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Show me a scam broker

  • #21
  • Jan 24, 2012 1:40pm Jan 24, 2012 1:40pm
AND if they are a US or US AND LONDON broker and don't come up in the NFA
search they are NOT REGULATED BY THE NFA.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #22
  • Jan 24, 2012 1:50pm Jan 24, 2012 1:50pm
I am not affiliated with FXCM at all and I am not promoting them.

I will say this broker has turned it's act around in a major way and is one of
the ONLY BROKERS I know of that had an IPO.

You all should know what an IPO is but b/c we are fx people and not stock traders it means INITIAL PUBLIC OFFERING

THus, you can invest in this company and trade shares of it / own it via buying it's stock. THAT opens them up to a WHOLE NEW WORLD of scrutiny and regulation. FINRA the SEC etc.

I have enjoyed their services and can think of only 2 times during news HEAVY MID YEAR news trading that they lagged, yet still executed my order in seconds even though the price had changed about 20 pips.

That's what you get for trading news. Try it on an ECN and if no one want's your offer guess what your trade will be filled at the next best price which could be 50 pips south.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #23
  • Jan 24, 2012 1:54pm Jan 24, 2012 1:54pm
I would suggest any ECN, STP/NDD broker as opposed to a Market Maker where they are really just trading against people that know nothing about FX and taking their money. Most of the scam is from stupidity on the part of an uneducated trader.

But i will add some of the tricks they use to screw you especially on MT4

1. Trade context busy, - so no order gets executed
2. OFF QUOTES (during mid day) WTF U are QUOTING ME!!!!!!!!
3. 7 to 10 second lag in order placement making always the initial trade a loss instantly - Does not happen on NDD if you know what ure doing
4. The platform simply freezes or goes offline for over an hour.
5. Using things like a dealing desk program that run your stops by even executing them at A FEW PIPS OVER MARKET VALUE.
6. MASSIVE UNREAL SPIKES IN PRICE another way to cash in on your dough.

THIS HAS HAPPENED all to me and I am speaking from personal experience.
GO LIVE AS SOON AS POSSIBLE WITH A MICRO ACCOUNT AND LEARN WHAT IT IS LIKE TO TRADE REAL MONEY AND FX ON A LIVE BROKER A DEMO IS COMPLETELY DIFFERENT>ie Different server / quotes no lag, etc.

There are ways to game market makers as well.

Try keeping your positions on for a month. That really pisses them off if you are semi large cap and successful b/c then they have to hedge your position to offset risk.

Done,
Bye,
X

PM me with any questions.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24
  • Jan 24, 2012 2:04pm Jan 24, 2012 2:04pm
The owner of this website is also a scam - research him to and you'll uncover other dirt.

Quoting vshyam
The forex peace army website has a list of brokers that are scams- try googling that
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25
  • Jan 24, 2012 2:16pm Jan 24, 2012 2:16pm
Quoting Middleton
Admiral is a russian broker, all owners and directors are russian. I would recommend to avoid this kitchen. Go with well established firms like Oanda, FXCM, FC Stone, Armada Markets, eToro or Dukascopy.
Which of these brokers has the tightest spreads? Doesn't Oanda accept only US customers?
  • #26
  • Jan 24, 2012 3:06pm Jan 24, 2012 3:06pm
Remember, if a broker offers a huge bonus, it could be that he is busy trying to bait the dweebs out there. So make sure you research all the info and in case you are scammed, you know what to do.
Report them in right away. On that note, has anyone filed a case or reported any of the brokers listed in this thread?
  • #27
  • Jan 24, 2012 10:49pm Jan 24, 2012 10:49pm
Quoting milani
Which of these brokers has the tightest spreads? Doesn't Oanda accept only US customers?
Nope. I'm Australian and I have a small (but growing ) Oanda account.
  • #28
  • Jan 25, 2012 10:14pm Jan 25, 2012 10:14pm
Quoting XTrade
Some are better than other's but it is a lightly regulated retail made market
even if it's an ECN it is still a made market.

The only way you trade on the real interbank FX market is if you are a large bank, fund, or cap trader, sometimes just calling the desk of the other bank and placing an order. OR by trading FX FUTURES through the CME which is transparent.

They all know everything that we do. AND THEY ALL have their own ways of
scamming.

