Friday, June 13, 2008

XPRESSTRADE SCAM CASE


I wish I found this site before opening account with Xpresstrade. After reviewing many online futures brokers I decided on Xpresstrade because of the quality they purport and tops in industry and how quickly they replied to my many questions prior to me wiring funds to open an account.. Understand I have traded futures contracts since late 1980's so have some idea about markets, securities laws, affects and such to markets including research & analysis. I also currently manage a private stock portfolio of my own and do well executing those trades through another online firm.

However, many of the negative points I read on here I have to support myself sadly. For the time I have been with Xpresstrade, I have noticed what seemed like "reasons to cause me losses or them commissions" and kept it in back of my head a while now. NO more.

In the few months I have tried them opening an account with $10K of my funds, I have repeatedly found glitches occuring with their web base system that they blame on everything but themselves. One day I was literally frozen and could do nothing with their system and lost $thousands on a move. They blamed our phone/DSL system so we had Embarq here to check everything and found no problems, but told us it was the web based platform we were using for our business with Xpresstrade. Another situation has seen very, very bad fills from seemingly stable and quiet markets and as if we were set back a point of so to their benefit and not the trader's? There was situations when we had trailing stops in place and their system showed movement and the stops ratcheting, etc. Then about 15 minutes later their system showed all different numbers and prices which made no sense and my trail stop not activating for about 18cents out of favor in a corn market?? Contacting them, they blamed it on a bad tick from the floor broker and said they had to reset their systems and took my profits away from that trade (which we ran copies of the screen, etc off to have).

Other instances the screen would seemingly flash before your eyes and cause you to sign off and re-sign on again which causes delays and losses, and contacting Xpresstrade, they told me they had to reboot their systems and I question why not after hours? Many times we have witnessed screens freezing, news stories very late and useless to utilize too. Many times the supposed instant quote screen lags and delays up to 30 minutes we have experienced also which does nobody any good basing trade decisions. I utilized trading as I used to do through my previous broker directly, versus using this web based platform, but I tell you, I am not happy with how Xpresstrade has performed as it seems almost "weighted" in their favor for commisssions, but of course, that would be very illegal if found to be true. It almost seems when you really need to rely on their platform to perform, it simply does not or lags or slows down and you get screwed.

It took me 15 minutes to get a market order fill today in a simple grain market that was doing nothing out of the ordinary. I have also found troubles with limit orders on some options we tried to get, and are forced to take them at market to get the option, but prices costly.

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