Alpari FS, is BIG SCAM Broker

dan2013

Recruit
Messages
1
Hello to everyone,


Situation when I arrived, makes me think Alpari FS, is BIG SCAM Broker!!

I will contact you with some fear and shame because my case is much worse!
Due to fraudulent techniques

At first I thought this broker is serious, but over time, I noticed various problems (which unfortunately I was alarmed enough so I can quickly disrupt our cooperation):

- Broker Slippage Manipulations (Virtual Dealer Plugin)

NFA issues $200,000 fine against New York forex firm Alpari US LLC

NFA issues $200,000 fine against New York forex firm Alpari US LLC

- Slow Servers Acess or totally absent
- Disconnections (Disconnection and suspicious closures, causing loss of money, which simultaneously close all orders on LIVE account without any logical explanation!! )


I want to mention that all these problems occurred only on my LIVE account, all tests on demo accounts, it was good.
It is certain that these shameful and fraudulent techniques were used on my real account, which caused losses (21,000 €)
I would like to advise me, I know I can do today, because the Alpari FS, refuse to recognize this situation and communicating with them is very difficult:

- No concrete answer to my questions, topics covered and diverted bypass their real meaning.

- The broker does not assume its responsibility.

- I complained to financial authority, CySEC (Cyprus Securities and Exchange Commission), with no satisfactory results!

Unfortunately, CySEC gave me the following answer:


Dear Mr

Kindly be informed that:

• According to the CySEC's policy we do not give any feedback regarding an on-going investigation to any person
• Any decision taken by the CySEC will be uploaded on our website as an announcement
• You can get registered with our email notification service through our website, In order to get instant updates regarding the CySEC's announcements
• The CySEC cannot force an investment firm to financially compensate any person
• The CySEC can enforce the relevant legislation

Regards,
Department of Investigations
Cyprus Securities and Exchange Commission (CySEC)

32, Stasicratous Street, 4th Floor, P.O.BOX 24996, CY-1306, Nicosia, Cyprus
TEL: 22506600, FAX:22754671
E-mail: investigations@cysec.gov.cy
http//cysec.gov.cy


If you have suffered financial and moral, like me, I know how to doit reunite us together so we can take action against this unscrupulous broker??

We can pay a lawyer who could help us........??

Waiting for your suggestions and I hope together we can find a solution to our common problems!
 

Pharaoh

Colonel
Messages
19,964
Have you discussed the issues with Alpari support. Sometimes, slow connections can be fixed.
 

f-man

4Xangels Representative
Messages
762
You should be more specific with you case. We would like to see a statement for example and hear more details.
You could file a case , where you could upload documents and give more details in a private folder
 

BigT1

Sergeant Major
Messages
951
NOTICE: ALPARI FS IS GOING OUT OF BUSINESS.
.
As posted on their website Dec 27, 2012 Alpari FS is winding down operations.
This is just for the Greek Affilliate, no other Alpari family members are affected.
Company News | Business Updates | Alpari FS
.
Although they are suggesting they have an agreement with Alpari UK, there apparently is no such agreement.
They are forcing all clients to liquidate all positions and withdraw all cash by Feb 8.
They have no agreement for account transfers on an "as is" basis.
.
In a few days they will freeze and forcibly liquidate your account and return monies to the deposit bank with or without your agreement.
See the attached live chat I had today in response to a question I received from a client of theirs on skype.
.
Anthony Ingrassia, CTA
NFA ID#: 0278164
 

Attachments

  • Alpari FS Chat Jan 29, 2013.doc
    31.5 KB · Views: 9

BigT1

Sergeant Major
Messages
951
As far as i know alpari is a well known bucket shop .

Hello Tomhere,
.
Apparently, you do not know very far!
Alpari is a group of independent broker franchisees, each of wish is regulated in their respective jurisdictions. Here is a link:
Our regulators - Alpari (UK)
.
Perhaps you are confused by the term Bucket Shop, perhaps you mean Market Maker?
.
Anthony Ingrassia, CTA
 

tomhere

Recruit
Messages
7
A brokerage that takes the opposing side of all customer trades and seldom, if ever, passes orders on to the actual market. Bucket shops count on the fact that most forex traders lose money.

