steps to follow when a broker scams you? | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trade what you see and follow the market! 29 replies

Good broker for professional trading, no bucket scams please 55 replies

How do you Define Identify and Follow Trend? 5 replies

Brokers Scams Who delete you profits 89 replies

steps to follow when a broker scams you?

  • #61
  • Nov 16, 2010 7:21pm Nov 16, 2010 7:21pm
Quoting jackdan
we could even bring forward a special web site just for that, and put together poeple that has been scammed.
Honestly, there are a lot of websites about scam brokers. But since they are barely visited, they fell apart. FPA seems the largest of this websites and it has a very small following to make a real dent on the scammers.

This is why I am strongly urging Forex Factory to take the lead. FF has at least 1000x more visitors than FPA. But I dont know if this will go against FF business as they are after all, makes money from advertising brokers...
  • #62
  • Nov 16, 2010 7:31pm Nov 16, 2010 7:31pm
Quoting BurgerKing
Honestly, there are a lot of websites about scam brokers. But since they are barely visited, they fell apart. FPA seems the largest of this websites and it has a very small following to make a real dent on the scammers.
there are a lot of reviewers, yes, but none oriented as i say, to specifically go Vs the broker that scammed you already.


And for FF and their advertiser, well, i really believe that if the broker is healthy and honest, they would be the first one willing to clean the "shit" (sorry for wording, but they deserve no better) around, and leave the trading scene clean from those.

if i'd be a regulated, honest, broker, i would be really pissed to ear and see how so many people are throwned away from the market because of the scammers. "me" , as broker, spend fortune to be within the laws, and those are scamming without any punishments. I repeat, if i'd be an honest broker, i'd be the first one willing to make some clean up.
  • #63
  • Nov 16, 2010 7:32pm Nov 16, 2010 7:32pm
Quoting moksha
SO for those people on the FF who think this is not an issue JUST SHUT UP you have no moral ground to shout down those who expose this.

Again, Thank you God, and you moksha, because i thought i was shouting in the desert....
  • #64
  • Nov 16, 2010 7:58pm Nov 16, 2010 7:58pm
Look at no 7 on this one

http://complispace.wordpress.com/
  • #65
  • Nov 16, 2010 8:01pm Nov 16, 2010 8:01pm
Quoting moksha
SO for those people on the FF who think this is not an issue JUST SHUT UP you have no moral ground to shout down those who expose this.
Keep in mind many of those who are shouting at you are broker reps, their IB's and others who earn a quid for taking broker side. There are many of them on FF masquarading as traders. You can easily spot them as once a thread like this gets going they passionately defend their 'broker'. Who on earth would spend time on a forum defending a broker if they are not in some way affiliated to them?
  • #66
  • Nov 16, 2010 8:18pm Nov 16, 2010 8:18pm
Yes Pipstar.. you are correct

But the worst part was I was suspended although I did not use any bad language
So who is the moderator? Why did this happen?

Any way this article in reputable Australian media should be an eye opener to anybody considering OTC product trading in Australia

I think the article is honest , in depth and fair

http://www.smh.com.au/business/risky...0627-zbwb.html
  • #67
  • Edited 8:02am Nov 17, 2010 5:34am | Edited 8:02am
Quoting moksha
Yes Pipstar.. you are correct

But the worst part was I was suspended although I did not use any bad language
So who is the moderator? Why did this happen?

Any way this article in reputable Australian media should be an eye opener to anybody considering OTC product trading in Australia

I think the article is honest , in depth and fair

http://www.smh.com.au/business/risky...0627-zbwb.html
relevance of a certain post in a certain thread.... the posts you made over and over again had no relevance for the thread, if you look talk and act like a nutter people with think your a nutter.... but these posts made in this thread make perfect sense.

Moksha I will say it again, you where scammed by people not an industry. this crap your whipping up is the fualt of sonray not asic and Australia, if we went down the road the US have I would say FX is finished. Trading FX with ASX CFDs is rubbish and I suggest you go trade ASX FX CFDs and let all know how it is,before you set out to change the world.

My other point to you is if Sonray was going strong right now would you be on FF doing what your doing? you're here cuz you got burnt.

I still don't agree with you and what you're trying to compare FX brokers with. you compare them to equity brokers do some home work on this, the structure of the businesses and you will see why I am arguing with you about this.

I hope you get some money back.

