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Brokers Scams Who delete you profits

  • #1
  • First Post: Edited Feb 19, 2010 4:50am Jul 12, 2008 1:53am | Edited Feb 19, 2010 4:50am
Here's a list of Scam brokers who delete clients profits.

fxopen.com (The most Scam broker on the EARTH)
fxstarts.ru
eglobal-forex.com
gigbrokers.com
prime4x.com
avafx.com
Caya.com
You can expect they claim things so they avoid payment..
- sorry sir you have been executed wrong price
- we were unable to cover your trades with our banks
- you're arbitrage trader !

* For client as He open and close his trades successfully so broker have no right to edit or remove or Complain.
If your broker delete you profit add it here to avoid the scammers.

I Made over 700K last 4 years.. however i only received 200-300k into my bank.. the rest get scammed by brokers.
Charting Markets into the Future...MǎҖ€¥.
  • #2
  • Jul 12, 2008 6:57am Jul 12, 2008 6:57am
The brokers who can do this type of thing are the unregulated brokers.
I had a bad experience with one of these brokers and I can tell you that I will never go down that path again.
I'd stick to the regulated ones.
  • #3
  • Jul 12, 2008 7:27am Jul 12, 2008 7:27am
The one who deleted mine on this thread :

http://www.forexfactory.com/showthread.php?t=95605

Was regulated. Will name names next week.
Forex rules
  • #4
  • Jul 13, 2008 3:25am Jul 13, 2008 3:25am
Maxey, did any of those take your initial capital as well, or just the profits you made with an MT4 exploit?
  • #5
  • Jul 13, 2008 5:33am Jul 13, 2008 5:33am
Quoting MaXeY
Here's a list of Scam brokers who delete clients profits "news Trading"

fxopen.com (The most Scam broker)
mbcfx.com
fxstarts.ru
gigbrokers.com
prime4x.com

If your broker delete ur profit add it here to avoid the scammers.
And why are you always looking to trade with these small and unregulated brokers. Why not just open an account with one of the mainstream brokers? Does your strategy involves exploiting some weakness in their platform or quotes and it don't work with mainstream brokers? If yes, then it is only fair they cancel your "trades".
  • #6
  • Jul 13, 2008 10:41am Jul 13, 2008 10:41am
big broker winden spread and very slow order execution, so time to look to another broker.

p.s some of fxopen agents get banned from this thread.

Quoting good
And why are you always looking to trade with these small and unregulated brokers. Why not just open an account with one of the mainstream brokers? Does your strategy involves exploiting some weakness in their platform or quotes and it don't work with mainstream brokers? If yes, then it is only fair they cancel your "trades".
Charting Markets into the Future...MǎҖ€¥.
  • #7
  • Jul 13, 2008 11:12am Jul 13, 2008 11:12am
Quoting good
And why are you always looking to trade with these small and unregulated brokers. Why not just open an account with one of the mainstream brokers? Does your strategy involves exploiting some weakness in their platform or quotes and it don't work with mainstream brokers? If yes, then it is only fair they cancel your "trades".
Excellent point. In general you get what you pay for. Availability and trade execution should be your highest priority. A reputable broker is a must for any serious trader.

Almost all trading platforms have quirks so learning how to deal with them is essential. Once you have decided on a market maker ensure you are very familiar with how a trade is executed and what can happen in a worse case scenerio. If your prepared ahead of time you won't be confused in the heat of the moment.
  • #8
  • Jul 15, 2008 5:18pm Jul 15, 2008 5:18pm
Hey, Maxey... Just wanted to clarify for you a bit.

They aren't deleting your profits. Your spread widens during news events because the banks that are quoting your broker are reducing their liquidity or aren't even filling orders... This increases the prices of which your broker must quote you at because their prices are jumping more and more(they must increase their spread to cover any price movement). The broker doesn't make any money if you lose(your money just has depreciated), so they don't want to delete your profits... they want you to keep your money so you keep placing trades(they make their money on partial pips in spread--yes, that's right, they don't even make the full spread).

