Discuss Forex brokers scam and my dilemma in choosing a broker

[sigitpambudi144]

Hello, i want to ask several questions about mydilemma and simulation question ... First i want to told you mystory, first-time i got this forum 1 year ago , i felt myhead was spinning and really shock that even good reputable broker in mycountry and considered good broker based in myexperience did scam people , i don't understand that even brokers like icmarkets, pepperstone, xm, globalprime, fxtm, etoro, and etc manipulate traders account ... First time i explore this forum and i felt like i lost mytrust to forex brokers .... And last month i discovered that Mr Tito hayunanda (johnpaul77) said that every broker was market maker that made me felt cant believe what i heard, Until now i am still with my dilemma feeling maybe members of group could respond myquestions :
1. If Mr Tito is right that all brokers are market maker, how to choose the right broker because even good regulated and reputable brokers could manipulate the charts and traders account ? Because we don't know out position is sending to the market or in simulation
2. If we trade in LP , could the LP guarantee that our funds safe ... Because even boston prime as forex liquidity providers are bankrupt in 2015 ...
3. How much the withdraw that tolerated by forex brokers if we could see that in scam alert in this forum we get alot of trades cant withdraw their money even using regulated brokers ?
4. Simulation questions, if somebody has $20 million ( just example) he want to invest his money to financial market with 2 way :
Option A : using $20 million to deposit with a lot of good forex brokers lets say 500-1000 brokers (make 5000 to 10,000 accounts) and diversified the portofolio and trade using trade copier
Option B : using $1 million to deposit in 10-20 brokers (make 50 to 100 accounts) and trade futures and option, and the rest $19 million Will be save in bank or use as backup money
What's the best option for question number 4 ? option A or option B ?

 

[Pharaoh]

1. Well regulated plus adequately rated is a good start. Even then, check the charts against "neutral" price feeds from time to time.

2. In theory, what you want is a segregated account. That should protect the bulk of your cash if the broker goes under. BTW - never believe a "We have segregated accounts" claim from an unregulated broker.

3. Not all scams are the broker trying to cheat the trader. There are methods for a trader or group of traders to try to cheat a broker. Also significant number of "They SCAMMED me!" complaints do get resolved. Check the Resolved Issues folder to see some of those.

4. Option A. Get ready to hire staff to hunt down that many good brokers and to keep track of all of those accounts.

Option B. What is this obsession with multiple accounts at one broker and to have so many brokers.

Option C. Select 3-5 brokers that offer currency futures or institutional forex accounts. Open 1 account per broker (and consider opening a second account if the need arises. You might be able to keep up on that without a team of accountants.

 

[ForexTime (FXTM)]

Hello, i want to ask several questions about mydilemma and simulation question ... First i want to told you mystory, first-time i got this forum 1 year ago , i felt myhead was spinning and really shock that even good reputable broker in mycountry and considered good broker based in myexperience did scam people , i don't understand that even brokers like icmarkets, pepperstone, xm, globalprime, fxtm, etoro, and etc manipulate traders account ... First time i explore this forum and i felt like i lost mytrust to forex brokers .... And last month i discovered that Mr Tito hayunanda (johnpaul77) said that every broker was market maker that made me felt cant believe what i heard, Until now i am still with my dilemma feeling maybe members of group could respond myquestions :

Hello! Please note that the Company does not interfere with Clients’ trading activity, nor does it manipulate the prices received from its Liquidity Provider. This goes against both regulation and our corporate ethics. We kindly ask you to send us the Trading account number and Order Number to tradeenquiry@fxtm.com. We'll look into your case and provide you with a detailed response in the shortest time possible. If anything is wrong we will look to compensate you for the losses.

 

[sigitpambudi144]

1. Well regulated plus adequately rated is a good start. Even then, check the charts against "neutral" price feeds from time to time.

2. In theory, what you want is a segregated account. That should protect the bulk of your cash if the broker goes under. BTW - never believe a "We have segregated accounts" claim from an unregulated broker.

3. Not all scams are the broker trying to cheat the trader. There are methods for a trader or group of traders to try to cheat a broker. Also significant number of "They SCAMMED me!" complaints do get resolved. Check the Resolved Issues folder to see some of those.

