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Show me a scam broker

  • #241
  • Jan 9, 2016 3:43am Jan 9, 2016 3:43am
According to IFSC, the Belize financial regulatory body, forex broker Financial Strategy Holdings is a complete forgery. They have not been licensed in Belize and are not allowed to operate in the country.
  • #242
  • Jan 11, 2016 5:36am Jan 11, 2016 5:36am
Quoting dianajs
According to IFSC, the Belize financial regulatory body, forex broker Financial Strategy Holdings is a complete forgery. They have not been licensed in Belize and are not allowed to operate in the country.
The market, unfortunately, is full of scammers, they seem ubiquitous. I think it's because Forex trading is getting more and more popular, but the newbies who get interested in it are still very naive and inexperienced and easy to lie, at least at first. Scammers take advantage of that.
  • #243
  • Jan 13, 2016 4:27am Jan 13, 2016 4:27am
Quoting leebsurag
Anybody warned about Instaforex and other Russian bucketshops? Lost with them about 4K before found my current Hotforex and FXCM brokers. Be careful with them guys
whooowhh... hold on...
Instaforex is a scam?
OOOH...., NO ONE TOUCH MY CABBAGES!!!!
  • #244
  • Jan 14, 2016 12:03am Jan 14, 2016 12:03am
Is it true as Australian Securities and Investments Commission has said that usgforex is a fake company acting under another company Union Standard International Group? I've just read here from another member! could this be true?
  • #245
  • Jan 14, 2016 12:08am Jan 14, 2016 12:08am
Quoting edyardy
{quote} whooowhh... hold on... Instaforex is a scam?
Nowadays its very difficult to trust a broker unless you've had a one on one experience with that respective broker, the problem is that, even more established brokers still scam their clients, If you check Instaforex of Forexpeacearmy, you will see traders awful experience with this broker, at the same time you see some supporting it. So unless you have an experience with these brokers, never judge
  • #246
  • Jan 14, 2016 5:19am Jan 14, 2016 5:19am
Quoting francmorio
{quote} Nowadays its very difficult to trust a broker unless you've had a one on one experience with that respective broker, the problem is that, even more established brokers still scam their clients, If you check Instaforex of Forexpeacearmy, you will see traders awful experience with this broker, at the same time you see some supporting it. So unless you have an experience with these brokers, never judge
I would say trusting whether scam or not based on the review is just.... immature (sorry to use that word). But I do agree with you,
Quoting francmorio
So unless you have an experience with these brokers, never judge
This is one fact that I believed to be the proper one.

I came across more than 3 different brokers, and I moved from one broker to another actually. The reason I did this, is actually a matter of preference of the options of account types. It wasn't because of the past brokers tricked me.

I do notice, every broker has their own "unique" process of withdrawing your profit. One would ask for your ID and address verification, which is very common. Another would ask for your visa card that you've used to deposit the money (which of course you need to blur / hide the middle number and CVV number behind). Another would ask a screenshot of your account (Skrill, Fasapay, or any deposit methods) blurring your sensitive information.
Even with this, people scream and tell that this kind of broker is a scam... hehehe... which in my opinion, it depends.


Scam or not scam, is only separated by one thin line.

If they tell you something / providing some crucial information or warning information before it happen, they are not scammers.
But if they DID NOT provide you any information, notification, documents, writings, then something happen to you that might make you suffer to loss, or they did something that is out of your consent, they are scammers.

More than 3 brokers, 2 of them already "marked" as scammers by reviewers out there. 1 of them is that I'm using right now.
But so far, I got NO ISSUES.

Yes, I did verification with them, deep down until ID, addresses, and my accounts was used for deposits.
Yes, I did READ ALL THE DOCUMENTS they've presented to me, directly or indirectly.
Yes, I did soooo many uncounted questions to their support team.
Yet this so-called OK broker is marked as scammers....

I mean, what are the people thinking, marking this as scammers... hehehehe...
I wonder that people giving mark as scammers are also a scammers themselves. I mean, they could be the competitors, or paid reviewers.... to tackle these good brokers.
OOOH...., NO ONE TOUCH MY CABBAGES!!!!
  • #247
  • Jan 14, 2016 9:15am Jan 14, 2016 9:15am
I think I encountered with scam broker.
this Monday morning I woke up to this...

I have trades (copied from other trader, with CopyKat function on CMTrading Web Trader) USDZAR closed at 18.29+. However today USDZAR has never reached 18+. How that possible?