Yes, some brokers may increase their spreads more than others, but that's most likely because they have poor liquidity providers. Although, some may cook it a little bit to make some more money, but, generally, most brokers have to stay competitive with low spreads. So, you definitely want to go with more well-known brokers with some larger market-makers providing them liquidity.
  • #9
  • Jul 15, 2008 9:23pm Jul 15, 2008 9:23pm
hello JRowaboat

thanx for you comment but i have something to say

If client open and close his trade, so he have the right to take his Profit.

there's no something called delete or cancle trader profit
if the broker dont allow orders in news times suppose broker send an email or write the main website sorry order in news events no accepted

Not after the client make his profit and ask withdrwal then broker says sorry invalid price or anything they calim, broker who say that is SCAM.

thats my 2 cent.

Quoting JRowaboat
Hey, Maxey... Just wanted to clarify for you a bit.

They aren't deleting your profits. Your spread widens during news events because the banks that are quoting your broker are reducing their liquidity or aren't even filling orders... This increases the prices of which your broker must quote you at because their prices are jumping more and more(they must increase their spread to cover any price movement). The broker doesn't make any money if you lose(your money just has depreciated), so they don't want to delete your profits... they want you to keep your money so you keep placing trades(they make their money on partial pips in spread--yes, that's right, they don't even make the full spread).

Yes, some brokers may increase their spreads more than others, but that's most likely because they have poor liquidity providers. Although, some may cook it a little bit to make some more money, but, generally, most brokers have to stay competitive with low spreads. So, you definitely want to go with more well-known brokers with some larger market-makers providing them liquidity.
Charting Markets into the Future...MǎҖ€¥.
  • #10
  • Jul 15, 2008 10:35pm Jul 15, 2008 10:35pm
They took your initial deposit too?
  • #11
  • Jul 16, 2008 3:25am Jul 16, 2008 3:25am
nope, paid.

Quoting chaoz
They took your initial deposit too?
Charting Markets into the Future...MǎҖ€¥.
  • #12
  • Jul 16, 2008 10:11am Jul 16, 2008 10:11am
Quoting MaXeY
hello JRowaboat

thanx for you comment but i have something to say

If client open and close his trade, so he have the right to take his Profit.

there's no something called delete or cancle trader profit
if the broker dont allow orders in news times suppose broker send an email or write the main website sorry order in news events no accepted

Not after the client make his profit and ask withdrwal then broker says sorry invalid price or anything they calim, broker who say that is SCAM.

thats my 2 cent.
Yes, they probably could do a better job of letting you know spread is going to go up during news events times. But, unfortunately, the broker always explicitly states in your contract that they do not have to close your trade(or fill your order) if there is insufficient liquidity. You have to think of your trade as this: When you are "closing" out a trade, you are actually BUYING another trade against your trade to liquidate(or level out) your positions. So, that means your order must be filled by the bank and if the bank isn't filling orders, then your trade is most likely to get rejected. Basically, when "Taking profit" you aren't actually closing out a trade, but rather selling against your current position.
  • #13
  • Jul 16, 2008 12:37pm Jul 16, 2008 12:37pm
I just received email from Oanda:

"Dear Damian:

Due to one or more incorrect rate spikes that occurred on our FXTrade system, the following
adjustments were completed to roll back transactions caused by the spikes:

Ticket 373140429 (EUR/USD) was deleted.
Ticket 373140103 (EUR/USD) was deleted.
Ticket 373140100 (EUR/USD) was deleted.
Ticket 373138940 (EUR/USD) was closed on Tue Jul 15 2008 03:01:35PM DT instead.

Please check your account at your earliest convenience. If you have any questions or
concerns, please do not hesitate to contact us at [email protected].

Kind Regards,
OANDA Technical Support(RC)"

I checked and all of these transactions were on profit. And after this roll back all of those profits are gone, and it looks like I never made those transactions. I risk, trade and what? They cancell my transactions and take away profit. Maybe someone else have similiar problem?
  • #14
  • Jul 17, 2008 12:59pm Jul 17, 2008 12:59pm
Quoting ghimli
I just received email from Oanda:

"Dear Damian:

Due to one or more incorrect rate spikes that occurred on our FXTrade system, the following
adjustments were completed to roll back transactions caused by the spikes:

Ticket 373140429 (EUR/USD) was deleted.
Ticket 373140103 (EUR/USD) was deleted.
Ticket 373140100 (EUR/USD) was deleted.
Ticket 373138940 (EUR/USD) was closed on Tue Jul 15 2008 03:01:35PM DT instead.

