There is some talk going on in the social media sphere about our competition and that certain tactics may be used by poor sports to beat the game. Here is some information from my development team concerning how trades in the paper environments are booked which keeps people from being naughty, at least this way.
FGC Dev Team:
The price taken for a trade is never the “historical price” from a few seconds ago but the live price received post trade capture. If we consider the lag from clicking on the website to hitting the computer this alone would be a problem for the loophole as identified.
I would also like to note that First Global Credit absolutely and accurately places all trades (we are talking LIVE trading here) into the market, filling customers at the live market price and taking a commission. We are not a bucket shop. Running a bucket shop is somewhat easier. It is also infinitely more dangerous for the client in the long run.
Finally, remember in this day and age not everyone is publishing the same information, nor does everyone have access to the same market price. If a limit price is available in one dark pool and an order gets filled at that price, but your order is placed elsewhere. Is it the broker’s fault that your trade did not get filled? It’s not the case anymore that there is one pit where all trades take place.
Marcie D Terman