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Broker denied me from opening an account

I think it is their choice obviously, but i believe it's stupid of any company at least till they are honest to reject any client, i honestly never heard anything like that before, but why are you worried or even frustrated? i believe you are better and you deserve better.....
I agree, and thanks for saying that. I just would like to know why so that I can avoid getting removed from any future accounts. But MB seemed to be ok with my account sitting inactive for 2 months with no deposit, so maybe I won't have to deal with any of this stuff from them. Thanks for all the responses.
Interesting discussion about problem that happened 5 years ago
JohnnyCash: We were discussing Fxxxx problem, not the initial poster's problem (from 5 years ago), but did you read the thread ?
I did. My point is still valid as some people commented about very old problems and recent discussion about fxxx is told by one side only and I would say that not all truth is told. Looks like some small account and trying to take down MT4 server with huge number of orders or similar actions. Otherwise I don't see why brokers would deny business for such customer.
I think a broker has their blacklist, if anyone in the blacklist want to open account, they could refuse it without proper reason. Blacklist could have these people:
- Violate the broker's policies
- Did something bad for broker reputation
- Used wrong strategies or activities to earn profit
- Winning trader
Quoting kidspips
Yesterday I planned to open a live account with mbtrading and planned to put $400 in this broker. I filled all the forms fields and submit it. It took 20 minutes to me. They asked me if i want to join in their telephone survey. I filled it and set the time when they will call me. today they didn't call me and after asking support, finally they send me the following reply: {quote} There is no reason to send this mail. My country is not resticed by them, we have highest number of soldiers in united nations missions. I have no crime record against...
Not a big issue I guess. Have you filled any questionnaire? Probably they need only losing clients (or vice versa depends their company strategy) so better not to hassle with them and check other options like FXCM, Hotforex..or Oanda.. Good deal of good broker nothing to worry about.
  • Post #48
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  • Edited 6:19am Dec 18, 2015 4:02am | Edited 6:19am
Quoting leebsurag
{quote} Not a big issue I guess. Have you filled any questionnaire? Probably they need only losing clients (or vice versa depends their company strategy) so better not to hassle with them and check other options like FXCM, Hotforex..or Oanda.. Good deal of good broker nothing to worry about.



Hotforex is a master in such practices: they want to know everything about you (experience, networth etc.) . if it's really a regulatory issue, then why not all brokers have these questionnaires, including FCA regulated ones ?
Quoting HeyYou
{quote} Hotforex is a master in such practices: they want to know everything about you (experience, networth etc.) . if it's really a regulatory issue, then why not all brokers have these questionnaires, including FCA regulated ones ?
Lol, didn't bother much with these questions just put random some of them.
IMO its like a rule of thumb to offer such questionnaire during registration as it gives a clue what are you up to in this business.
why be bothered by a bunch of questions, honestly in the world of forex brokers, the more strict the broker is the better, documents, personal questions, frequent password changing or updating of IDs or Requirements, like thats good stuff, yeah hussle to some people but it only shows the the brokers does keep tabs (not perfectly) but at least reassuring the legitimacy of their business. now with so many new brokers out there, would we actually go for a broker that would just let you deposit without asking anything from you? Most of us wont, only a small happy go lucky bunch would. unless lots of people are really uncomfortable with giving away info about them selves? but hey, usually what is asked are general info any way.
Quoting jiggz
why be bothered by a bunch of questions, honestly in the world of forex brokers, the more strict the broker is the better, documents, personal questions, frequent password changing or updating of IDs or Requirements, like thats good stuff, yeah hussle to some people but it only shows the the brokers does keep tabs (not perfectly) but at least reassuring the legitimacy of their business. now with so many new brokers out there, would we actually go for a broker that would just let you deposit without asking anything from you? Most of us wont, only...


Honestly I prefer not giving them any personal info other than the identity. Why do they give little to no info about themselves ?
I'm the one who need to know their net worth, experience etc. not them.
Quoting HeyYou
{quote} Honestly I prefer not giving them any personal info other than the identity. Why do they give little to no info about themselves ? I'm the one who need to know their net worth, experience etc. not them.
+1
You're the one giving them (hopefully temporarily) your money, not the opposite. All these questions could be understood if you were getting a loan or something like that (aka: RECEIVING money from them !)
Quoting HeyYou
{quote} Honestly I prefer not giving them any personal info other than the identity.
Come on man you give them your ID and say where you live, any other info about you is nothing comparing to that
Quoting mrgreen
At your level of experience stick w/ Oanda. There is nothing wrong w/ them - someday if your lucky then open an acct w/a true ECN. Until you have 50K for an acct quit crying and learn to trade.
which broker you suggest to open a true ECN account?
We are proud to be most consistent signal provider in entire industry.
Quoting johnnycash
I did. My point is still valid as some people commented about very old problems and recent discussion about fxxx is told by one side only and I would say that not all truth is told. Looks like some small account and trying to take down MT4 server with huge number of orders or similar actions. Otherwise I don't see why brokers would deny business for such customer.
I also don't see any case a broker denied a trader open account with them. Normally they could freeze an account after an event and banned him from system.
Quoting leebsurag
{quote} Lol, didn't bother much with these questions just put random some of them. IMO its like a rule of thumb to offer such questionnaire during registration as it gives a clue what are you up to in this business.
Lol, with my identity they can't do anything wrong (I hope), when they ask other stuff that means they're trying to figure out something..... I'm not sure what it is but it may have to do with "books", and if they have books they're not ECN / STP as they may declare, they're liars and potetial scammers!
Quoting HeyYou
{quote} Lol, with my identity they can't do anything wrong (I hope), when they ask other stuff that means they're trying to figure out something..... I'm not sure what it is but it may have to do with "books", and if they have books they're not ECN / STP as they may declare, they're liars and potetial scammers!
ToS can throw the light on your concerns. Most brokers act as a counterparty to your orders they put it straightforward in their legal agreements. The point is if they hedge your orders with THEIR counterparty (liquidity providers). Though you shouldn't care about that (your broker is a LP for you in this case), the only problem I faced during consistent profitable trades - so called "bad" spikes, looking like gaps in liquidity. It can trigger your stops, so I tend to trade without them and manage entry/exits manually.
Quoting kidspips
Mbtrading sucks. Stay away from those scammers. Your big deposit is not safe with them.
The fact they denied you an account doesn't make them scammers. There are thousands of brokers, man, and 99% would gladly give you crazy leverage to make money out of your $400.
I don't get it why they don't allow it? i mean what they lose if they allow? i might be too new to understand this, but right or wrong, i don't think any broker will mind trader investing 400 dollars in their company. SO i am confused with why they don't allow it?
To my mind if the broker rejected you, the broker had some reasons to do so. But u shouldn't be upset. There are thousand of brokers in this world. Try another one and don't waste time on thinking why did the broker reject me.
You have to make your own luck
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