Perhaps you've seen a bunch of stories about how evil and treacherous brokers cheated poor traders. Almost take all the money out of pockets! Nightmare and horror! There are a lot of articles for a dozen pages of unfair work of a DC on forums, but ... I have to disapoint you. I was not cheated, I didn't become a victim of fraud on the part of broker. Luck? Or maybe I'm incredibly smart and quick? No. Simply, there are certain rules that must be followed and everything will be well.
Then what is the source of these stories about deceived customers? The vast majority of traders simply don't understand the "Terms and Conditions" of broker, as well as the mechanism of orders execution. Here for example YOU. You are trading with your broker now, I think at least for 2-3 weeks. Have you read the rules when you open trading account and account with your broker? 100% - NO. So did I. I did it recently... And there are a lot of interesting information. For example, there is described mechanism of order opening at "buy or sale" price: the chart shows only one price, order will not always open (it is necessary that price goes a little farther). Members do not know such nuances, no one told them.
Here's another example. Some DCs have their own restrictions on trade - EA using, scalping ect. Let's talk about scalping. They say directly in the "Terms of trade" - If the deal last less than 3 minutes, the broker has the right to cancel it. What's the difference whether or not it's fair, don't care! That's not the point. Such rules of the game for many companies. Therefore it's better to learn rules of the game before start of trading. Because then you will run the forums and cry, "I was tricked, profit is annulled, administration, complaint". Just read the contract, every company has it on their website.
In order to avoid unnecessary risks, I use a medium-term strategy. Usually brokers don't offend medium traders. Why? It's too long to explain these subtleties (if there will be a desire, I will write at least), this is mainly due to the size of deposit and inability to bring your pennies on the interbank market, hedge your deals by broker (to avoid unnecessary risks), delays during the output of your scalping deals on the interbank market (it needs very little time for that, it is impossible to bring out to counterparty, because by that time there will be very different prices, and broker will lose bucks by opening your deal with them for the worst price) ect.
It should also be be mentioned that it is necessary to distinguish when there are "tough cheating" and "minor mischief." The 2nd will be always, frequency depends on size and popularity of the company. However, if you're working long-term or medium-term, you won't see much difference. It is unlikely that large brokers will go to the obvious deception - their reputation is at stake. Non-payment of funds to customers - very serious accusation, their competitors will quickly smash such rumors. Nobody works with rogues.
And now let's go directly to the heart of the matter - What to do if broker cheated you?
We can't do very much...
1. Try to talk to tech support. Ask to explain the situation, maybe they acted according to the Company's Rules. Any regulations are made for the benefit of broker. It always has more rights and fewer responsibilities.
2. Regulator? Don't think so. Most of these organizations are created by brokers, as they are financed. Guess whose interests will be on the first place? Your claim will be rejected with a probability of 99.99%. You find yourself in a stupid position.
3. If you think that your rights are seriously violated, and the amount of damage is large - try to make black PR for broker on various Forex forums. You won't return money, but would harm the company's image. In addition employees will respond to your scandalous attacks, and it is their extra time spent.
"How to avoid?"
* The main rule - avoid unknown companies whose clientele is less than 1-1,5k people. Maybe they would like to work honestly and eventually turn into a big corporation, but the lack of income forces them to cheat more than it is necessary.
* You can read reviews on various forums (forexfatory, earnforex, rankcup ect). Maybe some of them are paid for, but we need to see activity. If company wants to be famous - it PRs everywhere, and doesn't skimp on advertising and PR.
* Go to their live-chat, talk to the operator. Ask them absolutely stupid questions and feel free to be rude and aggressive. Watch the reaction. If they answer politely and patiently - a good sign, it means superiors following the support. And they do not give a damn. If you get a shit for your messages - do not even think to go there.
* open account on $50, test depositing\withdrawing\speed of orders' execution ect.
* Trading on large amounts - better work with several companies. Do not keep all your eggs in one basket. This is inconvenient, but more reliably.
These are my arguments. I would like to hear your opinion, what do you think? If I forgot smthng to mention - you may do it instead of me
Then what is the source of these stories about deceived customers? The vast majority of traders simply don't understand the "Terms and Conditions" of broker, as well as the mechanism of orders execution. Here for example YOU. You are trading with your broker now, I think at least for 2-3 weeks. Have you read the rules when you open trading account and account with your broker? 100% - NO. So did I. I did it recently... And there are a lot of interesting information. For example, there is described mechanism of order opening at "buy or sale" price: the chart shows only one price, order will not always open (it is necessary that price goes a little farther). Members do not know such nuances, no one told them.
Here's another example. Some DCs have their own restrictions on trade - EA using, scalping ect. Let's talk about scalping. They say directly in the "Terms of trade" - If the deal last less than 3 minutes, the broker has the right to cancel it. What's the difference whether or not it's fair, don't care! That's not the point. Such rules of the game for many companies. Therefore it's better to learn rules of the game before start of trading. Because then you will run the forums and cry, "I was tricked, profit is annulled, administration, complaint". Just read the contract, every company has it on their website.
In order to avoid unnecessary risks, I use a medium-term strategy. Usually brokers don't offend medium traders. Why? It's too long to explain these subtleties (if there will be a desire, I will write at least), this is mainly due to the size of deposit and inability to bring your pennies on the interbank market, hedge your deals by broker (to avoid unnecessary risks), delays during the output of your scalping deals on the interbank market (it needs very little time for that, it is impossible to bring out to counterparty, because by that time there will be very different prices, and broker will lose bucks by opening your deal with them for the worst price) ect.
It should also be be mentioned that it is necessary to distinguish when there are "tough cheating" and "minor mischief." The 2nd will be always, frequency depends on size and popularity of the company. However, if you're working long-term or medium-term, you won't see much difference. It is unlikely that large brokers will go to the obvious deception - their reputation is at stake. Non-payment of funds to customers - very serious accusation, their competitors will quickly smash such rumors. Nobody works with rogues.
And now let's go directly to the heart of the matter - What to do if broker cheated you?
We can't do very much...
1. Try to talk to tech support. Ask to explain the situation, maybe they acted according to the Company's Rules. Any regulations are made for the benefit of broker. It always has more rights and fewer responsibilities.
2. Regulator? Don't think so. Most of these organizations are created by brokers, as they are financed. Guess whose interests will be on the first place? Your claim will be rejected with a probability of 99.99%. You find yourself in a stupid position.
3. If you think that your rights are seriously violated, and the amount of damage is large - try to make black PR for broker on various Forex forums. You won't return money, but would harm the company's image. In addition employees will respond to your scandalous attacks, and it is their extra time spent.
"How to avoid?"
* The main rule - avoid unknown companies whose clientele is less than 1-1,5k people. Maybe they would like to work honestly and eventually turn into a big corporation, but the lack of income forces them to cheat more than it is necessary.
* You can read reviews on various forums (forexfatory, earnforex, rankcup ect). Maybe some of them are paid for, but we need to see activity. If company wants to be famous - it PRs everywhere, and doesn't skimp on advertising and PR.
* Go to their live-chat, talk to the operator. Ask them absolutely stupid questions and feel free to be rude and aggressive. Watch the reaction. If they answer politely and patiently - a good sign, it means superiors following the support. And they do not give a damn. If you get a shit for your messages - do not even think to go there.
* open account on $50, test depositing\withdrawing\speed of orders' execution ect.
* Trading on large amounts - better work with several companies. Do not keep all your eggs in one basket. This is inconvenient, but more reliably.
These are my arguments. I would like to hear your opinion, what do you think? If I forgot smthng to mention - you may do it instead of me
I'm hopeless, I know