If you want to read about a real broker that has been closed down due to
STEALING ALL THE...
hey Xtrade
You are saying every broker is scam then where & how a trader can trade?
How can anybody will trust on any broker when there's money involve ?
How to analyze these brokers & take precautions while risking our precious money ?

thanks !!
The more you trade the less you earn.
  • #29
  • Apr 3, 2012 5:10am Apr 3, 2012 5:10am
Quoting Middleton
Admiral is a russian broker, all owners and directors are russian. I would recommend to avoid this kitchen. Go with well established firms like Oanda, FXCM, FC Stone, Armada Markets, eToro or Dukascopy.
First of all it is an Estonian broker, which is regulated by FSA and MIFiD, since recently also by ASIC (Australian license). Secondly, even if there are Russians in the board, they publicly acknowledge this on their webpage. Just so you know, Alpari and FXPRO, one of the largest brokers have Russian origins as well.
Time to wake up and do business instead of blaming other for something
  • #30
  • Apr 3, 2012 11:22pm Apr 3, 2012 11:22pm
Quoting risktaker
First of all it is an Estonian broker, which is regulated by FSA and MIFiD, since recently also by ASIC (Australian license). Secondly, even if there are Russians in the board, they publicly acknowledge this on their webpage. Just so you know, Alpari and FXPRO, one of the largest brokers have Russian origins as well.
Time to wake up and do business instead of blaming other for something
That would be the Estonian FSA, not the UK FSA where they have the EEA passport only which allows a European regulated broker to operate in other jurisdictions however all regulatory enquiries would be sent back to Estonia should you take a regulatory enquiry to the FSA in the UK.

Another thing, you cannot be regulated by MIFiD since that is a law, not a regulator.

I don't trust Russian brokers either btw
  • #31
  • Apr 23, 2012 6:58am Apr 23, 2012 6:58am
I think true scam brokers will be dead soon or later.
some brokers are not good at customer service and some traders are using some tricks.
we need to figure out the true reason behind.
  • #32
  • Jul 15, 2012 8:02am Jul 15, 2012 8:02am
Quoting daminghu
I think true scam brokers will be dead soon or later.
some brokers are not good at customer service and some traders are using some tricks.
we need to figure out the true reason behind.
What sort of tricks are you implying that some traders are using?
  • #33
  • Jul 16, 2012 1:24am Jul 16, 2012 1:24am
citifx is scam broker
I have past history of statements to justify what i say.
  • #34
  • Jul 16, 2012 5:51am Jul 16, 2012 5:51am
Most "top rated" brokers on Earnforex and other similar rating websites are pure scam. Honestly, its ironic how these brokers are rated one of the best on these websites while completely being criticized by high rep people on multiple forums . Its just a cheap marketing tool people, do not fall for it! Do your research.
  • #35
  • Jul 16, 2012 5:35pm Jul 16, 2012 5:35pm
FX Open.

  • #36
  • Jul 17, 2012 6:40pm Jul 17, 2012 6:40pm
Quoting Fx.Fishermen
they made it upto 9 pips difference in 3 accounts same time see how they manipulate prices,
my clients got stuck wit hthem now they cant get their money back.

very very bad broker
please spread this and let others know how they fuck your trades with 9 pip spread in eurusd
I can understand why different brokers might have different prices as that is the nature of the market, but different prices for different accounts with the same broker? The mind boggles.
  • #37
  • Jul 17, 2012 8:40pm Jul 17, 2012 8:40pm
Quoting eu_trader
citifx is scam broker
  • #38
  • Jul 17, 2012 8:59pm Jul 17, 2012 8:59pm
Scam broker is a normal broker but they won't let you withdraw

Try Instaforex
  • #39
  • Jul 21, 2012 2:19am Jul 21, 2012 2:19am


Quoting duyk20
Scam broker is a normal broker but they won't let you withdraw

Try Instaforex
  • #40
  • Jul 30, 2012 4:34am Jul 30, 2012 4:34am
IKON FX is a complete scam broker owned by Engin and Naser. They have a bunch of companies in countries and claim to be legit yet they will not allow you to withdraw if you win and are bucket shop brokers with a dealing desk that will bet against you. Their platforms are terrible with spreads that go so wide that it is clearly obvious they are waiting for you to lose, and slippage that is always against you... not to mention that they have been caught using Virtual Private dealer plugin all the more to show how much of a scam they are. I spoke with their customer service, which I believe is in Hong Kong and all of them didn't know what leverage was. I emailed some of their staff and they are all scam.

I did some search on google about them and all I see are people complaining that they cannot get their money withdrawn. If I were you, I'd stay away from them especially since they are so hard to get in touch with them. What a joke of a company..
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