Broker Complaints …Get over it! | Page 9 | Forex Factory

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Broker Complaints …Get over it!

  • #161
  • Jan 4, 2007 4:17am Jan 4, 2007 4:17am
1. In finance, MM stands for "market maker". If any doubts , look it up. I only referenced money management in my thoughts to express that even if one had the proper techniques in place, you can throw it all out of the window when faced with a bad broker. Any broker that takes away your ability to adjust you positions or exit the market when you want, simpy because your making money, is a a dangerous place to be. Since any slightly seasoned person has already made this observation, I thought it would be good for any new people who may come to ind out too late.

2. 20% in the day is high, for sure. This is an isolated account that is using high leverage to reduce the effects of the hedging system the platform offers. As soon as the equity reaches the initial investment, we're done.

3. Most of us work hard to save money in these days and when we decide that we want to speculate with it, we should not have to worry about hidden tricks to keep us from making money. There is already enough to worry about.

4. I don't mind taking criticism, as long as I feel that I was able to help just one person.
  • #162
  • Jan 4, 2007 7:40am Jan 4, 2007 7:40am
Quoting FX RE
1. In finance, MM stands for "market maker". If any doubts , look it up. I only referenced money management in my thoughts to express that even if one had the proper techniques in place, you can throw it all out of the window when faced with a bad broker. Any broker that takes away your ability to adjust you positions or exit the market when you want, simpy because your making money, is a a dangerous place to be. Since any slightly seasoned person has already made this observation, I thought it would be good for any new people who may come to ind out too late.

2. 20% in the day is high, for sure. This is an isolated account that is using high leverage to reduce the effects of the hedging system the platform offers. As soon as the equity reaches the initial investment, we're done.

3. Most of us work hard to save money in these days and when we decide that we want to speculate with it, we should not have to worry about hidden tricks to keep us from making money. There is already enough to worry about.

4. I don't mind taking criticism, as long as I feel that I was able to help just one person.
My bad for thinking you meant money management. MM is often used as an abbreviation for money management and since you had just used that word and followed with MM i wrongly made the connection. For all I know it could have stood for mickey mouse. All brokers are pseudo market makers. I don't think that's news.

I've never heard anyone say that money management was a trick to keep the man down. I'll have to re-read the market wizards and see which of them proposed that concept. Man, I totally fell for that whole "just risk a small fraction of your account on every non-correlated pair" crap.

The bottom line is that this thread is about moving past broker issues and learning to trade by focusing internally. Please stick to the topic.
  • #163
  • Jan 4, 2007 8:39am Jan 4, 2007 8:39am
Just spent the last hour reading this thread....

Thanks to all who contributed!

As a new-comer to forex; it has given me several insights. I feel that that was it's intended purpose!

I love pomegranates but I hate that they are such a pain in the rear to eat......seems like the same with forex. Brokers are a necessary "evil"......can't trade without one......may not be happy with the playing field they provide.

Bottom line seems to be; do your DD......open an account.....deal with the broker if you feel you are screwed.....move to someone else if you are not happy.

But; like you need to deal with the nature of a pomegranate if you want to eat one, you need to accept that forex brokerage is-what-it-is......until something better comes along or you grow your account to the size that you can move to the "next level".

Thus......I now move to the trading discussions and learn how to grow my account balance!!

Thanks!
  • #164
  • Jan 4, 2007 9:34am Jan 4, 2007 9:34am
Well stated Brunite! Your analogy was spot on. The same goes for picking crabs.

Welcome to Forex Factory.
  • #165
  • Jan 12, 2007 9:43am Jan 12, 2007 9:43am
mmccormac, this thread is about NOT complaining about brokers. There is already a thread about the broker you speak of. Please post there.
  • #166
  • May 3, 2007 5:21pm May 3, 2007 5:21pm
I see there is no reason to complain
I mean...

1. you have little money to invest... you are a new trader.... then little brokers are good for you even if they steal...

