I was fleeced by my broker and I have proof! | Page 2 | Forex Factory

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I was fleeced by my broker and I have proof!

  • #21
  • Apr 8, 2016 5:41pm Apr 8, 2016 5:41pm
Quoting asgcorp
It's a pawnshop. Anything based on MT4 is a pawnshop. This software was coded so that it could be manipulated, including price feed, etc. They will freeze the platform also during major events, such as rate decisions, NFP, etc. They will unfreeze your terminal when your account is wiped out. MT4 brokers are all pawn shops pretty much.
Hi Asgcorp,

MT4 is but an interface, what matters is the broker behind it.

What makes you think any other platform in the planet is not open to manipulation *?

What platform do you use which is immune to manipulation?

* I don't agree that MT4 accounts are manipulated, if you choose an unproven broker (always do your homework on brokers) that happens to have an MT4 server...that's a c-o-m-p-l-e-t-e-l-y different story Any reputable broker will put it's name to MT4 set ups they oversee, and there's a reason for that.
  • #22
  • Edited 9:00pm Apr 8, 2016 8:13pm | Edited 9:00pm
Quoting shrike
Just FYI, if you say in public they are "stealing", they could easily sue you for libel if they wanted, and probably win too. You might want to phrase that differently. They have all your contact information already. They probably wont, but why risk it at all..
I had a scalping method that worked perfect via NT off FXCM once live (told by FXCM demo was exactly the same as live) things changed fill times down (pauses) method lost its sparkle so I stopped trading with FXCM.
  • #23
  • Apr 9, 2016 5:20am Apr 9, 2016 5:20am
Quoting Cubbybgood
At this point I was already setting up an account with OANDA. To cover my bases, I even checked OANDA's rollover rate on 3/31 for the EURJPY. I checked and found multiple resources showing that OANDA's rollover for EURJPY had not been changed since April 2015. A FXCM rep even checked this with me on the phone and found that their rollover had been the same since April 2015 as well. He was surprised. What shocked me was he took this opportunity to start bashing OANDA as a company and why I shouldn't trade there

From one bucketshop to the next. Good luck in your journey of FX!
All posts are my personal opinion
  • #24
  • Apr 9, 2016 6:49am Apr 9, 2016 6:49am
Their rollover charges are much higher than they should be. They also did the same to me not closing trades at tp areas but hitting stops like no tomorrow even though price never actually touched those areas. They also had a practice of gapping through stops over the weekend nailing you with the excess. If it gapped through a pt they would give you exactly the original pt target.

The got fined for that, I also got back money from them for this, but it tells you they are crooks because they have been dishonest in the past.

Most brokers are playing against you, so it is in their interest to take as much money off you as possible. Retail traders have a short life, brokers know this and i doubt most brokers actually put your orders into the market. FXCM also start rejecting your orders especially if you are making money out of them, having withdrawn profits from them, I am now finding that my market orders keep getting requoted even in slow markets. I make the same order on Dukascopy on a live account and the order is filled straight away. If FXCM see you are trying to sell place an order they can requote you knowing they can make half a pip on that order for their own pockets. I also watch the datafeed against Dukascopy (Dukascopy use FXCM data) I can see that the Dukascopy data is far more lively, where as the FXCM trade won't change the Dukascopy identical trade is moving up and down by 1-2 pips. By restricting this movement FXCM stop you scalping.

Depending on the trading you are doing FXCM could be a serious effect on your ability to make a profit.
  • #25
  • Apr 9, 2016 7:34am Apr 9, 2016 7:34am
Use limit orders to get around broker debauchery
  • #26
  • Apr 9, 2016 7:42am Apr 9, 2016 7:42am
Quoting GDR3k
Use limit orders to get around broker debauchery
....Or change brokers altogether.

The moment you have to start "strategizing" how to go around your broker's shortcomings, that's your cue to look for another broker.

Good tip GDR3k
  • #27
  • Apr 9, 2016 10:08am Apr 9, 2016 10:08am
Quoting GDR3k
Use limit orders to get around broker debauchery
hi can you please tell how limit orders can help in such situation? why cant broker play on limit orders?
NO STOP LOSS TRADER
  • #28
  • Apr 9, 2016 11:51am Apr 9, 2016 11:51am
I have made numerous posts in the FXCM thread about their dishonesty.
I just do not understand how traders are still chosing them as their preferred broker.
They are scum to say the least. They are completely focussed on destroying clients accounts. The best part is that they will always argue and come up with the most outrageous excuses possible.
Stay away from this mega crook who has only one thing in mind and that is to trade against its clients!
FXCM's ECN model is a gimmick. They must have the most plugins into their MT4 servers designed to ripp the trader off.
STAY AWAY FROM THEM.
Rubbish is their second name.....
Never Ever Give Up!
  • #29
  • Apr 9, 2016 12:00pm Apr 9, 2016 12:00pm
​FXCM's MT4 servers.
The messy wiring is all the dodgy plugins to destroy accounts.
Attached Image
Never Ever Give Up!
  • #30
  • Apr 9, 2016 4:51pm Apr 9, 2016 4:51pm
Quoting ZeF
{quote} People should have closed their accounts with FXCM the moment they saw Leucadia getting into the scheme of things. Leucadia is a professional money making machine (for their clients). They didn't "bail out" FXCM because they felt like it on 15 January 2015. They did it because they've seen opportunity to make easy money. So they lent to FXCM $300M at double digits % interest over 2 years period, with Legal fees running into $10M. Leucadia gave them another year (until January 2018) on top of their 1/2017 deadline to repay the loan. They're...
To both Cobra and Zef, thanks for this eye opening info

