Trader's Way: Fake Spike Scam?

nycfxtrading

Recruit
Messages
3
Hey all. I'm an experienced trader, and I've been testing Trader's Way's ECN account for the last few months. I work with lots of other Traders (mostly newbies) and everyone is always looking for a good broker, so I test out as many as I can so when asked, I can give first-hand experience. Well, to keep it short, Trader's Way is scamming people on a regular basis, and one of the main ways they do this is via fake spikes, i.e. price spikes that appear out of nowhere, ;ast for a few minutes (or even seconds sometimes), and then retrace, back to the previous price level. Here are two examples:

EXAMPLE 1: AUGUST 22, 2018. GBP/NZD. TRADER'S WAY ECN. 5-6PM Candle [EST]

Screen%2BShot%2B2018-08-22%2Bat%2B8.00.30%2BPM.png


This spike doesn't exist on FIFTEEN other charts I've checked, including those provided by OANDA, TradingView, Forex.com, Interactive Brokers, FX Choice and many more. As a comparison, here is the same chart from FX CHOICE:

Screen%2BShot%2B2018-08-22%2Bat%2B8.03.13%2BPM.png


EXAMPLE 1: AUGUST 07, 2018. GBP/NZD. TRADER'S WAY ECN. 5-6PM Candle [EST]

Screen%2BShot%2B2018-08-22%2Bat%2B8.02.06%2BPM.png


Again, for comparison, here is the same chart from FX CHOICE:

Screen%2BShot%2B2018-08-22%2Bat%2B8.02.31%2BPM.png


I have many other Trader's Way examples like this across multiple currency pairs. Pleas go ahead and check your own charts for these dates, and you'll see that the Trader's Way spikes are manipulated. This is price manipulation, pure and simple. It's designed to take out peoples' stop-losses, or force people to close their trades at a loss when they see how much money they're losing. How else can such a divergence be explained? I had a trade running at the time, and at one point, I was down $600 before the price retraced. I held my nerve, but others will panic and exit their trades (which is what Trader's Way wants).

Seriously, how else can this be explained. I spoke with the customer service via live chat, and predictably, they stalled; refused to address the issue and told me email one of their 'specialists'. The chat operator was flippant and condescending as if he/she didn't care, but that's par for the course with unregulated brokers. They don't care, and when they're caught in the act, their true colors shine through.

I'm open to hearing alternative explanations, but as I said, I have dozens of other similar examples. Trader's Way is a SCAM. Avoid it like the plague, unless you like having your money stolen. I'm so sick of these robbing scumbag brokers (!)
 

Poundtrader

Sergeant
Messages
135
Hey all. I'm an experienced trader, and I've been testing Trader's Way's ECN account for the last few months. I work with lots of other Traders (mostly newbies) and everyone is always looking for a good broker, so I test out as many as I can so when asked, I can give first-hand experience. Well, to keep it short, Trader's Way is scamming people on a regular basis, and one of the main ways they do this is via fake spikes, i.e. price spikes that appear out of nowhere, ;ast for a few minutes (or even seconds sometimes), and then retrace, back to the previous price level. Here are two examples:

EXAMPLE 1: AUGUST 22, 2018. GBP/NZD. TRADER'S WAY ECN. 5-6PM Candle [EST]

Screen%2BShot%2B2018-08-22%2Bat%2B8.00.30%2BPM.png


This spike doesn't exist on FIFTEEN other charts I've checked, including those provided by OANDA, TradingView, Forex.com, Interactive Brokers, FX Choice and many more. As a comparison, here is the same chart from FX CHOICE:

Screen%2BShot%2B2018-08-22%2Bat%2B8.03.13%2BPM.png


EXAMPLE 1: AUGUST 07, 2018. GBP/NZD. TRADER'S WAY ECN. 5-6PM Candle [EST]

Screen%2BShot%2B2018-08-22%2Bat%2B8.02.06%2BPM.png


Again, for comparison, here is the same chart from FX CHOICE:

Screen%2BShot%2B2018-08-22%2Bat%2B8.02.31%2BPM.png


I have many other Trader's Way examples like this across multiple currency pairs. Pleas go ahead and check your own charts for these dates, and you'll see that the Trader's Way spikes are manipulated. This is price manipulation, pure and simple. It's designed to take out peoples' stop-losses, or force people to close their trades at a loss when they see how much money they're losing. How else can such a divergence be explained? I had a trade running at the time, and at one point, I was down $600 before the price retraced. I held my nerve, but others will panic and exit their trades (which is what Trader's Way wants).

Seriously, how else can this be explained. I spoke with the customer service via live chat, and predictably, they stalled; refused to address the issue and told me email one of their 'specialists'. The chat operator was flippant and condescending as if he/she didn't care, but that's par for the course with unregulated brokers. They don't care, and when they're caught in the act, their true colors shine through.