2. you have too much money to invest... experienced trader... then you can play with the big brokers... those who won't open an account for you for less than $50.000 or something like that.

as a similarity for example... paying for a webhosting service... there are very cheap hosting companies tha offer very good services but then they are slow... or have breakdowns times.... but it may be good for people to start a website... then if the website is going good and generating goood traffic... you can move it to a better hosting company. I won't complain to the cheap hosting company. They help the webmaster to start.
  • #167
  • May 20, 2007 5:30pm May 20, 2007 5:30pm
Personally I had the worst experience with Gain Capital. I filled 2 complaints and I got another 10 persons to support me with additional complaints. Their platform (both web and standalone) is one of the worst things I ever experienced ever. I rather prefer Marketiva instead of Gain's platform. I had recorded their platform, I took screenshots and they were not interested in my problems. I lost in first day of trading with them $12 because of those errors and no one did care. I received dozens of phone calls from them, from various people who didn't even know what was my problem because nothing is centralized on their servers (regarding customer's complaints). They promised that everything will be solved and I was smart enough to record those conversations also. They were trying to fool me about their spreads continuing to tell me that I don't see well when I had platform in front and their page and nothing is real. I sent screenshots and logs 10 times to 10 different people and STILL nobody helped me. Finally, after my $2,000 account was down with $300 I stopped everything and got my money out. Complaints were filled and sent. I even received confirmation from agencies that action will be taken. I provided logs and everything to be a complete action against them. A US attorney advised me to sue them and ask money for damages and that is a option, it can bring me more money than I lost in my entire life and I have 100% chances to win. Where could lead a process like this ? I think America will Vote against thiefs and bad customer support. I will continue to send complaints until good news about them will turn into bad news.

I am no Pro trader, but I know how to make money and not lose them. I am sick and tired of this kind of brokers.
Brainstorming ... the ...
  • #168
  • Jul 20, 2007 6:36am Jul 20, 2007 6:36am
I was searching and come across this broker in Poland name: X-trader website:xtb.com Have anyone come across this pls tell me if the broker is reliable. Or if u know of any other reliable broker pls let me know. Just PM me pls
  • #169
  • Aug 27, 2007 5:37pm Aug 27, 2007 5:37pm
Quoting gent2man
I was searching and come across this broker in Poland name: X-trader website:xtb.com Have anyone come across this pls tell me if the broker is reliable. Or if u know of any other reliable broker pls let me know. Just PM me pls

I'm using CMC Markets and I'm very happy with them, sure they will temporarly reverse trades against me once a while if I place my stop/loss to close to entry but s/l 30 pips or further most of the time don't get hit unless the market changed. Never had a problem with withdrawlal or customer care. also I use Interbankfx and EFX Group which are very good but has to learn some tricks with them. hope this helps
  • #170
  • Aug 30, 2007 12:49am Aug 30, 2007 12:49am
Have you guys seen this video on youtube yet? It was in one of Felix's signals.

Kinda scary

http://www.youtube.com/watch?v=PUMpMUMYK10
  • #171
  • Aug 30, 2007 8:52am Aug 30, 2007 8:52am
LOL!

MBT paying kickbacks to Felix H.? Together with their ForexMadeCheesy-affiliates this makes for some bad company. Disgusting..
  • #172
  • Aug 30, 2007 10:56am Aug 30, 2007 10:56am
Quoting shrike
LOL!

MBT paying kickbacks to Felix H.? Together with their ForexMadeCheesy-affiliates this makes for some bad company. Disgusting..
???

I for one have always been happy with the relationship that they have with ForexMadeCheesy. It adds a lot of non-bank liquidity to the ECN, which gives me better executions. Don't know anything about the Felix situation, but I'm sure he's an IB for a lot of brokers.
FXChant Singing the World of Forex
  • #173
  • Aug 30, 2007 3:41pm Aug 30, 2007 3:41pm
I just question the ethics of a broker who supports (through kickbacks) quasi-scams like that. Its a matter of common decency vs. commission-revenue at all costs, no matter of how disgusting the methods of their affiliates to lure in fresh fx-newbies may be. I dont understand MBs reasoning, the reputational damage is very high (as far as i am concerned), and reputation is one of the most important things for a broker. Apparently the newbies leave a lot of commissions at MB to make the deal (repuation vs. commissions) worthwhile. I personally dont want to be anywhere near such activity.