Cheers
  • #68
  • Edited 6:10am Nov 17, 2010 5:38am | Edited 6:10am
Quoting PipStar
Keep in mind many of those who are shouting at you are broker reps, their IB's and others who earn a quid for taking broker side. There are many of them on FF masquarading as traders. You can easily spot them as once a thread like this gets going they passionately defend their 'broker'. Who on earth would spend time on a forum defending a broker if they are not in some way affiliated to them?
cuz they believe the broker is a decent operation. I am not saying there are not people on this form doing this but there's a difference. I personally have seen it myself and called one out on PM... for details on that PM me. I just think good brokers deserve support.

now, i have wanted to post this for a while, and with the broker supporter comment, I have my chance.

I do go out of my way to support go markets, i do this for reasons of, i believe in them, they were the first aussie out fit to drop the dealing desk crap all aussies had to deal with. they where the first to offer a currenex feed on mt4 in australia. they where the first aussie mt4 that did not profit from our losses. they helped lower the local industry spreads. they have had issues but they have always addressed and worked to on solving them. these points plus others impress me. so yes when i see irrelevant dribble posted at gomarkets in their thread or others I will defend them, and until there's a reason not to, I will continue to do so. and no I don't work for them and no i am not a IB, if you didn't know I already asked about that but they can only pay .5 pips so hardly worth the work IMO...............

there's good brokers and shit ones..... don't allow yourself to be blinded by the shit and fail to see the good guys.

for every member here i recommend only two brokers I have had direct experience with, go markets and interactive brokers, I trade with both and have never felt or seen dodgy businesses going on, that's why I stay with em both, if that changes I will be the first to post it and paste them!. I know there's plenty other good ones out there.... IMO you're not a broker rep or a supporter if you believe in a company just like you may believe in a trading system.

the main point here is to have funds with a regulated broker, do your due diligence and don't have more money with them then you can afford to lose, common sense really. so if the ship does go down the damage will be minimal.

Cheers.
  • #69
  • Nov 18, 2010 1:37am Nov 18, 2010 1:37am
You say " this crap your whipping up is the fualt of sonray not asic'

technically true BUT it is ASIC and it's soft approach to this issue that is causing the problem.., Sonray , opus , Tricom . Storm financial

So don;t BS about this being a one off

By the way why is it CFDs are banned in the US?

So what you are saying that ASIC is not at any fault is nonsense

I won;t stoop as low as you to use abusive language either

I think everybody can see you are blinded in your admiration for one particular broker Also your hatred for ASX listed CFDs smells of vested interested

I have never said that the ENTIRE OTC industry is mad up of crooks

So get off my back
  • #70
  • Nov 18, 2010 1:47am Nov 18, 2010 1:47am
Look at what IG markets says about other CFD providers
[IMG]file:///C:/Users/mj/AppData/Local/Temp/moz-screenshot-7.png[/IMG]Page 2, Point 7

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/CP114-IG-Markets-submission.pdf/$file/CP114-IG-Markets-submission.pdf

So although one reputable OTC player might be honest.. there is a scope for others to be dishonest.. and that is again because of ASICs rules
  • #71
  • Edited 2:29am Nov 18, 2010 1:51am | Edited 2:29am
Quoting moksha
You say " this crap your whipping up is the fualt of sonray not asic'

technically true BUT it is ASIC and it's soft approach to this issue that is causing the problem.., Sonray , opus , Tricom . Storm financial

So don;t BS about this being a one off

By the way why is it...

your unfortunate loss blinds you in seeing what really happened. So I am sorry to say this is a waste of time discussing with you as your on a one way train.

I never said it was a one off I mentioned strom and CBA in previous post to you. You invented that.

I love to trade FX and I need good brokers to do it. Sonray IMO was a bucket shop and so are most CFD providers cuz they semi hedge and profit form losses. So yes I have no interest in in models like that. This is where you need to do a little work on your knowledge.

I have looked ASX cfds moksha when they came out I went straight to them due to the nature of the product and they suck, no liquidity and very poor spreads. So that's why I can tell you they suck

Feel free to accuse me of having a vested interest, as I have already explained in my post to pipstar why I support go markets, and will continue to do so. it's not about being blinded its communicating knowledge based on experience.

apart from dribbling on and on and on here at FF have you gone and sat down with anyone at asic????

you did not answer my question about whether you would be here doing this if sonray was here today? don't worry I know the answer.