Then What is the difference between bucket shop and market maker ? state please .
 

BigT1

Sergeant Major
Messages
951
A brokerage that takes the opposing side of all customer trades and seldom, if ever, passes orders on to the actual market. Bucket shops count on the fact that most forex traders lose money.

Then What is the difference between bucket shop and market maker ? state please .

Sure Tom,
.
A Bucket Shop is one that represents you are placing orders to buy or sell a commodity, a real financial instrument such as a bond or stock, a bushel of wheat, a barrel of oil, or a currency; but there is no transfer of ownership ever accomplished on behalf of the client. There is no asset backing the account statement that confures what is represented, as a real purchase or sale of any physical goods. Instead the Bookmaker (Bucket Shop) is assuming the entire risk of gain or loss. Since there is always a spread, the bookie makes the spread between buyers and sellers at any given moment. When prices rise, say; the shorts are asked to increase their margin or their position will be "liquidated". Forced to close, the client suffers a loss, but the bookie never sold the shares short in the first place, so he gets to bank the difference between the entry price and the exit price as well. Later the same instrument falls, so the same is done to the longs, no margin? Your out at a loss. Again the bookie banks the difference. The bookie has now closed-out his book, keeping all lost monies from both sides. This works fine for him in a balanced ranging market, where generally all lose more than they gain. The problem comes in when a wise guy hot shot, upsets the balance, by trading large and being right. Suddenly he has taken some hide off the bookie, who is incentivized to screw his winning client.
This kind of activity was outlawed in the US after the 1929 stock market crash.
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A Market Maker is a legitimate business, whereby a registered and well regulated firm must place its capital at risk to become a true market participant. His objective is to never hold a sustantial position on one side of the market or the other, but acts a middleman, enabling smaller traders to get increased liquidity for small lots. He, along with other market makers are in business to earn the spread between the buyers and sellers, by netting out the totality of their clients positions, and generally offsetting any imbalances in the interbank market say, in the case of forex. His transactions for clients are required to be fully backed by offsetting positions, or, if the firm wishes to have a bias one way or the other, it is the firm's capital that is at risk. Regulators require all market makers to maintain certain capital requirements at all times. They use banks as trading partners and to bridge short term capital needs with bridge loans on which they pay interest. Examples of market makers would Goldman Sacs, Merrill Lynch, FXDD, Gain Capital, The California State Teachers Pension Fund, New York Life Insurance Company, along with a host of RFEDs (Retail Foreign Exchange Dealers) chartered under CFTC regulations and subject to NFA regulation, or say under UK-FSA Authorization, CySec, etc. Market Makers play a key lubricating role that enable the possibility to trade lot sizes below 1 standard lot, or fractions thereof beyond, like 1.2 Lots.
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Alpari UK, FXCM, Oanda, Forex.com all act as Market Makers and seek retail clients. Without them it would be difficult to trade, like an engine without oil. 30 years ago the standard was bank to bank block trades of $1M or more, now you can trade a $100 nanolot.
These same firms may also wish to offer what is known as STP/ECN accounts. In these accounts, the firm does not mark up spreads, instead passes your orders of $1000 or more straight thru to their liquidity providers, and instead charge you a Round-turn commission for the service. Most professionals prefer this method if they are registered like I am, and cannot be compensated for transactions, as it would be a conflict of interest.
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I hope this helps explain the issue somewhat. There are many good books on the subject, but the most enjoyable read is a book from the 1920's titled "Reminiscences of a Stock Operator", which I highly recommend.
.
AI
 
Last edited:

Pharaoh

Colonel
Messages
19,964
That's a very blurry line.

A total bucket shop will seldom, if ever pass orders on to the market. A marker maker typically aggregates orders and hedges itself against the market every so often. How often? Look at their time limit on how they define scalping for a major clue. Some brokers have been known to define scalping at trades held under 30 minutes or even longer. Obviously, these brokers aren't interacting with the real market every few minutes.
 
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