IKON with MT4 spreads | Forex Factory

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IKON with MT4 spreads

  • #1
  • First Post: Edited 4:25pm Dec 11, 2008 2:58pm | Edited 4:25pm
Hi guys want to show you how ikon with their mt4 trying to scam some of their clients.
look at the picture:


You can see that the quotes a little bit different which you are seeing on chart and market watch. What its mean and why it's dangerous:
1. Almost all traders using charts for trading and they don’t see that the real spreads is a little bit higher than they are seeing.
2. When you testing your strategy you testing it with the historical data (same which is used for charts) but not with real data you see in market watch. So forget about success in your strategy if you tested and optimized it as you did it for not real data and when you will start you will get absolutely different results.
3. And of course you will never will see such a picture on demo
Here you can download a video showing this things in real time just in case.
Interesting has it ever monitored by NFA or it’s ok that the broker can so stupidly cheat against clients?

So, be careful guys!
Attached Image (click to enlarge)
Click to Enlarge Name: BidAsk.png Size: 12 KB
  • #2
  • Dec 11, 2008 3:54pm Dec 11, 2008 3:54pm
forex isn't as regulated as other futures by the NFA. that's why there are so many scams. its nearly impossible for a US agency to regulate a GLOBAL industry.

as for the spreads, check the agreements you signed or whatever. there might be a line saying that spreads on the chart might be different than spreads in the platform. or prices may differ or whatever. if that is in there, than they are doing nothing wrong because you agreed to it.

and even if thats not there, remeber, nothing in forex is guaranteed. thats like the number one rule of futures: NOTHING IS EVER GUARANTEED. just remmeber that.
  • #3
  • Dec 11, 2008 4:23pm Dec 11, 2008 4:23pm
Forex dealers business is regulated in usa and i showed you the company which is usa based. And they are member of nfa but nfa dont care as i see about thier dirty games totaly. and dont tell about futures market or some else i talking now bout forex. actuly forex for me more better liker for almost all here. and about the agreement of courser there is no any words about this mismatch. it was made by them in mt4 as its easy to make it in mt4 to be able to f...ck their clients more easly.
  • #4
  • Dec 11, 2008 4:56pm Dec 11, 2008 4:56pm
If you are unable to reconcile the fact that mt4 brokers are bucket shops - then you need to go to a non mt4 broker.

The problem is that once you have gone down the 'its my brokers fault i'm a loser ' road then you will find the same problem w/ any retail broker.

If you want a real broker go w/ an ecn. try hotspot w/ a ninjatrader front end. If you find fault there then I would suggest that the mirror is where you need to look for solutions to your problems.
In trading, there is no bullshit. You either make money or you don't.
  • #5
  • Dec 11, 2008 4:59pm Dec 11, 2008 4:59pm
Quoting mrgreen
If you are unable to reconcile the fact that mt4 brokers are bucket shops - then you need to go to a non mt4 broker.

The problem is that once you have gone down the 'its my brokers fault i'm a loser ' road then you will find the same problem w/ any retail broker.

If you want a real broker go w/ an ecn. try hotspot w/ a ninjatrader front end. If you find fault there then I would suggest that the mirror is where you need to look for solutions to your problems.
ty but actualy i no need advice and iam enough succesfull actualy that why iam experince problem and not only in mt brokers. any mm always same picture when the profit become too big by their opinion they start making smth like i showed u in first post.
ECN is ok but somitemes not enough liquidity for my strategy.
  • #6
  • Dec 11, 2008 5:05pm Dec 11, 2008 5:05pm
I didn't realize you were just bitching. OK. good luck.

Quoting trederKGB
ty but actualy i no need advice and iam enough succesfull actualy that why iam experince problem and not only in mt brokers. any mm always same picture when the profit become too big by their opinion they start making smth like i showed u in first post.
ECN is ok but somitemes not enough liquidity for my strategy.
In trading, there is no bullshit. You either make money or you don't.
  • #7
  • Edited 7:03pm Dec 11, 2008 5:12pm | Edited 7:03pm
No surprises here, IKON uses unregistered X boiler room sales teams ( AKA TradeViewForex and Royal ) to solicit new clients ( or should I say suckers)


As far as the NFA is concerned, come on!! Their no better the rest of these socialist blundering US gov agencies that have no ones best interest in-mind other then their own, as long as the brokers pay their does to stay in their club their on the brokers side. US banks and their little brothers “brokers” are the joke of the world now-a-days. with all the lies and mistakes uncovered over the past year , you have to be a noodle head to believe their Propaganda“trade with regulated firm for safety” Wake up! Or just become one of their sheaple and stand in line for your fleecing.
  • #8
  • Dec 11, 2008 6:13pm Dec 11, 2008 6:13pm
Quoting trederKGB
Forex dealers business is regulated in usa and i showed you the company which is usa based. And they are member of nfa but nfa dont care as i see about thier dirty games totaly. and dont tell about futures market or some else i talking now bout forex. actuly forex for me more better liker for almost all here. and about the agreement of courser there is no any words about this mismatch. it was made by them in mt4 as its easy to make it in mt4 to be able to f...ck their clients more easly.

