Here is a new discussion with Forexgen
I read the entire post concerning this broker. And needless to say that I was scandalised. So I took it up to try to chat with them... Here is the text :
Please wait for a site operator to respond.
You are now chatting with 'Allan'
Your Issue ID for this chat is LTK7503839148X
george: Hi Allan
Allan: Welcome to our live chat service.
Allan: Hello. How may I assist you?
george: I was considering opening your account with your company. What are your spread policies ?
Allan: There are 5 types of accounts at ForexGen:
Allan: 1.Mini Account : Starts with $250 , with leverage 1:200 up to 1:500 , and ability to trade Micro Lots
Allan: 2.Standard Account : Starts with $2500 , with leverage 1:100
Allan: 3.Pro Account : Starts with $5000 , with leverage 1:100 , With Spreads as low as 1 pip spread
Allan: 4.Premium Account : Starts with $50,000 , with leverage 1:50 , with Zero Spread
Allan: 5.No Dealing Desk Account : Starts with $20,000 , with leverage 1:50 and Flexible Spreads
Allan: for all types accept the NDD spreads are fixed
Allan: and for the premium account zero spread
george: On Premium Account if you have 0 pip spread, do you take commissions?
Allan: no Sir
Allan: No Comession No Spread
george: So explain to me how you earn money from this account. It sounds to good yo be true
Allan: ForexGen is an international broker with thousands of large clients including banks and financial institutions, where volume of the total equity is what affects our overall profitability. We are able to offer competitive terms due to our size and overall volume of liquidity.
george: I understand perfectly well. But how do you earn money on this type of account ? Trading large volumes is one thing, but explain to me how does it work for you?
Allan: Due to the large amount of orders we execute every minute, the total number of lots in the short and the long directions are balanced most of the time. A percentage of the orders executed on our trading floor find a matching counterpart within our trading floor. Orders are only externally executed when there is no internal counterpart to fulfill the order. This reduces the cost and increases liquidity at any given time.
Allan: ForexGen daily trading volume has built over the years to represent one of the most active and diverse global forex markets . Both swap free and spread free offerings are attracting banks and brokers, specially futures brokers who prefer to utilize these offerings to open large and long term positions as a hedge for their regular daily trading in futures.
Allan: Only lately has ForexGen made these offerings available to the forex retail market and private traders after they were only available for institutional clients for years.
george: Ok... Allan, you must be a fast typist ! But I have a hard time understanding how this works your end. You have costs and seemingly no revenues
george: Have you heard about one of your client Rashid who feels cheated out of US$ 160 000 ?
Allan: some of our visitors mentioned about that Sir
george: So what is your reply to these allegations ?
Allan: as much as i knew about Mr.Rashid that he is one of thousands of our clients
Allan: and sure there is some that loose and others who nakes profit
Allan: makes
Allan: and as much sa i experinced as a support agent
Allan: when someone looses ,they never admit that they made a trading mistake
Allan: and also as much i learnt that i cant give my ears to everybody
george: I understand this. But here is my position : I am looking for a forex broker. I hear about you. Look around anf find out that one fo your many clients is complaining about being robbed. So, before I open an account I want to hear your side of the story.
Allan: one client Sir
Allan: sounds that you are a person that have the capability to analyze
Allan: 1/thousends tends to equal zero
george: One client = - US$ 160 000. But if I have problem with you are you going to tell me the same thing ? "1/thousends tends to equal zero"?
Allan: Sir 160 000 /millions is nothing also Sir
george: I would like to know if your company denies this fact or does it recognize the fact that they have made a mistake
Allan: i am just trying toi analyze the situation togther Sir
george: What are you going to do about this problem ?
george: See, if I have a problem one day with you ? I am scared that you are going to have the same approach
Allan: All what i know as a support Agent Sir that there our legal department is following up this issue
Allan: and will take the right actikons against it
Allan: i dont have more details about this subject
george: What is your company doing to resolve the matter ? Can we talk to your legal department ? Since you don't seem to have the information
george: You understand that your answers are scaring me and it is most important that I understand your company's position
Allan: if you need to have a direct contact with the legal department please send an email to legalfg@forexgen.com with your case details and your personal and account information and they will contact you Sir
george: ok bye
Allan: bbye
Chat session has been terminated by the site operator.
Isn't the discussion about how they earn their dow fantastic !
