Anyone using Pepperstone? (Feedback)

Hi there, is anyone here using Pepperstone as your broker? I find that their MT4 platform freezes quite often .. would like to find out if this is experienced across the board.

Are you trading an EA, I see this same issue on many message boards.

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Checkout the execution timing .. is it bad?

Yes, I'm with their ECN account. Excellent service, 24h assistance on the chat, lowest spreads I've seen around (and low commissions on top), but it's true that their platform freezes from time to time; also, execution times could be faster considering it's supposedly an ECN. Not the 'perfect' broker but still very very good, and I've tried about 15+ MT4 brokers over the years, both MM, STP and ECN.

A reply they gave ...

Unfortunately when trading on an ECN execution times can vary and we do not offer any sort of guarantee of execution times.

Pepperstone is a 'Market Execution' broker and as such we are at the mercy of the market to what execution we can give you. If a Bank takes a long time to fill your trade then unfortunately we cannot do much about it. This is one of the realities of ECN trading in Forex - You are trading with multiple counter-parties in a whole host of different locations with different infrastructure.

Possibly your trade was a victim of the 'last look' rule/functionality in FX Trading.
Last look is where the FX dealer (Bank) who is providing you with the price gets a change to review your order before he/she accepts it.
In RFQ-based trading, it's where a trader gets a chance to equal or better the market when an indicative price is hit.
'Last look' refers to the feature on many platforms in which the party that is making markets (Usually a Bank Counter-party) gets a chance to reject a trade if it doesn't want it.

Generally, the Bank has a couple hundred milliseconds to reject, or the fill is good. It's a lamentable practice that has its origins in the early days of e-Trading, when bank technology was so much slower than on the buy-side (institutional prop trading and retail fx brokers like us), that this had to be added so that banks wouldn't be hit so badly by wild algorithmic trading. Even though banks have mostly improved their infrastructure, they became addicted to having last look at trades, so the practice persists. Most major platforms ECN's and Aggregators still support it.

Market Maker brokers use 'Instant Execution' which means that the trade is immediately filled as soon as it hits their MT4 server, In some situations Instant Execution brokers have faster execution but they also often give 're-quotes'.

Unfortunately fills and execution times like this are beyond our control and are product of offering an ECN service to our clients and in this situation we are unable to refund trades.

Agree with HedgeHedge,
been with a dozen brokers over 12 years, and while their executions times are poor - and the freezing platforms are even worse; but the low spreads and no slippage does mean I see trading differently.

Depending on what type of trading you do they are not bad - I was with someone else- rapid execution times, but...they were rejecting orders.

Pick your poison.. :)

I've experienced frequent logouts while positions were open with Pepperstone; also the data feed was frozen. I've spoken to a manager and he said that trading volume has supposedly exploded more than 10-fold over the past 3 months. They are installing new servers and are connecting to Equinix on Dec 19th. Then everything is supposedly better.

Hmm that sounds promising .. yeah the data feed freezing happens really often .. can be really frustrating at times .. let's hope the situation improves after Monday.