forex.com concerns

londonbridge · (#1 (**permalink**))

Hey guys, complete newb here now admitting he got a little cocky.

I did lots of studying, reading, practicing on demo accounts, but I guess that just wasn't enough, maybe after about another year or two of studying on my free time, I'll finally be ready to trade live.

But that's not my issue right now. The thing is, I opened up an account with forex.com, lost money, yeah, yeah, blah blah. So I figure I'm not ready for live trading yet. My major concern is what other people think of this site.

Should I be worried that I won't be able to close-out my account and get what little I have lift? that they'll make it a pain for me?

Does anybody know if they're unscrupulous to the point that they'll take my credit card information (that's how I transferred funds) and make unauthorized charges?

How worried should I be?

Any help would be appreciated

ernest8fingers · (#2 (**permalink**))

They were my 1st Broker. I am in the red about 300 bucks with this Broker. I bailed on them after about 6 months and requested my remaining balance($50) be sent by chk to my house. Instead, they tried to deposit it in to a closed out Bank account. 4 months later (according to them it was in "limbo"-BS! I called my Bank[now my ex-Bank] and they said it would be impossible for them to deposit money into a "closed" account!) So 4 months go by(I had written it off by this time) and something pissed me off enough to try again to get my money. After another 2 weeks of runaround I finally recieved my money. All that crap for a lousy 50 dollars. By then I wasnt even their customer anymore. This is not a client friendly Broker. Hell,this isnt even a Brokerage. More like a FOREX bad joke! This is just my Withdrawal experience. I havent even touched on other issues with this company.Does that answer any lingering concerns?Gooood luck!

londonbridge · (#3 (**permalink**))

hot dang, guess I'd better bail out fast and hope for the best. Thanks man, guess I'll take this hiatus from forex to do some research and temper that youthful arrogance and impatience I had that got me into this mess in the first place.

Do you think I should go as far as to change my debit card number though? just to be safe?

ernest8fingers · (#4 (**permalink**))

Quote:

Originally Posted by londonbridge

hot dang, guess I'd better bail out fast and hope for the best. Thanks man, guess I'll take this hiatus from forex to do some research and temper that youthful arrogance and impatience I had that got me into this mess in the first place.

Do you think I should go as far as to change my debit card number though? just to be safe?

I dont think thats necessary . I would open a "dedicated" bank account that is used exclusively to service your trading accounts(dont give any Broker access to your main accounts) I have never heard of them stealing funds by dipping into clients bank accounts. I do believe they are not a good company though. I wanted to mention that some posters like this Broker but they are far less in # than the ones who DONT like them. I think u are on the right track(you are my exact duplicate when I 1st started) I didnt have this wonderful forum or good advice to follow. Start small -take babysteps(visit Babypips.com) keep your trading account small(under a grand to start) and withdrawal profits as soon as they are realized(maybe 100 bucks or so).If all your dealings are reasonable you may have a good Broker and a better way of life. I dont believe thats possible with your current Broker.

PipStar · (#5 (**permalink**))

Forex.com is part of the very well capitalised Gain Capital Group and are regulated by the NFA. They are a reputable broker and to suggest that they would engage in any misappropriation of funds or failure to honour withdrawals is pure fantasy. I have an account with them for many years and have found them to be ok.

ernest8fingers · (#6 (**permalink**))

Quote:

Originally Posted by PipStar

Forex.com is part of the very well capitalised Gain Capital Group and are regulated by the NFA. They are a reputable broker and to suggest that they would engage in any misappropriation of funds or failure to honour withdrawals is pure fantasy. I have an account with them for many years and have found them to be ok.

Good for u! I dont lie-in fact I didnt touch on other issues this POS bucketshop is known for. If u move out of your mothers basement you might experience the "real"world. I do suggest they are crooks and will steal from their clients thru those "Broker" games they play. This is my experience with this "company". And PimpStar,if u ever make outside, let us know huh?

Pharaoh · (#7 (**permalink**))

Let me phrase it a little less aggressively than Ernest.

Just because a company is well capitalized doesn't automatically make them a good company. Being well capitalized just means they aren't nearly as likely to suddenly go out of business.

Being NFA regulated is a good thing, but that doesn't mean that a well-regulated bucketshop can't manipulate prices and pull other stupid broker tricks that can seriously damage your profits.

londonbridge · (#8 (**permalink**))

Thanks guys, I'll be bouncing between here and babypips. Ain't giving up just yet. Pain of failure is an excellent teacher no?

ernest8fingers · (#9 (**permalink**))

Quote:

Originally Posted by Pharaoh

Let me phrase it a little less aggressively than Ernest.

Just because a company is well capitalized doesn't automatically make them a good company. Being well capitalized just means they aren't nearly as likely to suddenly go out of business.

Being NFA regulated is a good thing, but that doesn't mean that a well-regulated bucketshop can't manipulate prices and pull other stupid broker tricks that can seriously damage your profits.

I guess my Zoloft is wearing off! Just kidding-my recent attitude (showing up in some of my posts) are my actual opinions and real Forex experience. Everyone's opinion is valid(even if its completely wrong). Sorry all , I have been a little "over the top" lately . Londonbridge I recommend you search thru all Pharaoh's Threads and posts and u will learn many things that can only improve your confidence(and therefore your trading). I just cant forgive a company that I suspect(heavily) of burning its clients. I admit I have no concrete proof(who does?) only my experience while trading with them. I will try to be less of a d--k in the future.

ernest8fingers · (#10 (**permalink**))

Quote:

Originally Posted by londonbridge

Thanks guys, I'll be bouncing between here and babypips. Ain't giving up just yet. Pain of failure is an excellent teacher no?

Lodonbridge-It took me 3 years of "live" trading before I became consistently profitable. 3 years of pretty much losing consistently. Dont give up! I now have experience enough to at least survive in FOREX . For me. losing money was the exact motivator I needed to succeed . I know u will "make it" because u are asking the right questions and not believing u "know everything". I didnt do that when I started-hence-my "missing" 6 Grand. Good luck Bro and happy trading.