IKON fined $320,000 for Virtual Dealer

It seems most forex brokers with the MT4 platform have been using this plug-in in a huge conflict of interest and disadvantage to their clients. Gain Capital was fined half a million for usage of same plug-in as well.
October 28, Chicago – National Futures Association (NFA) has ordered IKON Global Markets, Inc. (IKON), a forex dealer member to pay a fine of $320,000 as a result of an NFA Complaint issued and a settlement offer submitted by IKON and its principal, Diwakar Jagannath.
The Complaint alleged that IKON engaged in certain price slippage practices on the MetaTrader platform that were favorable to IKON and caused disadvantageous trading conditions for certain customers. The Complaint also charged that IKON failed to supervise the MetaTrader platform used for their forex business, and failed to supervise the firm’s operations.
In addition to the fine amount, IKON must provide appropriate refunds to its customers as a result of these asymmetrical slippage practices.
IKON and Jagannath neither admitted nor denied the charges. The complete text of the Complaint and Decision are available on NFA’s website (www.nfa.futures.org).



source: fxMagnate

It is very nice to see this, thanks for posting.

come on mate don't you seach before posting a thread or look down about 6 lines????

PipStar has already posted this up.

http://www.forexfactory.com/showthread.php?t=263020

cheers

There i no doubt about the illegitimatacy of this matter and by hiding as many of the Virtual Dealer search engine links as the can find (they probably have an EA or several finding them) I imagine all over the internet Metaquotes has done themselves a big disservice. If it was legal and ok there would be no need to hide this matter.
So the answer for traders is to walk away - anyone who is unhappy choose another market provider with whatever you think will be superior. You can trade past them if you are very clever but Virtual Dealer is most of the problem in becoming a profitable trader using MT4.