even care to defend Pepper, I just hate the spreading of FUD (fear, uncertainty, doubt.)
     
  7. the golden gun

    the golden gun RINSE & REPEAT

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    best protection is to
    1) never trade a pegged currency
    2) keep a fraction of your balance actually deposited at the broker. considering how fast deposits can be made, there's no reason to trust them like a bank.
     
  8. rod178

    rod178 Well-Known Member

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    Eye See, all, clear now
     
  9. rod178

    rod178 Well-Known Member

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    Yes, agree (no JPY pairs then?)
    My approach is to use Brokers with maximum leverage, ie 400 or 500:1 and only place enough funds to fund three consecutive losses plus margin.
     
  10. the golden gun

    the golden gun RINSE & REPEAT

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    why no JPY pairs?
     
  11. rod178

    rod178 Well-Known Member

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    Your first point

    BOJ is always suspected of doing something unexpected, so difficult to determine risk
     
  12. rod178

    rod178 Well-Known Member

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    http://experts.forexmagnates.com/can-ever-trust-broker/
     
  13. Golden Bull

    Golden Bull We got cookies

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    This article is up on the OZ news broadcast, and i don't see pepper suing them or even commenting on it. Specially near their IPO if those statement weren't facts it would make sense to Pepper to counter them, ain't? Let's put aside oldschool fanboyism for a secound and think about it. I love pepper but still.

    And this statement alone if unanswered,should really turn on a red light.
     
  14. jack

    jack Administrator Staff Member

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    They did comment on it; they said it was defamatory:

    And again, a difference in seg accounts isn't taking deposits with LPs for margin and such into consideration.

    When the IPO comes, we will see far more details, and if they in fact show missing funds I'll eat my words.

    Don't mistaken my detest for shitty journalism and FUD for being a fanboy.. :p
     
  15. the golden gun

    the golden gun RINSE & REPEAT

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    you're right, fuck the yen. I scrapped EJ and subbed with Loonie
     
  16. jack

    jack Administrator Staff Member

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    Given the article that was posted here by Shop has now been proven by two sources to be defamatory, I have removed the posts here referencing it.

    (Atop of that, another major forex forum (FF), who had that article littered on their site, remove it after they proved a competitor to Pepper had been promoting the article with multiple user names.)

    In the future, I also ask that people do not act like seagulls when it comes to this sorta thing (ie, fly in, squawk loudly, shit on everything, then fly off.)

    Be constructive, don't be a seagull.
     
  17. jack

    jack Administrator Staff Member

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  18. sqa

    sqa Village Scribe

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    :'(
     
  19. jack

    jack Administrator Staff Member

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    ?
     
  20. sqa

    sqa Village Scribe

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    US-based US Citizen. I can't use Pepperstone.
     

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