I read the entire post concerning this broker. And needless to say that I was scandalised. So I took it up to try to chat with them... Here is the text :
Please wait for a site operator to respond.
You are now chatting with 'Allan'
Your Issue ID for this chat is LTK7503839148X
george: Hi Allan
Allan: Welcome to our live chat service.
Allan: Hello. How may I assist you?
george: I was considering opening your account with your company. What are your spread policies ?
Allan: There are 5 types of accounts at ForexGen:
Allan: 1.Mini Account : Starts with $250 , with leverage 1:200 up to 1:500 , and ability to trade Micro Lots
Allan: 2.Standard Account : Starts with $2500 , with leverage 1:100
Allan: 3.Pro Account : Starts with $5000 , with leverage 1:100 , With Spreads as low as 1 pip spread
Allan: 4.Premium Account : Starts with $50,000 , with leverage 1:50 , with Zero Spread
Allan: 5.No Dealing Desk Account : Starts with $20,000 , with leverage 1:50 and Flexible Spreads
Allan: for all types accept the NDD spreads are fixed
Allan: and for the premium account zero spread
george: On Premium Account if you have 0 pip spread, do you take commissions?
Allan: no Sir
Allan: No Comession No Spread
george: So explain to me how you earn money from this account. It sounds to good yo be true
Allan: ForexGen is an international broker with thousands of large clients including banks and financial institutions, where volume of the total equity is what affects our overall profitability. We are able to offer competitive terms due to our size and overall volume of liquidity.
george: I understand perfectly well. But how do you earn money on this type of account ? Trading large volumes is one thing, but explain to me how does it work for you?
Allan: Due to the large amount of orders we execute every minute, the total number of lots in the short and the long directions are balanced most of the time. A percentage of the orders executed on our trading floor find a matching counterpart within our trading floor. Orders are only externally executed when there is no internal counterpart to fulfill the order. This reduces the cost and increases liquidity at any given time.
Allan: ForexGen daily trading volume has built over the years to represent one of the most active and diverse global forex markets . Both swap free and spread free offerings are attracting banks and brokers, specially futures brokers who prefer to utilize these offerings to open large and long term positions as a hedge for their regular daily trading in futures.
Allan: Only lately has ForexGen made these offerings available to the forex retail market and private traders after they were only available for institutional clients for years.
george: Ok... Allan, you must be a fast typist ! But I have a hard time understanding how this works your end. You have costs and seemingly no revenues
george: Have you heard about one of your client Rashid who feels cheated out of US$ 160 000 ?
Allan: some of our visitors mentioned about that Sir
george: So what is your reply to these allegations ?
Allan: as much as i knew about Mr.Rashid that he is one of thousands of our clients
Allan: and sure there is some that loose and others who nakes profit
Allan: makes
Allan: and as much sa i experinced as a support agent
Allan: when someone looses ,they never admit that they made a trading mistake
Allan: and also as much i learnt that i cant give my ears to everybody
george: I understand this. But here is my position : I am looking for a forex broker. I hear about you. Look around anf find out that one fo your many clients is complaining about being robbed. So, before I open an account I want to hear your side of the story.
Allan: one client Sir
Allan: sounds that you are a person that have the capability to analyze
Allan: 1/thousends tends to equal zero
george: One client = - US$ 160 000. But if I have problem with you are you going to tell me the same thing ? "1/thousends tends to equal zero"?
Allan: Sir 160 000 /millions is nothing also Sir
george: I would like to know if your company denies this fact or does it recognize the fact that they have made a mistake
Allan: i am just trying toi analyze the situation togther Sir
george: What are you going to do about this problem ?
george: See, if I have a problem one day with you ? I am scared that you are going to have the same approach
Allan: All what i know as a support Agent Sir that there our legal department is following up this issue
Allan: and will take the right actikons against it
Allan: i dont have more details about this subject
george: What is your company doing to resolve the matter ? Can we talk to your legal department ? Since you don't seem to have the information
george: You understand that your answers are scaring me and it is most important that I understand your company's position
Allan: if you need to have a direct contact with the legal department please send an email to legalfg@forexgen.com with your case details and your personal and account information and they will contact you Sir
george: ok bye
Allan: bbye
Chat session has been terminated by the site operator.
Isn't the discussion about how they earn their dow fantastic !
