Show me a scam broker

Australian broker are scam.
ASIC regulator is a big joke and scam,too.

I filed a complaint over 1 year ago.

Till today not one single reaction from ASIC.

Reporting to ASIC doesn't work if you haven't been through FOS. To get to FOS you need to go through the proper complaints system of the brokerage firm.

I am unsure which broker but I will give a general outline of how the complaints system works.

- You file a complaint with the complaints department where a complaints manager is set to handle the case. All this must be in writing, and documented. You should allow at least 2 weeks for the complaint to be finished with the complaints manager. If the complaints manager doesn't handle the complaint to your satisfaction:

- You file the complaint to the directors/a director of the company in writing. The director also will take 2 weeks to finalize a written response. If you are not satisfied with the response, you gather these 2 written complaints and pass them to the ombudsman. FOS will charge the company to which there is a complaint to open a case. I'm not sure how much it is today, but it used to be a few grand. FOS will then come to a conclusion on the matter.

If FOS were to ignore you completely (no correspondence) then you could go to the police or ASIC.

The only reason FOS wouldn't listen to your initial claims is if you have not documented completing the complaints proceedure.

Australian regulation is not a knee-jerk regulation. There is process, and its a brokers job to indicate the process should you request to file a complaint. After being a broker for a few years, I can tell you that the majority of complaints are problems with the clients side. Latency, mistakes on orders, not knowing what they are investing in are a few of the problems faced daily by complaints managers.

If you have screenshot evidence of a broker scamming, all you need to show to the authorities is that you tried to settle the dispute with the brokerage firm. If the brokerage blatantly ignored you, they will rule in your favor.

Josef: I like to investigate some tricks and tips how some people try to full other people.
To day I heard a lot about scam brokers. Never in my life I didn't see scam broker website. I'm talking about real scam

Here's a scam broker, IBFX, I hate their guts, but I only want to trade one penny, so I am stuck with these aholes. They have a very bad review rating.
Another one is FXDD, total a-holes. Bid-ask comes right to the line without crossing, pull-back, and then begin reversing, trading is hard enough without this crap.

i wonder if it is possible to selectively scam clients. i mean, rather than stealing money and making unfavorabe conditions for some clients and not for the majority? this way, only a few bad reviews with a majority of positive reviews out there will still make the broker seem favorable.

hi guys, i an new to the fx world. i have just recently started to trade with the UK broker Ikon Group (via the czech brokerage company Colosseum), and i am trying to do a bit of search about them. My concern is fund withdrawal procedure because i start to hear and read it might not be as easy as it seems. I never imagined id have to worry about such an elementary thing. Any first hand experience?

As for my business with them per se, i have had mixed feeling so far. I do experience a lot annoying of slippages, re-quotes, especially at the manual opening or closing of a trade during the news reports. Further, i sometime get the impression of strange and sudden trend move when i start to trade long-term. However, unlike some others, i do not come across any freeze or black-outs in my live account.

BTW, are there any brokers that work smoothly without hassle in terms of placing and closing orders?

Hi guys, one scamming brokers, etc., is trading against you considered a scam?
What is the purpose of such an action on the brokers' side? What is the principle? What have they got to gain?

I am sorry for such silly questions. I am a newbie.

Huge slippage judge yourself from this broker and because of this i lost my money with other open trades.

BERNIE MADE-OFF.
Just looking back at old threads... my other posts are still relevant to FX retail trading in page 1.

Yeah THAT CERTAINLY LOOKS LIKE BS TO ME
but, any broker that offers 1000:1 leverage is a lure to (noobs) money. So DYODD and be careful in your selections. never hurts to split your initial capital in half,
then take the half and split that between two brokers while learning live trading.

Don't know if you are still here but why would you even be trading a cross like Euro/Jpy if you are learning FX in the first place?
I just don't get it.

The bigest one are Instaforex just read other forums about !

Mostly off this I got on Exnnes mt4 ,2. OFF QUOTES,3. 7 to 10 second etc

http://frontierforex.com/

ALL WRONG BROTHER!

Never traded with Exness or whatever they are called. Would never use anything above 100:1 only after 5 years and decent margin to RISK, or LOSE and WIN.
HAVE 5 years and use 50:1 MAXIMUM LEVERAGE....

I was simply pointing out some of the MAJOR problems with using an MT$ MARKET MAKER account.

I will take the time to list them again, yet not at this moment as I have gold analysis to do to prep for NYC open.

