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

  • #81
  • Feb 2, 2017 3:24am Feb 2, 2017 3:24am
Well guys that’s an awesome read. I have read every single post and should say learned a lot about the game. If you know who you dealing with you can get better prepared. Now I see why all those binary options brokers offer such great profits, it always sounded too catchy for me.
  • #82
  • Feb 2, 2017 4:12am Feb 2, 2017 4:12am
Quoting DwainUK
Well guys thats an awesome read. I have read every single post and should say learned a lot about the game. If you know who you dealing with you can get better prepared. Now I see why all those binary options brokers offer such great profits, it always sounded too catchy for me.

On a cfd broker you have profit per pip - 1 lot on buy for example is 10 usd profit/loss. A binary options broker offers something like 70% guaranteed return in one minute up to a few hours if you are even up BY ONE PIP from the open price... C'mon that's slot machines for me...
  • #83
  • Edited 7:16am Feb 2, 2017 4:39am | Edited 7:16am
Quoting Mingary
Why do people say brokers steal traders no matter what? They do it because they can. It would be very naive to think they don't have weekly meetings to devise the best ways to get the most money out of their customers. I know this is a fact because OANDA just screwed with my account. I am filing a complaint.

Hi Mingary,

People say that brokers steal either because they are trading without enough knowledge or the brokers are market makers/b book.

Either way from what I know Oanda is about copy trading right? Correct me if I am wrong please. I am trading with a broker - a book - that allows me to see in real time the traders profiles, their stats, history and so on. This way I know if a guy has say 80% accuracy I can negotiate with him what percentage he will have from how much he is making for me. If he is losing my money he will not get any commission from what we negotiated until he will make my money back plus I have full control over the sl/tp and closing the trade. Also I can message him and so on so it's not like an mt4 or 5 where I only see the trades and charts...

I am not kissing the broker's a^^ but i'm just saying, if you copy someone he should put his money where his mouth is. What I find most disturbing is the fact that with most brokers with copy trading you don't know if the guy you are copying has a demo account or not...
  • #84
  • Mar 11, 2017 3:45pm Mar 11, 2017 3:45pm
Why do people say brokers steal from traders no matter what?

Technically: Well they have commissions/spreads.. what else would pay their salaries?

As a trader: Because they have not taken full responsibility of their trading yet.
  • #85
  • Mar 11, 2017 8:03pm Mar 11, 2017 8:03pm
Because the house always wins.
Vtayha7788 has suspended me and Twee is missing!!!
  • #86
  • Mar 24, 2017 12:16am Mar 24, 2017 12:16am
Because they have nothing else to say... So broker is the easy way to say that they steal money.
  • #87
  • Mar 24, 2017 5:58am Mar 24, 2017 5:58am
Not sure which broker is stealing money from traders.. better to go with those broker that have repute in the market and that's it!
  • #88
  • Apr 3, 2017 6:42am Apr 3, 2017 6:42am
The simplest answer here is that people are right. Brokers are often dishonest with their clients. Not all of them, but enough of them to make general bad impression on the trading community. The European Securities and Markets Authority (ESMA) recently released the number of financial consumer complaints filed in the first half of 2016 with European National Competent Authorities (NCAs) and that number has grown to 7,026, or up by 36.4% from the previous six months. The majority of those complaints were focused on order execution, lack of proper information and brokers working without a license.
  • #89
  • Apr 3, 2017 9:16am Apr 3, 2017 9:16am
Traders can say brokers steal when they engage in spread widening. This usually happens during moments of high volatility. The broker can fail to allocate your position, even if it is fully updated, at the figure it quotes, & the broker saves himself by employing a wider spread than usual on the client. Nothing absolutely can really stop the broker from requiring a wider spread to gain profit from the client. If brokers can do this, it is stealing and there is little you can do to stop them.
  • #90
  • Apr 3, 2017 10:49am Apr 3, 2017 10:49am
I think we should find another word for what brokers does coz as far as I am concerned they cannot steal on an OTC market if you don't like their price and transaction quality then move on. They are only cheating if they don't execute your order. When you think you are loosing for real you are actually trading on demo. If they are not located well regulated countries then you have a chance to trade with one of them.

Apart from that, f you are blaming spreads for your loss think again may be you are just trying to find an easy way out

Plus how people complain when they are using such huge leverages. I mean you can trade 400 times of what you own no one asks why or if it is right but they are asking why our brokers cheatin on us?
  • #91
  • Apr 3, 2017 5:12pm Apr 3, 2017 5:12pm
I think people have to remember that all Brokers are a Business which means they need to be making profits.

Unfortunately the majority of those profits will come at the Traders who use their platforms expense.

in my opinion, looking at it as Brokers stealing from Traders is not the correct way to approach it.

They provide you a service and in exchange take commission off your wins/losses or whatever other charges. but if you are a profitable Trader, these
fees are generally not outrageous, they will be in line with the amount of units you trade with in most cases.


Being margin called is not really stealing. if you have allowed yourself to lose a trade without closing it to the point where you are near broke. it really is in your best interest to have it closed for you. In most cases, you should not be in a trade with such a deficit and hoping it turns back and goes in your favor, or you should not have been trading with that unit size at your current balance.
  • #92
  • Apr 4, 2017 8:53am Apr 4, 2017 8:53am
Brokers have a lot of trading conditions to get the money from you, but if it whould be so scamy nobdy trade on Forex.
  • #93
  • Apr 5, 2017 6:45am Apr 5, 2017 6:45am
Broker is happy when you lose your whole account because all the money goes into their pocket, what people say that brokers live off commisions on a trade is a lie. If you start winning, the broker will make damn sure you don't keep winning for much longer.
  • #94
  • Apr 12, 2017 7:08am Apr 12, 2017 7:08am
I think, disbelieving in Forex most of all, because of people get loses at the start once and after that they give up to improve their trading skills.
Every trader get looses at the start and sometimes it happens for a long time. Traders lose hundreds and thousands dollars, but if Forex whould be the scam it would have died long ago.
  • #95
  • Apr 12, 2017 8:15am Apr 12, 2017 8:15am
Hi there,
the ultimate goal is to keep the traders as long as possible.
Sometimes the rollover and spread charges may overexceed the initial investment.
as you just saw almost everyone is making a loss in the beginning.
losing all of your investment - yes, the broker gets your money to their pocket,
however mostly make money from charges long term.
And where the spread is higher more taxes they get.
Regards,
  • #96
  • May 16, 2017 9:28am May 16, 2017 9:28am
I read what you wrote here about spreads (fixed and variable)... What came to my mind is, what you think, which spreads are better, fixed or variable? And also, what is more important, to have better spreads, or better execution (platform)?
  • #97
  • May 17, 2017 11:45am May 17, 2017 11:45am
Quoting PowerTrade
Hi, I would really like to know this, because... What I understand now, is that brokers don't care either you win or lose, they just charge you comissions, they're just in the middle of the chain, the ones who lose and win are the buyers and sellers. So why do some people say that brokers steal money from the traders? I know some of them over charge ammounts, for this and that, I don't care about that, people should realize, I'm talking specifically about "trading". So, how could brokers could benefit from you losing all your balance? I think that's...
I know these kind of people are losers and they scape goat any one for their loss. If their strategy brings pips >10pips, then the spread should be irrelevant.
This is not investment/trading advise. Will not hold accountable for loss
  • #98
  • Last Post: Jul 17, 2017 7:25am Jul 17, 2017 7:25am
It’s not always true! But unfortunately, there have so many market maker Forex traders who are providing such a bad service! By the way, I am sure which brokers regulated they are transparent to use! So, traders need to work with only regulated Forex broker.
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