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Show me a scam broker

  • #281
  • Feb 18, 2016 1:40am Feb 18, 2016 1:40am
Quoting 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
Honestly in my opinion, I don't think there are scam brokers. There might be those who we don't agree with, let me explain; a trader goes into an agreement with a broker without looking at their terms and conditions of agreement (every broker has that). When we get impeached for going against one those terms and some drastic decisions were made against us, we get mad!
It is never easy to own a brokerage firm, let alone finance one. So why would any one in that do something that would jeopardize their effort.
So I would strongly advice that we look carefully before choosing a broker.
  • #282
  • Feb 18, 2016 10:37am Feb 18, 2016 10:37am
Quote
So I would strongly advice that we look carefully before choosing a broker.

Absolutely! We should carefully read brokers terms and conditions before agreeing with it.
You have to make your own luck
  • #283
  • Feb 20, 2016 5:49am Feb 20, 2016 5:49am
The FCA warned that MarketCT is a clone of Capital Markets Trading UK. The clone is wrongfully presenting itself as associated with the regulated broker and is targeting UK citizens as clients without proper authorization.
  • #284
  • Mar 12, 2016 4:42am Mar 12, 2016 4:42am
Quoting ksevoyan
review Nova Fx Trading is also scam borker, I made $400 deposit, traded and made profit $600, then I requested $1000 withdraw, they did not like this and told that my account is tied with other accounts and refused to pay back EVEN my main deposit. My account is clear and fully verified, I can show everybody my account history. Be aware of this broker.
Can you show us your account history or any mail exchanges between you and the broker or any other prove to outline the fact that they refused to pay you?
  • #285
  • Mar 12, 2016 8:12am Mar 12, 2016 8:12am
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...

I have initiated a thread in Forex Peace Army for the issue I encountered, and invited CM Trading's representative to discuss this issue. However they claim the price difference is due to I copied the other trader's price. Hence I have contacted the system developer Leverate to verify if the other trader's price could be copied and affect my open/closing price. I got confirmed "no" answer.

I thought I already found evidence that copy trade only copy the open and close timing, but not the other trade's price. The reason I reached out to the system developer Leverate is to confirm the prices of the other trader really does not affect the prices I was going to get. I do not want to judge CMTrading without finding out the truth first.

Now Leverate has proved that I will not copy the other trader's prices but only the open and close timing, so my prices are solely provided by my broker.

Yes, my broker cannot control my open and close price because they cannot control my open and close timing. But at any point of time, my trade should not be traded at a price the platform has never offered.

However CM Trading still insist they're not at fault, and refuse to explain why I got the out-of-range closing price.

I have attached the link of my thread in FPA as below for your kind reference.
http://www.forexpeacearmy.com/commun...ntrusty.43826/
  • #286
  • Mar 15, 2016 2:09am Mar 15, 2016 2:09am
Quoting dianajs
The FCA warned that MarketCT is a clone of Capital Markets Trading UK. The clone is wrongfully presenting itself as associated with the regulated broker and is targeting UK citizens as clients without proper authorization.
It's so dishonest!! I wonder how many traders this clone could deceive. This shows one more time how every trader shoud be attentive to all the details.
You have to make your own luck
  • #287
  • Mar 16, 2016 10:13am Mar 16, 2016 10:13am
Quoting Brill
{quote} So I would strongly advice that we look carefully before choosing a broker.
I absolutely agree with you. I have been searching for a while to find a good Broker with clear terms and conditions.
Can you share your experience with us? Can you point out some Brokers that have clear terms and conditions?
  • #288
  • Mar 17, 2016 5:27am Mar 17, 2016 5:27am
The FCA issued a warning against FX Sep Investor Services, aka FXSep, which is a clone of Scottish Equity Partners LLP. The clone provides little information about itself on its website but claims it is certified by an entity called "Financial Institute", is registered in the Companies House and displays the seal of the Registrar of Companies for England and Wales. However, FXSep does not figure in the Companies House registry.
  • #289
  • Mar 21, 2016 10:30am Mar 21, 2016 10:30am
Quoting mlawson71
The FCA issued a warning against FX Sep Investor Services, aka FXSep, which is a clone of Scottish Equity Partners LLP. The clone provides little information about itself on its website but claims it is certified by an entity called "Financial Institute", is registered in the Companies House and displays the seal of the Registrar of Companies for England and Wales. However, FXSep does not figure in the Companies House registry.
They actually created a made up regulator, unbelievable. And gave it a ridiculously generic name too.
  • #290
  • Mar 25, 2016 1:34pm Mar 25, 2016 1:34pm
@edyraper Please list brokers who give proper evidences. Just not based on comments. And use proper names please.

