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Author Topic: Tadawul FX?  (Read 6991 times)

Offline quintologer

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Tadawul FX?
« on: April 30, 2009, 11:06:26 PM »
Just had an E-mail from them offering to open a live account
with them online! No need to scan, or fax documents to them!
Sounds a bit fishy, they obviously don't care who you are.
The describe themselves as a 'Swiss' registered broker (with a .ch website),
but they're actually located in Cyprus.
Anybody any experience of them?

Offline admin

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Re: Tadawul FX?
« Reply #1 on: April 30, 2009, 11:32:33 PM »
That is strange-- i was going to try opening an account with them a couple of months back and i didn't because they were so over the top with the requirements- they wanted notarised copies of all my identification signed by a police officer or judge or something. I didn't have the time to go running around doing that so i didn't sign up.

I believe they try to target people in the middle east.. i think tadawul means 'trade/trading' in arabic. At least that is what i read somewhere, who knows if it is true :-). I think their spreads are not that great anyway so probably not worth it.


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Offline redrag

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Re: Tadawul FX?
« Reply #2 on: May 01, 2009, 08:11:38 AM »
I've had an account with them for a couple of months. They seem very helpful and their spreads are good. They required scanned copies of all my documents; they also required copies to be posted to them. They say they have a number of FapTurbo users with them.

I have no reason for concern - yet!

Paul

Offline Reinhold

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Re: Tadawul FX?
« Reply #3 on: May 02, 2009, 06:26:11 AM »
Hi Donna,

Well, I’m with them too and did not have any problems !
They set up your account with the application form and the documentation by mail. You are able to fund your account even by PayPal and between sending them the first documentation by e-mail and starting trading it will pass between 2 or 3 days – I don’t know why you got that kind of issues ??

BUT

You need to send them the same paper-work (signed application form, Copy of passport, copy of phone-bill,…) by snake-mail. You can send this without any hurry weeks after starting trading. I guess they will not let you do any withdrawals, if they didn’t receive the original papers.
Also on their webpage it says, that they need to be certificated, but if you send them just normal copies it will be fine. (At least in my case it was like this – my contact in Tadawul FX is Mr. Pantelakis Michael – a fine person giving a real good support too )

You will find also a lot of bad comments in FPA about them, but I’m sure that this posts (also in Fapturbo forum) are made by competitions of Tadawul FX.

That is the bad taste of most forums – most of the time you cannot believe all what you read !!

Best Regards
 

Offline quintologer

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Re: Tadawul FX?
« Reply #4 on: May 03, 2009, 11:02:13 PM »
I've now had an e-mail from them stating:
"TADAWUL FX NEWS would like to recall the message, "TADAWUL FX  Online Live Account Opening form".
So I guess they made a mistake! No harm done, they seem to be a genuine outfit.

Offline JVRacing

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Re: Tadawul FX?
« Reply #5 on: May 09, 2009, 01:03:36 AM »
My experience with Tadawul FX has been a rollercoaster.

In December I ran demos with a dozen different brokers to find out where FAP Turbo worked the best. The Tadawul FX (TDFX) demo made the most profit, so I set up a live account with the minimum $500.

The live account performed identically to the demo, with immediate (literally instant) executions always, and so I told all my friends about them and actually became an IB for them. Several of us doubled our accounts and withdrew the profits. That's when the problems started.

We started seeing trade execution delays, which cut into the profits quite a bit. Then we had a full EURGBP stop loss hit because of a slipped entry, and I realized we couldn't afford poor executions. I've now recommended all of my IB clients withdraw their funds, since apparently our accounts have officially been put on delayed executions. Even trading MegaDroid on EURUSD we got slipped several PIPs! It's ridiculous.

Overall a big disappointment.

Offline sweetpopcorn

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Re: Tadawul FX?
« Reply #6 on: May 09, 2009, 06:50:18 AM »
My experience with Tadawul FX has been a rollercoaster.

In December I ran demos with a dozen different brokers to find out where FAP Turbo worked the best. The Tadawul FX (TDFX) demo made the most profit, so I set up a live account with the minimum $500.

