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Why do people say brokers steal from traders no matter what?

  • #61
  • Dec 14, 2015 2:58pm Dec 14, 2015 2:58pm
Quoting Xag
There are some simple steps preventing a trader from becoming a client of any type of shady brokerage.Only look into brokers that are regulated,so any type of Belize brokerage does not fall in that category from the start.Then check if you "like" their platforms,pricing etc. Then check whether they mention anywhere something about conflict of interest and how they handle them.When you still like what you see,take a close look at the contract you would enter with them.Study carefully the parts that talk about the counter-party of your trades,the...
Thanks, very useful!

It seems logical, but it's not for rookies.
A good strategy for trading is... the opposite of having a bad strategy.
  • #62
  • Dec 14, 2015 6:22pm Dec 14, 2015 6:22pm
Quoting dkrock
{quote} HAHA. Go to google and type Forex Broker, or the actual name of a Forex brokerage firm, and then type FINE or LAWSUIT, and then you will be introduced to the real world. I got some money back from FXCM when I used them, but if they had not been caught, I wouldn't have. So, there ya go. By the way, when their Refco investor went bankrupt, they kept all their clients money. I have a friend they stole $20,000 from. Greed changes people, and not for the better. Here are two links for when they got caught using that virtual dealer plugin that...
So your big claim to brokers cheating everyone is when they take an opportunity given to them to make more money by giving you the trade at the price you asked for while they pocket the difference, while still slipping you when they get a worse quote? Sure, asymmetric slippage is shitty, but quite frankly I'm surprised it's not the norm. Brokers are in this game to make money, too. It's not a charitable organization. To me asymmetric slippage just sounds like good business. Department store sales clerks do this day in day out.

Asymmetric slippage is a far cry from the non-stop corruption and cheating and stop hunting and blah blah blah implied by many people on this forum who don't really have anything to back any of their claims up. Your links at least have something tangible behind it, even though it's not at all surprising to me to read.

I'm sure some here think the interbank market makers are giving everyone best rates as well.
Congratulations ScalaFX for coming out of the closet!
  • #63
  • Edited 10:48pm Dec 14, 2015 9:54pm | Edited 10:48pm
Quoting PowerTrade
{quote} But I guess making the right moves makes you not stealable. I mean. If you have 2000 pips in your favor, how could you get robbed?
If you had 2000 pips in your favor, probably they could not rob you legally.

Although I seriously doubt that there would be any retail trader who would have a floating profit of 2000 pips. Not even 200 pips...
  • #64
  • Dec 14, 2015 11:00pm Dec 14, 2015 11:00pm
Quoting dkrock
{quote} I don't know how to respond to that level of ignorance. If the opportunity presented to them was legal, there would not have been a fine.
Every act of profit making by banks and brokers is illegal when they get caught doing something people don't like. Why would this be any different? People are shocked when they discover that price gets manipulated, not realizing the market is full of manipulation and those with the funds to move the market will do so... because why the fuck shouldn't they?

It's still all a far cry from people implying that brokers personally go out of their way to hit their specific stop, and whatever other nonsense people want to suggest.
Congratulations ScalaFX for coming out of the closet!
  • #65
  • Dec 14, 2015 11:23pm Dec 14, 2015 11:23pm
Quoting MasterGuru
{quote} If you had 2000 pips in your favor, probably they could not rob you legally. Although I seriously doubt that there would be any retail trader who would have a floating profit of 2000 pips. Not even 200 pips...
Come on MasterGuru, it was just an example.

BTW, yes, there are some traders that hold a lot of pips, I've seen people like that in this forum.
A good strategy for trading is... the opposite of having a bad strategy.
  • #66
  • Dec 14, 2015 11:31pm Dec 14, 2015 11:31pm
Quoting dkrock
not to mention feel bad language is appropriate to use on an international public forum.
In Defense of Bad Language: this one goes out to Janet Yellen.
Inserted Video
"If The Fool persists in his Folly he will become wise." - William Blake
  • #67
  • Dec 14, 2015 11:33pm Dec 14, 2015 11:33pm
Quoting PowerTrade
{quote}... there are some traders that hold a lot of pips, I've seen people like that in this forum.
On a live account...? Could you plese give a link to one or two of them? It would be interesting to see such concepts.
  • #68
  • Dec 14, 2015 11:49pm Dec 14, 2015 11:49pm
Quoting dkrock
I had to put you in my ignore list because I cannot associate with people who are unethical, immoral, and reject the trading laws, not to mention feel bad language is appropriate to use on an international public forum. Good Luck to you. Hope you grow up soon!
I'm not at all bothered by people being precious. Do what you gotta do. But maybe your inability to cope with a little heat also reflects in your offense at a broker doing the least shady thing I can currently think of to make some extra dollars.

I never said it wasn't shitty, but it's business.
Congratulations ScalaFX for coming out of the closet!
  • #69
  • Dec 15, 2015 8:08am Dec 15, 2015 8:08am
Quoting PowerTrade
{quote} But I guess making the right moves makes you not stealable. I mean. If you have 2000 pips in your favor, how could you get robbed?
If you seriously believe your broker is out to rob you don't you think its rather silly to have an account with them?
  • #70
  • Dec 15, 2015 9:27am Dec 15, 2015 9:27am
Quoting Atokys
{quote} If you seriously believe your broker is out to rob you don't you think its rather silly to have an account with them?
Yes, that's a good point.

