Problem FastBrokers and FXDD case

[RP1]

I can understand how you feel and if this was me I would be finding anyway I could to sue them .
I believe someone mentioned in this post that if they got shut down then this would affect other peoples accounts ?
Doesnt a broker have to keep clients funds seperate from their own as a safeguard in case they go bust ?

Out of interest have you been able to withdraw your funds from the account after NFA ordered them given back to you ?

Good Luck !

 

[PistolDave]

I can understand how you feel and if this was me I would be finding anyway I could to sue them .
I believe someone mentioned in this post that if they got shut down then this would affect other peoples accounts ?
Doesnt a broker have to keep clients funds seperate from their own as a safeguard in case they go bust ?

Out of interest have you been able to withdraw your funds from the account after NFA ordered them given back to you ?

Good Luck !

In a forex brokerage account, your funds usually are not segregated from company funds. Read the customer agreement carefully. If they go bust, you lose your funds. That's why I have been saying for years that you should not leave any more money in a forex account than you (they) can afford to lose.

 

[Max]

"The NFA limits misquote claims to 1 hour."........Hmm........Is not it 15 minutes??
One broker in the U.S. was trying to steal my profits that I earned on the trade spike. It was enough to remind the prop of this rule NFA because they are immediately returned to my profit without asking questions.
What does FXDD seems absurd. Always wary of this company, well that did not open an account.

 

[texastrades]

FXDD? Who's that?

WOW! I can't beleive people still trade with this scam broker when FXCM fills orders quick with very very few off-quotes etc! I began forex with gain capitol (their gain your loss!) through forex.com trading an account for my boss. I used to show him when I tried to get in/out of trades the platform would say trade context busy or mis-quote or some other non-sensical message! Then it would mysteriously freeze up! The only way to get the trade off was to shut off the platform and restart it which somehow short circuited the scam back office boston technollogy scam dealer software!

Anyway, I later opened a fxdd account and it was actually WORSE than the forex.com! I found out that fxdd was affiliated with forex.com (their evil little brother). I had an ea that would get to the target but wouldn't get filled! By this time I was just about done with mt4 and ready for a real platform. I then opened a fxcm acct. and every once in a while will get some weird things happen when I try to execute orders including a phantom loss once but for the most part, the fills have been lightning quick and I have taken profits on 4 occations and they came to my account within 5-10 days ( now it takes 3-5 days!) so I am happy with them!

I also have a small oanda acct and it also is a mis-qoting/ off-quoting nightmare. Best advice I can give is to steer clear of mt4 unless you are using it for your stratagy while manually trading on a seperate platform (( ; Take care and don't let those low life scum bother you! Also, if you are with fxdd, forex.com, oanda, etc... consider switching to a real broker like fxcm or others with a good reputation and pull your profits out monthly (( ;

 

[jimbo235]

I'm currently exploring MT4 at FXDD using a demo acct. Thanks everyone for the heads up here on FXDD.
Because they didn't bother to respond to FPAs request for input, I will stop using them immediately, and suggest others do also.

As mentioned by texastrades above, I too have an account with FXCM. I'm auto trading 4 systems, never a problem. I withdraw money each month, by courier international, 4 to 8 days.
I also trade manually with Interactive Brokers and have for years. Incredibly accurate, never a problem, very low spreads (plus small commission), unfortunately a clunky interface and lousy charts, But I feel safe there.

Please stop trading with the bucket shops
good luck
Jimbo

 

[PistolDave]

You can't have our money!

WOW! I can't beleive people still trade with this scam broker when FXCM fills orders quick with very very few off-quotes etc! ... consider switching to a real broker like fxcm or others with a good reputation and pull your profits out monthly (( ;

I have heard these stories before. The broker gets upset when one of their customers (traders) makes an "excessive" profit on a trade; therefore the broker refuses to credit the trader's account or claims that it was an data error or some other bull**** reason for not letting the trader have his winnings. However, if some price spike happens to occur during "news" or "fast market" conditions and the trader gets stopped out with a big loss, and the trader complains to the broker, he finds it nearly impossible to get the broker to admit it was wrong. So he is just out of luck and no one is there to help him. He is screwed, in other words.

