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Attachments: Reality of FOREX: my experience with brokers + share yours
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Reality of FOREX: my experience with brokers + share yours

  • #221
  • Sep 2, 2016 6:23am Sep 2, 2016 6:23am
Quoting leebsurag
{quote} Even on the flat market? I had same problem with them and mentioned that in one of FF threads.
Could you please provide some more details on this? Like what orders type (pending or market) were you placing / when (news / except news) / and what slippage did you get? I am sorry if I am asking too much, it would be just interesting to compare the data and inform other traders.
Acta non verba
  • #222
  • Sep 2, 2016 6:29am Sep 2, 2016 6:29am
I trade with Oanda and have been with them since 2006. If you understand spreads, and why spread expansion happens, then you will not be hurt. They execute immediately, and they will cut your check when you ask for money.

That said, I do live in a first world country where the internet is good and the power is always on. If a reader does not have those conditions, maybe things might be a little bit different for them.
If you are good at something, never do it for free--Joker
  • #223
  • Sep 2, 2016 2:38pm Sep 2, 2016 2:38pm
Quoting TradingLife
{quote} Hi Drolph, I definitely understand. Contacting the OctaFX rep would not be objective of course For me, based on OctaFXs offering (already mentioned and pasted in the first post) - its quite clear among which brokers does Octa belong. Plus there is also the thread at FF here with scammed traders by Octa.
I was busy so wasnt able to answer or read all the post, but I guess it doesnt make any difference because you have already made up your mind about Octafx, so no issues its your personal view. As per him, if you just read about the thread I was referring to you will realized how much this guy lies and he hides his side of things and tells only what makes his word looks true. I dont either have time to dig deep for all that neither I need to. I dont even want to win against such people as they can go down to any level while I cant and I have far better things to focus on then answering people like him, as per you As I said its your opinion and wont even argue with it.
  • #224
  • Sep 2, 2016 5:40pm Sep 2, 2016 5:40pm
Quoting TradingLife
{quote} I think that dropping FXCM as a liquidity provider could be a good sign and move forward. Based on my information their new liquidity provider should be Intercative Brokers. I've just heard a lot of good experience with ATC from other traders. Is here anyone who has real experience with ATC?
If this is true, than that would be very interesting for ATC as IB is more less dropping retail spot (unless one has 10M account).
  • #225
  • Sep 2, 2016 6:24pm Sep 2, 2016 6:24pm
What're your views on ETX Capital? London based firm. I lost £80k with them, but that happened overnight and I never received any margin call alerts, which was unusual for them, my account manager seemed fishy after it happened too...
Made to trade...
  • #226
  • Sep 3, 2016 5:27am Sep 3, 2016 5:27am
Quoting Fxjm
What're your views on ETX Capital? London based firm. I lost 80k with them, but that happened overnight and I never received any margin call alerts, which was unusual for them, my account manager seemed fishy after it happened too...
You have to post a more detailed post if you want some advice.
MY SITTING, NEVER MY THINKING!
  • #227
  • Sep 3, 2016 5:32am Sep 3, 2016 5:32am
Quoting merrygold
{quote} You have to post a more detailed post if you want some advice.
Basically, I can't understand what else he has to explain. Maybe he meant if someone else had such problem, or if he can try to report them. I haven't tried that broker myself though, I can do a small review or test them out later.
  • #228
  • Sep 3, 2016 5:41am Sep 3, 2016 5:41am
Quoting jmn5611
I trade with Oanda and have been with them since 2006. If you understand spreads, and why spread expansion happens, then you will not be hurt. They execute immediately, and they will cut your check when you ask for money. That said, I do live in a first world country where the internet is good and the power is always on. If a reader does not have those conditions, maybe things might be a little bit different for them.
I agree that spreads can be predicted in some way - simply avoid trading news. Oanda is a trustworthy in a matter of processing withdrawals, but their trading conditions / technologies are very poor based on my experience / opinion. You can also see a lot of posts with unsatisfied traders at FF here or here. Of course, a lot of traders burn accounts because of their own faults. But the fact is that there are a lot of scamming or poor-quality brokers and Oanda is one of the low quality brokers.
Acta non verba
  • #229
  • Sep 3, 2016 5:48am Sep 3, 2016 5:48am
Quoting Fedricks
{quote} I was busy so wasnt able to answer or read all the post, but I guess it doesnt make any difference because you have already made up your mind about Octafx, so no issues its your personal view. As per him, if you just read about the thread I was referring to you will realized how much this guy lies and he hides his side of things and tells only what makes his word looks true. I dont either have time to dig deep for all that neither I need to. I dont even want to win against such people as they can go down to any level while I cant and I have...
Hi Fedricks, I absolutely understand your thoughts. But frankly, they are far from a professional broker. Their registration in St. Vincent and the Grenadines also doesn't bring any more trust. As I already wrote here and provided links, there are the threads at FF that are proving that Octa tries to do dirty practices or closes profitable accounts. Simply do the research or choose some high-quality broker from the first post and compare your real results between various brokers and you will see the difference in real results very clearly.
Acta non verba
  • #230
  • Sep 3, 2016 5:57am Sep 3, 2016 5:57am
Quoting nonlinear
{quote} If this is true, than that would be very interesting for ATC as IB is more less dropping retail spot (unless one has 10M account).
Yep, we'll see - I am watching ATC closely for a longer time and they had some issues, also I didn't like them that much due to their connection to FXCM, but still I consider ATC to be one of the better choices, maybe now with IB they could become one of the best for US traders. But we'll see.
Acta non verba
  • #231
  • Sep 3, 2016 6:53am Sep 3, 2016 6:53am
Quoting Fxjm
What're your views on ETX Capital? London based firm. I lost 80k with them, but that happened overnight and I never received any margin call alerts, which was unusual for them, my account manager seemed fishy after it happened too...
Well I probably found what happens when you start making profits with ETX.

