Is my broker cheating me?

[gainer]

I think my broker is cheating me.

If I have $11.13 in my account and I make 10 trades and a profit of $1.86 in the account history window, what should my available equity be?

 

[Pharaoh]

When you had the $11.13, were any trades open? If so, the floating P/L would have changed your equity and it would have kept changing every time price on any open trade went up or down.

If you had $11.13 with no trades open, then opened your 10 trades, paid no commissions or swaps, and then closed all 10 trades wit $1.86 in profit, your new balance should be $12.99.

Post an account statement and that will make it simple to see if the numbers aren't adding up correctly.

 

[gainer]

there was commission so it more or less adds up though it is confusing when one sees two different balances

 

[EURUSD]

Seems still not yet clear your problem, usually broker also charged commission or spread fee, if broker cheating trader might these broker is dealing desk broker, because if trader win hence broker will loss and they will cheating trader with use like as stop loss hunter, spread that wider etc

 

[Pharaoh]

I think gainer may have just shifted from a commission-free broker (a LOT of accounts are set up this way) to a broker that charges commission. This lead to a whole extra column in the report to take into account. That would be a very confusing situation at first.

Now that he's spotted it, life should be a little easier - at least until Triple-swap Wednesdays. If you don't know about that, it can be a very big surprise the first time it happens.

 

[ForexVerified]

I think gainer may have just shifted from a commission-free broker (a LOT of accounts are set up this way) to a broker that charges commission. This lead to a whole extra column in the report to take into account. That would be a very confusing situation at first.

Now that he's spotted it, life should be a little easier - at least until Triple-swap Wednesdays. If you don't know about that, it can be a very big surprise the first time it happens.

And especially if you have open positions in exotic pairs.

 

[Franc]

When you had the $11.13, were any trades open? If so, the floating P/L would have changed your equity and it would have kept changing every time price on any open trade went up or down.

If you had $11.13 with no trades open, then opened your 10 trades, paid no commissions or swaps, and then closed all 10 trades wit $1.86 in profit, your new balance should be $12.99.

Post an account statement and that will make it simple to see if the numbers aren't adding up correctly.

Thanks alot for answering this question the way you did, I was already imagining of big possible answers. Your answer is so professional! Thank you

 

[Froso@FXNET]

Spread and commissions are charges by brokers. there should be no other hidden charges . All things should be clear when a trader joins any broker. He should know how much broker will charge. Good brokers not cheat their clients . They work on terms and conditions.

 

[madi1991]

sincere broker are very rare.

 

[Makenzie Malachi]

You may check again. Because not only you will earn profit but also your broker will charge against your every trade. If you profit is only $1.86 than your broker may charge his commission which minus from your balance. It’s not said cheating. But you should know how much your broker is giving you and what amount of commissions are the keeping from you. Pharaoh has also given a good point. You may also check it.