Problem FastBrokers and FXDD case

[Raimundas]

Mass media

Well none I would think. Have any news channels been informed about this ?

If anyone has any connections with reporters, this would make a great story.

As I remember, the FPA Sergeant RahmanSL wrote on this thread, that he has some connections with mass media reporters...

 

[PipStar]

There is some big news regarding a new NFA case against FXDD as well as the case of the 9 FXDD customers which seems to include the thread starter Raimundas:


NFA hits FXDD with multiple charges including asymmetric slippage, fine will cost it over $3.5m:
Link: NFA hits FXDD with multiple charges including asymmetric slippage, fine will cost it over $3.5m | Forex Magnates


To read the full NFA case click on the following link and scroll down when page opens and click on 'Complaint' right at end of the page:
Link: Case Summary


I think that anyone reading all this will be appalled that a broker could behave in such a manner. Especially the case against the 9 FXDD customers who were accused of 'manipulating' FXDD's system and who had profits removed. It seems the NFA found no evidence of wrongdoing by these customers. You will need to read the whole NFA document as it is mentioned towards the end. I thought I had seen it all with broker behaviour but it appears so far it's only the tip of the iceberg.

 

[RP1]

Oh wow the ****s really hitting the fan here ...

Pay back is gonna be a ***** FXDD

 

[Raimundas]

NFA's Complaint

There is some big news regarding a new NFA case against FXDD as well as the case of the 9 FXDD customers which seems to include the thread starter Raimundas

Yes. Thereby I do confirm, that paragraphs 32 through to 50 on the file View attachment Complaint_FxDirectDealerLLC&JamesGreen_2012_0629[1].pdf are directly related to the Civil Case which is described in this thread. I'm still fighting as Pro Se litigant in this Civil Case...

I think that anyone reading all this will be appalled that a broker could behave in such a manner. Especially the case against the 9 FXDD customers who were accused of 'manipulating' FXDD's system and who had profits removed. It seems the NFA found no evidence of wrongdoing by these customers. You will need to read the whole NFA document as it is mentioned towards the end. I thought I had seen it all with broker behaviour but it appears so far it's only the tip of the iceberg.

Yes, NFA have not found any proofs of wrongdoing by these customers (including me and my father). See the paragraph 34 in the above-mentioned file. In part, this paragraph states as follows:

Over the course of several weeks, from December 2011 to early February 2012, FXDD failed to produce any credible support to substantiate its claim that these customers had manipulated the firm's trading platform or executed orders at "off-market" prices.

 

[Pharaoh]

That last portion is very telling. Let's quote the NFA again just to make certain that everyone sees this:

Over the course of several weeks, from December 2011 to early February 2012, FXDD failed to produce any credible support to substantiate its claim that these customers had manipulated the firm's trading platform or executed orders at "off-market" prices.

FXDD failed to provide credible evidence to the NFA, so their new tactic is to sue their own clients in a different venue outside the NFA's jurisdiction.

At this point, I recommend filing a formal complaint with IC3.gov as well as with the CFTC.

 

[ZoranC]

Thanks FPA,You have saved my hard earned money! I wanted to open a live account with FXDD these days, so it certainly will not do!
My suggestion is that in section "Forex brokers review" move out those who are proven to work against their clients!Those who deserve to be in that section should earn its place at the FPA review !

Best regards,Zoran !

 

[BigT1]

Thanks FPA,You have saved my hard earned money! I wanted to open a live account with FXDD these days, so it certainly will not do!
My suggestion is that in section "Forex brokers review" move out those who are proven to work against their clients!Those who deserve to be in that section should earn its place at the FPA review !

Best regards,Zoran !

Hello Zoran,
All of those reviews form a body of knowledge that permits all others, from newbies to the most knowledgeable, to witness the experience of others in real-time. FPA is not a recommendation service, rather a place to document and share the vastly divergent experiences of all interested parties. Please add your valuable experience to the knowledge base, as you assess the correctness of the other inputs you see here as they relate to your experience. Take from it what you will, and leave your donation at the door.
Anthony Ingrassia, CTA
NFA ID#: 0278164

 

[Pharaoh]

The issue with removing bad brokers from the reviews is that so many people will interpret that as "no complaints, so the broker must be ok". The reviews need to have any and all forex brokers so that people can share their experiences.

The good news is that some brokers are smart enough to improve themselves and learn from prior mistakes dealing with clients.

The bad news is that it looks like it's going to take a severe flogging from the NFA to have any chance of teaching FXDD not to screw with clients.

 

[hazarder]

Dear all
plese if sombody can tell me ,rules of NFA if the broker don't call me for 12 h the all trade are correct.
I read this here somwere on this article is it thet correct.
Thank's in advance

 

[Pharaoh]

The limits on cancelling or modifying orders in ways that harm clients are covered here:

https://www.forexpeacearmy.com/forex-forum/forex-articles/4587-new-nfa-rules-what-they-mean-you.html

It's half way down in the first post. Look for "BEST RULE EVER!!!!"