Inserted Video


ETX offers binary options - this is not the real market, it's just for scamming traders. Also it's another broker who offers $600 per new client to their IBs and this is always pretty suspicious. If you do some research like "ETX capital scam" through Google you will see some more forum threads with scammed traders by ETX.

I would definitely recommend you to read mainly the first post of this thread and choose some higher quality / more fair / reputable broker.

By the way - if possible - you could provide more information here how did you trade / maybe provide some report of executed trades / did you spot any dirty practices by ETX? Also did they call you aggressively or recommend you to open orders? You said that it happened overnight - how? I am just asking because I saw that some traders were successful with the suspicious brokers when they complained at appropriate regulators.
Acta non verba
  • #232
  • Sep 3, 2016 7:06am Sep 3, 2016 7:06am
Hello guys
anyone can suggest me a good broker for the amount between 5k to 10k
i need one with e-wallets option, all the Brokers in first page doesn't have that option.
  • #233
  • Sep 3, 2016 7:35am Sep 3, 2016 7:35am
Quoting TradingLife
{quote} Well I probably found what happens when you start making profits with ETX..
this is a full scam and fraud, please file a formal complaint to the FCA against ETX
the more scammers are filed and hopefully banned, the more chances the retail trading industry has of allowing only honest and fair brokers to survive
  • #234
  • Sep 3, 2016 8:42am Sep 3, 2016 8:42am
Quoting Noorx
{quote} Basically, I can't understand what else he has to explain. Maybe he meant if someone else had such problem, or if he can try to report them. I haven't tried that broker myself though, I can do a small review or test them out later.
1. Post a chart where the 80k where lost?
2. What lotsize vs account size?

Thats the main details i wanted to know from the guy. - A 80k loss doesnt necessary need to be a margin call, if the account is big enough.

I can see that some of the last posters claiming the company to be a scam - I cant argue with that since i dont know & have done research on the spoken company.
MY SITTING, NEVER MY THINKING!
  • #235
  • Edited 9:28am Sep 3, 2016 9:09am | Edited 9:28am
Regarding ETX Capial , I followed this thread http://www.forexpeacearmy.com/commun...s.44970/page-4
You can see lot of mixed issues. If you ask FCA there is no positive replay relating to facts of stealing profits complaints posted on different forum and social media like FB etc. I found similar issue with LCG . Both of these company have tricky practice.(Interestingly both are listed on LSE) It's sure your main capital is protected with FCA regulated brokers but profit isn't protected . At least be Happy with that.

This drama will continue. Some of Canada and USA people will always vote for safety of funds , regulations etc etc , is there anyone to fly and sit with FCA /CFTC with such issues? , any uncle,Dad, Dad in Law working with Forex Government Body to come and help Retail traders? Any lawyer who'll fight cases for victimized traders for free? (free or charge 1% of money after money recovery) .Answer probably or definately NO. Who'll fight for $500 and pay 1500$ lawyer fees? If you located nearby FCA office then okay otherwise conducting legal battle from erstwhile location is difficult or somewhat impossible task. In such cases broker target to wipe off capital of Non-Uk based traders mostly.

Most of brokers like Crude oil . We need to extract petroleum products in our own refinery.