4. Option A. Get ready to hire staff to hunt down that many good brokers and to keep track of all of those accounts.

Option B. What is this obsession with multiple accounts at one broker and to have so many brokers.

Option C. Select 3-5 brokers that offer currency futures or institutional forex accounts. Open 1 account per broker (and consider opening a second account if the need arises. You might be able to keep up on that without a team of account

1. Well regulated plus adequately rated is a good start. Even then, check the charts against "neutral" price feeds from time to time.

2. In theory, what you want is a segregated account. That should protect the bulk of your cash if the broker goes under. BTW - never believe a "We have segregated accounts" claim from an unregulated broker.

3. Not all scams are the broker trying to cheat the trader. There are methods for a trader or group of traders to try to cheat a broker. Also significant number of "They SCAMMED me!" complaints do get resolved. Check the Resolved Issues folder to see some of those.

4. Option A. Get ready to hire staff to hunt down that many good brokers and to keep track of all of those accounts.

Option B. What is this obsession with multiple accounts at one broker and to have so many brokers.

Option C. Select 3-5 brokers that offer currency futures or institutional forex accounts. Open 1 account per broker (and consider opening a second account if the need arises. You might be able to keep up on that without a team of accountants.

Firstly thanks for your answers i want to ask about 2 things :
1. What do you mean about institutional forex account ? Is it really different from standard account on regular broker ? What's the example of institusional account ?
2. Currency futures normally come to US regulated broker that also offer other futures contract, like ninjatrader or AMP ... If you mean that you advice me to open 1 or 2 accounts per broker with those brokers i think this is the best choice but i Will trade indexes futures ...

 

[Glastonburyk]

Hello, i want to ask several questions about mydilemma and simulation question ... First i want to told you mystory, first-time i got this forum 1 year ago , i felt myhead was spinning and really shock that even good reputable broker in mycountry and considered good broker based in myexperience did scam people , i don't understand that even brokers like icmarkets, pepperstone, xm, globalprime, fxtm, etoro, and etc manipulate traders account ... First time i explore this forum and i felt like i lost mytrust to forex brokers .... And last month i discovered that Mr Tito hayunanda (johnpaul77) said that every broker was market maker that made me felt cant believe what i heard, Until now i am still with my dilemma feeling maybe members of group could respond myquestions :
1. If Mr Tito is right that all brokers are market maker, how to choose the right broker because even good regulated and reputable brokers could manipulate the charts and traders account ? Because we don't know out position is sending to the market or in simulation
2. If we trade in LP , could the LP guarantee that our funds safe ... Because even boston prime as forex liquidity providers are bankrupt in 2015 ...
3. How much the withdraw that tolerated by forex brokers if we could see that in scam alert in this forum we get alot of trades cant withdraw their money even using regulated brokers ?
4. Simulation questions, if somebody has $20 million ( just example) he want to invest his money to financial market with 2 way :
Option A : using $20 million to deposit with a lot of good forex brokers lets say 500-1000 brokers (make 5000 to 10,000 accounts) and diversified the portofolio and trade using trade copier
Option B : using $1 million to deposit in 10-20 brokers (make 50 to 100 accounts) and trade futures and option, and the rest $19 million Will be save in bank or use as backup money
What's the best option for question number 4 ? option A or option B ?

I totally understand I’ve seen more regulated brokers manipulate blatantly than ever recently! I currently use two unregulated brokers as I feel they are more reliant upon their reputation.

 

[HeavenLeighRob]

I've never had that problem trading with an offshore broker. I get that people generally want a regulated option and it makes them feel more secure, but even regulated brokers can be shady and withhold money. If you do enough research about any broker, you'll find user reviews that really paint a good picture of whether they are trustworthy or not, regardless of regulation status.

 

[TareqS]

If we are with regulated brokers that does not mean we are 100% safe. Things could go wrong with regulated brokers as well. On the other hand, there are some reputed offshore brokers that have been in business for quite long. Before choosing a broker, we should do a good search on the internet and be sure about their consistency. I personally do not mind trading with reputed offshore brokers.