Again I hope you get something back from the directors at Sonray. I still think your blame is misplaced and I prefer regulated flexibility rather then regulated control! (see the new world of FX in the USA)

Cheers,
  • #72
  • Nov 18, 2010 2:48am Nov 18, 2010 2:48am
"you did not answer my question about whether you would be here doing this if sonray was here today? don't worry I know the answer."

Like thousand we only become aware about Client money safety after the Sonray debacle.. I did not have a need to ask that question because I felt that the broker being regulated was GOOD enough!


As for ASIC the CP 114 deadline was before Sonray but I have sent my submission few days ago.

Why don;pt you answer my question then
" Would it not be better for OTC market to be atleast regulated at a level where ASX is regulated"

You seems to be one of those persons who sees no need to consumer protection

Any way I don;t have to listen to your BS ... you seems to be shouting down people who raise any finger about OTC industry .
  • #73
  • Nov 18, 2010 3:18am Nov 18, 2010 3:18am
Quoting moksha
"you did not answer my question about whether you would be here doing this if sonray was here today? don't worry I know the answer."
You still didn't answer my question Moksha.

Quote
Like thousand we only become aware about Client money safety after the Sonray debacle.. I did not have a need to ask that question because I felt that the broker being regulated was GOOD enough!
I don't agree with that as before sonray we had storm and opus prime so there were examples that made you aware of this could happen, if you paid attention. You noted these in your last post.


Quote
As for ASIC the CP 114 deadline was before Sonray but I have sent my submission few days ago.
well done on doing that.

Quote
Why don;pt you answer my question then
" Would it not be better for OTC market to be atleast regulated at a level where ASX is regulated"
yeh sure, as long as it doesn't hurt the good guys cause a loss of options available in the current market place for the trader.

Quote
You seems to be one of those persons who sees no need to consumer protection
you assume this, maybe based off my replies. I stand up for consumer protection and I have done so on two occasions on FF when others and myself discovered scammers here, and I will continue to do so..

I want to clarify something, there's a major difference in consumer protection and consumer management. I believe in freedom of choice, with the consumer given the right to determine the risk themselves. not having option one or two shoved down their throat by the government cuz they believe the consumer is not able to make a decision.

Quote
Any way I don;t have to listen to your BS ... you seems to be shouting down people who raise any finger about OTC industry .
No you don't, just don't reply to me. I am not shouting down I am questioning points of your argument based on the case you raised.

As you can post arguments for change I can post arguments against you for why it's ok the way it is. Regulators don't run companies, people do. last time I checked we still lived in a free market economy.

Cheers.
  • #74
  • Nov 18, 2010 5:28am Nov 18, 2010 5:28am
Quoting >Apocalypto<
You still didn't answer my question Moksha.

If I would have become aware of the Broker risk, I would have closed and would be asking the same question and making the same exploration
( read the article in SMH... makes the same point)

I don't agree with that as before sonray we had storm and opus prime so there were examples that made you aware of this could happen, if you paid attention. You noted these in your last post.

[color=Blue]With Storm and Opeus the issue was who owned the assets? and not about client money safety...
.........
If I would have become aware of the Broker risk, I would have closed and would be asking the same question and making the same exploration
( read the article in SMH... makes the same point)

With Storm and Opeus the issue was who owned the assets? and not about client money safety with Sonray it is that + fraud + Audit issues but fundamentally Client money safety
With all the option the crucial Seg account issue remains the same...
Good regulation does not heart anybody. honest broker do not have to fear

So why not admit that current client money safety rules are not protective enough? Why should consumer not get same protection as ASX participant?
WHAT IS THE HARM?????


We are not talking about what kind of risk should consumer take in terms of Leverage etc.. we are talking about FUNDAMENTAL MARKET INTEGRITY Broker integrity
How can somebody who claims to be in the camp of "consumer protection" not see the issue... Would you then think that even ASX participant brokers , Managed Investments schemes should not have tough conditions?

Just answer this simple question
Why should the OTC brokers have less stringent capital requirements than those who offer trading in Exchange Traded products? at the end of the day consumer is trading same instruments
once again read the SMH article http://www.smh.com.au/business/risky...0627-zbwb.html

And since first time you are talking some sense I am replying in cool manner
Ok but you did not have to be so rude
  • #75
  • Nov 18, 2010 6:13am Nov 18, 2010 6:13am
Quoting moksha
.........
If I would have become aware of the Broker risk, I would have closed and would be asking the same question and making the same exploration
( read the article in SMH... makes the same point)
would have is great thing Moksha like I would held that trade a little longer. Point is you wouldn't have......

