I was fleeced by my broker and I have proof! | Page 3 | Forex Factory

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I was fleeced by my broker and I have proof!

  • #41
  • Apr 10, 2016 6:49am Apr 10, 2016 6:49am
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...
They do this all the time.
They did it with the guy who got scammed by forex.com as well and posted here.

Money talks my friend
  • #42
  • Apr 10, 2016 6:54am Apr 10, 2016 6:54am
Quoting mrhigurashi
Just posting to keep the thread alive.
Totally !!!!
  • #43
  • Apr 10, 2016 6:59am Apr 10, 2016 6:59am
Quoting Cubbybgood
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....
You should give it a go.
  • #44
  • Apr 10, 2016 7:49am Apr 10, 2016 7:49am
Quoting Cubbybgood
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....
Good thought.
Give it a try.
When the going gets tough , the tough get going
  • #45
  • Apr 10, 2016 7:49am Apr 10, 2016 7:49am
Is the broker hurt financially when traders make money trading ??

A casino is hurt when players win money!!
  • #46
  • Apr 10, 2016 7:53am Apr 10, 2016 7:53am
Quoting maxwell-eqtn
Is the broker hurt financially when traders make money trading ?? A casino is hurt when players win money!!
If it is a market maker then certainly they brokers get hurt when traders make money.
If it is ECN/NDD/STP then they should not get hurt and instead should be happy that clients making profit will trade more in terms of trade lots and quantity of trades.
This will give more earnings to the brokers.
When the going gets tough , the tough get going
  • #47
  • Apr 10, 2016 8:06am Apr 10, 2016 8:06am
Thanks for the support guys. I may take this to traders court next week. See what happens. FXCM would obviously fight it. They will probably just end up paying me the $34 they owe me for the rollover fee. I'm going to try to get them for a faulty price feed and suspicious rollover fee hikes. Keep you guys posted if I do this.
  • #48
  • Apr 10, 2016 8:16am Apr 10, 2016 8:16am
Quoting Stubborn
{quote} If it is a market maker then certainly they brokers get hurt when traders make money. If it is ECN/NDD/STP then they should not get hurt and instead should be happy that clients making profit will trade more in terms of trade lots and quantity of trades. This will give more earnings to the brokers.
Even if ECN, as high percentage of traders eventually become loser, many ecn brokers go hybrid model and make addional income by putting weak traders into B book (market making). This model is very popular as it's very profitable. They use some sort of algorithm to seperate winers and losers. Still, they are called ecn, stp,.. Etc.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #49
  • Apr 10, 2016 8:19am Apr 10, 2016 8:19am
Quoting Stubborn
{quote} If it is a market maker then certainly they brokers get hurt when traders make money. If it is ECN/NDD/STP then they should not get hurt and instead should be happy that clients making profit will trade more in terms of trade lots and quantity of trades. This will give more earnings to the brokers.
I feel that most brokers are market makers even if they say they are not. It's so hard for us traders to REALLY know what they are doing behind the scenes.

How I see it...Just my opinion...

Brokers build their business model on 90-95% of traders losing. Brokers bet on more money coming in then going out. It would be smart for them to do this as it makes complete sense. In the end, the broker profits off the trader losing. Most of the time, they don't need to manipulate or mess with the trader in order for the majority to lose. A forex broker to me is just a glorified casino.
  • #50
  • Apr 10, 2016 8:28am Apr 10, 2016 8:28am
Quoting Cubbybgood
{quote} I feel that most brokers are market makers even if they say they are not. It's so hard for us traders to REALLY know what they are doing behind the scenes. How I see it...Just my opinion... Brokers build their business model on 90-95% of traders losing. Brokers bet on more money coming in then going out. It would be smart for them to do this as it makes complete sense. In the end, the broker profits off the trader losing. Most of the time, they don't need to manipulate or mess with the trader in order for the majority to lose. A forex broker...
Why don't you try Futures instead.... As your capital is over 10k, you can make an account at Interactive Brokers.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #51
  • Apr 10, 2016 8:37am Apr 10, 2016 8:37am
Quoting heispark
{quote} Why don't you try Futures instead.... As your capital is over 10k, you can make an account at Interactive Brokers.

