Regulated Brokers also Cheat!
Is this POSSIBLE?
This isn theft, aren't these brokers regulated?
Can't Edforex appeal to the authorities?
Day light robbery. unbelievable, now I am starting havinf doubts about my broker, I find it funny that when I am winning 20+ pips and wish to close the trade, I always have to requote.
At first I thought it was my connection, but it doesn't happen with any other platforms, only with the one I trade most.
Every time a trade goes against me and I close it, never have a requote only when I am infront.
Well I am absolutely disgusted about Edforex.
An well done Investigation Team.
I sincerelly hope that Edforex gets his money.
This article should be posted in Google so other people will not open an account with MoneyForex.
Best of luck.
C Millo
Never be taken in just because a broker claims that they are regulated, they are honest and reliable.
Let me relate how I discovered this broker in Singapore has been cheating me and their clients.
City Index Asia Pte Ltd misrepresented that their retail FX prices are fair and transparent, and that they charged only a fixed deal spread. They also misrepresented that they have expert staff to offer professional services, but chose not to answer my question which is vital and relevant in influencing my trading decisions.
Their managers are also unaware of certain very important available functions in their own trading platform, which are relevant and useful to clients' trading decisions - example trading volume. They chose not to tell me what the units in the volume column stands for ( 1 for one mini or standard or? ) despite repeated reminders for an answer since 2 months ago.
However, my findings show that they are reaping their clients off via the following unscrupulous methods:
1. Repeated and frequent slippages that can add up their clients' trading costs by as high as an additional 100 pips more per lot per trade!
2. Even when no slippages occurred, the actual price captured in a client's statement is often a few pips more than what appeared on the screen when a trade is executed.
3. Their dealers entered my open positions and exited them without my instructions. Initially they denied doing so, but eventually offered to compensate me with a few thousand dollars as settlement, which I did not accept due to reasons which I'll explain during FIDREC/MAS investigation.
4. They have dealers to trade against me.
5. They fixed off-market prices by sudden price gap of as high as 152 pips, when at that identical time a check with two other brokers' platforms showed no price gaps at all.
6. They manipulated prices to STOP out trades that have STOP LOSS level set, even as far away as over 100 pips!
7. They manipulated indicators that traders usually relied upon, to trick them into entering trades in the wrong direction.
I have documented details of my complaint in the pdf report, downloadable from:
http://www.pchenxu.addr.com/ci/Findings_CityIndex.pdf
Such rogue broker must not be allowed to get off scot-free with their scams.
I urge traders to be alert and observant during trading, and record any suspicious activity systematically. Then promtly report to the relevant authorities urging them to inititiate prompt investigations.
All the scenarios reported in my findings should provide a good warning (or reflections/recaps of similar encounters) to unwarry traders who continue to lose despite possessing all the right knowledge, strategies and skills (technical and psychological).
Let us join hands in sharing all our suspicions in forums. If we see a particular weird encounter keeps repeating amongst traders' trade with their individual broker (or identical broker) in their open sharing in forums, then simple law of probability theory can confirm that that weird scenario cannot happen just by mere chance, but by the purported work of human/system from the broker. Traders should then report these rogue brokers to the relevant authorities, and boycott them to force them to come clean with us.
I hope my findings will enlighten unwarry traders.
I wish all Chinese here a very healthy and blessed Chinese New Year!
Sincerely, Pierre
Mobile: +65-90018710
