Pharaoh
Brigadier General
- Messages
- 20,324
Two more items to promote caution:
1. The domain was only registered on December 23rd, 2013.
2. The link to their stats here - fx-trading-account.com/performance-record.html
Points to here - fxstat.com/performances/view/27312 - which is unavailable
They do have a functional link to here - mt4i.com/users/fta
Statement appears to be well over a year old, but the domain is much younger. History of orders is disabled. This means that you have no way to know if they really use SL or not.
Can an account manager scam you if they aren't your IB? Yes. Being an IB means they can churn for commissions, but that's not the only way to ruin your account.
There are 2 primary methods to getting wiped out by an account manager when you have your own account at a broker.
1. Human error. This happens with account managers and signals providers. They get on a winning streak and get over-confident. Alternatively, they hit a losing streak and start breaking all their rules to win it back. Either of these can lead to a call from Mr. Margin.
2. Split accounts into 2 groups. Group A gets heavy trades in one direction. Group B gets heavy trades in the opposite direction. When the market moves, one group gets big profits (and pays a percent of profit to the account managers) and group 2 takes heavy losses. People leaving 5 star reviews are convinced that all the low ratings are from competitors. People leaving 1 star reviews are convinced that all the good reviews are placed by the company itself. The winning group is encouraged to recruit new members. Then another A-B split is done and the process repeats.
1. The domain was only registered on December 23rd, 2013.
2. The link to their stats here - fx-trading-account.com/performance-record.html
Points to here - fxstat.com/performances/view/27312 - which is unavailable
They do have a functional link to here - mt4i.com/users/fta
Statement appears to be well over a year old, but the domain is much younger. History of orders is disabled. This means that you have no way to know if they really use SL or not.
Can an account manager scam you if they aren't your IB? Yes. Being an IB means they can churn for commissions, but that's not the only way to ruin your account.
There are 2 primary methods to getting wiped out by an account manager when you have your own account at a broker.
1. Human error. This happens with account managers and signals providers. They get on a winning streak and get over-confident. Alternatively, they hit a losing streak and start breaking all their rules to win it back. Either of these can lead to a call from Mr. Margin.
2. Split accounts into 2 groups. Group A gets heavy trades in one direction. Group B gets heavy trades in the opposite direction. When the market moves, one group gets big profits (and pays a percent of profit to the account managers) and group 2 takes heavy losses. People leaving 5 star reviews are convinced that all the low ratings are from competitors. People leaving 1 star reviews are convinced that all the good reviews are placed by the company itself. The winning group is encouraged to recruit new members. Then another A-B split is done and the process repeats.