Attached Image (click to enlarge)
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Today I got reply from CM Trading:

"We have checked your inquiry and it seems that all those trades were copied from a trader who is not trading with us.
Therefore we have no control of his actions and we cannot check his trades.

Please also note that he is might using different quotes leading to a different outcome.
At the moment his trades were closed, your positions were closed as well.

As a gesture of goodwill, we decided to offer you a $300 bonus (all bonus terms and conditions apply).

Kindly let us know if you agree with this solution so we can proceed and credit the bonus into your account."
  • #248
  • Jan 14, 2016 11:46am Jan 14, 2016 11:46am
Quoting scorpio25th
I think I encountered with scam broker. this Monday morning I woke up to this... I have trades (copied from other trader, with CopyKat function on CMTrading Web Trader) USDZAR closed at 18.29+. However today USDZAR has never reached 18+. How that possible? {image} Today I got reply from CM Trading: "We have checked your inquiry and it seems that all those trades were copied from a trader who is not trading with us. Therefore we have no control of his actions and we cannot check his trades. Please also note that he is might using different quotes...
It was closed at ask price, insane spread is possible on spikes like that in exotic currencies.
  • #249
  • Jan 14, 2016 8:31pm Jan 14, 2016 8:31pm
Quoting scorpio25th
I think I encountered with scam broker. this Monday morning I woke up to this... I have trades (copied from other trader, with CopyKat function on CMTrading Web Trader) USDZAR closed at 18.29+. However today USDZAR has never reached 18+. How that possible? {image} Today I got reply from CM Trading: "We have checked your inquiry and it seems that all those trades were copied from a trader who is not trading with us. Therefore we have no control of his actions and we cannot check his trades. Please also note that he is might using different quotes...
That can be considered as scam.
They got issue with their system, and I think copytrade shouldn't be leading to a different outcome. They tried to cover the mistake by giving you bonus.

Attached Image
OOOH...., NO ONE TOUCH MY CABBAGES!!!!
  • #250
  • Jan 15, 2016 12:22am Jan 15, 2016 12:22am
Quoting edyardy
{quote} whooowhh... hold on... Instaforex is a scam?
I thought everyone know it... I never seen a instaforex successful withdrawal but scam reports everywhere.
  • #251
  • Jan 15, 2016 1:31am Jan 15, 2016 1:31am
Not just brokers.
Some members of FF are guilty of scams. This one came to light yesterday & I bet he's not the only one.
http://www.forexfactory.com/showthre...24#post8689224
Look Left Trade Right
  • #252
  • Jan 15, 2016 7:31am Jan 15, 2016 7:31am
Quoting edyardy
{quote} That can be considered as scam. They got issue with their system, and I think copytrade shouldn't be leading to a different outcome. They tried to cover the mistake by giving you bonus. {image}
and they call it "goodwill"..
  • #253
  • Jan 15, 2016 9:19pm Jan 15, 2016 9:19pm
Quoting hoangforex
{quote} I thought everyone know it... I never seen a instaforex successful withdrawal but scam reports everywhere.
my best friend does a monthly withdrawal. Doesn't that a scam to you?

Here's my thought. Hard withdrawal doesn't mean they are scam.
You need to find out what would make your withdrawal fail. My experience with multibroker so far, the very first withdrawal is always hard. They don't release your money easily. You need to be a verified user. Second wd, third wd, till countless wd, they will release your money easily. Because you are verified already.

Some broker, they have added additional security, if your IP when you withdraw is different than the first registration of your account, they'll reject it. but once you appeal, they will release it. Countless withdrawals? Yes, countless withdrawals.

Now, the opposite, I share you my tips. How to know a GOOD BROKER?
It is identified by doing this. When you are interested in registering a broker, don't take a chance to hear the reviews from people like from this forum. Make a checklist, simple checklist of what you would like to know from that broker.
For example:
- A good review = find couple good review about the broker.
- Regulated? under what regulation?
- How about the spreads?
- How about the leverage?
- how is the deposit method, and how long?
- how is the withdrawal method, and how long?
- usually withdrawal mechanism is when you can't withdraw to other method than the depositing method. Find out whether this is true.
- what are the account types offered? micro lots, standard, or cents?

Now, when you can find all of that information clearly without asking to their support, that's a potentially GOOD broker.
Another parameter, how good is their support?

Do a chit chat, ask anything. Or you just pretend to be dumb you don't know where to start. Or you can ask the same questions like in the checklist above.

Once you satisfied, DO NOT STRAIGHTLY REGISTER.
Do a research about the broker!

