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Complain about Ikon-Royal and they want damages

Discussion in 'Scoundrels' started by Pharaoh, Sep 15, 2009.

  1. marsh56

    marsh56 Private

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    I would like to chime in here and briefly mention my poor experience with IKON Royal as well.

    1. One item of curiosity is that apparently IKON Royal and Tradeview Forex are part of the same larger company. I know this to be true because one would not allow me to open an account when they found out I had an account with the other.

    I find it strange that a company would have two divisions competing with each other.

    2. Back a few months, I was trading a well-known MT4 Expert Advisor with IKON and was doing quite well over a 30-day period. The max spread needed for this EA was 4 pips.

    Suddenly, the spread increased to 5 pips during the time that the EA traded! When I questioned them, they said it had nothing to do with the EA. Sure.

    Now here's where it got interesting. Using MT4, the price feed in the Market Watch showed the 5-pip spread, yet the price on the chart showed a 4-pip spread.

    When questioned, their tech guy said that this was common with MT4 and that the price in the Market Watch applied.

    The funny thing is that is simply not true. I have many other live accounts with other brokers and the prices on the charts ALWAYS agree with those on the Market Watch.


    Personally, I don't trust any brokers with a dealing desk model. There is too much room for funny business. For both manual trading and EA trading, I use Gallant FX because they are one of the few brokers that provide STP processing.

    That way I know the prices are accurate and that the broker is not trading against me.

    It would be a good thing if the NFA and CFTC would clamp down on these bucket shops instead of trying to "protect" us from ourselves.

    Mark
     
  2. Sofie

    Sofie Recruit

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    Just to play devils advocate here.

    Freedom of speech only covers you until it is deemed slander, here is where I would be careful.

    Plaintiff always has the burden of proof.

    In regards to all the people complaining about hedge positions. Since you people are smart enough to know of the NFA rules. You must know what makes a company compliant and what doesn't.

    If what you are complaining about is how a company decided to become compliant with a regulatory agency then you are spitting in the wind. (we all know what happens then)
     
  3. rwa

    rwa Recruit

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    Stand Firm.

    Good on you Nick and Gerard ! Don't ever back down. If we cave in to the pressure of unethical tactics adopted by 1 broker then all the other brokers will do the same. I can't wait to see the ruling by NFA against IKON and all monies being ordered to be paid back to Nick. And let that be a good lesson to IKON and any other brokers who contemplate on taking the same route of ripping off and then intimidating traders with lawsuits.

    FPA - keep up the good work of creating and maintaining a common platform such as this and for taking up issues such as these on traders' behalf. Thank you. All your hard work is greatly appreciated.
     
  4. Sofie

    Sofie Recruit

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    The devil is in the details. I would rather sit on the side lines and watch all the details reveal itself.

    Seriously what would happen if in the end the people in the wrong are actually those who are making the accusations?

    once again just playing devils advocate...

    You guys simply jump too fast to the conclusion that the little retail guy is always innocent.

    One individual can be just as evil as "The Man"
     
  5. Pharaoh

    Pharaoh Colonel

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    Reasonable points Sofie, but the fact is that Ikon Royal wouldn't discuss the issue with the FPA and wouldn't discuss it with Nick after pretty much telling him "too bad". The whole attitude from Tim was "if you have an issue, tell it to the NFA." That alone doesn't exactly inspire confidence.

    Had Nick's claim been a total fabrication, there's no reason for Tim not to have said so. Instead, he twice demanded that Nick's posts be removed and provided no justification.

    I don't know Nick, but I do deal with Gerard fairly often. I saw copies of the emails exchanged (with email addresses and other identifying info edited out to preserve Nick's privacy). This exchange wasn't just a few days long, it stretched over a number of weeks. Tim's behavior and responses were far inferior to what I would expect from such a respected brokerage.

    Truth is the ultimate defense against a libel charge. At this point, I'd be willing to wager a considerable sum that any fair hearing would rule in Nick's favor on that issue.

    I look forward to seeing how the NFA rules both on Nick's claim and Ikon's counterclaim.
     
  6. diegoman

    diegoman Recruit

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    And It is NFA regulated

    They announce as NFA regulated as if it were the summum, and then they take that shameful kind of practices, It makes me mad!:mad:
     
  7. gary L

    gary L Recruit

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    ikon royal watch out.

    I shall spread the infro like wild FIRES in ASIA & INDIA.Sooner every1 start to close the account,sooner ikon royal be smash like a rotten egg in FX.:mad:
     
  8. Awais Rasheed

    Awais Rasheed Private, 1st Class

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    Great Great Great Job!!!
     
  9. tom.finanz

    tom.finanz Private

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    elefant

    concerning some things i am like the big animals;
    I shall keep the Icon-Royal in the back of my mind for a very long time!
     
  10. davetraderguy

    davetraderguy Recruit

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    Thanks for the info

    I was also looking at these guys to open a new account. There's just too much shaddyness here to consider such a bunch of theaves.

    thanks again for the heads up. Hopefully these guys will get the message when they lose a whole bunch of customers.
     

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