More to the point; you must ask why the brokers are so concerned about how much you win on any trade. They act like it is coming out of their pocket or something. Aren't they supposed to be providing a service so you can have access to the market and facilitating the trading activity while making a profit from the bid/ask spreads they charge for their service? Maybe charging ridiculously high spreads, adding slippage, and requoting prices are not enough for them. The fact is, they want you to lose all your account as fast as possible. Why is that? Do you doubt it? There is a very simple explanation that may or may not have occurred to you. They are the counterparty for every trade you place. This is a fancy way to say that they take the opposite side of your trades. They not only are trading against you, but they have a vested interest in doing everything possible to make sure you lose -- because when you lose, they win. What else needs to be said? Only recently has it been required that forex brokers admit in the documents you sign when you open an account that they "may" be a counterparty to the trades you place. Of course, they don't go into all the gory details, but you can fill in the blanks on your own.

There is only one conclusion that can be reached. For the most part, when you are dealing with a "retail" forex broker you are dealing with a bucket shop, pure and simple. Think about it. They hold your money. They make the rules of how they let you trade with them. They can and do change the rules to make sure it is more difficult for you to make money and easier for them. When you catch them doing some dirty dealing it is virtually impossible to get them to admit it. Instead, they try to turn the tables and make it look like you did something improper to take money from them. Amazing! Additionally, there is little or no enforcement of the rules by the authorities so these unscrupulous dealers are having a field day taking advantage of the small traders. These "brokers" obviously have no moral standards at all, and apparently have found that being a licensed broker is simply having a license to steal. I find it astounding that this kind of activity is so widespread, but apparently it is. This is the only business I know of that makes it their business to take all their customers' money. What a damn shame.

 

[Aldo Colombo]

How much is FXDD's reputation worth?? I cannot understand how can this happen for 80 bucks?? or 800 or 8k, ridiculous, I just can`t plain understand it

 

[Modestus]

I have active accounts with FXDD, and am keeping a log of all ticks for some of the instruments I trade.
If it is of any help, I can provide actual FXDD tick data for these instruments for more than a year.
Please identify the exact date/time and instruments traded together with your contact details for forwarding the data...

 

[Johnny2pips]

Thank God I got out of FX. Actually I lost $15K but went back to the main board equities and doing well. NEVER again will I trade FX.
Have you guys not learned that FX is gambling. Your winnings is the brokers loss.
Been here long enough to see the brokers going bust or stealing your money.
FX is sad, believe me.

 

[PistolDave]

Thank God I got out of FX. Actually I lost $15K but went back to the main board equities and doing well. NEVER again will I trade FX.
Have you guys not learned that FX is gambling. Your winnings is the brokers loss.
Been here long enough to see the brokers going bust or stealing your money.
FX is sad, believe me.

I agree. I still trade in FX so it is taking me longer to learn. I must have to learn everything the hard way.

There was a period of time several months ago where I would trade the British Pound futures contracts on my equities/futures account and watch the charts on it and the FX broker's GBPUSD chart too. I was using FXDD at the time. It was live, not demo. Not surprisingly, they both basically moved basically tick for tick. The futures prices seemed to lag a second or two but nothing major. Curiously, the FX prices would seem to move through obvious support or resistance a few pips sometimes when the futures prices would not. That could simply be because the FX market is a little more volatile, or a little manipulation, or whatever. Anyway, there was some difference in price movement.

I believe the main problem in the FX market, for the smaller trader, is that there is no centralized exchange as there is in the futures and equities market. This allows the brokers to quote you one price, me another, and someone else another price. There is no "real" or official price; just the one that you happen to get at the moment you traded with your broker. Unlike the futures exchange, where there is only one price at any specific moment in time for the whole domain of traders that are in that market. This situation makes it quite easy for the broker/dealer to manipulate the quoted price to their advantage. Even better for them, in situations where the customer has apparently made exceptional gains, they can easily avoid paying up by claiming there was errant data, fast market conditions, or other bogus excuses. Since there is no "official" price for the whole market, it would be hard to refute their claims and they know it. I think some brokers use this opportunity to their advantage.

I still think FXDD is wrong on this one; especially in their apparently jack-booted thug method of dealing with a disagreement between them and their customer.