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Attachments: My broker closed my account for "too much profit made"
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My broker closed my account for "too much profit made"

  • #21
  • May 5, 2016 5:50pm May 5, 2016 5:50pm
I think it's always silly to let the profit grow that far especially if the broker is not 100% reliable. I haven't even heard of this broker, so don't know why people select these type of companies.
  • #22
  • Nov 24, 2016 2:01pm Nov 24, 2016 2:01pm
forex.com is a scam. I had a trade last night in a very profitable position and when i woke up this morning the trade wasn't there, no stop loss hit (was very far out actually) and no profit taken. I spoke to two reps and they only said the trade wasn't on their server, and then implied i was lying.

I withdrew all my money immediately. Stay away from crooked forex.com bucketshop.
  • #23
  • Nov 24, 2016 2:15pm Nov 24, 2016 2:15pm
Guys, most of the so called brokers are bucketshops based on the fact that you will lose anyway. When one trader starts to make real money they will do anything, most of them, to keep your money. So, make small profits, make small regular withdrawals if you want to survive.
If you are a succesfull trader and you know you will make big money ask first your choosen broker if they will let you win big.
  • #24
  • Nov 24, 2016 5:13pm Nov 24, 2016 5:13pm
Quoting pipshaman
If you are a succesfull trader and you know you will make big money ask first your choosen broker if they will let you win big.
So you just ask them straight ? Wonder what they would answer to that kind of question...
Don't give up on your dreams. Keep sleeping.
  • #25
  • Nov 25, 2016 6:59am Nov 25, 2016 6:59am
Choose your broker wisely. Read reviews from other people and find ones that are satisfied with their withdrawals (if it is a big amount, they will brag about it in a review). They can also be fake reviews, so make your deep searches on the member. Test your broker with smaller account and withdrawal. Ask them questions, see how will they respond to your HUGE withdrawal inquiry. At the end, follow your sense and start grabbing those pips.
  • #26
  • Feb 14, 2020 11:03pm Feb 14, 2020 11:03pm
Quoting Rag2RichesFX
Make regular withdrawals!! I have never had problems with withdraw at forex.com But that still won't stop them from closing your account if you are too profitable From = http://forexdarkside.com/why-forex-p...y-virtual-long If you make profits trading Forex, make withdrawals. Don’t allow your account get too heavy. Some traders avoid withdrawing profits for too long. On one hand, there is an obvious benefit of that: as account balance grows they are able to trade larger funds and invest more on each trade and thus make...
I wouldn't dare to trade with a US based broker or an offshore unregulated broker
Forex, stocks, energy and crypto
  • #27
  • Feb 15, 2020 2:31pm Feb 15, 2020 2:31pm
Quoting Rtm
Its called a bucketshop. Read terms and service. They can close your account time they like for no reason. You the one agreeing to it. Who is worse here?
Exactly.

This is the world of Retail FX. If you are doing 500% per 6 months. Then move over to a real Spot FX Interbank based Intermediary that has real PoP access and liquidity. FXAll through Refinitive (previous called Thomson Reuters FXAll) is an excellent platform for trading Spot FX and you can grow as large as you wish without Bucket Shop hassles.

If you need to remain on MT4, are a resident of the United States and you don't want to arrange a proper corporate trading account in a jurisdiction outside the US, then IB with a $10mln qualified account works or IG US with any opening balance amount works. You would need to open a "Professional" account with IG US in order to gain access to better trading conditions and that will come with a minimum monthly volume (notional) and trade activity. IG plays in both worlds. Pure Retail and PoP for its higher volume customers. If you open a pure Retail account with IG, you will get Bucket Shop conditions. If you level up with IG, you can get PoP'ish conditions and run a fairly sizeable trading business through them - depending on what you classify as sizeable.

