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Becareful this trap: forex.com

Discussion in 'Scam Alerts' started by JennyLi8, Mar 13, 2011.

  1. JennyLi8

    JennyLi8 Recruit

    Feb 3, 2011
    Likes Received:
    Be careful this trap: forex.com
    I opened a mini account with them, they says if I deposit more than 10000$, I will get a lots of promotion. Then deposited 20000. In my first order, I wanted to sale 50 mini lots of silver, but they give me 50 standards lots. My lost should be about 450$, but came up to 4500$.
    The wired thing is:
    First: more than 12 hours after my first position filled, they send me a email says that my fund had not been release by the bank yet because the bank need "SWIFT MT103" code.
    I am wondering they never put my money in the live account, what I traded in just a demo account. All these 4500$ is in their pocket.
    Second: They seem try to trap people, to let trader make mistake. I have a mini account but you set up with standard lots.
    Third, when I sent the money to them, they asked me to put the "beneficiary" as myself, if I wrote "Forex.com", they might not get it.
    #1 JennyLi8, Mar 13, 2011
    Last edited: Mar 14, 2011
  2. hyper

    hyper Corporal

    May 29, 2009
    Likes Received:
    Different brokers have different ways to work with lot sizes. You should have checked beforehand what "1 lot" equates to in the account type that you were trading in. e.g. 1 lot of a curreny pair can mean:
    1. 100k of base currency (usually the case)
    2. 10k of base currency (often called "mini" account e.g. at Interbank FX)
    3. 1k of base currency (sometimes called "cent" account)
    4. 1M of base currency (I've seen this at Dukascopy)

    But you can't just rely on the term "mini account" as there isn't a standard definition or specification of what a "mini" account is.

    When trading non-currency symbols like Gold or Silver you need to be even more careful, as I've seen many differences in lot sizes across many brokers.

    You can check the size of 1 lot by checking the symbol properties in the trading terminal or by calling the function
    MarketInfo(Symbol(), MODE_LOTSIZE)

    You should put your name as the beneficiary, so that when they see the funds in their bank account they know whose trading account to credit.
    #2 hyper, Mar 17, 2011
    Last edited: Mar 17, 2011
: forex.com, forex

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