Quoting GDR3k
Use limit orders to get around broker debauchery
To GDR3k, so how do you use those limit orders to prevent these issues?
  • #31
  • Apr 9, 2016 10:02pm Apr 9, 2016 10:02pm
If all this is true I don't know why people still use them as a broker
  • #32
  • Apr 10, 2016 12:01am Apr 10, 2016 12:01am
Quoting loleno
If all this is true I don't know why people still use them as a broker
same question...most people hating on FXCM don't even realise that FXCM are one of the major LPs on the retail space..

noobs quick to blame the broker when they dnt make money...
practising coitus interruptus
  • #33
  • Apr 10, 2016 1:14am Apr 10, 2016 1:14am
Quoting avibe
{quote} same question...most people hating on FXCM don't even realise that FXCM are one of the major LPs on the retail space.. noobs quick to blame the broker when they dnt make money...
since FXCM was fined ( along with a handful of other brokers) in the past for unethical biz practices blaming broker should indeed have valid grounds.
what most noob traders fail to realize that they had been cheated and as direct result lost money; being to noob to know the difference!
there is always, always another trade!!
  • #34
  • Apr 10, 2016 2:36am Apr 10, 2016 2:36am
please make this thread as sticky, otherwise noob traders become prey to FXCM, as already noob traders struggle in forex initially, then these illegal manipulation collapse them all.

Offtopic:
Boycott fxcm ??
  • #35
  • Apr 10, 2016 3:48am Apr 10, 2016 3:48am
I don't think most people are aware that a forex brokerage is obscenely profitable.
The business model is simple:
Turn the customer funds into the company's revenue.
The goal is to make your money become their money.
It works incredibly well. Quarter after quarter after quarter the aggregate customer funds never show a profit. On average, the aggregate loss is equal to the amount of transaction fees extracted from the customer accounts plus profit from betting against perpetual losers.

An amazing phenomenon.
  • #36
  • Apr 10, 2016 5:36am Apr 10, 2016 5:36am
Quoting burfi
please make this thread as sticky, otherwise noob traders become prey to FXCM, as already noob traders struggle in forex initially, then these illegal manipulation collapse them all. Offtopic: Boycott fxcm ??

I know my thread is being watched like a hawk by the moderators. They already changed my title from "I was fleeced by FXCM and have proof" to "I was fleeced by my broker and I have proof."

The moderators obviously don't want my post showing in google results when people search "FXCM". It's to bad because I was hoping traders would find my post in google results as a warning to not use FXCM. Now, this thread may get lost in the shuffle because the title was changed. It shows that FF is scared of FXCM which is unfortunate. Yes, I'm very candid in what I say here but clearly, this is my personal experience at FXCM. Moderators, I would like it if the title was put back to my original "I was fleeced by FXCM and have proof". Can this be done?
  • #37
  • Apr 10, 2016 5:39am Apr 10, 2016 5:39am
I'm also considering taking my case to Forexpeacearmy's trader court. http://www.forexpeacearmy.com/commun...traders-court/

Do you guys think my case is strong enough to do this? It might be worth it even if I lose....
  • #38
  • Apr 10, 2016 6:21am Apr 10, 2016 6:21am
Quoting Cubbybgood
{quote} I know my thread is being watched like a hawk by the moderators. They already changed my title from "I was fleeced by FXCM and have proof" to "I was fleeced by my broker and I have proof." The moderators obviously don't want my post showing in google results when people search "FXCM". It's to bad because I was hoping traders would find my post in google results as a warning to not use FXCM. Now, this thread may get lost in the shuffle because the title was changed. It shows that FF is scared of FXCM which is unfortunate. Yes, I'm very candid...
First, so sorry to hear this happened to yet another trader Cubbybgood. I hope you can find some justice but I'm afraid I wouldn't bank on it.

They not only changed the title so it wouldn't show up in a Google search but, just like when the SNB pulled the peg causing FXBS's latest wows, You won't see any updates to this thread on the FF home page just like the main FXBS page either. You have to actually go to "Forums" to see any updates in the "Broker Discussion" section and that's only IF another hasn't replaced it yet. You also won't see any updates to it below that in the "All Forums / Last Replied" section either.

I wrote many posts in the main FXBS page when they took over my IBFX account. All hell broke loose within the first two weeks and I had so many problems I'd NEVER had with IBFX in the 4+ years I was with them that I quickly removed my funds. The writing was on the wall for me. That was just a couple weeks before the SNB debacle.

I have no proof of course but I've long suspected that FXBS either owns this site completely, or has a very large controlling interest here. Bottom line is FF will do anything and everything to keep the truth about FXBS from anyone looking. Sad but true.

BTW, FXBS? = FX BULLSHIT!

My advice? RUN FOREST RUN!!
Ghost Rider - WWTBMD?
  • #39
  • Apr 10, 2016 6:24am Apr 10, 2016 6:24am
Screen shot of the section I mentioned above taken as soon as I posted the above post. Less than 2 minutes ago. See any signs of here? I think not!
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 56 KB
Ghost Rider - WWTBMD?
  • #40
  • Apr 10, 2016 6:40am Apr 10, 2016 6:40am
Just posting to keep the thread alive.
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