But how could a rookie know this? I mean, it doesn't matter if you're a rookie, you open a check account in a bank, and nothing will happpen (most), but with a broker you could lose all your money. Don't you think?
A good strategy for trading is... the opposite of having a bad strategy.
  • #71
  • Dec 15, 2015 10:18am Dec 15, 2015 10:18am
Quoting PowerTrade
Yes, that's a good point. But how could a rookie know this? I mean, it doesn't matter if you're a rookie, you open a check account in a bank, and nothing will happpen (most), but with a broker you could lose all your money. Don't you think?
If someone cannot apply common sense I don't think he should be playing the markets.
  • #72
  • Dec 17, 2015 2:22pm Dec 17, 2015 2:22pm
Quoting PowerTrade
{quote} Yes, that's a good point. But how could a rookie know this? I mean, it doesn't matter if you're a rookie, you open a check account in a bank, and nothing will happpen (most), but with a broker you could lose all your money. Don't you think?
A "rookie" will be parted with his money soon and it won't be because of the broker. If someone is experienced enough to have a consistent edge in forex, then he will surely be experienced enough to deal with the broker shits, or at least be prepared to face them. In this business everyone is trying to get everyones money. Mt4 coders, traders, banks, brokers, news providers. Every cent is lost before it is won.
But we are here for this type of things, right ? Not to become great philosophers
  • #73
  • Dec 17, 2015 2:40pm Dec 17, 2015 2:40pm
Quoting feline207
{quote} A "rookie" will be parted with his money soon and it won't be because of the broker. If someone is experienced enough to have a consistent edge in forex, then he will surely be experienced enough to deal with the broker shits, or at least be prepared to face them. In this business everyone is trying to get everyones money. Mt4 coders, traders, banks, brokers, news providers. Every cent is lost before it is won. But we are here for this type of things, right ? Not to become great philosophers
Point.
A good strategy for trading is... the opposite of having a bad strategy.
  • #74
  • Edited Feb 28, 2016 7:30am Feb 27, 2016 1:48pm | Edited Feb 28, 2016 7:30am
Please email me at { email address deleted by staff } if you have lost money from Capital Trust Markets/Mentortips/Reza Mokhtarian. There are a lot of confusion covering this scandal.
  • #75
  • Feb 28, 2016 1:12am Feb 28, 2016 1:12am
The market is the casino
The brokers entice customers (traders) to play in the casino
The casino always win
Brokers are rich
Traders lose money.
It' a wonderful game for the brokers. They have bills to pay and families, do you thing brokers don't deserve to make a good living ?
Come on for a swim ... the water is fine.
  • #76
  • Mar 15, 2016 8:13am Mar 15, 2016 8:13am
Quoting Mingary
{quote} I have an account with them since about 2006. Never had any issues until now. I sent some money to cover a margin call. The money arrived on time, but OANDA decided to block / hold the funds until I answered some administrative question regarding "cross border" transfers in my account. By the time this was cleared up it was too late. IMO, the total disregard to their fiduciary obligation is dishonest. I will be escalating to the FSO.
How the hell did you get margin called after 9 years of trading experience? This is not a sexy trader mistake that occasionally happens. It is a newbie mistake, that happens to nearly everyone at some point. And you have to leverage like a mofo for this to happen.

Also about NZ brokers, I do not mean to have prejudice, but brokers setting up on the far end of the world, far away from regulated places, that is a sign of someone being scared of being visible. Also a thing about brokers screwing over customers. I think the regulatory institutions have smart people, math or economics professors that can root out a trickster broker. So brokers that are highly visible with offices in countries with strong regulation are a safe bet
Price-Action Extremist
  • #77
  • Mar 16, 2016 2:51am Mar 16, 2016 2:51am
It depends on different brokers, not all broker just want your commission an don't care about your lost. If one broker want to make long term business, it try to provide fair and high efficient trading environment for traders.
  • #78
  • Jan 19, 2017 6:44am Jan 19, 2017 6:44am
Finally, the day has come when Reza F**ing Mokhtarian, thief CEO of Capital Trust Markets (what a company name, Jeeez!) has stood in front of a judge in Toronto, Canada charged by the Ontario Securities Commission. (Not a civil trial case!).

He was arrogantly and blatantly messaging in his YouTube video to his victims (watch from timestamp 15:00) that they were so stupid that they could not even steal from others... Adding (quoting): "Good for ME!" while driving to the bank with the stolen funds (as stated by this ba**rd).

Well, I hope that we - the SOCIETY - can show him that even though we might be "stupid" to steal from others, but we are powerful enough to give him some time to think about it in a prison cell for a couple of years.

Even if I don't see my stolen funds again, I hope the judge will be on the victims' side and give him the maximum sentence: 4 years and 364 days in a high security facility.

And yes, that will be REALLY-REALLY GOOD FOR HIM! (Especially when he will drop his soap in the shower...)

Attached Image (click to enlarge)
Click to Enlarge Name: OSC Reza Mokhtarian.png Size: 45 KB
  • #79
  • Jan 26, 2017 6:45am Jan 26, 2017 6:45am
Take binary options brokers, for example. The scams and theft among them has been so wide-spread and egregious, that recently regulators started cracking down on them. Israel went even farther and they banned them altogether. They’ve been holding parliamentary hearings about the industry, and a former binary option broker employee testified that not a single client of the company ever made any profit. It’s pretty impressive, in the worst sort of way.
  • #80
  • Jan 30, 2017 3:33am Jan 30, 2017 3:33am
Quoting mlawson71
Take binary options brokers, for example. The scams and theft among them has been so wide-spread and egregious, that recently regulators started cracking down on them. Israel went even farther and they banned them altogether. Theyve been holding parliamentary hearings about the industry, and a former binary option broker employee testified that not a single client of the company ever made any profit. Its pretty...
Yeah binary options are way to close to gambling for my taste and the brokers there are shady at best and thiefs at worse. Better to stick to Forex.
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