I believe that big brokers like this one are more prone to having complaints, just because they have more clients. You posted one of many examples of resolved cases. I can't know if it's evil manipulation or innocent incompetence, but for the quantity of clients this broker has, they would have many more complaints if they were really doing it systematically, wouldn't they?
Even if there was not a single complaint, if you don't understand the
underlying business model the forex/cfd/any brokerage is using (and you don't if you are here as well as 95%+ of retail
gamblers traders do not also), then it is a recipe for failure. It is that simple.
"Regulation" actually means very little if you do not understand the scope of what the regulation covers, what it actually polices, etc (95% do not, including yourself). OTC products are relationship-based.....very similar to going to the local farmers/swap market.
I do think those brokers who run 100% agency or an honest hybrid (there are ethical ways to run a partial book if 100% STP is used, no reneging, etc)
are wonderful editions to the trading community. But
good luck finding them; for every 98 bucketshops there are 1-2 agency model broker or honest hybrid. [I actually know from experience who most of them are, but I don't actively promote a particular broker here publicly for professional reasons].
It's actually
very easy to know/study to see if your orders are being manipulated. Screen record 100% of your trading sessions. Keep backup copies of your trading history. Request back-end (post-trade execution) records of the market snapshot at the time of any error trades (or any trade for that matter). Take snapshots/screen recording of all relevant events (withdrawals, deposits, wins, losses).
It's ultimately your choice where to put your money. I don't see anyone voluntarily depositing their money at a false bank or false atm machine. So with the same logic, why deposit your money at what is essentially a fake brokerage? Attach a familiar trading platform and stream some prices to it and all of a sudden people just toss their common sense out the window. But it is their choice to make.
....My gut favorite option is IC Markets because it's an ECN in contrast with AxiTrader....
About IC Markets, I've read that they're an ECN only for orders bigger than 1 lot, and act as your counterpart for smaller orders. I guess that's why they stopped claiming to be "true ECN". For what I know, this practice is very common among brokers and it doesn't instantly make them evil. Still they claim that they're prices come from their LPs, so they're supposedly not "made up".
Do they provide post trade report with market snapshot which shows who took the trade for 1+ lot orders? or for the <1.00 lot trades? The
accountability to their clients is what ultimately separates the bucketshops from the agency model brokers (and proper hybrids).
Do they specify to the client upon request (or even better, WITHOUT requesting) which orders are b-book vs which orders are passed on? Or is it just a merry-go-round guessing game?
Again, i refer you to this post with the proof that IC Markets broker advertised quite loudly that they are ECN:
Hi guys.. I got my full funds back.. It is always good to see FPA cases that are resolved. @FPA Forums Team @AsstModerator can you please mark the thread appropriately? Also don't forget to update your review...
www.forexpeacearmy.com
This wasn't 1 day or 2 week ad campaign. It was for over 6 years. IC Markets is not (and has never been) a "true ECN". Although in the past (6 years ago) they may not have been as tricky about their execution. And FYI it is possible to have agency flow for 0.01 mt4 lot. Slightly more expensive for the broker, but possible.
About your reply on the other post, I'll reply to you here so we can keep the other conversation on-topic and clean. I have read the post you mentioned, but I didn't find it useful... I understand there are tiers of brokers, but as retail traders we can't do much about it.
As a retail trader, you can certainly
educate yourself as to what to look out for and make a choice where to deposit your hard earned dollars.
You don't have to be a victim. Although many do succumb to their greed/gambling impulse. And dont realize the deviant broker behavior. Hence the active scam alerts folder. A small % are fortunate enough to be moved in the resolved issues folder.
You're new. But I think you will learn quick with the help of FPA. Welcome to FPA btw.
