FraudKiller
Private, 1st Class
- Messages
- 50
FACT: All regulators pretend to exist for the sole purpose of protecting clients. Now, does that make sense when all economic systems are based on "Caveat Emptor"? So, how does a regulator regulate companies in an economic system based on Caveat Emptor??
The primary criteria by which a company chooses a regulator a balance between the prestige of the regulator and the cost of getting regulated. All companies KNOW that the regulator will rarely bother them.
Indeed, regulators exist to protect the companies that steal client money. The Dubai Financial Services Authority is robably the best regulator in the world, but.... the maximum leverage is 1:50 for personal accounts and 1:200 for professional accounts.
That said, better to use a broker that is regulated by the UK FCA, Dubai FSA, and the Australian ASIC. Forget about CySEC (kings of "no-touch" regulation). CySEC regulates companies that offer binary options which is completely corrupt and pure gambling.
FACT: Every broker in the world steals client money either using the front door or the back door. HOW? All broker software platforms are designed to help brokers "maximise their profits"! (ahhh hmmmm what exactly does that mean?). Brokers steal money using several tactics:-
- Re-quotes
- Look backs
- Slippage
- Withdrawals delayed for fake fictitious reasons
- Fake exchange rates for different currencies
- Fake spreads that allow the broker to close your trades and to make a profit doing so
- Conflicts of interest i.e. broker is a "Market Maker" which means they take a profit when you close a loss-making trade (ONLY use TRUE ECN/STP accounts)
Traders should understand that what they do not KNOW will definitely destroy their account so I suggest that all traders properly educate themselves. Or..... suffer the GUARANTEED horrible consequences
I have two trading accounts. One with an Exchange and one with a broker. I've known the CEO of the broker for many years and I am friends with the owner. The CEO told me this: "IF I don't want to pay you, you will NEVER get paid and, if you sue me, I will counter-sue you and you will pay me damages. Read my contract you signed because you signed your life away. If you do not have COMPLETE TRUST with your broker, do NOT open an account."
Welcome to the world of Forex brokerage houses. Caveat Emptor. You have been warned here and in many ther places on FPA website and the sheer volume of complaints on FPA prove my point..... If you get burnt, you only have yourself to blame.
The primary criteria by which a company chooses a regulator a balance between the prestige of the regulator and the cost of getting regulated. All companies KNOW that the regulator will rarely bother them.
Indeed, regulators exist to protect the companies that steal client money. The Dubai Financial Services Authority is robably the best regulator in the world, but.... the maximum leverage is 1:50 for personal accounts and 1:200 for professional accounts.
That said, better to use a broker that is regulated by the UK FCA, Dubai FSA, and the Australian ASIC. Forget about CySEC (kings of "no-touch" regulation). CySEC regulates companies that offer binary options which is completely corrupt and pure gambling.
FACT: Every broker in the world steals client money either using the front door or the back door. HOW? All broker software platforms are designed to help brokers "maximise their profits"! (ahhh hmmmm what exactly does that mean?). Brokers steal money using several tactics:-
- Re-quotes
- Look backs
- Slippage
- Withdrawals delayed for fake fictitious reasons
- Fake exchange rates for different currencies
- Fake spreads that allow the broker to close your trades and to make a profit doing so
- Conflicts of interest i.e. broker is a "Market Maker" which means they take a profit when you close a loss-making trade (ONLY use TRUE ECN/STP accounts)
Traders should understand that what they do not KNOW will definitely destroy their account so I suggest that all traders properly educate themselves. Or..... suffer the GUARANTEED horrible consequences
I have two trading accounts. One with an Exchange and one with a broker. I've known the CEO of the broker for many years and I am friends with the owner. The CEO told me this: "IF I don't want to pay you, you will NEVER get paid and, if you sue me, I will counter-sue you and you will pay me damages. Read my contract you signed because you signed your life away. If you do not have COMPLETE TRUST with your broker, do NOT open an account."
Welcome to the world of Forex brokerage houses. Caveat Emptor. You have been warned here and in many ther places on FPA website and the sheer volume of complaints on FPA prove my point..... If you get burnt, you only have yourself to blame.