I actually know very little about Futures but have been considering expanding my horizons by learning more about stocks and Futures though. Any decent sources for futures?

My knowledge is in forex though. Been profitable for over 12 months. I feel I should keep going as long as I find a decent broker. I know I can't find a perfect broker. Just want something that's passable. My options as a US resident or so few. I'm hoping my stay at OANDA is ok. I've already taken 2 trades with them so far. Haven't noticed anything strange....yet.
  • #52
  • Apr 10, 2016 8:44am Apr 10, 2016 8:44am
Quoting albchr
{quote} 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...
You have hit the nail on its head!
I remember in the days when Merlin was still active here how he complained when traders were mentioning the criminal brokers. He hated it because the traders were basically ruining his business as these very criminals were advertising their services here on FF.
The advertisers (brokers) will most certainly try to manipulate what is been published about them here. They (brokers) are threatening the owners of FF to withdraw their adverts when threads like these arises.

The ONLY reason why people are trading with FXCM is:

  1. it is a "listed" company and are therefore seen as stable enough to entrust them with their money
  2. That it is the biggest FX company and one of the "oldest"
  3. They are running a huge advertising campaign at any given time
  4. They WILL return your funds or profits( if any) without issues and very quick

What they do not realize is that FXCM is the masters on:

  1. Slippage
  2. Widening spreads
  3. Not updating price regularly even when price moves. This is to discourage scalpers.
  4. Requotes,requotes and more requotes...

Although they have some of the lowest spreads advertised it does not benifit traders due to their multiple broker tricks.
They have mastered the skills of luring in new traders and then emptying those accounts gradually and actually make you as the trader feel that it is all your fault and never because of their criminal activities .
If FXCM ( and other similar brokers) can be investigated trade by trade they would have been out of business many years ago. The FSCA cannot do intensive investigations as they simply do not have the manpower to do so. If they could many of these criminals would be out of business.
This industry is NOT properly regulated. Too many liquidity providers with too many different broker feeds.

