List of unreliable brokers (updated once a week) | Forex Factory

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List of unreliable brokers (updated once a week)

  • #1
  • First Post: Edited Jul 7, 2013 7:35am Jun 27, 2013 10:03am | Edited Jul 7, 2013 7:35am
Anyone had any problem with broker please post here. I'll update once a week on first post so everyone can watch
INSTAFOREX
http://www.forexfactory.com/showthre...88#post6783488
http://www.forexfactory.com/showthre...84#post6783584
http://www.forexfactory.com/showthre...36#post6784036

OCTAFX
http://www.forexfactory.com/showthre...66#post6783966
http://www.forexfactory.com/showthre...14#post6789014
http://www.forexfactory.com/showthre...70#post6796970

InvestTechFx
http://www.forexfactory.com/showthre...20#post6786720

profiforex.com
http://www.forexfactory.com/showthre...78#post6786878

EXNESS
http://www.forexfactory.com/showthre...27#post6790927

tradersway
http://www.forexfactory.com/showthre...77#post6792977
http://www.forexfactory.com/showthre...58#post6795658
  • #2
  • Jun 27, 2013 7:48pm Jun 27, 2013 7:48pm
Instaforex for sure. There are tons of people reporting bad experiences with them. Little to no regulation, high leverage and slow withdrawals. Just a piece of advice. When you update the thread, include a quick summary of the bad experiences that people have had. For example:

Instaforex - Little to no regulation, encouraging customers to leverage too much by providing "cash bonuses" that can't be withdrawn or lost in trading, slow withdrawals.
  • #3
  • Jun 28, 2013 5:38am Jun 28, 2013 5:38am
INSTAFOREX!!! friggin scammers
  • #4
  • Jun 28, 2013 8:01am Jun 28, 2013 8:01am
OCTAFX !- not the only one facing big problems with this scam
  • #5
  • Jun 28, 2013 8:19am Jun 28, 2013 8:19am
yep, definitely +1 on instaforex. prepare to watch your connection speed drop as soon as you are profitable!
  • #6
  • Jun 30, 2013 11:27am Jun 30, 2013 11:27am
InvestTechFx to be a scam, beware of them.
  • #7
  • Jun 30, 2013 12:03pm Jun 30, 2013 12:03pm
Quoting dragongold
InvestTechFx to be a scam, beware of them.
funny how they say they're an ECN, but still uses 4 digit pricing...talk about precision.
  • #8
  • Jun 30, 2013 2:56pm Jun 30, 2013 2:56pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
profiforex.com, a hardcore mt4 gangster company, ofcourse unregistered..
  • #9
  • Jun 30, 2013 3:08pm Jun 30, 2013 3:08pm
Quoting onu
profiforex.com, a hardcore mt4 gangster company, ofcourse unregistered..
No experience with this company but love how on this site traders have the sense to realise they are dodgy. Over at Babypips every noob says how great they are or they just have alot of spammers there!
  • #10
  • Jun 30, 2013 11:44pm Jun 30, 2013 11:44pm
Quoting jhehe
{quote} funny how they say they're an ECN, but still uses 4 digit pricing...talk about precision.
Only True ECN will allow you to trade inside spread.
  • #11
  • Jul 1, 2013 3:49pm Jul 1, 2013 3:49pm
OCTAFX IS A SCAM DO NOT WASTE TIME WITH THEM.

I read many bad reviews but was still confident, however when I have to withdraw money accuse me of having multiple accounts with my IP and my family

I asked them to review again all because my isp uses dynamic ip but say it is untestable.

I am convinced that they have no intention of paying
  • #12
  • Jul 2, 2013 3:48am Jul 2, 2013 3:48am
Quoting Lf07
OCTAFX IS A SCAM DO NOT WASTE TIME WITH THEM. I read many bad reviews but was still confident, however when I have to withdraw money accuse me of having multiple accounts with my IP and my family I asked them to review again all because my isp uses dynamic ip but say it is untestable. I am convinced that they have no intention of paying
Why go with a broker such as this to begin with.

Is it really that hard to just open an account with a well known regulated broker?
  • #13
  • Jul 2, 2013 8:53am Jul 2, 2013 8:53am
Quoting onu
profiforex.com, a hardcore mt4 gangster company, ofcourse unregistered..
)) sounds like a russian company
I trade @ Vipro
  • #14
  • Jul 2, 2013 9:47am Jul 2, 2013 9:47am
I was with a good impression regarding exness broker and was very much carried away with their instant payment option. But now after seeing this huge slippage in my trade never will i invest a single dime with them again.
Attached Image (click to enlarge)
Click to Enlarge Name: exness.jpg Size: 299 KB
  • #15
  • Jul 2, 2013 11:40am Jul 2, 2013 11:40am
Quoting Greeneyez
I was with a good impression regarding exness broker and was very much carried away with their instant payment option. But now after seeing this huge slippage in my trade never will i invest a single dime with them again. {image}
i noticed how you are in a loss right now. i'm just curious, were you in profit before and if yes you were in profit before, how did your speed compare to the current one shown in the picture? i would assume much lower but that's only my experience with instaforex and you are using exness, just wondering if they are the same as well?
  • #16
  • Jul 2, 2013 1:39pm Jul 2, 2013 1:39pm
Quoting mitch77
{quote} Why go with a broker such as this to begin with. Is it really that hard to just open an account with a well known regulated broker?
The situation is different, I opened an account called welcome bonus that gives away 8 usd to trade maximum 0.01 lotes to 3 batches at a time and once trade 2 lots you can withdraw your benefits if you leave a good comment on the broker in some forums that they will indicate.

As I'm unemployed I found interesting because I have no money to open an account, obviously when I have I will open an account with a broker seriously.
  • #17
  • Jul 3, 2013 3:01am Jul 3, 2013 3:01am
Quoting Greeneyez
I was with a good impression regarding exness broker and was very much carried away with their instant payment option. But now after seeing this huge slippage in my trade never will i invest a single dime with them again. {image}
news came out that moment, i believe many brokers had such a slippage (but anyway, I'd feel the same emotions as you))
I trade @ Vipro
  • #18
  • Jul 3, 2013 5:39am Jul 3, 2013 5:39am
you can add tradersway. 20 pip slippage just happened to me
  • #19
  • Jul 3, 2013 8:41am Jul 3, 2013 8:41am
Quoting Greeneyez
I was with a good impression regarding exness broker and was very much carried away with their instant payment option. But now after seeing this huge slippage in my trade never will i invest a single dime with them again. {image}

noticed that the price movement in other brokers and found very similar ...
  • #20
  • Jul 4, 2013 6:35am Jul 4, 2013 6:35am
30 pip spread during a news release. add tradersway to the shitlist of manipulated brokers
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