Quote
With Storm and Opeus the issue was who owned the assets? and not about client money safety with Sonray it is that + fraud + Audit issues but fundamentally Client money safety

again you brought them into this so i gave them back to you, your muddling things up again.

Quote
With all the option the crucial Seg account issue remains the same...
Good regulation does not heart anybody. honest broker do not have to fear

exactly my point so why did you need to come into go markets thread and discredit their their reputation for no reason? this is why i engaged you to start with

Quote
So why not admit that current client money safety rules are not protective enough? Why should consumer not get same protection as ASX participant?
WHAT IS THE HARM?????

Well if ASIC decides they should anyone with an AFSL that that effects will. The sad fact still remains that businesses will continue to fall over and investors will lose money. My point again individuals need to take some responsibility. There's no such thing as a 100% safe investment. If you can't understand this this game anit for you. I accept it.

Quote
terms of Leverage etc.. we are talking about FUNDAMENTAL MARKET INTEGRITY Broker integrity
How can somebody who claims to be in the camp of "consumer protection" not see the issue... Would you then think that even ASX participant brokers , Managed Investments schemes should not have tough conditions?

see point above, no matter what you do there is always one broker that has idiots in charge and this results in business failure.

I see part of it but, I draw the line and system overhaul as that won't fix the issue of possible loss. On top of this if there's 100 protection in who is going to pay for it? think about that Moksha, the fee's needed to cover the insurance you think ASIC or the state/ national government will cover this mass cover all client trust accounts? Keep this in perspective the majority of the public don't trade and view it as gambling so why should they pay more tax so you get your 30K back if your broker goes bust?

Quote
Just answer this simple question
Why should the OTC brokers have less stringent capital requirements than those who offer trading in Exchange Traded products? at the end of the day consumer is trading same instruments
once again read the SMH article http://www.smh.com.au/business/risky...0627-zbwb.html

Cuz they are not under the ASX and nor should they be cuz the FOREX is not a exchange market and shouldn't be treated as a stock market. What you need to see is FOREX is free floating bank quoted market with no direct retail investment into the interbank market so why should you the indicvidual get assurance from the bank that quoted the price that went to your provider and was passed to you?

That article is concerned with equity brokers and CFD (Stock) providers, not relevant for FX Brokers Mohsha. You do understand your at Forex factory not CFD factory yeh??

Quote
And since first time you are talking some sense I am replying in cool manner
Ok but you did not have to be so rude

aslong as you can see that FX brokers that 100% hedge risk and don't run a dealing desk with in house hedging can't be treated in the same way as CFD providers.

Cheers
  • #76
  • Last Post: Nov 18, 2010 5:53pm Nov 18, 2010 5:53pm
"Cuz they are not under the ASX and nor should they be cuz the FOREX is not a exchange market and shouldn't be treated as a stock market. What you need to see is FOREX is free floating bank quoted market with no direct retail investment into the interbank market so why should you the indicvidual get assurance from the bank that quoted the price that went to your provider and was passed to you?

I don;t think you still get it
You keep saying it is not under ASX .. yes .. what I am saying is it should be because the current status does not allow enough protection.

As far as a investor is concerned trading in Financial instrument is concerned the only risk that there should be is Market risk
That is why we have exchanges who reduce counter party risk also

Do you understand what market integrity is?
Using your theory we woudl have any $2 company staring a broking firm... all they have to say is "Look clients we are not that well capitalized and just be aware of the risk that we may use your money"
There you go.. as along as they have informed the investor the job is done ...

Why should FX be exempt?

Have you ever wondered why so many people raise thsi question about "is this broker reliable .." mostly on FX markets and less on equity markets because Equity markets are reasonable well regulated

"That article is concerned with equity brokers and CFD (Stock) providers, not relevant for FX Brokers Mohsha. You do understand your at Forex factory not CFD factory yeh??"

There you go again ridicule me again if you bloody like but that article talks about entire OTC market..
And for you kind info when it comes to client money safety it doe snot matter if it is CFD or FX.. get that in to your head
0 traders viewing now