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Watch Out !!

Discussion in 'Beginners Bootcamp' started by Larry Curry, Mar 16, 2010.

  1. Larry Curry

    Larry Curry Recruit

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    Hello Everyone, Just recently joined FPA but have been aware of website for some time. This is my first thread but i hope everyone is paying attention. My history is that i have been trading Forex for about two years and was with a reputable U.S. broker; then when the NFA recently changed some of the rules i decided to go outside of U.S.A. Bad decision, I'm not saying all brokers outside the U.S. are bad i just happened to pick a bad one. Investtechfx is a SCAM stay away. 1Pipfix is their front and they should have their 4 star rating removed. We all have to stick together and weed out these bad apples. Go get those PIPS. -- Larry
     
  2. cowmadagan

    cowmadagan Sergeant

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    Please be more specific with your accusation by providing some case info.
     
  3. market_educational

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    If i understood well

    they have 1 pip spread on all pairs ? if yes... no need to be more specific its scam on first sight
     
  4. PipStar

    PipStar Sergeant

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    Out of all the overseas brokers how did you choose InvesttechFX? Did you read the FPA brokers reviews first because if you did you would not have opened an account with this particular broker. I see you are located in the UK and you bypassed all the FSA registered brokers that are reputable to find yourself a scam broker. Strange.
     
  5. Tyrion

    Tyrion Private

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    Do you maybe have good experience with any outside U.S. brokers?
     
  6. Stony

    Stony Sergeant

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    @ market educational

    Absolutely correct. No broker can survive on 1-pip-spreads, so he simply must apply fraudulous methods.

    @ pipstar

    it´s Birmingham, Alabama.... but anyway, UK-brokers seem to be the best choice outside the USA presently.
     
  7. heisamit

    heisamit Recruit

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    Wanted honest opinion

    Hi Guys,

    I wanted to know how reputable are the following two companies.FXCM and Alpari (US)?
    Second also wanted to know whats the difference if one opens an account with a US based broker or a UK based broker , cos FXCM and Alpari have branches operating from the US and UK and offer you the choice of selecting between the two....
    Thanks in advance.
     
  8. Stony

    Stony Sergeant

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    UK: good regulations, separated customer accounts, deposits insured up to 48000,-- GBP, no restrictions on hedging etc. :)

    US: weak regulations, no separated customer accounts, no insured deposits, idiotic rules on trading styles. :p
     
  9. West Coast Pips

    West Coast Pips Sergeant

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    Hey Larry, looking for a broker outside of the US is fine. Just make sure you ask those brokers, let's say in Europe, who they are regulated by. Brokers in Europe look to get regulated by the FSA (UK) as an example. In Cyprus, CYSEC, etc.

    Don't forget the CFTC is soon going to announce if it will in fact drastically lower leverage to 10:1. If that happens and you still want to trade forex you will have to look at brokers outside of the US.

    After trading for 5 years I was the victim of a scam with ForInvest. I lost a huge amount of money. ***t happens and this has really forced me to make sure I do not open an account with a broker that can bring you down. Despite copious research into ForInvest I ended up being a victim. Good luck to you.
     
  10. Larry Curry

    Larry Curry Recruit

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    Sounds as if we did our due-diligence, I checked this broker out as much as i possibly could. Investtechfx is a federal Canadian Corp. that was incorporated in 2007. I had numerous conversations with them prior to opening the account and they always gave the right answers. However the final decision came down to two factors in my mind which was 1Pipfix had a four star rating with Forex peace Army and they claimed that funds were insured up to 100K. I have not given up but it's not looking good a this point
     

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