p.s. the info about felix and mbt is in the youtube link above, felix subscribers get a 25% commission rebate (felix himself will get an additional cut of the comms).
  • #174
  • Aug 30, 2007 5:33pm Aug 30, 2007 5:33pm
Quoting shrike
I just question the ethics of a broker who supports (through kickbacks) quasi-scams like that. Its a matter of common decency vs. commission-revenue at all costs, no matter of how disgusting the methods of their affiliates to lure in fresh fx-newbies may be. I dont understand MBs reasoning, the reputational damage is very high (as far as i am concerned), and reputation is one of the most important things for a broker. Apparently the newbies leave a lot of commissions at MB to make the deal (repuation vs. commissions) worthwhile. I personally dont want to be anywhere near such activity.

p.s. the info about felix and mbt is in the youtube link above, felix subscribers get a 25% commission rebate (felix himself will get an additional cut of the comms).
Actually, I happen to know for a fact that MB doesn't kick back to Cheesy for commissions, although the Felix thing doesn't surprise me because that's how he rolls. I've seen many of your posts on these boards and they are quite informational, but on this particular note, I'll just have to say that I strongly disagree with what you're saying. The 100% goal of ECN forex trading should be to get every trader in the world trading through the system. It means more liquidity for all of us and much tighter spreads, and the amount of liquidity via order flow that a company like Cheesy brings to the table is extremely high. I say it was an incredibly smart move on the part of MB to get their business because when they brought those customers in live, I noticed a dramatic change in the narrowness of spreads and the ability to get fills at all times.

I can tell you this. Before the Cheesy deal, I was using Oanda more than EFX (I was testing several brokers at the time too). Although there have been several enhancements to the platform and this wasn't the only thing that improve it, the deal with Cheesy was the point where liquidity really bumped. I probably would have walked away from EFX/MBTF if not for that deal, and today, I'm glad I didn't.

I might not like Microsoft, but if they put a really cool technological feature into a Lexus, that doesn't mean that I shouldn't buy the Lexus. EFX/MBTF is the Lexus of forex trading, and they improve their platform for all of us when they get more customers trading. Would you rather send the newbies to a platform like FXCM that is going to make their lives even tougher than it already would be? They are going to trade anyway. They should have the best execution too, and their volume should help me.
FXChant Singing the World of Forex
  • #175
  • Aug 31, 2007 9:58am Aug 31, 2007 9:58am
Dude you didn't read that guys Post, or read into it what you wanted to. What he said was that Forex Made Easy is a piece of shit and that MB should be ashamed for working with them. If it is true that the liquidity improved with the addition of those clients that is a good thing for you obviously. Since there ECN would otherwise be a total joke since the volume traded is so small and that the liquidity providers were making markets with wide spreads. At any rate MB might still be the LExus of retail forex firms but it is far from the Mercedes of ECNs. Currenex, Lava, HotSpot and EBS all blow it out of the water and you pay less commissions and have higher liquidity and tight spreads. I am not trying to give you a hard time just informing you of the situation. Also I think it is very misleading that this guy runs a broker bashing site but does not annouce that he is a broker himself on it.
  • #176
  • Aug 31, 2007 11:32am Aug 31, 2007 11:32am
Quoting scottdkuehne
Dude you didn't read that guys Post, or read into it what you wanted to. What he said was that Forex Made Easy is a piece of shit and that MB should be ashamed for working with them. If it is true that the liquidity improved with the addition of those clients that is a good thing for you obviously. Since there ECN would otherwise be a total joke since the volume traded is so small and that the liquidity providers were making markets with wide spreads. At any rate MB might still be the LExus of retail forex firms but it is far from the Mercedes of ECNs. Currenex, Lava, HotSpot and EBS all blow it out of the water and you pay less commissions and have higher liquidity and tight spreads.
Sorry Bud, I did read his post and I replied very precisely. I don't agree that it is a bad reflection on MB that they work with Forex Made Easy. I think it is a smart move. As for liquidity, I have accounts with two of the platforms that you listed and neither is better than EFX/MBTF. In fact, a feed from one of them is included as a piece of the MBTF platform. You need to check your facts.
FXChant Singing the World of Forex
  • #177
  • Aug 31, 2007 11:34am Aug 31, 2007 11:34am
Quoting scottdkuehne
Dude you didn't read that guys Post, or read into it what you wanted to. What he said was that Forex Made Easy is a piece of shit and that MB should be ashamed for working with them. If it is true that the liquidity improved with the addition of those clients that is a good thing for you obviously. Since there ECN would otherwise be a total joke since the volume traded is so small and that the liquidity providers were making markets with wide spreads. At any rate MB might still be the LExus of retail forex firms but it is far from the Mercedes of ECNs. Currenex, Lava, HotSpot and EBS all blow it out of the water and you pay less commissions and have higher liquidity and tight spreads. I am not trying to give you a hard time just informing you of the situation. Also I think it is very misleading that this guy runs a broker bashing site but does not annouce that he is a broker himself on it.
I'm also confused. Your Profile says that you are an owner of a Forex Firm, but this was your first post, so which of the above firms do you "own."
FXChant Singing the World of Forex
  • #178
  • Sep 1, 2007 1:38pm Sep 1, 2007 1:38pm
Quoting fxchant
Sorry Bud, I did read his post and I replied very precisely. I don't agree that it is a bad reflection on MB that they work with Forex Made Easy. I think it is a smart move. As for liquidity, I have accounts with two of the platforms that you listed and neither is better than EFX/MBTF. In fact, a feed from one of them is included as a piece of the MBTF platform. You need to check your facts.