Quoting Fxjm
What're your views on ETX Capital? London based firm. I lost 80k with them, but that happened overnight and I never received any margin call alerts, which was unusual for them, my account manager seemed fishy after it happened too...
You lost 80k pound You came and post like you lost 10$ . Isn't 80k good amount to loose and what was you doing ? You need to post documentary evidence to claim such thing or any relevant link to establish it.
Never Gamble Forex
  • #236
  • Sep 3, 2016 9:22am Sep 3, 2016 9:22am
Quoting TradingLife
{quote} Yep, we'll see - I am watching ATC closely for a longer time and they had some issues, also I didn't like them that much due to their connection to FXCM, but still I consider ATC to be one of the better choices, maybe now with IB they could become one of the best for US traders. But we'll see.
If ATC does make it back, they will be closely regulated, which is a good thing. Plus, I doubt they allow non-FIFO and hedging: https://smnweekly.com/2016/07/04/atc...l-requirement/
  • #237
  • Sep 3, 2016 9:27am Sep 3, 2016 9:27am
Quoting yesyoucan
Regarding ETX Capital.
have you seen this video ?

Inserted Video
  • #238
  • Sep 3, 2016 9:29am Sep 3, 2016 9:29am
Thanks for the replies, interesting reads. My account size was £115k, please don't criticise my trading techniques, I have a relatively large drawdown but my trading strategy works.
I tried to set SL however this was on my phone and the request just kept processing. I'll try and find the journal on Mt4 when I'm next in the office. I woke up and saw that they automatically closed 4 trades which equated to £80k, the markets then moved in my direction as expected, but my trades had already been closed, normally I receive a call from them, but as it was quite late at night I didn't receive anything. But I didn't even receive an email with a margin call alert. My account manager in the morning seemed quite apologetic but after that he wasn't his normal self, I placed the trades, partially I take responsibility.
This isn't the only issue I've had with them, on the night of brexit after the Sunderland results came through, sterling dropped, and followed the drop and saw my account was in £60k profit, closed the trade and I only got £2.5k profit, when I spoke to my account manager in the morning he said that 'that was the best price we could get you out due to the volatility of the market'... Does that sound odd? My profits were clear, there's no way the buyers would've created a 2000+ pip movement at the time of closing my trade. He apologised and offered me a bottle of jack Daniels.... This is no joke.

I have made a complaint and my account manager finally passed it to the executives after about a week of trying to sort the issues out for me, and I received an email saying it'll take 6 weeks to resolve the complaint, and THEN I'm allowed to contact the FCA if I'm unhappy with the resolution. What should I do? Can I potentially get compensation for this? It's caused me a large amount of stress and has affected my trading style, I had to take a break for a couple of weeks...
Made to trade...
  • #239
  • Sep 3, 2016 9:50am Sep 3, 2016 9:50am
Quoting MXT
{quote} have you seen this video ? https://www.youtube.com/watch?v=uMYxrYC2hNg
Yes Bro. Go through my earlier post. I mentioned link and get everything about it. This issue is old and posted around 2014 I seen. You can find funny terms and conditions and some reason of wiping off profits and closing accounts. I understand ETX Capital will not allow you to scalp or news trade and your trade opening and closing should be greater than 2 mins what I seen. But what I seen most of complaints related with scalping, news trading and Bonus returns.

You can find a thread where a FF Fellow(haniam) made huge profits from
http://www.forexfactory.com/showthread.php?p=8812035

So here Caser Trade later convicted Scam and well done haniam for such incredible scalping(or HFT) . But bro if you profit this way which broker will survive?
If You were broker what you'd do ? So lot of issues bro. You can't emphasis everything at a same cluster.

So reboot your mind . Trade with capital which you can afford to loose. Don't dump much capital with single broker, maneuver capital risk , trade technically enjoy some profit , that's all. You can't be too safe anywhere.
Never Gamble Forex
  • #240
  • Sep 3, 2016 10:22pm Sep 3, 2016 10:22pm
Quoting Fxjm
Thanks for the replies, interesting reads. My account size was 115k, please don't criticise my trading techniques, I have a relatively large drawdown but my trading strategy works. I tried to set SL however this was on my phone and the request just kept processing. I'll try and find the journal on Mt4 when I'm next in the office. I woke up and saw that they automatically closed 4 trades which equated to 80k, the markets then moved in my direction as expected, but my trades had already been closed, normally I receive a call from them, but as it was...
I think if your gut says something is fishy I suggest you go with your instincts. I am sure there are more transparent brokers who will appreciate your business.
From what I read you are not at all happy with them. And 80K will buy you a warehouse of JDs.
You may want to continue your investigations but it will just be a waste of your time.
Live life king size !
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