Please check your account at your earliest convenience. If you have any questions or
concerns, please do not hesitate to contact us at [email protected].

Kind Regards,
OANDA Technical Support(RC)"

I checked and all of these transactions were on profit. And after this roll back all of those profits are gone, and it looks like I never made those transactions. I risk, trade and what? They cancell my transactions and take away profit. Maybe someone else have similiar problem?
Oh, if it's in a case like this, then this is definitely a technical problem that you should contact Oanda about.
  • #15
  • Edited 5:20pm Jul 17, 2008 4:52pm | Edited 5:20pm
Quoting JRowaboat
Yes, they probably could do a better job of letting you know spread is going to go up during news events times. But, unfortunately, the broker always explicitly states in your contract that they do not have to close your trade(or fill your order) if there is insufficient liquidity. You have to think of your trade as this: When you are "closing" out a trade, you are actually BUYING another trade against your trade to liquidate(or level out) your positions. So, that means your order must be filled by the bank and if the bank isn't filling orders, then your trade is most likely to get rejected. Basically, when "Taking profit" you aren't actually closing out a trade, but rather selling against your current position.


These aren't 'brokers' brokering a deal and taking a commission they're bucketshops, they stream quotes and fill automatically, they're counterparty to every trade and only hedge exposure above a certain threshold, only a minute percentage of trades go anywhere near a bank as more or less everything is kept in-house below that threshold. You lose, the marketmaker wins. You win, the marketmaker loses. That is a major conflict of interest so the integrity of the MM you're dealing with is obviously vitally important. It's only recently, thanks to the Farm Bill, that MM's have been forced to make that conflict of interest absolutely clear to their clients.

At times like fundamental data releases when liquidity from their LP's dries up they can be left with a serious imbalance if they fill every trade automatically as usual, it happened to FXCM and Refco (remember them?) a few years ago across one no-brainer 300-pip NFP release and there was a big debate about it at the time. They reversed every single trade simply because the overall loss was unacceptable to them, some traders had doubled and trebled their accounts in a matter of minutes.

Different marketmakers have dealt with the problem in different ways. Some widen spread ridiculously, others freeze or delay quotes, and others simply requote. Requoting seems to me to be the fairest way for both MM and trader. The MM gets the opportunity to hedge his exposure and the trader knows that if he got filled the trade won't be reversed later. By requoting it leaves the MM no opportunity to change his mind later and reverse trades depending on how much he made/lost using the excuse that it was a misquote. Perhaps that's why some MM's prefer not to requote and to keep their options open.

Some of these misquotes or bad ticks can be put down to technical problems but the frequency at which they've been happening lately suggests something else.

The spot forex market is long overdue a regulatory overhaul, some of these bucketshops are getting away with daylight robbery, literally!

~
  • #16
  • Jul 19, 2008 6:56am Jul 19, 2008 6:56am
Maxey's got a point, if the broker allows you to open and close a trade, then that should be the end of the transaction.
  • #17
  • Jul 18, 2009 3:36pm Jul 18, 2009 3:36pm
Quoting MaXeY
Here's a list of Scam brokers who delete clients profits "news Trading"

fxopen.com (The most Scam broker)
mbcfx.com
fxstarts.ru
gigbrokers.com
prime4x.com

If your broker delete ur profit add it here to avoid the scammers.
Please, could MaXeY or anyone else please give out there updated list of Scam &...Legit brokers..... I'm new to FX and having very difficult time finding legit ones.... (perhaps this would save me & others a lot of time,money, stress)

