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FastBrokers and FXDD case

Discussion in 'Scam Alerts' started by Raimundas, Mar 13, 2012.

  1. PipStar

    PipStar Sergeant

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    Unless you have an account with a bank itself you can never be sure who is the counterparty to the trade. Your broker might show a list
    of bank liquidity providers on their website that are no more than window dressing. I was referring to STP's and ECN's who are more
    often than not a nice way to repackage a market maker into something they are not.
     
  2. Pharaoh

    Pharaoh Colonel

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    This is why it is important to contact that list of LPs to see if they really process trades for the broker on an STP/ECN basis or not. If the LPs all say they've never heard of the broker, that's what we call a very bad sign.

    If the NFA wants that $3.3 million secured, that looks like sure sign that traders can expect some refunds. The remaining question is whether the other penalties will be big enough to make FXDD go totally offshore or not.
     
  3. hyper

    hyper Corporal

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    That is often the case, as banks are market makers. STP brokers who only have one bank as their sole liquidity provider are not much different to a market maker broker.
     
  4. hyper

    hyper Corporal

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    So do you accept getting a little short-changed on some percentage of trades, as long as you are making profit overall?
     
  5. BigT1

    BigT1 Sergeant Major

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  6. PipStar

    PipStar Sergeant

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  7. Pharaoh

    Pharaoh Colonel

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    About Bloody Time!
     
  8. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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  9. mrf1962

    mrf1962 Private

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    FXDD credited the restitution amount to an account that I had that has been inactive for almost 3 years. I found out because I get the daily account statements. Suddenly, I got one from the inactive account.

    I hope I can submit the redemption form to get the balance.
     

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