Unfortunately the Forex market is a big opportunity for scams and rip offs. A typical scam type is when brokerage companies try to make more money through fake or unreal spreads.
I would like to warn all fellow traders because of my very bad experience with FxPrimus.
FxPrimus are deceiving traders by offering a very low spread on their website, but you should know that they increase the spreads when the market comes close to your stop loss or target, so your trade position would be triggered faster. They also try not to let your target be triggered, because they want your position to remain open until the market reverses and hits your stop loss. They manipulate the trades and spreads and make money through your losing positions. They monitor their clients’ positions and increase the spread when it is time to.
I have been trading with them since January this year and had over 80% winning trades. Since they killed my 2 biggest positions I had no chance to save my account anymore because of reduced equity.
1) I have documented their real, sometimes unbelievable spreads and compared to GoTrades, MBT and ActivTrades. They didn’t have the same wild spreads of over 500 pips during the questionable time-frame (see my comparison charts). I cannot believe anymore that they are ECN/DMA.
2) When I was going to close a bigger trade position a strange message suddenly appeared:
“order #8589221 buy 0.80 XAUUSD closing at 0.00 failed [Market is closed]” but it was at 19:00 GMT.
3) Have a look at the candle bar on Sept. 2 at 15:29 (XAUUSD), it was about 275 pips longer than the other 3 brokers, and the following candle bar opened jumping from 1832.17 to 1865.29 (331 pips higher). This is not normal at all.
4) On Aug. 26 at 17:00 (H: 1783.12, L: 1765.27, Ask: 1788.33; – spread = 521 pips???) they closed a short position of about $8,000 claiming that there was margin of only 25% at 1788.33. I still think that here the most significant fact is: “at 1790.28 bid, I had about 180% margin, so it’s impossible to have 25% margin at a lower ask price at 1788.33 (including any length of whipsaw) if the net lot balance negative is.”
5) On Aug. 26 at 17:01 they were shooting with 112 pips longer candle bars than the other 3 brokers.
I cannot trust that their system is working properly and I am concerned about their real honesty.
The only way to express what I think about them is "Wolf in Sheep's Clothing".
Check out my Post at the Scam Alerts Folder on FPA: http://www.forexpeacearmy.com/forex-...-clothing.html
I would like to warn all fellow traders because of my very bad experience with FxPrimus.
FxPrimus are deceiving traders by offering a very low spread on their website, but you should know that they increase the spreads when the market comes close to your stop loss or target, so your trade position would be triggered faster. They also try not to let your target be triggered, because they want your position to remain open until the market reverses and hits your stop loss. They manipulate the trades and spreads and make money through your losing positions. They monitor their clients’ positions and increase the spread when it is time to.
I have been trading with them since January this year and had over 80% winning trades. Since they killed my 2 biggest positions I had no chance to save my account anymore because of reduced equity.
1) I have documented their real, sometimes unbelievable spreads and compared to GoTrades, MBT and ActivTrades. They didn’t have the same wild spreads of over 500 pips during the questionable time-frame (see my comparison charts). I cannot believe anymore that they are ECN/DMA.
2) When I was going to close a bigger trade position a strange message suddenly appeared:
“order #8589221 buy 0.80 XAUUSD closing at 0.00 failed [Market is closed]” but it was at 19:00 GMT.
3) Have a look at the candle bar on Sept. 2 at 15:29 (XAUUSD), it was about 275 pips longer than the other 3 brokers, and the following candle bar opened jumping from 1832.17 to 1865.29 (331 pips higher). This is not normal at all.
4) On Aug. 26 at 17:00 (H: 1783.12, L: 1765.27, Ask: 1788.33; – spread = 521 pips???) they closed a short position of about $8,000 claiming that there was margin of only 25% at 1788.33. I still think that here the most significant fact is: “at 1790.28 bid, I had about 180% margin, so it’s impossible to have 25% margin at a lower ask price at 1788.33 (including any length of whipsaw) if the net lot balance negative is.”
5) On Aug. 26 at 17:01 they were shooting with 112 pips longer candle bars than the other 3 brokers.
I cannot trust that their system is working properly and I am concerned about their real honesty.
The only way to express what I think about them is "Wolf in Sheep's Clothing".
Check out my Post at the Scam Alerts Folder on FPA: http://www.forexpeacearmy.com/forex-...-clothing.html
Attached File(s)
biggest position killed.pdf
265 KB
|
639 downloads