Retail FX is for cutting your teeth. If you are growing (500% per six months), then your ultimate destination is an Institutional Intermediary (either PB or PoP) which should be fairly easy to accomplish with that rate of growth.
  • #28
  • Apr 15, 2020 10:59pm Apr 15, 2020 10:59pm
Over 3 weeks ago we did an application on forex.com, owned by Gain Capital.
There was no email stating they received the app with next step instructions, just an acknowledgement on the website right after filing the app.
ALL other brokers we've worked with have emailed a 'hey, we've received the app and here's what happens next', plus how to set up a back office account link.
Ten days later they email and ask for certain information like the others require, but they don't say how to get it to them.
When we replied to their email it says they'll get back to us in FOUR to FIVE business days.
Ok, so now we're starting to think, hmm, so if something bad happens to a trade and we need customer service it will be FOUR to FIVE business days?
We want NOTHING to do with that.
There is no way to set up a back office account that we've found. No instructions on how to do so. No link. No nothing.
It seems they think they're the only game in the US, but they're not. We just wanted to diversify brokers in case of any broker issues due to the virus affects on the economy.
We did try their chat. Here's how that went: "Um, I don't know. Contact support."
So, this is a big NO for Gain Capital's forex.com right now.
The broker needs to totally revamp and automate their application emails. It's a very simple one time process that they can set up literally in a couple days. They need to catch up to the real world of brokers and not have the 'you're stuck with zero choices' attitude because there are other choices that are much much better in the on-boarding process/speed.
They also need to get the back office set up, well, set up. If people have to wait what will end up being a month to get an application approved and get an account set up on your back office and start trading then they're going to go elsewhere really fast.
And, please, no excuses about how busy you've been during the virus. We did the exact same process elsewhere and were up and running in 3 days.
There are NO EXCUSE for how you're doing things Gain/Forex.com
In fact, you should give up the forex.com web address as you are NOT deserving of it at this time. Fix it. Earn it. Provide some streamlined service.
  • #29
  • Oct 30, 2020 3:09pm Oct 30, 2020 3:09pm
I recently had my live forex.com account shut down with no explanation. Does forex.com really shut successful accounts down.
  • #30
  • Mar 22, 2021 2:12pm Mar 22, 2021 2:12pm
Quoting Rag2RichesFX
Make regular withdrawals!! I have never had problems with withdraw at forex.com But that still won't stop them from closing your account if you are too profitable From = http://forexdarkside.com/why-forex-p...y-virtual-long If you make profits trading Forex, make withdrawals. Don’t allow your account get too heavy. Some traders avoid withdrawing profits for too long. On one hand, there is an obvious benefit of that: as account balance grows they are able to trade larger funds and invest more on each trade and thus make...
That is ignorance .....you should know about what regulated broker is and non regulated broker ...there are lot of regulated and tier 1 brokers .....and no regulated broker ever will do that ......only unregulated and dealing desk broker means they trade against the client , if client lose money they earn and if client make profit they lose .....but every regulated broker is either ECN or STP, DMA broker....

brokers like Saxo bank, Swissquote, dukascopy bank , ic markets , fp markets , Lmax , IG and many more ......

ignorance is the mother of all problems
  • #31
  • Apr 5, 2021 10:52pm Apr 5, 2021 10:52pm
Quoting rafin
{quote} That is ignorance .....you should know about what regulated broker is and non regulated broker ...there are lot of regulated and tier 1 brokers .....and no regulated broker ever will do that ......only unregulated and dealing desk broker means they trade against the client , if client lose money they earn and if client make profit they lose .....but every regulated broker is either ECN or STP, DMA broker.... brokers like Saxo bank, Swissquote, dukascopy bank , ic markets , fp markets , Lmax , IG and many more ...... ignorance is the mother...
I'm shocked that it's 2021 and people still trade with forex.com, a well-known scam.
  • #32
  • Apr 7, 2021 2:34am Apr 7, 2021 2:34am
Quoting rafin
{quote} That is ignorance .....you should know about what regulated broker is and non regulated broker ...there are lot of regulated and tier 1 brokers .....and no regulated broker ever will do that ......only unregulated and dealing desk broker means they trade against the client , if client lose money they earn and if client make profit they lose .....but every regulated broker is either ECN or STP, DMA broker.... brokers like Saxo bank, Swissquote, dukascopy bank , ic markets , fp markets , Lmax , IG and many more ...... ignorance is the mother...
Regulated brokers definitely can and do B-book clients. If you'd like some more insights check out this thread we just posted https://www.forexfactory.com/thread/...ransparent-ecn

Time to have our eyes opened!