My contribution for Instaforex:

Followed all their terms & conditions and they cancelled my profit at their discretion which was part of T&C. Here it is:

Quote
Quote
Quote
Well, for the first time IFX cancelled my profit. I really hope it is due to miscalculation. Here is the screenshot of what they did http://prntscr.com/acl4rd

And my profit did not exceeded 10% at all. Their live support told me to send an email to [email protected] for the issue. So I did yesterday night. Now waiting for their reply. Hope for the best.

One funny thing is myfxbook is showing this issue as deposit and withdrawal.

Update:

Got a canned reply from them. Here it is:

Quote
Dear Sir/Madam,

The clauses 5.12 of the Public offer agreement was applied to your account:

5.12. When the price change, connected with the a difference between
the instrument last price at market close and the instrument first
price at market open, or connected with news release, leads to a
profit higher than 10% of the initial deposit, the Company reserves
the right to use correction of such trade financial result in the size
proportionate to the difference of the abovementioned prices in pips,
by means of deducting the funds with the comment...

I asked them for a precise percentage in which my profits would not be cancelled.

I think I am going to loose more than $350 again which I made after that incident. :'(

Update:

They banned my trading method & cancelled $365 more profit as I suspected. Here is the screenshot http://prntscr.com/afuchj

Here is their latest reply to me:

Quote
Dear Sir/Madam,

Please, refer to the clause 5.12 of the Public offer agreement. As it
was mentioned in certain cases it is at the Companys discretion to
set the minimal profit change below a 10% level.

The orders xx1100307, xx1099751, xx1094561, xx1094329 were corrected
in accordance with the clause 5.12 also.

In order to avoid such situations in future we recommend to abstain
from usage of the strategies based on getting profit from price gaps
and significant price movements caused by news releases.

Sincerely yours,
AntiFraud Department
InstaForex...

The orders & their profit:
xx1100307 - $125
xx1099751 - 132.60
xx1094561 - $61
xx1094329 - $46.40

My initial deposit is $3,300. None of the above is near 10% profit but they have decided to reduce it abusing their rules.

Well it did not break me but felt very bad. At least did not loose my balance with 3 to 5 seconds virtual dealer delay.
  • #291
  • Mar 28, 2016 7:51am Mar 28, 2016 7:51am
There's a new warning from the FCA that Markets Central Investment is a clone of Central Markets London. The latter is officially licensed and regulated, the former isn't. The clone has even listed its address as the same as the licensed company and claims it's regulated by the FCA, which it isn't.
  • #292
  • Mar 31, 2016 3:49am Mar 31, 2016 3:49am
Quoting dianajs
There's a new warning from the FCA that Markets Central Investment is a clone of Central Markets London. The latter is officially licensed and regulated, the former isn't. The clone has even listed its address as the same as the licensed company and claims it's regulated by the FCA, which it isn't.
Their websites seem terribly similar too. I got pretty confused while looking at them side by side, even though I was supposed to know which was which.
  • #293
  • Apr 20, 2016 4:06am Apr 20, 2016 4:06am
Check Caesartrade

Everything is great with this broker.
- Awesome bonus on deposit (400% !)
- Instant execution
- Very low spread
- Limit orders as you wish
- Any way of deposit you may wish
- E-mail support within 24 hours

Everything for a 5 stars, but...