 

[Surepips]

Hello, i want to ask several questions about mydilemma and simulation question ... First i want to told you mystory, first-time i got this forum 1 year ago , i felt myhead was spinning and really shock that even good reputable broker in mycountry and considered good broker based in myexperience did scam people , i don't understand that even brokers like icmarkets, pepperstone, xm, globalprime, fxtm, etoro, and etc manipulate traders account ... First time i explore this forum and i felt like i lost mytrust to forex brokers .... And last month i discovered that Mr Tito hayunanda (johnpaul77) said that every broker was market maker that made me felt cant believe what i heard, Until now i am still with my dilemma feeling maybe members of group could respond myquestions :
1. If Mr Tito is right that all brokers are market maker, how to choose the right broker because even good regulated and reputable brokers could manipulate the charts and traders account ? Because we don't know out position is sending to the market or in simulation
2. If we trade in LP , could the LP guarantee that our funds safe ... Because even boston prime as forex liquidity providers are bankrupt in 2015 ...
3. How much the withdraw that tolerated by forex brokers if we could see that in scam alert in this forum we get alot of trades cant withdraw their money even using regulated brokers ?
4. Simulation questions, if somebody has $20 million ( just example) he want to invest his money to financial market with 2 way :
Option A : using $20 million to deposit with a lot of good forex brokers lets say 500-1000 brokers (make 5000 to 10,000 accounts) and diversified the portofolio and trade using trade copier
Option B : using $1 million to deposit in 10-20 brokers (make 50 to 100 accounts) and trade futures and option, and the rest $19 million Will be save in bank or use as backup money
What's the best option for question number 4 ? option A or option B ?

I understand your dilemma all too well. Trust is hard to find when it comes to putting your money into a broker. Irregardless of amount. I used to think that my money was safer in a regulated broker,its what your told. I was also told bitcoin would go to zero. My benefits in life have come from thinking and researching things for myself. And making my own descisions. As far as brokers go, reputation is what i go for. and time proven Trust from multiple sources. I use one or 2 regulated brokers occasionally but I mainly use an offshore broker, 3 in particular Iv had no issue with. I transact with them via btc and withdrawals have never been a problem. iv allways taken out alot more than iv put in,(not being cocky but getting my point across unregulated or offshore doesnt mean scam in the slightest and there is no problem with getting payed). All in all theres too much tarnishing with the same brush as far as brokers go, We hear one bad thing about an offshore broker and are quick to judge the rest. The same can almost be said for regulated brokers with some of the articles iv read and some of the the blatant broker manipulation iv witnesses, experienced/been a victim of. I have noticed though regulation allows a broker to flaunt things a little more as they'll stay within their terms usually. Time and experience has taught me to just do a little research first, Actually ask a few questions. Support can only answer so much so id ask to speak to management, or a representative. Have a conversation. You'll soon realise if their legit or not. Id most definitely advise this if I was to be shifting 6-7figures into anywhere. Even a bank . I couldn't tell you how to diversify your funds as it would be down to you, but I'd deffinately reccomend you maybe see what different brokers offer, particularly to higher profile customers. I believe ALL to be market makers of sorts to some extent, their a business at the end of the day, and have to provide an income. Usually they will do this on the spread but not all. Id suggest using a few and just comparing them to one another... the subtle differences can tell you alot about their general practices day to day.

 

[sigitpambudi144]

Hello! Please note that the Company does not interfere with Clients’ trading activity, nor does it manipulate the prices received from its Liquidity Provider. This goes against both regulation and our corporate ethics. We kindly ask you to send us the Trading account number and Order Number to tradeenquiry@fxtm.com. We'll look into your case and provide you with a detailed response in the shortest time possible. If anything is wrong we will look to compensate you for the losses.

Give me the maximum withdrawal that tolerant by your broker

 

[momo3HC]

I totally understand I’ve seen more regulated brokers manipulate blatantly than ever recently!

Absolutely true. Regulations means nothing and i`m seeing more manipulations from so called regulated brokers lately than ever.