Cheers
Jeremy
  • #33
  • Apr 7, 2021 4:06am Apr 7, 2021 4:06am
Quoting Jemook
{quote} Regulated brokers definitely can and do B-book clients. If you'd like some more insights check out this thread we just posted https://www.forexfactory.com/thread/...ransparent-ecn Time to have our eyes opened! Cheers Jeremy
Gain Capital? brb I gotta go vomit! That was my first broker, forex.com seems like gotta be 30 years ago!
  • #34
  • Edited 6:11am Apr 7, 2021 4:15am | Edited 6:11am
Quoting Rag2RichesFX
Pretty much proof that Forex.com LIES about only providing 3% of their clients liquidity themselves. They say the other 97% is matched with other clients or sent interbank. Why would any forex broker close an account, unless they were providing liquidity for a winning trader? Is there some regulatory deal with the US gov going on? If traders make over 500% of net deposits in less than 6 months, they will have their account closed? I'm seriously stumped. Glad I have brokers overseas, these US brokers are a freaking joke.
this is a 100% lie: "They say the other 97% is matched with other clients or sent interbank", it is impossible for clients of any broker to be counterparties with each other, thats not how it works..... and us forex brokers are all RFEDS, and are 100% the COUNTERPARTY to your trade, b bookers, means you lose they win, you win they lose, if you are beating your b book broker they will come hunting for you, and switch you to a book, and add some special mt4 backoffice addons to your account....or maybe its just easier to close the winners account.

But be sure, if you are winning, the broker to be trading at is GobalPrime AU, they wont close your account, because they are not the counter party to your trades, so you win at GlobalPrime you are beating their LP's not the broker. And be sure this broker @GP will protect and isolate you from their LP's. It's a win win situation for me at least for some years thanks @jemook
  • #35
  • Jun 22, 2021 11:04am Jun 22, 2021 11:04am
Hello, can anyone tell me if Dukascopy is a reliable broker and if they would shut down my account for being to profitable. Does anyone have experience with them?
  • #36
  • Jul 1, 2021 1:24am Jul 1, 2021 1:24am
The story is most likely bullshit. Forex.com place orders in ur name against the market ?? Really? I neve r had a broker that place orders for me. 79 % traders using forex.com lose money so what's the point for them to do that. Its also not true b book dealer trade against you. No one force you to trade. It's retail traders trade against dealers and hope to make a profit. With a broker that out source market making. Retailers may have a better fill in busy hours coz there are a bunch of market makers on the network but not always. In quiet hours b book dealer offer lower spread so not bad. In addition there is no commission
  • #37
  • Feb 6, 2022 11:17pm Feb 6, 2022 11:17pm
Same goes to me here. My account was suspended and i can't do trade, deposit or withdrawal anymore after i profit too much. My profit was lost and my balance is back to zero. Luckily i made a maximum withdrawal the day before my account suspended. Then they told me, that my withdrawal was successful but my deposit and my profit are consolidated then suspended my account. So nonsense.
  • #38
  • Feb 7, 2022 4:40pm Feb 7, 2022 4:40pm
Is it possible to name a couple of reliable forex brokers to trade with? The greatest scare in this forex business lies with unscrupulous brokers on the prowl to lynch unwary traders. I can take little to moderate profits especially after I reach break even. Please, let me know of some reliable brokers. Many thanks.
  • #39
  • Feb 21, 2022 8:50am Feb 21, 2022 8:50am
Quoting shahakita
Same goes to me here. My account was suspended and i can't do trade, deposit or withdrawal anymore after i profit too much. My profit was lost and my balance is back to zero. Luckily i made a maximum withdrawal the day before my account suspended. Then they told me, that my withdrawal was successful but my deposit and my profit are consolidated then suspended my account. So nonsense.

Kindly message me which broker were u using ? maybe i can share some valuable experiences for you that can help you better staying profitable and safe on the long run. drop me a message when u are free.

Regards
  • #40
  • Mar 7, 2022 10:00pm Mar 7, 2022 10:00pm
Forex.com is the market maker. I've been to their office in Sydney so I know what do they do.
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