Can we build a better broker?

[ilearn2t]

Hello AsstModerator

Is it possible to continue this thread as the title suggests and hopefully learn by one or two mistakes in the past.

Can we build a better broker?

If so, I say a big "Yes"

Regulated by an independent monitoring commission, put in place by the government to which the brokerage firm sets up "headquarters", to oversee the legitimate and proper running of day to day trading, only answerable to court law of each country the broker eligibility holds their business in.

Clients pay a "bounty" towards the upkeep of "said" broker, in the form of one or two extra pips on execution.

Bounty held independent of any brokerage accounts.

Bounty can be used for things like proper "well" trained employees (not like one or two buckshop brokers I know), proper insurance funding any major lawsuits/losses overlooked by "experts" etc.

What benefits would it bring ?

An end to all "scam" brokerage companies or "not carefully considered and planned" brokers.

If the dream could become a reality, PFA could still carry on its crusade against the endless scam "option" brokers out there.

Good luck
ilearn2t

 

[joelmch]

Overall, it looks good. But I guess the real question here would be, whose going to start it up?

 

[ilearn2t]

Hello joelmch

Every genuine brokerage firm, it would only involve them agreeing to the special rules put in place by all parties concerned.

Just think:

All IMC (independent monitoring commission) brokers listed under one roof, namely this forum.

1) No more fake "review" sites.
2) No need for IB or affiliate programs.
3) No need for "Rebate" programs.
4) No need for commercial EA vendors/programmers.
5) No need for advertising by brokers.
6) No more useless "Regulators"

All IMC's must agree to have their own thread on this forum and employee one or more members of staff to check on a daily bases.

All traders with issues will continue as normal (reporting problems), and if no agreement is reached within a given time period set out by the independent monitoring commission, a ruling will be given by the "said" commission.

All outstanding non-settled cases against any broker in the "Scam folder" will play a major factor when it comes to applying for membership to the IMC brokerage agreement.

Each broker will still be able to promote through their own thread on this forum, without wasting money elsewhere.

Good luck
Liz

 

[Pharaoh]

Liz, I have a suggestion. This thread is rather deeply linked to PellucidFx. No matter what excellent ideas are posted here, the chance of the entire thread being derailed by a current or future complaint against PellucidFx will always be there.

Maybe starting a brand new thread in this folder would be a good idea. Quote the best items from this thread and leave everything else behind. This way we can discuss policies and rules for hypothetically better brokers without having an existing broker that has its own problems clouding the issue.

Call it something like "Can we really build better forex brokers?"

 

[AsstModerator]

Hang on a second. If anyone is going to reboot this thread, it should be the OP. In this case, that's me. The new thread is here...

https://www.forexpeacearmy.com/fore...can-we-really-build-better-forex-brokers.html

Please go ahead and start copying anything good over to the new thread. Then everyone can discuss the ideas without having it all tied to PellucidFX or any other specific broker.