[efex.co.uk]

autofx is right, despite what anyone else has to say your own first-hand experience is the only thing that matters.

Marketmakers have no need to close anyone's account for the way they trade and the idea of the sales desk phoning a client telling him not to scalp or they'll 'shut him down' is a bit farfetched. Competition is fierce for clients, marketmakers are cutting spreads, offering free training courses, better charts, free news feeds, flasher platforms, it won't be long before you'll get Air Miles and a cuddly toy with every lot traded! The last thing they're likely to do is close accounts when they have no reason to.

Having said that, you do run the risk of experiencing delays while all your market orders go through a dealer rather than automatic instant electronic execution. They'll do this when, for example, a trader opens a large trade on a spike and closes it milliseconds later for a few pips and a lot of profit. The problem for the broker in trades like this is he has nowhere to offset your position, the instant automatic order execution will put him on the other side of your trade, in effect he loses what you win in a trade like that. A good example was the recent controversy over filled market orders around NFP data which were later revoked, the broker simply lost too much money and explained later that the price did not exist and the market never really traded there. Slightly unfair perhaps but that was their prerogative, after all they dictate the terms of business and either we tow the line or close our accounts and go elsewhere, but in more or less any event the broker has no valid reason to close your account, whatever your style of trading happens to be, they have other ways to discourage trader practices which affect their profit line.


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