Yes there is a flaw...

You will never see your funds back!

After I grew my account to 81k, they asked me to make a withdrawal request. 4 minutes later they sent me the message:"You are not a client of Caesartrade. Your account is closed and any funds entitled to you have been refunded back to the original source..."

Since that date, I am unable to access my account, neither my dashboard.
I e-mailed support and all other e-mail addresses I had several times over the past 2 weeks. They never replied back.
I never received back any of my funds.

I am filing a case against them so no other trader would fall into their hands.
  • #294
  • Edited 7:55am Apr 20, 2016 7:30am | Edited 7:55am
Quoting haniam
Check Caesartrade Everything is great with this broker. - Awesome bonus on deposit (400% !) - Instant execution - Very low spread - Limit orders as you wish - Any way of deposit you may wish - E-mail support within 24 hours Everything for a 5 stars, but... Yes there is a flaw... You will never see your funds back! After I grew my account to 81k, they asked me to make a withdrawal request. 4 minutes later they sent me the message:"You are not a client of Caesartrade. Your account is closed...
I would have thought the one flaw would be that they are not regulated! All brokers offer all those things you mention except some crappy bonus to suck newbies with.
  • #295
  • Apr 20, 2016 8:34am Apr 20, 2016 8:34am
Quoting mitch77
{quote} I would have thought the one flaw would be that they are not regulated! All brokers offer all those things you mention except some crappy bonus to suck newbies with.
You are right, not being regulated is an alert, but not necessarily a flaw. They still could have been honest.

CaesarTrade were regulated till 2015 in New Zealand and had same crazy bonus offers (one of the reasons I opened an account with them). I guess they had many troubles with their customers and with the regulator they unregulated and went on some Island...
  • #296
  • Apr 20, 2016 10:00am Apr 20, 2016 10:00am
Quoting haniam
{quote} You are right, not being regulated is an alert, but not necessarily a flaw. They still could have been honest. CaesarTrade were regulated till 2015 in New Zealand and had same crazy bonus offers (one of the reasons I opened an account with them). I guess they had many troubles with their customers and with the regulator they unregulated and went on some Island...
Well good luck I'm getting your money back. If you can make 81k you must be doing something right :-)
  • #297
  • Apr 20, 2016 10:23am Apr 20, 2016 10:23am
FOREX.com----i was profitable so that was obviously a burden for them so they decided to not only delete my history of profitable trades, but also steal the remaining 8k of my friends account whom I was trading. They denied it too....which was hilarious. FOREX is absolute garbage unless you can get a REAL broker in europe somewhere. I don't trust brokers as it is, but FX brokers in the U.S> are literally ALL crooked.
  • #298
  • Apr 20, 2016 10:25am Apr 20, 2016 10:25am
If you don't have a REGULATED, CENTRALIZED. exchange, IE, NYMEX, ICE, COMEX, CBOT, then they can do literally anything they desire because they aren't held accountable to ANY regulations (nor do they have a CENTRALIZED market,)---trust them to 'create' a market for you. That way they can manipulate your trading software endlessly. Just trade futures.
  • #299
  • Apr 21, 2016 6:43am Apr 21, 2016 6:43am
The Manitoba Securities Commission (MSC) in Canada issued a warning against a company called Option Ventures which is operating the binary options website Iseebinary.com. According to the commission, the company has swindled an 81-year-old widow from Manitoba out of all her savings, amounting to $28 000. She has wired the money to Option Ventures, a company purportedly located in Moldova and after that realized she was being scammed when her financial advisor called her to tell her he was fired because he couldn't convince her to invest more.
According to the MSC there are no registered binary options companies in Manitoba.
  • #300
  • Apr 25, 2016 1:14pm Apr 25, 2016 1:14pm
SunBirdFX. They are one of the most cruel scams I ever seen... It is just nightmare
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