Remember, from all of the list, finding review about the broker is just one parameter.
Once you register, do ask their legal document, client agreement, license, everything. Don't forget to verify your ID, address, and bank card (visa/mc) if they ask. Note that bank card verification is only verifying last 4 digits and the name. Sometimes, first 3 digits. The other number has to be blurred.
OOOH...., NO ONE TOUCH MY CABBAGES!!!!
  • #254
  • Jan 16, 2016 9:30am Jan 16, 2016 9:30am
The FCA warned that Ayondo Markets Ltd is a clone of licensed social trading company ayondo markets Limited. The clone broker is using the details of the genuine broker, aiming to convince investors it works with the authorized company but in reality they are not associated in any way with the licensed broker.
  • #255
  • Jan 16, 2016 4:33pm Jan 16, 2016 4:33pm
I'm not sure if they are a scam, but could a professional trade explain to me how I was able to buy .1 lots of oil for only 4 cents?
Attached Image (click to enlarge)
Click to Enlarge Name: whatdoyouthink.PNG Size: 360 KB


It makes no sense how I could be risking less money then my profit/loss. Risking 4 cents to earn 1 usd per tick.
  • #256
  • Jan 16, 2016 9:43pm Jan 16, 2016 9:43pm
Quoting OilNoob
I'm not sure if they are a scam, but could a professional trade explain to me how I was able to buy .1 lots of oil for only 4 cents? {image} It makes no sense how I could be risking less money then my profit/loss. Risking 4 cents to earn 1 usd per tick.
there is some brokers that offer oil @.1cent just cant remember them at the moment​
people leave, but this thread will go on for ever
  • #257
  • Jan 17, 2016 6:41am Jan 17, 2016 6:41am
Quoting Aussi
{quote} there is some brokers that offer oil @.1cent just cant remember them at the moment​
That is out of this world. How could it possible to offer oil so cheap?
  • #258
  • Jan 18, 2016 1:16am Jan 18, 2016 1:16am
I cant say much about instaforex but yeah the reputation does spread really quickly, many traders do go to review sites, well known review sites like forex peace army for details, and they do have many gray shaded areas which makes me pessimistic, I do agree it takes a lot to judge a broker and im one who believes that only personal experience would determine a broker being good or bad. but there is a limit to how much signs a trader can take in, I have nothing against them personally, but on a personal note, i would say instaforex needs to fix all that rep issues online to clear their names, many brokers try to do good and fail(non-scam) add to that all the scam broker like capital one and 5star forex (based on user feed), its a tough industry even big names like alpari UK was stunned with the black swan even and these events are unpredictable, i think it was FXCM who was fined a couple of millions etc.. the list goes on and on and on, but in the end, its about us (we) traders and how we earn from our current brokers, if a traders does good and earns then EFF everything else in my opinion coz you are earning and thats the only thing that matters. . just my two cents.
  • #259
  • Jan 18, 2016 4:09am Jan 18, 2016 4:09am
Quoting jiggz
I cant say much about instaforex but yeah the reputation does spread really quickly, many traders do go to review sites, well known review sites like forex peace army for details, and they do have many gray shaded areas which makes me pessimistic, I do agree it takes a lot to judge a broker and im one who believes that only personal experience would determine a broker being good or bad. but there is a limit to how much signs a trader can take in, I have nothing against them personally, but on a personal note, i would say instaforex needs to fix...
I lost money in black swan and it hurt very much but I don't blame broker. Brokers give us leverage which increases their risk of exposure to market. A loss like black swan I can take, but a loss from a broker who does "shady things" is something which should make our skin crawl. Since blackswan I now have 4 separate accounts since refunding, with "unknown" or "little known" brokers, and things have gone well thus far. I simply would like someone to help me with my oil question, which no one has been able to explain to me here at ff.com
  • #260
  • Jan 18, 2016 4:13am Jan 18, 2016 4:13am
Quoting dianajs
The FCA warned that Ayondo Markets Ltd is a clone of licensed social trading company ayondo markets Limited. The clone broker is using the details of the genuine broker, aiming to convince investors it works with the authorized company but in reality they are not associated in any way with the licensed broker.
I took a look at the websites of the clone and the original and it's terrifying how similar they are. I'd totally conflate the two initially if I didn't know they're two different entitites.

Regarding Instaforex - I've never been their client, but a very close friend of mine used to have a bonus account with them a few years ago. Admittedly, by now my memory's turned a little hazy, but I do remember she had trouble withdrawing her own profits. I couldn't tell you whether there would've been a problem with withdrawing if you had invested your own money, she never tried doing that because they weren't licensed anywhere in Europe.
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