I'm open to hearing alternative explanations, but as I said, I have dozens of other similar examples. Trader's Way is a SCAM. Avoid it like the plague, unless you like having your money stolen. I'm so sick of these robbing scumbag brokers (!)
i hope they fix there spike problem or stop the fake spikes.
 

stevesmain

Sergeant
Messages
228
Your time of day & pairing indicates the likely problem
-at 5 pm EST there is a rollover over and have seen many issues like this at that time...stations don't up date, spreads widening, spikes etc.
-recently saw GBPUSD do that at the rollover on one of the stations that I monitor while others not so much
many try to take advantage of these variances, some times it works others not so much
-the dealers tap into the liquidity providers and they are the ones that control the prices, as you know, conspiracy theories abound and likely there is some manipulations going on...but to point the finger solely at a dealer does not show your knowledge and experience in this market
BUT
-the big thing here is as an experienced trader ... why you do not caution your people to stay away from these types of hiccups at the rollover time? or at the very least warn them of these types of issues and trade accordingly
 

Koopa

Recruit
Messages
4
I just had EURGBP spread widen from 3 to 66 pips on Pepperstone at Rollover. Cost me $70 luckily on demo witha 0.5Lot but still! Is that legal??
Actual price was nowhere near my stop.
I now notice huge spikes very very often at this time of day which can throw a trader if they think these prices were real! Like i did til today!
And i guess there's no way to eliminate these levels from charts.
 

4evermaat

2nd Lieutenant
Messages
2,133
Hey all. I'm an experienced trader, and I've been testing Trader's Way's ECN account for the last few months. I work with lots of other Traders (mostly newbies) and everyone is always looking for a good broker, so I test out as many as I can so when asked, I can give first-hand experience. Well, to keep it short, Trader's Way is scamming people on a regular basis, and one of the main ways they do this is via fake spikes, i.e. price spikes that appear out of nowhere, ;ast for a few minutes (or even seconds sometimes), and then retrace, back to the previous price level. Here are two examples:

EXAMPLE 1: AUGUST 22, 2018. GBP/NZD. TRADER'S WAY ECN. 5-6PM Candle [EST]

Screen%2BShot%2B2018-08-22%2Bat%2B8.00.30%2BPM.png


This spike doesn't exist on FIFTEEN other charts I've checked, including those provided by OANDA, TradingView, Forex.com, Interactive Brokers, FX Choice and many more. As a comparison, here is the same chart from FX CHOICE:

Screen%2BShot%2B2018-08-22%2Bat%2B8.03.13%2BPM.png


EXAMPLE 1: AUGUST 07, 2018. GBP/NZD. TRADER'S WAY ECN. 5-6PM Candle [EST]

Screen%2BShot%2B2018-08-22%2Bat%2B8.02.06%2BPM.png


Again, for comparison, here is the same chart from FX CHOICE:

Screen%2BShot%2B2018-08-22%2Bat%2B8.02.31%2BPM.png


I have many other Trader's Way examples like this across multiple currency pairs. Pleas go ahead and check your own charts for these dates, and you'll see that the Trader's Way spikes are manipulated. This is price manipulation, pure and simple. It's designed to take out peoples' stop-losses, or force people to close their trades at a loss when they see how much money they're losing. How else can such a divergence be explained? I had a trade running at the time, and at one point, I was down $600 before the price retraced. I held my nerve, but others will panic and exit their trades (which is what Trader's Way wants).

Seriously, how else can this be explained. I spoke with the customer service via live chat, and predictably, they stalled; refused to address the issue and told me email one of their 'specialists'. The chat operator was flippant and condescending as if he/she didn't care, but that's par for the course with unregulated brokers. They don't care, and when they're caught in the act, their true colors shine through.

I'm open to hearing alternative explanations, but as I said, I have dozens of other similar examples. Trader's Way is a SCAM. Avoid it like the plague, unless you like having your money stolen. I'm so sick of these robbing scumbag brokers (!)

As of this writing, the majority of retail forex brokers are bucket shops in disguise. There is a re-posted article that will hopefully enable you to tell the difference. https://www.forexpeacearmy.com/comm...ime-of-prime-the-keys-to-understanding.59542/

2) you can certainly leave a review of your experience here: https://www.forexpeacearmy.com/forex-reviews/8129/www.tradersway.com

3a). The chats/emails that you had with customer service. Can you post them here please?

3b) If you need tips on gathering evidence, read this post:
https://www.forexpeacearmy.com/community/threads/ic-markets.59108/page-6#post-334518

Although you've done a good job already. Makes life a lot easier to prove your case.
 

4evermaat

2nd Lieutenant
Messages
2,133
I just had EURGBP spread widen from 3 to 66 pips on Pepperstone at Rollover. Cost me $70 luckily on demo witha 0.5Lot but still! Is that legal??
Actual price was nowhere near my stop.
I now notice huge spikes very very often at this time of day which can throw a trader if they think these prices were real! Like i did til today!
And i guess there's no way to eliminate these levels from charts.

@Koopa, please open your own independent scam alerts thread and submit evidence there.
 

Pepperstone Support

Pepperstone Representative
Messages
13
I just had EURGBP spread widen from 3 to 66 pips on Pepperstone at Rollover. Cost me $70 luckily on demo witha 0.5Lot but still! Is that legal??
Actual price was nowhere near my stop.
I now notice huge spikes very very often at this time of day which can throw a trader if they think these prices were real! Like i did til today!
And i guess there's no way to eliminate these levels from charts.

Hi Koopa,

We acknowledge that there was an error in pricing during that rollover period and have been actively working with our clients who had any open positions that were affected by this. In these circumstances where it is clear that this was a technical issue rather than a genuine market movement, Pepperstone does its best to ensure that customers are compensated accordingly.

Kind regards,
 

risingzombi

Private
Messages
21
hmmm, look like the trading asset turn. But that not a fake spike. It's probably news event or something, but it fell through support in my 2 cents view.
 
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