The live account performed identically to the demo, with immediate (literally instant) executions always, and so I told all my friends about them and actually became an IB for them. Several of us doubled our accounts and withdrew the profits. That's when the problems started.

We started seeing trade execution delays, which cut into the profits quite a bit. Then we had a full EURGBP stop loss hit because of a slipped entry, and I realized we couldn't afford poor executions. I've now recommended all of my IB clients withdraw their funds, since apparently our accounts have officially been put on delayed executions. Even trading MegaDroid on EURUSD we got slipped several PIPs! It's ridiculous.

Overall a big disappointment.
I think it's impossible to have INSTANT trade executions every time even with true ECN where your trades go directly to the banks.  If the folks are trading against you where your trades are "BUCKETED" it's possible.

Offline admin

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Re: Tadawul FX?
« Reply #7 on: May 09, 2009, 08:10:14 AM »
My guess would be that the influx of fapturbo users is clogging up the servers leading to execution delays. This is effecting Alpari UK now too. You probably got away with it for a long time as it was a while before TadawulFX was able to make it onto the FAPT forum (can't say anymore on this don't ask me to) and therefore stayed "under the radar".
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Offline bushfella

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Re: Tadawul FX?
« Reply #8 on: May 15, 2009, 09:05:08 AM »
Hi, I've also decided to close my account with tadawul ( keep thinking that says tad-awful!!)
Customer service is excellent and so was trading with fapturbo to begin with but the last month or so their prices (fapturbo times) have lagged way behind Alpari's and each candle range has been much smaller. Yet during daytime hrs(gmt) the prices pretty well mirror Alparis. Last straw was a big loss with magadroid when two Alpari accounts both had a profit.

I would not say they were dishonest in any way but my results just deteriorated and daytime spreads are higher than Alpari uk anyway.

Offline bushfella

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Re: Tadawul FX?
« Reply #9 on: May 19, 2009, 10:01:37 AM »
Just to say that I received my funds from tadawulfx within 3 days so no problem there. Once again, in order to be fair, their customer service is excellent and I wouldn't have a problem trading with them except for scalping during the quiet hourse since I found their prices update more slowly than my other accounts during this time.

Offline RomanLX

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Re: Tadawul FX?
« Reply #10 on: May 19, 2009, 11:58:24 AM »
Lovely people to work with but this is what my account manager there wrote in April (see also FAPT forum):

"The big issue is with TADAWUL FX because we actually cover all of the clients positions which guarantees that clients will always receive their profits, no matter how large that may be."

Regretfully, I closed the account.

Offline stevo4105

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Re: Tadawul FX?
« Reply #11 on: May 27, 2009, 09:28:04 AM »
Greetings all!

I opened a demo account a few weeks ago with this broker. I am trading Euro blaster and an EA called 10point 3 (a freebie). I started with 5k on the 5th May it now stands at 9k - amazing!! :) They phoned me the other day asking if I was interested in opening a live acct. I asked a shed load of questions about re quotes, trading EA's, regulatory  and security matters etc etc. The lady I spoke to was extremely helpful (as seems to be the consensus on this blog). I have to say I was very tempted to open an account. The spreads are fixed at 3 and 4 24/7 and I was told they never mess with them during FAPT trading times or any other time. I am now a little more wary having read some of the comments here, as I have not traded FAPT on the demo acct. I have a live Alpari UK acct which since going VPS has been excellent trading all the robots I have ( FAPT M/D and E/B) Perhaps better to stick to whats working at present rather than to seek out new life and new civilizations!

Offline appieh58

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Re: Tadawul FX?
« Reply #12 on: May 27, 2009, 10:22:07 AM »
Hi

I have started a live account (USD 500) a few weeks ago.
Support is OK. They are helpful en response times are very reasonable.
Upto now nothing to complain about.

Below a link to my trading stats
EURUSD : FAPTS EA
Other pairs : FAPTURBO

http://flappie.mt4stats.com/

Regards
Albert

 

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