Never Ever Give Up!
  • #53
  • Apr 10, 2016 8:47am Apr 10, 2016 8:47am
Quoting Cubbybgood
{quote} I actually know very little about Futures but have been considering expanding my horizons by learning more about stocks and Futures though. Any decent sources for futures? My knowledge is in forex though. Been profitable for over 12 months. I feel I should keep going as long as I find a decent broker. I know I can't find a perfect broker. Just want something that's passable. My options as a US resident or so few. I'm hoping my stay at OANDA is ok. I've already taken 2 trades with them so far. Haven't noticed anything strange....yet.
http://www.forexpeacearmy.com/commun...-market.14300/
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #54
  • Apr 10, 2016 8:57am Apr 10, 2016 8:57am
Quoting Cubbybgood
This is my story of how I ended up with an account at FXCM and why I only stayed for 2 weeks. At the end of 2 weeks and numerous calls with at least 5 different FXCM support members, I ended up withdrawing my entire $12,142.98 in panic. I know starting this thread will upset FXCM. They may even write in or try to get this thread removed. They will make excuses and fight to disagree with my story. This message/thread is to warn those who have accounts at FXCM or are considering using them. My hope is that I can expose these crooks for their unethical...
I had this exact same problem on the first and last day with this shocking broker... never had any problems with any other broker... constantly received the error message "off quotes" blah blah, rang up and they blabbed about slippage and whatever, i received about 15 of these messages in about 1 minute, lost quite a few pips over the course of the day that closed on mirrored trades with other brokers straight away with no problems. Shocking
  • #55
  • Apr 10, 2016 9:02am Apr 10, 2016 9:02am
Quoting heispark
{quote} Even if ECN, as high percentage of traders eventually become loser, many ecn brokers go hybrid model and make addional income by putting weak traders into B book (market making). This model is very popular as it's very profitable. They use some sort of algorithm to seperate winers and losers. Still, they are called ecn, stp,.. Etc.
You may be absolutely right on this.
There is no transparency in the trading we do.
When the going gets tough , the tough get going
  • #56
  • Apr 10, 2016 9:03am Apr 10, 2016 9:03am
Quoting Cubbybgood
{quote} I feel that most brokers are market makers even if they say they are not. It's so hard for us traders to REALLY know what they are doing behind the scenes. How I see it...Just my opinion... Brokers build their business model on 90-95% of traders losing. Brokers bet on more money coming in then going out. It would be smart for them to do this as it makes complete sense. In the end, the broker profits off the trader losing. Most of the time, they don't need to manipulate or mess with the trader in order for the majority to lose. A forex broker...
I get your point of view.
To some extent I also agree on this.
When the going gets tough , the tough get going
  • #57
  • Apr 10, 2016 11:10am Apr 10, 2016 11:10am
Quoting Stubborn
{quote} You may be absolutely right on this. There is no transparency in the trading we do.
oh God ................. whether this indicates that the forex business, there has been a crime shrouded in a gang that carried out by the broker. And what it means to be a regulation ...........
  • #58
  • Apr 10, 2016 11:21am Apr 10, 2016 11:21am
Quoting Cobra
{quote} The ONLY reason why people are trading with FXCM is: it is a "listed" company and are therefore seen as stable enough to entrust them with their money That it is the biggest FX company and one of the "oldest".
That don't mean much if one actually has the interest to look into EDGAR to see how their books are running.With their laughable $60M market cap, they're running on -4000% RAE and -200% operating income QoQ. So it's a no brainer to NOT give money to a company which delivers that kind of performance.
By contrast, IB has a $14BN market cap and above 25% operating income. Now that's a freaking company.

What is interesting to me is how did OP actually took the decision of depositing with them? It don't take a lot of googling to see that - this company is in distress, they've got huge debt and they're continuously operating in deficit. Now if that ain't enough reason to stay clear, then there's the myriad of complaints - be they true or false - on FPA, etc.

And then there's the facts, that the broker hasn't actually done anything grave, worth taking them to court (insider trading, running ponzi schemes, etc.). They just rip off some noobs off of spread and slight price manipulation. Put that into hundreds of thousands, there's a hefty profit. But if OP goes to court, the judge will ridicule the $34 ripoff, and that's exactly what the broker is counting on.

I'd do exactly the same thing if I had their infrastructure and I wouldn't feel sorry one second for all the noobs that I stiffed.

Not sure if OP will get anywhere with this I'm afraid. ATB though.
@OP - you went from one market maker to another market maker. You expect things to change? Doing the same thing while expecting different results - is nothing short of...

As for the S H I T H O L E that is Forex Factory, probably half the active accounts are run by FF staff, and definitely all the troll accounts are run by them as well. The other half are stupid ignorant boys in their teens and 20's using their mom's credit cards.
Best regards, Zef
  • #59
  • Apr 10, 2016 11:54am Apr 10, 2016 11:54am
Quoting Cobra
{quote} You have hit the nail on its head!
That's (one of the things) a master carpenter does best.
Quoting ZeF
{quote} As for the S H I T H O L E that is Forex Factory, probably half the active accounts are run by FF staff, and definitely all the troll accounts are run by them as well. The other half are stupid ignorant boys in their teens and 20's using their mom's credit cards.
Just .... .... (clicks, clicks, clicks) = traffic = advert $$$

You guys (with your entire posts of course) have just become two of my favorite common sense members!

Ghost Rider - WWTBMD?
  • #60
  • Apr 10, 2016 11:58am Apr 10, 2016 11:58am
Tin foils hat here, get your tin foil hats.
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