In any case. I would suggest any broker that has a "somewhat legitimate" F^%$%K!!! More banker talk and another oxymoron! Please see my posts on oxymorons for fun!

reputation and claims to offer liquidity as an STP or NDD dealer then go with them first.
Never had any spikes like that with a broker USING THEIR PROPRIETARY SOFTWARE.

YET you have to REALIZE MetaTrader or whatever their name is, I know it, can't place it, "boston technologies" or something to that affect,
is ALWAYS involved IN ANY TRADE you take with ANY broker when you USE MT4 even if they are a real ECN.

It doesn't matter, use that system and it works like this,
You trader, place trade through "MetaQuotes" <MT4 > Trade THEN goes to broker, THEN stays there if they are a true market maker,

OR

YOU Trader place trade, then goes to MetaQuotes Then to Dealer/Broker THEN to NDD/STP supposed interaction with other liquidity providers,

When you trade futures, you can as an independent actually trade directly with an anonymous 3rd party - YET there is ALWAYS a facillitator or Broker as Party 2 involved even, if they are truly NDD/STP, they STILL have your trade and have to match it to someone elses.

The good thing about a company like FXCM - no affiliation - is that they had an IPO - have a headquarters "ON the STREET" as it were that you can walk into,
as well as are now starting to actually be providers of price to real not retail markets. So they are institutional and RETAIL.
Look up the new basket "USDOLLAR"....

Look at Netdania - a third party price source and see if you see those spikes and see who is providing..

The main failure here is two fold, uneducated traders, as well as Market TAKERS that have no care in the world,
YET my MAIN POINT IS HERE< when you involve a Software quoting company or secondary not PROPRIETARY trading platform such as MT4
you are just adding to the CHAIN of where your money GOES and they DO NOT DO THIS FOR FREE.

EVERY ONE gets a piece - also NEVER trade with and INTRODUCING BROKER or IB to some other larger broker you could just go directly to.

If you really want to be in the most transparent FX market you have 3 choices,
- GET a JOB at a bank, hedge fund or large institution that trades directly on the INTERBANK FX market.
- Get a over 50k in risk capital and trade on your own directly on the FX Futures Exchange through CME.
- Or find a TRUE ECN that offers a price ladder as well as transparency - An MM will fill you anytime at any price because they know that even if you are right,
they still have enough money to either HEDGE or ride your account out till you either get stopped or quit or don't know sh!t.

Keep in mind, when you want to take an offer of say 1.000 on a pair for (to make the point) 10 standards, and NO ONE is providing that many lots,
you will get a partial fill for as Much as you can at said price, then you have to set your trade up to either be killed or refilled at the NEXT BEST PRICE.
which if Buying starts in may not happen for another 50 pips, this happens because you are actually getting matched up with another trader, via the broker,
thus, the BROKER, charges a commission on top of the usu. in this case LOW spread so they can make money.

I have heard a LOT of bad stuff about InstaForex. You just have to have a look at Nigeria-forex, which is a forum (pretty busy one) which is basically run by InstaForex to milk naive 3rd world traders..

Anyway I can definitely recommend sticking to Australian (ASIC) regulated brokers, I have ICMarkets and Pepperstone and have never had any problems with them in any way.

Instaforex are 100% scamm ,collect money only like a hyip site but with platform,they make selectiv witdr. nothing more!!

I have the problem with " Tarsierfx.com"
I can not withdraw money on my account over 1 month
Tarsierfx.com is real Scammer !!!
Please help me to get money back !

Congratulations you just won the prize for finding the most unknown broker.

Why people insist on opening accounts with these type of brokers I will never know!

Most brokers got scam topic at least one time or many times. Actually it's hard to identify who make trader lost money, maybe it's trader mistake or maybe broker mistake. So I think anybody read this topic please use 2-direction eyes to review a broker. Is it really a scam broker or it is just a misunderstand.

I.e: FPA has considered InstaForex as a scam broker but it is still popular in forex forums with a lot of trader with real or unreal good feedbacks.

I agree they have the worst prices ever seen

execution is really bad, i will not trade with them

Its really important to verify a broker is licensed. This way they have monthly reporting, annual audits, have capital requirements and some other regulations to follow. I usually look at where the company is located and look in the footer for details of their license... typically any company that is is New Zealand, Australia, and other European countries is OK (but not always). They should publish a license number given to them from the competent authority from the country from which they operate. This license number can almost always be cross referenced with the competent authority.

If they have a license then they can usually be trusted in general but this doesn't necessarily mean that their trading conditions will not work against you... but that's another topic.