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how to spot scam brokers?

  • #21
  • Jun 14, 2010 10:58am Jun 14, 2010 10:58am
rule#3, no forum promotion about unregulated broker(IamFX...) from new member...
clean up requested.

Quoting chenleefx
I wonder what is the advantage of Big Broker vs. Small Broker? for instance: FXCM vs IamFX?
http://www.forexfactory.com/userguide.php#rule3

Rule #3: No Sellers on the Forum
Members with less than 100 posts should refrain from asking about or discussing commercial Forex products, services, or websites. This includes both positive AND negative discussions. A new member discussing or asking for opinions about a commercial Forex venture is the first warning sign of a hidden agenda. Without a posting history, it's hard to determine your credibility, so your post may be mistaken as promotional. If your post or thread is moved (to the Recycle Bin) it's most likely because it was suspected as spam. Please don't take this personally as the Site Managers deal with a high volume of spam and don't have time to thoroughly investigate every instance. Once you develop a track record on the forums it'll be easy to see that you have no hidden agenda and you'll be free to join discussions related to products, services, and websites.
  • #22
  • Jun 14, 2010 1:44pm Jun 14, 2010 1:44pm
Quote
how to spot scam brokers?
a sticky paid on HYIP/Takegold forum (Fxopen, Instaforex, Avafx)

Belize, BVI, Mauritius, Cyprus (and its Israeli mafia) sounds crappy also.
  • #23
  • Jun 16, 2010 4:55am Jun 16, 2010 4:55am
Quoting TJPLD
All reviews on FPA are faked btw. I wrote an honest and detailed review on IBFX it never got published instead a new negative review was added after a week. The owner of the site is some fishy russian guy with his own forex service so he won't allow positive reviews on his rivals. I heard he is in jail right now.

As for the "are all brokers scammers". I'd say no.
I can only agree with everything magnumfreak has said.
you mean felix? didn't know he was behind bars...
  • #24
  • Jun 16, 2010 10:00pm Jun 16, 2010 10:00pm
I think a small account size can trade in a Market maker broker.A middle moderate account size can trade in a junior Ecn's broker,and for a large account size can trade at icap or ebs.right?
  • #25
  • Jul 7, 2010 9:54pm Jul 7, 2010 9:54pm
I do think FPA is scam. FPA puts bad reviews of brokers claiming all brokers are scammer and not returning clients' money. By doing so, they attract not only readers but also those brokerage companies. Readers get more interested in reading negative news most time. Brokers search their companies' name on a regular basis to see if there are any negative review and put defensive comments on the thread. In this way, FPA increase popularity to sell their Ad page and advertise their broker. FPA manipulate its forum site for its own benefit, and that is why FPA is scam. FPA loves to use the word, scam scam scam if you look at their reviews.
  • #26
  • Edited 3:56am Jul 8, 2010 1:50am | Edited 3:56am
DON"T TRADE MT4

It is A bucketshop on it's own _ yet another topic. Take a look at Gain capital's claim against them by the NFA,
try any Mt4 demo. Nothing on a demo server is the same live. Mt4 is a convenient way to rip off custys.

Forex Peace Army is the scam of all forex scams and it should be known on this fine forum.
also the dude Felix is not real.

Also he "Felix" is fraud. Arrested already once.

Type his name into a search and add the words SCAM into it then you will meet Dimitri
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #27
  • Jul 8, 2010 5:49am Jul 8, 2010 5:49am
Quoting Jhig
I have to agree with TJPLD,
I've heard the FPA website was a scam in itself so I wouldn't put much trust and confidence in that site's reviews.
That FPA is a scam site is being spread by Instaforex, a russian bucketshop listed as a scam on the FPA site after they couldn't answer a few simple questions regarding a claim against them by a client.

I think FPA is a good thing. Many a trader has at some time needed an independent mediator to come between them and a dispute with a broker. FPA is just that, a mediator in disputes.
  • #28
  • Jul 8, 2010 8:06am Jul 8, 2010 8:06am
Quoting oakmonster
That FPA is a scam site is being spread by Instaforex, a russian bucketshop listed as a scam on the FPA site after they couldn't answer a few simple questions regarding a claim against them by a client.

I think FPA is a good thing. Many a trader has at some time needed an independent mediator to come between them and a dispute with a broker. FPA is just that, a mediator in disputes.
Yes, I will agree with both statements. There is some kinda issue about their selling trading signals... but blaming your signal provider for your losses is somewhat... ridiculous?
  • #29
  • Jul 8, 2010 8:38am Jul 8, 2010 8:38am
Quoting oakmonster
That FPA is a scam site is being spread by Instaforex, a russian bucketshop listed as a scam on the FPA site after they couldn't answer a few simple questions regarding a claim against them by a client.

I think FPA is a good thing. Many a trader has at some time needed an independent mediator to come between them and a dispute with a broker. FPA is just that, a mediator in disputes.
If traders and brokers are looking for a mediator, both parties need to file suit with the NFA/CFTC ... not FPA.