Here are the facts friend. Fact number one, MB Trading shows it's volume in mini lots not millions like the major ECNs do. Second fact All the ECNs I mentioned with the exception of HotSpot Are not clearing firms, they are just platforms. The liquidity you recieve depends on the Prime Broker you work with and their relationships with different banks. If you are not just confused and mistaking mini lots for millions then the only reason you would have less liquidity on one of those platforms is because you work with a retail firm who offers you access to them or your prime broker sucks. The liquidity and spreads will vary from broker to broker, if you want a good one then let me know. I will set you up with Cantor Fitzgerald and Currenex for a mere $10,000 if you want, or Hotspot for a bit more. If your happy taking the money of the Forex Made Sleazy victims at MB that is fine too. It is a good place to trade mini lots now apparently since the 4x made easy owners are instructed to trade them by GlobalTec. If the other guy is still confused I don't own any clearing firm, I trade and manage money at good ones.
  • #179
  • Sep 2, 2007 7:56am Sep 2, 2007 7:56am
Quoting Turveyd
Got to ask anyone know ??

FXCM they make there money from the 5pip GBPUSD Spread...

5 pip spread on GBPUSD? Thanks a bit much. I think you could do better than that if you look around. Is that a fixed spread?
  • #180
  • Sep 2, 2007 8:26am Sep 2, 2007 8:26am
Quoting scottdkuehne
Here are the facts friend. Fact number one, MB Trading shows it's volume in mini lots not millions like the major ECNs do. Second fact All the ECNs I mentioned with the exception of HotSpot Are not clearing firms, they are just platforms. The liquidity you recieve depends on the Prime Broker you work with and their relationships with different banks. If you are not just confused and mistaking mini lots for millions then the only reason you would have less liquidity on one of those platforms is because you work with a retail firm who offers you access to them or your prime broker sucks. The liquidity and spreads will vary from broker to broker, if you want a good one then let me know. I will set you up with Cantor Fitzgerald and Currenex for a mere $10,000 if you want, or Hotspot for a bit more. If your happy taking the money of the Forex Made Sleazy victims at MB that is fine too. It is a good place to trade mini lots now apparently since the 4x made easy owners are instructed to trade them by GlobalTec. If the other guy is still confused I don't own any clearing firm, I trade and manage money at good ones.
Is 30 to 60 mil. on the best bid/offer for eur/usd that bad? I am sure some institutional platforms will provide much more, but it doesnt look catastrophic to me. I also highly doubt that the ForexMadeEasy followers provide a large part of that amount, or that they have much impact at all on platform liquidity. If you look at the level2 book, the 5(or so) topmost entries are almost always on round million amounts. I deduct from that, that those bids/offers are quoted by participating banks/institutions, since the typical mb-client (including 4xMadeEasy-dudes) probably trades much smaller.

Are you saying Cantor takes $10k accounts? Or is that some sort of IB/referal setup through your firm?
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