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For all Honest & Trustworthy Brokers!

Discussion in 'General Forex Talk' started by RahmanSL, Feb 11, 2011.

  1. RahmanSL

    RahmanSL Major

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    The followings were extracts from court case filed against FXCM (U.S.A nation's largest Forex Dealer Merchant, and which recently went public and trades on the New York Stock Exchange) which is posted by “glittersnake” here at the FPA.

    1) ….bilked thousands of customers out of hundreds of millions of dollars using deceptive and unfair trade practices, including falsely portraying its Forex trading platform as a fair, transparent and true foreign currency exchange, when instead it is a "rigged game" designed to systematically separate customers from their money.

    2) ….misrepresenting itself as a trading platform that is free from dealer intervention or manipulation. Instead, Sanders alleges, FXCM uses a number of devices and tricks, including software applications, designed specifically to interfere with customers' trades.

    3) ….engaged in a pattern of racketeering activity by collaborating with its software developers and programmers to develop a "diabolical" software application that provides FXCM with a myriad of tools and system commands with which to interfere with customers' trades, including routing trades to "slow" servers and sending false "error" messages when customers attempt to close out profitable trades.

    4) …..lured thousands of customers to its trading platform by promoting a "demo account" which was touted as providing customers with a true market trading experience. Instead, he claims, once "live" trading commences, FXCM deploys specially designed software to manipulate customers' trades.

    Will all Brokers, who are NOT GUILTY OF THE ABOVE CRIMES, please post their statement here.
     
  2. f-man

    f-man 4Xangels Representative

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    Not very much participation here!:shocked: I wonder why????
     
  3. Geert Anthonis

    Geert Anthonis Private, 1st Class

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    Why does all look so familiar?

    Well done RahmanSL. I read this and think: Sh*t that happened to me. For a brief while I was a FXCM customers. It was amazing how fast I lost money and could not close profitable trades. Currently I use Liteforex and they too seem rigged up the wazoo. If you want to survive with them only 0.1 lots will ever make you money. Put too many trades together and they will move the market so first the stops in one direction are reached before they move in the next direction hit all the stops there and then retrace in the opposite direction. If I compare the charts with other traders I find that they have unexplained peaks and troughs that do not show up on the other charts. Also when you put in a series of sell or buy stop in anticipation of a market move you can be sure more than half (usually the ones that would be most profitable for yourself) will not be executed for the strangest reasons. Not enough money is one. no sufficient margin another. The thing is though that I can enter the same trade manually but of course you can never enter as many trades when you do it while the market is moving fast. :err:

    I like the AVAfx platform but their stops are too big.
     
  4. RahmanSL

    RahmanSL Major

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    Alright, it's Saturday on my side of the big pond and a whole week has passed and plenty of time for all Brokers’ Rep to view this thread.

    259 viewed this post, 2 posted comments, but not a single Broker’s Representative posted to say his/her Broker company is not guilty of one or more of any of the chargers that were levied against FXCM .

    By virtual of this fact, then “The Business Trial Group team with Morgan & Morgan Class Action Group “ should initiate court cases against all Brokers within the governing jurisdictions and not limiting on just FXCM.

    I supposed we can safely surmise that honest & trustworthy Brokers are none existent, including the Broker(s) that you and I are using right now.

    Honest Broker/Business only makes a decent living. The dishonest ones find it extremely lucrative & profitable to bend, twist, and break the rules. The trick is not to get caught doing it. Even if they are caught red handed, there are plenty of loop holes in the system which allows them to wriggle free.
    This is indeed Facts of Life in the real business world!

    And, of course, the fine print on the Broker's T&C virtually allows their total control over our money, and if we don't trade like they tell us to trade, then we should forfeit all our profits and they might "generously" return our deposit.
    And if we dare to make profits on our trades, then we are breaking the house rules and a lengthy investigations into our illegal trading strategy will be initiated.

    Isn't that just about what we read here at the FPA from Traders who have been scammed by their Brokers???

    ==============================================

    f-man, does the above answer your “puzzlement” ??? : )

    Geert, FXCM is not the ONLY Broker that does what you have posted. My personal trick is not to place any “SL” (as 9 out of 10, SL will get triggered and within mere 2-4 pips, the market will reverse), and most definitely not too many opened trades at one time that could wipe out your account.
     
  5. f-man

    f-man 4Xangels Representative

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    It certainly does:D
    We didn't expect anybody to answer anyway:D

    Read this thread with the recent experience I had with a forex broker http://www.forexpeacearmy.com/forex...brokers-dishonest-choose-yours.html#post57500

    It was very interesting. It is like a continuation of your thread!
     

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