FPA is know scam because brokers pay for good reviews and to keep the good reviews featured on their website. It's also know, most of the excellent reviews featured were written by those broker's employees.
  • #30
  • Jul 8, 2010 8:54am Jul 8, 2010 8:54am
Quoting Jhig
If traders and brokers are looking for a mediator, both parties need to file suit with the NFA/CFTC ... not FPA.
Well, if you look at the long story of this site, you will see that almost no NFA/FSA regulated brokers have ever been as popular there, as the well-known Instaforex, fxopen, whatever other bucketshops If a person has nowhere else to go, except FPA, what to do?...
  • #31
  • Jul 8, 2010 9:13am Jul 8, 2010 9:13am
Quoting Acrita
Well, if you look at the long story of this site, you will see that almost no NFA/FSA regulated brokers have ever been as popular there, as the well-known Instaforex, fxopen, whatever other bucketshops If a person has nowhere else to go, except FPA, what to do?...
Now we're talking semantics. Traders who open accounts outside of jurisdiction of NFA/FSA (or any financial regulator/governing body) should know the risks involved when dealing with non-regulated broker/dealers. It a bad idea for traders to rely on a shady website for monetary mediation, but I get where you're coming from.
  • #32
  • Jul 8, 2010 9:25am Jul 8, 2010 9:25am
Quoting Jhig
Now we're talking semantics. Traders who open accounts outside of jurisdiction of NFA/FSA (or any financial regulator/governing body) should know the risks involved when dealing with non-regulated broker/dealers. It a bad idea for traders to rely on a shady website for monetary mediation, but I get where you're coming from.
No one said it was a good idea. So where am I coming from?
  • #33
  • Jul 9, 2010 2:26am Jul 9, 2010 2:26am
Quoting Acrita
Yes, I will agree with both statements. There is some kinda issue about their selling trading signals... but blaming your signal provider for your losses is somewhat... ridiculous?
Of course I'm putting aside signal services, and other accusations against "Felix". I'm just saying the scam investigations section is a good thing.

Quoting Jhig
If traders and brokers are looking for a mediator, both parties need to file suit with the NFA/CFTC ... not FPA.
That doesn't help those who trade outside of the US does it?

Quoting Jhig
FPA is know scam because brokers pay for good reviews and to keep the good reviews featured on their website. It's also know, most of the excellent reviews featured were written by those broker's employees.
I don't know about that. The aforementioned Instaforex was an advertiser on FPA before they were marked as a scam. Their ad campaign was cancelled by the FPA after that.
  • #34
  • Jul 9, 2010 7:44pm Jul 9, 2010 7:44pm
Quoting isabellawson
FPA puts bad reviews of brokers claiming all brokers are scammer and not returning clients' money. By doing so, they attract not only readers but also those brokerage companies. Readers get more interested in reading negative news most time. Brokers search their companies' name on a regular basis to see if there are any negative review and put defensive comments on the thread. In this way, FPA increase popularity to sell their Ad page and advertise their broker. FPA manipulate its forum site for its own benefit, and that is why FPA is scam. FPA...
I agree
also they doing this sothat brokers forced to make Advertisement on the website.
  • #35
  • Jul 10, 2010 1:05am Jul 10, 2010 1:05am
One thing that always raises a alarm for me is a FX provider that chooses not to show their address on their website.

Also agree that FPA is a load of rubbish.
  • #36
  • Jul 10, 2010 1:36am Jul 10, 2010 1:36am
Do the research FPA is as much as a scam as Felix is Dimitri. Which is true.

The scam consists of 2 things. Fake posters giving poor reviews to every broker. Next selling signals that don't work.

I don't use EAs or other people's signals so I don't know from personal experience. If you look hard enough you will find the truth.
try "felix homogratus scam" on a search

Edit: Brokers are there to make money, MMs want to add an edge because they trade against clients so this is not good for the business model.

Yet every FX broker is not a scam. If people can't trade or they can't pay a spread or commission it is the brokers fault.

I suggest trading true ECN so you pay for your trades and get better spreads against another client not a casino's account.

What better way to convince people about the truth of corruption in FX, by posing as the truth, and then being corrupt yourself.


Quoting oakmonster
That FPA is a scam site is being spread by Instaforex, a russian bucketshop listed as a scam on the FPA site after they couldn't answer a few simple questions regarding a claim against them by a client.

I think FPA is a good thing. Many a trader has at some time needed an independent mediator to come between them and a dispute with a broker. FPA is just that, a mediator in disputes.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #37
  • Edited 4:30am Jul 10, 2010 4:12am | Edited 4:30am
agreed, the best is an MT4 w/o any a company history of any sort

Quoting >Apocalypto<
One thing that always raises a alarm for me is a FX provider that chooses not to show their address on their website.

Also agree that FPA is a load of rubbish.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #38
  • Last Post: Jul 21, 2012 5:23pm Jul 21, 2012 5:23pm
1. MT4
2. Leverage > 1:100
3. Macro lot, mini lot etc.
4. $500 to open, or even $50 to open whatever
5. Bonus for deposit
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