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Discussion in 'Forex Brokers' started by Administrator, Jun 23, 2009.

  1. Administrator

    Administrator Just Administrator :-)

    Sep 24, 2007
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    #1 Administrator, Jun 23, 2009
    Lasted edited by : Jul 29, 2009
  2. Jared Long

    Jared Long Recruit

    Jul 6, 2009
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    Mixed Views

    Greetings All,

    I have gotten mixed ideas about this broker. I see that they have a 3 star rating in the reviews and ratings area. As I read there are quite a few of reviews complaining on cheating and loss of moneys due to inaccurate operations on the companies behalf, but also see 5 star ratings detailing good execution and reliable payments.

    NFA has only one complaint that was resolved in 2008. What parameters does the NFA used to consider a complaint viable to act on?

    If Pharaoh, or another of the active mods have information I could use before establishing an account I would greatly appropriate it; as well as, any information from other up standing-named persons from the FPA population. Please don't respond if you are anonymous.

    Thank you,
  3. Pharaoh

    Pharaoh Colonel

    Oct 3, 2007
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    Did someone call for a compulsive writer to give an unfounded opinion? :D

    Quick and dirty:

    1. A lot of brokers have at least one NFA action. More than one or a recent one that's bad is cause for alarm.

    2. Multiple reviews about money problems is a big red flag in my book. Then again, all the reviews on this broker are fairly old. Customer service and policies do change over time, and occasionally improve.

    3. If you want to risk it, open an account with a little more than the minimum. Then make a few small trades to see how good/bad execution is. If it seems ok. then try to withdraw a little money to see how much hassle that is. If the execution seems bad, pull out all the money and go elsewhere.
  4. Laxmikant

    Laxmikant Recruit

    Mar 9, 2010
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    seems not very well in support when it comes you are loosing money:unhappy:
  5. Jeffrey Thomas

    Jeffrey Thomas Recruit

    Aug 22, 2009
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    Demo runs gr8. they are DMA/STP now, which supposedly is the best pricing and the straightest STP you can get to liquidity provider. Major questions are exactly who is the liquidity providers.

    The 1 NFA ruling i read through lead me to believe it was related to poor record keeping that may have mislead people to believe they were better capitalized then they truly were.

    Also IB's that were overstating ( deceptive and misleading)forex market success rate and not disclosing the down side to trading. Advanced Markets notified IB about changes that needed to be made and they didn't change nor did Advanced markets follow up with IB to verify changes were made. Lack of supervision was major offense.

    I really like their trade execution and they are well capitalized or have the minimum 20,000,000 you need now. 75% of brokers have just over minimum.

    I'm on the fence with opening account also. Its Oanda, Citifx or these guys.

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