umm.....forex IS futures. thats why they are under the NATIONAL FUTURES ASSOCIATION. like i said though, because forex is GLOBAL, and even though it is a US company, the NFA doesn't have as many rules about it than other futures. its just harder to enforce. sorry. go to the NFA website and read up on Forex. better yet, here's a link:

http://www.nfa.futures.org/news/news...ArticleID=1147

if you really think that they are doing something wrong, report them. the NFA cant watch every broker/dealer/manager 24 hours a day. the only way they know about crap like this is if customers report it. stop whining and actually do something about it.
  • #9
  • Dec 11, 2008 8:09pm Dec 11, 2008 8:09pm
Quoting trederKGB
ty but actualy i no need advice and iam enough succesfull actualy that why iam experince problem and not only in mt brokers. any mm always same picture when the profit become too big by their opinion they start making smth like i showed u in first post.
Are you saying Ikon's software looks at each account and decides to create the situation shown in your first post just for some profitable traders?
  • #10
  • Dec 11, 2008 8:42pm Dec 11, 2008 8:42pm
We need to be sure about it… You should follow blacksun1 advice: start doing something
Jeje
  • #11
  • Dec 14, 2008 5:34pm Dec 14, 2008 5:34pm
is there any ECN's with mt4?
Grabbing the bull by the horns!
  • #12
  • Dec 14, 2008 6:15pm Dec 14, 2008 6:15pm
there is always one coming - but alas none ever arrived. something to do w/ the inability to use a non manipulated price
just kidding - my distrust of any broker using this package is showing thru

Quoting whitegoodman
is there any ECN's with mt4?
In trading, there is no bullshit. You either make money or you don't.
  • #13
  • Dec 14, 2008 6:27pm Dec 14, 2008 6:27pm
i only ask because from what ive read (maby i manipulated this in my memory) that ECN's dont have a large spread but charge comission and dont work against you in the way "bucket shops" do. They jsut fascilitate orders and make money whether you win or lose and prefer you to win...

ive heard that the bucket shops once you get to a certain account size you sorta get targeted similar to a Larry Livingston type scenario and asked to leave in one way or another.
Grabbing the bull by the horns!
  • #14
  • Dec 14, 2008 7:57pm Dec 14, 2008 7:57pm
Quoting mrgreen
there is always one coming - but alas none ever arrived. something to do w/ the inability to use a non manipulated price
just kidding - my distrust of any broker using this package is showing thru
There's one Mrgreen. ATC Brokers, they use Hotspot fxi feed.
  • #15
  • Dec 14, 2008 8:19pm Dec 14, 2008 8:19pm
Quoting >Apocalypto<
There's one Mrgreen. ATC Brokers, they use Hotspot fxi feed.
so do these type companies care how much money you make? do the prefer iof you lose or doesnt it matter?
Grabbing the bull by the horns!
  • #16
  • Dec 14, 2008 8:41pm Dec 14, 2008 8:41pm
My comment wasn't very kind. The issue w/ MT4 is that it has a problem handling multiple feeds. If I understand the ATC relationship - they advertise STP to hotspotfx for the orders they choose to not bucket (dang, there I go again) this should fix their multi feed problem.
I honestly haven't taken the time to figure out their angle yet. They aren't an ECN or they would not need hotspot, my instinct says they're a bucket shop; maybe just a better class of one.

Quoting >Apocalypto<
There's one Mrgreen. ATC Brokers, they use Hotspot fxi feed.
In trading, there is no bullshit. You either make money or you don't.
  • #17
  • Dec 20, 2008 9:11am Dec 20, 2008 9:11am
I was trading with IKON and they were like the other good MT4 brokers. Uneducated and ignorant beginners just need to put the blame on somebody else than their own mistakes.
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  • #18
  • Dec 21, 2008 6:33pm Dec 21, 2008 6:33pm
Quoting mrgreen
My comment wasn't very kind. The issue w/ MT4 is that it has a problem handling multiple feeds. If I understand the ATC relationship - they advertise STP to hotspotfx for the orders they choose to not bucket (dang, there I go again) this should fix their multi feed problem.
I honestly haven't taken the time to figure out their angle yet. They aren't an ECN or they would not need hotspot, my instinct says they're a bucket shop; maybe just a better class of one.
if you knew anything about how they were registered with the NFA then you would not have posted what you did. They are registered as an IB, which means they cant book orders, they cant hold customer accounts, or customer funds and they can only INTRODUCE business to an FCM/FDM. That is why they need hotspot or some other broker.
  • #19
  • Last Post: Jan 9, 2009 6:10pm Jan 9, 2009 6:10pm
Spreads during news - nope... just normal trading times throughout the day. If I had had a larger position my entire account would have been stopped out instantly on the 300 pips spread spike - they called it a glitch... today, my data feed froze (along with trading ability) for 14 and a half minutes (this about an hour after NFP)... and then again for 5 minutes during the next hour - each time the profit I was in - was vaporized - hence, the working platform.

Looks like I've learned yet another reason NOT to trade at off times as they can be quite (this is a quote) 'illuiquid' apparently!!!!!!!!!!!

http://i40.tinypic.com/2rfbptf.jpg

Above graphic/ 20 to 50pip spreads weren't enough so maybe 90+ pips will get someone's attention!
This isn't a spike... it went on like this for quite some time.

http://i44.tinypic.com/4voi21.jpg

You see, it appears that the term 'variable' in no way has anything to do with REASONABLE.

Other than that, Ikon folks are polite, helpful and things get done FAST.
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