Name and Shame Brokers

CityBoy

Trader
Oct 11, 2012
24
0
12
I constantly hear of horror stories with brokers (especially from cyprus).
I will start it out, I had no idea InstaForex were unregulated.

If you have dirt to dish on a broker say it here
 

Robert

Trader
Oct 24, 2012
53
0
22
I didn't know they were unregulated either, gues I need to look through each broker inside out. My FX broker is fully regulated so I have little concern. It will be interesting to know which broker scams its clients to everyone here can spread the word and warn newbies from them
 

CityBoy

Trader
Oct 11, 2012
24
0
12
I didn't know they were unregulated either, gues I need to look through each broker inside out. My FX broker is fully regulated so I have little concern. It will be interesting to know which broker scams its clients to everyone here can spread the word and warn newbies from them

yeah definetly. I did not know either, until I heard about someone who is working with them and gave them a quick look.
It's really bad because they're a pretty large broker, with lots of clients.
 

PaladinFX

Active Trader
Nov 21, 2012
76
0
27
Germany
www.paladin-consultants.com
InstaForex has been well-known as a bucket shop and scam broker for a long time.

There is evidence (chat protocols, emails, correspondence with lawyers and law enforcement agencies et cetera) all over the internet.


Cheers,
P.
 

Emibluz

Banned
Aug 22, 2013
165
0
27
Actually, I have no dirt to dish on any broker. I just strolled across this thread, and just felt like dropping a bag of words. In fact it was a friend that dished me some revelations that I am finding very hard to digest. That these days, offshore brokers are beginning to share almost no difference with the regulated ones except their license- after all they few of the big boys brokers boast more transparency of them neither better trading conditions as most of the offshore have more flexible trading options. Before this, I thoroughly believed in regulated brokers but after witnessing their recurring requotes, negative slippages, seen Ikon accused of manipulating his mt4 virtual plug in, seen FXCM bug its price feeds etc, I beginning to have a second thought. Check this and tell me what you think please. http://www.jattyouth.com/videos/punjabi/est2KLcI0r4/How-FXCM-Scams-its-Clients
 

Jason Rogers

Master Trader
Sep 16, 2011
24
1
49
New York, NY
www.fxcm.com
seen FXCM bug its price feeds etc, I beginning to have a second thought. Check this and tell me what you think please. http://www.jattyouth.com/videos/punjabi/est2KLcI0r4/How-FXCM-Scams-its-Clients

Hi Emibluz,

If you go 8 minutes and 20 seconds into the video, you can hear where the person who made it admits that he asked the UK regulators (the FSA and the Financial Ombudsman) to review these trades, and they found no error in FXCM's trade execution. He was upset about receiving a margin call, but that doesn't change the fact that the margin call executed correctly.

Our platform has a built in Margin Watch feature that automatically closes out trades if an account falls below the minimum margin required to main those positions. This protects the account from further losses and is the reason why FXCM can offer our clients a No Debit Balance policy. That means even in the worst case scenario, their risk is limited to the money in their trading account. Our clients never have to worry about owing money due to trading losses.

One last point regarding this video: The person who made it was obviously confused about how autosyncs work. It's important to keep in mind that this video was made over 2.5 years ago, and back then FXCM used a 3rd party bridge to connect to MT4. Autosyncs were used to synchronize the information on the MT4 platform with the latest information available in back office.

Since then, we've upgraded our MT4 platform to integrate seamlessly with our No Dealing Desk (NDD) forex execution. That means no more 3rd party bridges and no more autosyncs.

after all they few of the big boys brokers boast more transparency of them neither better trading conditions as most of the offshore have more flexible trading options.

You make a great point in bringing up the topic of broker transparency. It's no secret that the brokerage industry has been in the midst of a price war for the past couple of years. That combined with lower trading volumes last year have caused many brokers to struggle. There was even a broker in Europe that went bankrupt after trying to entice clients with 0 pip spreads. Last year also saw the failure of a US broker that had previously touted their razor thin spreads. We've had other brokers have to pull out of the US after being unable to meet regulatory capital requirements.

If recent events have taught us anything, it's that the financial stability of the broker you choose can have far greater implications than we previously thought. Unfortunately, the vast majority of brokers are privately held companies, so it's hard to know the state of their finances. Are they profitable, or are they barely staying afloat? How can you know whether they are a safe place to keep your money?

FXCM is a publicly-traded company (NYSE ticker: FXCM), so information regarding our financial data is readily available. This is one of the reasons why traders have entrusted us with $1.171 billion in client funds as of the latest published data.

Jason
 

Emibluz

Banned
Aug 22, 2013
165
0
27
I constantly hear of horror stories with brokers (especially from cyprus).
I will start it out, I had no idea InstaForex were unregulated.

If you have dirt to dish on a broker say it here

Dude, regulation is just a word with no meaning these days. Even if you are trading with a regulated broker and you get scammed, there is no way you can get it back. Check the internet and see the many complains and court cases against regulated brokers. So, do not be fooled by this regulation money safety claim.
 

fxapex

Active Trader
Jun 7, 2013
258
13
29
these days being a regulated broker is not a big deal, unregulated brokers are equally reliable....
 

tabalo

Confirmed HotForex Representative
Feb 20, 2013
97
1
17
Insta is a broker that I would never touch. Their big issue with FPA and plenty of scam topics in local forex forums are enough for me to stay away from it.
 

karunia

Banned
Sep 6, 2013
25
1
0
indonesia
Insta is a broker that I would never touch. Their big issue with FPA and plenty of scam topics in local forex forums are enough for me to stay away from it.

Yeah, many people talking insta and many traders loses their fund there. It's the worse broker ever i have met before..
I prefer to trade in LiteForex because they good and honest broker...
They never against us to gain profit....