Have you been a victim of a Forex Scam?

Have you been scammed by anyone in FOREX before?

  • Yes - I have been scammed before :(

    Votes: 108 57.1%
  • No - I have always been treated with honesty :)

    Votes: 81 42.9%

  • Total voters
    189

sweetcarrot

Recruit
Messages
8
let the evolution begin!!!

felix,
a million thank for this,u can count on me whenever the evolution begin
let show them who they are!:D
 

Haneen

Recruit
Messages
5
I hope this dream soon become true

I am 100% with you Felix, lets starts this war and clean this field
 

iMind

Recruit
Messages
1
Haven't voted. Not sure where this sits on the scam meter.

I have had a funded account with Oanda since the beginning of this year.

Very happy with them.

The only doubts I have had are that two stop losses triggered far too coincidentally; and within a minute of being set.

Since commenting on this on the Oanda forums it does not appear to have recurred.

Have used stop losses a few times since then and they worked as expected with no suspicious behavior.

Still a bit cautious - could just have been a true coincidence both times so would not be too quick to condemn them based on these two experiences.
 

iRich

Recruit
Messages
2
Scary...just thinking about this..

I have been think about this for sometime - ie how "exposed" is our "virtual" accounts with the brokers.

The process -- you send in real $$$ to fund your virtual account, which allows you to buy/sell based on the data feed provided by the broker which they manipulated - you know they can do that on the fly whenever they want to by the spread changes you see.
* they control the data feed to your virtual account. Computer are dump machine -" Garbage in Garbage out". So what happens if "dirty data" is feed into the system ?. Never happen ?.. just try watching your account when market is closed. You will sometime see "dirty data" like GBP/USD 1000 of pips from close. You will say it is okay.. market is closed... you look at your balance is it has profit of over 1000pips but at last you can't do anything about it as the market is closed. The question is what happens if it were 1000 pips loss instead and your account trigger a margin call. - can happen, hope not. That been said what if "dirty data" happens during trading hours - can take out many stop loss... hmmm doesn't this also means some TP and Limit is reached. Well is it possible that a program is in place to not let these execute ? So far we are hearing stops were taken out but not heard any say I was fortunate my order was executed went it spiked down.

ok here's another... What about individual accounts ? Can you be the target ? Can your virtual account be fed with "Dirty data". Ask yourself who writes the program ( platform ) and who is watching ? There is report of data-mining - looking for "suckers". Mabe this can explain how the -$160K and -200pips in/out trade happened.

What about "technical glitches" - to me, the "Internet" is not reliable. Have you not experience latency getting to a website or click a few times to post a message ? When you click the buy/sell button (depending on what type of internet connection you have ..dsl, T1, broadband, etc) it has to go through many routers before it reaches the server to execute. A delay can cause "a requote, a rate has moved" or worst hangs for a few minutes. (Just compare with your mobile phone..."can you hear me now "?. yes signal loss, fading etc. get the point ..) This happens alot during news hours. Imagine everyone hitting the buy/sell at the same time --- the server will be overloaded - no dfference from a Denial of Serivce attack. It is up to the broker to ensure larger bandwidth to their site and powerful servers to handle the load, but nothing can be done between for example your house in Vegas and their server in New York. It will be costly to have a dedicated line to your broker. This does not mean that broker will not intentionally cause what looks like "technical glitches" - to delay execution in their favor. Forex trading is zero-sum - meaning if you make $$ in a trade someone must lose $$ to balance the equation of buy/sell. If the other end is your broker - he will make sure he wins at all cost. And if he losses big - as long as your funds is still in the your virtual account ( since your winning is still virtual until you cash out ) he is ok with it, for he knows he will get you one day. Now, what he fears is you withdrawing your $$ - that is when his virtual loss /your virtual wins becomes a reality and that is when you will discover strange things happening to your account. That's the time you will realize that they have no intention to give you your $$$ from the very beginning and the whole operation is a scam. This calls for Due Deligence and lookout for such bastards before you wire in your hard earn $$ to open fund an account. I guess the litmus test at time withdraw.


Well...with regards to "technical glitches" it did happen to me. I still suspect dirty data as I got the dreaded Margin Call and position were closed. The broker did put out a web notice that if any one has been MC to called them. I can't understand why they can't send an email to you, instead you have to call in first. The broker did eventually reinstated the position - but harm was done.

From then on I always do a print scn of my account before I leave my station. This is to avoid the maybe I did change my stop loss, limit or order.


I think it is time to start our own brokerage - be in control of legit quotes that feed our virtual account. No one can do it alone. Someone mention in the forum - member funded brokerage. Maybe member owned brokerage - (shareholders). WOW imagine how we can be market movers.

....meanwhile anyone willing VC me with $100million to start HonestFxbroker.com -funded by millions of fxtraders like you :) win/win if you loss you can still expect dividends from profit-sharing and maybe appreciation in stock price...
 
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Tango

Recruit
Messages
3
I'm new, with 3 months of expierence, so wanted to know...

...if somebody knows about CMS. Are they honest?
No problems with them so far but wanted to prevent myself and any other person who may be thinking of giving them money.
Thanks Felix for the opportunity to defend ourselves.
 

rarykev

Recruit
Messages
2
Without being a bit overdramatic, what you are doing could go a long way to clean up the whole forex world, at least our part in it. However it will need a bit of sacrifice from everyone to make your efforts worthwhile. I will be interested in anything to make the industry honest because we are trusting them with a lot of money. Keep at them and maybe with some arm twisting you can get results.
Rarykev
 

nqangel

Recruit
Messages
4
Fxcm

Last week I posted the following message:
I've been working with FXCM for almost a year without complains, but last week I was stopped out in two (Long) trades at 2.0410 GBP/USD at 16:05 EST time. My price charts only reached 2.0430 at that moment so I really don't know what to think. I'm waiting for a response from FXCM!!!!!!!!!!!!!! If some knows what to do in this case please let me know.
Today I received an e-mail from an FXCM representative and they were right! I set my stop-loss at 2.04410 and where I wanted to set it was 2.0410, so the problem was mine and not theirs.
 

TheWiz

Recruit
Messages
2
Thanks for being honest about this

Last week I posted the following message:
I've been working with FXCM for almost a year without complains, but last week I was stopped out in two (Long) trades at 2.0410 GBP/USD at 16:05 EST time. My price charts only reached 2.0430 at that moment so I really don't know what to think. I'm waiting for a response from FXCM!!!!!!!!!!!!!! If some knows what to do in this case please let me know.
Today I received an e-mail from an FXCM representative and they were right! I set my stop-loss at 2.04410 and where I wanted to set it was 2.0410, so the problem was mine and not theirs.
I have found in my years of trading with reputable brokers that the mistakes were usually mine. Let's not make this a witch hunt with a lot of newbie whiners crying over something that they acutually did wrong. Instead lets go after the real crooks when there is good documented proof that they screwed somebody.
 
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