Good Fortune To All !!
  • #18
  • Edited 10:30pm Jul 18, 2009 8:47pm | Edited 10:30pm
the most regulated brokers are with NFA.
the issue maxey met that is cancel/edit profit trade after it happen or until trader withdrawal has been prohibited by NFA in its latest regulations.
if a current NFA regulated broker do not shutdown it's US branch after August,
they will need to comply with this rule. and trader is free of the risk of profit removal.
http://www.forexfactory.com/showthread.php?t=180806

always take a ff preferred broker and you'll be free from the broker scams.
if I still want hedging and non FIFO, I go with a NFA broker's offshore branch,
but this is a grey area, in case they play trick that is obviously against NFA reg, like cancel trade after it happen, I can still hold them accountable, since essentially the trades are still via the headquater and they cannot execute different standard of business ethic for hq and for offshores.

if a currently NFA regulated broker shuts down its US branch and escape from regulation completely,
then avoid it, it has made its choice between being a bucketshop that benefit from maximizing trader loss,
or being a honest brokerage that only profit from spread and commission....

the other way around,,, we need to target for a strategy taking 100pips tp/sl or at least >20pips tp/sl....if no good trade then don't trade.
and then allow our broker to make 3-4pip out of our profit, i.e. commission vs profit <1:10... (realistic for short term may be 1:2, for mid term may be 1:5 if loss is included)
I never heard of a successful trader who make money from win/lose with his broker, coz broker help to connect you to the market and he needs to be compensated.
in stocks we trade at 0.3% per side or 0.6% commission back in Y2006, but we can still profit,
I don't see a reason to push broker profit to 0 or 1pip to maximize ours... they are our partner and they have house loans to pay.

ps: maxey kind of trading is like running into a thieves gang and take the good people's loss money out of it,
it's a zorro type of heroic doing we normal people cannot take risk to do hahahahaha

Quoting Laf12
Please, could MaXeY or anyone else please give out there updated list of Scam &...Legit brokers..... I'm new to FX and having very difficult time finding legit ones.... (perhaps this would save me & others a lot of time,money, stress)

Good Fortune To All !!
  • #19
  • Jul 19, 2009 3:52am Jul 19, 2009 3:52am
Instaforex is the biggest scam out there.

Check out this discussion about them. I asked them some simple questions in their own forum about their claim to be an ECN, and they just tried to change the subject and went on about their licenses. They couldn't prove anything. They just used personal attacks against me and banned me instead of answering the questions

This got me a bit pissed as you can imagine. I then read on another forum about their licensing claims. This I got checked out of course.

On their webpage they go on and on about being regulated and licensed by the Russian FFMS and they do have pics on their site showing the certificates, however they are useless to Instaforex vicitims because all their clients sign up under a BVI umbrella of the company well out of the jurisdiction of the Russian Authorities.

Not only that, but the same Russian FFMS that issued the certificates recently made a statement that the way Instaforex is abusing the certificates is illegal and that their licenses do not allow Instaforex to raise funds for the purpose of operations in the Forex market. ie, Instaforex is illegal in their own country. No wonder they have the BVI umbrella company!

Read about it here. Make a comment too if you like.

http://www.forex-tsd.com/metatrader-...ex-com-89.html
  • #20
  • Jul 19, 2009 4:35am Jul 19, 2009 4:35am
there are a few microlot broker that is ff preferred and NFA regulated.... it does not have to be ecn but it needs to be honest.

fxsol, mbt-f, alpari, plus oanda, (and fxcm micro if you don't scalp... ibfx? I have no exp)

why spend time trading 100$ position elsewhere, all 3 nano forex mt4 broker are not good.
it's not worth the authentication effort to reduce position size from 1k$ to 100$, benefit is limited.
always trading 1k$ position, no over-leverage and you can live a long time.

if adding delta you can trade anything from forex, gold, cfd index and oil... broker selection can be a simple thing.

Quoting oakmonster
Instaforex is the biggest scam out there.

Check out this discussion about them. I asked them some simple questions in their own forum about their claim to be an ECN, and they just tried to change the subject and went on about their licenses. They couldn't prove anything. They just used personal attacks against me and banned me instead of answering the questions

This got me a bit pissed as you can imagine. I then read on another forum about their licensing claims. This I got checked out of course.

On their webpage they go on and on about being...
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