IKON GM Nailed by the NFA for Using a Virtual Dealer Plugin

[Thiva]

I ve traded with lite forex (straighthold) over time.I ve found out they used it a lot.they need some checking too

me too using (straighthold)
my problem here is the process on opening order or closing takes time to long..
even in pending orders..
the broker's minimum lot size is 0.01..
when i try to put pending order, sure will get (off quotes)..
even with small lot size..
when i 1st register for new account, saw looks well..
day by day, processing time to low and cant place order..
even if we e-mail to the dealer, the answer will be reduce our lot size..
0.01 also will be the same (off quotes)
it will takes time until 2-3minutes (order in process) and lastly shows (off qoutes)

hope NFA or other department can investigate this issue with this broker..

 

[hyperbolic]

You have to wonder if brokers can be profitable without playing these sorts of games, or are they just greedy?

If "regulated" companies were required to publish regularly statistics on the success/failure of their clients (% making money in a given month, rolling average gain/month, etc), that would go a long way to revealing the cheaters, and make comparison shopping a lot easier.

 

[Shilva]

Forex.com caught scamming also

For Immediate Release

For More Information Contact:
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org
Larry Dyekman (312) 781-1372, ldyekman@nfa.futures.org


NFA orders $459,000 monetary sanction against New Jersey forex firm Gain Capital Group LLC

October 28, Chicago - National Futures Association (NFA) has ordered Gain Capital Group LLC (Gain), a forex dealer member located in Bedminster, New Jersey, to pay a $459,000 fine as a result of an NFA Complaint issued and a settlement offer submitted by Gain and its chief executive officer, Glenn H. Stevens.

NFA's Business Conduct Committee alleged that Gain engaged in abusive margin, liquidation and price slippage practices that benefited Gain to the detriment of its customers. The Committee also alleged that Gain failed to maintain records for certain unfilled orders, failed to adequately review the activities and promotional material of the firm's unregistered solicitors, and failed to supervise the firm's operations.

 

[PistolDave]

Live account holder

I had a live account (~ $10,000.00) with them for the last year and I was quite active with it on a daily basis, so I have a very good feel for the way it operated.

There were not a lot of requotes, but during any kind of "fast" market conditions they would widen the spread considerably. Especially at news release times and when the new trading day started for them (5:00 PM New York time). You could watch the tick chart and see the spread change during any time where there was increased volatility. Most likely these were the times that the slippage would go against the trader. Maybe other times too.

About a month ago they announced that they were ceasing to offer retail trading services, and were closing all retail traders open positions and returning all their account funds, as of October 9. I was quite curious as to why they did that so suddenly, as they offered no explanation. This issue may explain part of it.

I requested that they close my account and return my funds, which they did.

I cannot say I was aware of any problems with them, and I have been using MT4 platforms to trade for over 3 years. However, if they were using this "stealth" software they would be able to cheat the traders easily without their knowledge.

I thought I was using a good quality broker with integrity, but it turned out to be just another forex bucket shop. I see this whole industry going to a regulated exchange like CME very soon. With all the lying, cheating, and scamming brokers out there, how could it not?

Good luck to you.

 

[PistolDave]

For Immediate Release

For More Information Contact:
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org
Larry Dyekman (312) 781-1372, ldyekman@nfa.futures.org


NFA orders $459,000 monetary sanction against New Jersey forex firm Gain Capital Group LLC

October 28, Chicago - National Futures Association (NFA) has ordered Gain Capital Group LLC (Gain), a forex dealer member located in Bedminster, New Jersey, to pay a $459,000 fine as a result of an NFA Complaint issued and a settlement offer submitted by Gain and its chief executive officer, Glenn H. Stevens.

NFA's Business Conduct Committee alleged that Gain engaged in abusive margin, liquidation and price slippage practices that benefited Gain to the detriment of its customers. The Committee also alleged that Gain failed to maintain records for certain unfilled orders, failed to adequately review the activities and promotional material of the firm's unregistered solicitors, and failed to supervise the firm's operations.

There are only two kinds of forex brokers...

the ones cheating -- and the ones not yet caught.

 

[Gilgamesh]

The real question is this, as a developer of MT4 automations, can we code a verification tool that will identify the manipulation and could possibly report that broker to NFA?

Not only would it help to protect ourselves and/or clients, it would also assist NFA with doing something good.

Yes, there must be programmers associated with FPA who are skilled enough to write a robot which will record slippage, and the market conditions in which it occurs. That would look after the MT4 platforms at least.
Harder to deal with the platforms that don't accept robots though.

I have an account with IBFX, I don't get much requotes from them but I suspect them of hanging on to an order for a few seconds - even up to ten seconds - and filling it at the worst price in that short period of time. I have another account with GCI and they certainly use every trick to thwart my intentions, so that I hardly ever trade that account now.

 

[Simon Edwards]

Yes, there must be programmers associated with FPA who are skilled enough to write a robot which will record slippage, and the market conditions in which it occurs. That would look after the MT4 platforms at least.
Harder to deal with the platforms that don't accept robots though.

I have an account with IBFX, I don't get much requotes from them but I suspect them of hanging on to an order for a few seconds - even up to ten seconds - and filling it at the worst price in that short period of time. I have another account with GCI and they certainly use every trick to thwart my intentions, so that I hardly ever trade that account now.

I can do this now already. I've written an interface between MT4 and .net , i can easily record slippage (time placing the order + time recieved the ticket) , recording of spreads is easy.

i can basically do anything from within my own app that i could do in mt4


if someone specs it i'll build it

 

[moom]

I am glad the FPA exists to tell people about cases like this.
Thank you very much.

 

[Dextercf]

Liteforex

I ve traded with lite forex (straighthold) over time.I ve found out they used it a lot.they need some checking too

Yes. I asked the online chat about this but they asked me to send the management a mail in turn. When forced they said that they were not authorized to comment.

Sometimes shortselling the EUR/USD pair would cost 5 pips while selling cost 3 pips They admitted that there could be a glitch in the system.

 

[gregsg]

it happens everywere

iam glad you found this company out.
the real problem is the big brokers that have lawers as a front line.
i cant name the company i refer to but one answer they gave me was.
every thing looks fine on our end. and there underwriter wont even address the issue with any type of reponse.
when i look at my account for taxes that i only opened with 10,000
i had over 786,000 one time over 1 million another.(i`am not that good)
and thay still can`t fix why i get alerts from someone elses account and they show nothing on there end? real mystry some one is stealing
spreads jump as sone as your order is placed along with roll over costs and fill time. well thank you for letting me vent it sucks when nothing changes.
thank god for the FPA