Hi, I'm from Singapore.
This broker called City Index Asia Pte Ltd is regulated in Singapore, and they claimed to be a inter-dealer broker. Can ayone here advise what does this mean?
My trading experience with them has been like repeated nightmares. Let me share them here. After hearing my sharing, can someone kindly recommend a reliable and honest broker that accepts accounts from Singapore, and allowing to-and-fro fund transfers with Credit card or PayPal, but without all the dirty tricks like City Index Asia Pte Ltd practises.
My daughter funded her accounts with City Index (who bought over FX Solutions) for me to trade, and I encountered the following :
City Index misrepresented that their retail FX prices are fair and transparent, and that they charged only a fixed deal spread. They also misrepresented that they have expert staff to offer professional services, but chose not to answer my question which is vital and relevant in influencing my trading decisions. Their managers are also unaware of certain very important available functions in their own trading platform, which are relevant and useful to clients' trading decisions - example trading volume. They chose not to tell me what the units in the volume column stands for ( 1 for one mini or standard or? ) despite repeated reminders for an answer since almost 2 months ago.
However, my findings show that they are reaping their clients off via the following unscrupulous methods:
1. Repeated and frequent slippages that can add up their clients' trading costs by as high as an additional 100 pips more per lot per trade!
2. Even when no slippages occurred, the actual price captured in a client's statement is often a few pips more than what appeared on the screen when a trade is executed.
3. Their dealers entered my open positions and exited them without my instructions. Initially they denied doing so, but eventually offered to compensate me with a few thousand dollars as settlement, but I didn't accept because they cheated me many folds more.
4. They have dealers to trade against me.
5. They fixed off-market prices by as high 152 pips, when at that identical time a check with two other brokers' platforms showed no price gaps at all.
6. They manipulated prices to STOP out trades that have STOP LOSS level set, even as far away as over 100 pips!
7. They manipulated indicators that traders usually relied upon, to trick them into entering trades in the wrong direction.
I have documented my findings/report wich is downloadable from :
www.pchenxu.addr.com/ci/Findings_CityIndex.pdf
Thanks very much.
Sincerely, Pierre
This broker called City Index Asia Pte Ltd is regulated in Singapore, and they claimed to be a inter-dealer broker. Can ayone here advise what does this mean?
My trading experience with them has been like repeated nightmares. Let me share them here. After hearing my sharing, can someone kindly recommend a reliable and honest broker that accepts accounts from Singapore, and allowing to-and-fro fund transfers with Credit card or PayPal, but without all the dirty tricks like City Index Asia Pte Ltd practises.
My daughter funded her accounts with City Index (who bought over FX Solutions) for me to trade, and I encountered the following :
City Index misrepresented that their retail FX prices are fair and transparent, and that they charged only a fixed deal spread. They also misrepresented that they have expert staff to offer professional services, but chose not to answer my question which is vital and relevant in influencing my trading decisions. Their managers are also unaware of certain very important available functions in their own trading platform, which are relevant and useful to clients' trading decisions - example trading volume. They chose not to tell me what the units in the volume column stands for ( 1 for one mini or standard or? ) despite repeated reminders for an answer since almost 2 months ago.
However, my findings show that they are reaping their clients off via the following unscrupulous methods:
1. Repeated and frequent slippages that can add up their clients' trading costs by as high as an additional 100 pips more per lot per trade!
2. Even when no slippages occurred, the actual price captured in a client's statement is often a few pips more than what appeared on the screen when a trade is executed.
3. Their dealers entered my open positions and exited them without my instructions. Initially they denied doing so, but eventually offered to compensate me with a few thousand dollars as settlement, but I didn't accept because they cheated me many folds more.
4. They have dealers to trade against me.
5. They fixed off-market prices by as high 152 pips, when at that identical time a check with two other brokers' platforms showed no price gaps at all.
6. They manipulated prices to STOP out trades that have STOP LOSS level set, even as far away as over 100 pips!
7. They manipulated indicators that traders usually relied upon, to trick them into entering trades in the wrong direction.
I have documented my findings/report wich is downloadable from :
www.pchenxu.addr.com/ci/Findings_CityIndex.pdf
Thanks very much.
Sincerely, Pierre
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