Comments on: Proof that forex brokers cheat you

By: admin

admin — Sat, 28 Nov 2009 08:40:32 +0000

I hear you Stanley. Bear in mind that not all broker are like this. But what often ends up happening is that the lure of money is too great and thus most brokers adopt a “trading desk” trading structure, which means they trade against you. So it would be best to stay away from these brokers and trade with ECN/STP brokers only.

By: Stanley

Stanley — Sat, 28 Nov 2009 04:55:57 +0000

After reading all traders comments and beginners there should be a law set against all those brokers and brokerage companies not executing the trading accounts in the most honest way they should be banned closed as one,next jailed them too.They are thieves.My wish is this should change and done we traders need to unite and form a worldwide stand to this.bottom line trades need to be clean and pure.

By: admin

admin — Sat, 21 Nov 2009 21:42:07 +0000

You’re welcome Charles. To be fair to the brokers though not all of them use this plugin or are as bad as some of us traders say. BUT let’s not forget that ALL dealing desk brokers have a financial interest to see you LOSE because they take the OPPOSITE side of your trade.

And man do they profit from inexperienced traders!

Yes good idea. Find yourself a good ECN/No dealing desk broker and get your “pip on”..lol

Cheers!

By: Charles

Charles — Sat, 21 Nov 2009 21:34:10 +0000

Thanks for your site pointing out my clearly stand about forex brokers cheat against traders.before visiting your site I have lost some reasonable amount although i could not trace the problem with my method.I am hoping to build up my little fund with Alpari before switching over to ECN .
Thanks

By: admin

admin — Wed, 18 Nov 2009 10:36:32 +0000

Sorry to hear that. Hmm, well, what you want in order to prevent this from happening again is to trade with a broker that has NO DEALING DESK. Preferrably a good ECN broker would be best, but you can get by with a broker that uses STP (which means they just forward your position to their liquidity provider hence not having a financial incentive and interest to mess around with your positions by trading against you)

See the Forex Brokers link at the top of this blog for a list of some broker that I think you should look into.

Some may disagree with me but I think the 3 main ECN brokers worth looking into are:

1) Dukascopy - http://www.dukascopy.com/ibentry.php?ibref=415

2) ATC Brokers - http://www.atcbrokers.com/index_forexpro.htm

3) MB Trading - http://forexnirvana.mbtrading.com/

Dukascopy just lowered their minimum deposit to $5000, so I’d recommend you try them first, and if you don’t like them for whatever reason, go for ATC Brokers.

Do you need MT4 support? If so skip Dukascopy for now.

Hope this helps.

By: d prabhu

d prabhu — Wed, 18 Nov 2009 10:13:15 +0000

sir
i alrady have an alpari account and i loose $3500 by this type of cheating please gide me to get a genune forex broker please specify some one of them,it wii helpfull to me
thanks
with regards
prabhu

By: admin

admin — Wed, 14 Oct 2009 10:36:02 +0000

Of course Pat! All dealing desk broker do NOT have your best interest at heart. They do not want you to win the MAJORITY of the time.

I too used to trade with Alpari UK but have long since dumped them. Now in your case the problem is that there aren’t any ECN brokers offering the MT4 platform that are UK based.

Have you looked into FXCM perhaps? I do know they have a UK branch. Also have you looked into a non-MT4 platform/broker such as Dukascopy? The problem with Dukascopy though is that the minimum account size is rather large for most people. They’re not UK based (Switzerland) but being within the EU area may make it easy for you to move money in/out.

FXCM - http://www.fxcm.co.uk
Dukascopy - http://www.dukascopy.com/ibentry.php?ibref=415

There are two US BASED ECN brokers that offer the MT4 platform, but I’m not sure this is what you’re looking for (ease of money movement as you said).

By: pat

pat — Wed, 14 Oct 2009 09:57:51 +0000

I’m on my way out of Alpari due to the very very high levels of re-quoting. This is my second time with them due to the lack of UK based brokers. I’m UK based and for ease of money movement I use UK brokers. Even if you have a small account you will lose out with them. I had a tiny trade going on and by the time I got out of it, I’d lost 75% of its value due to invalid prices. It wasn’t even moving that fast. (btw I trade 1M. I’ve noticed that in the last month or so their level of re-quoting has risen dramatically. They also have a problem running some templates/indicators that work perfectly well (maybe too well) on the demo but when you come to the live account they freeze and you can’t even move the chart. I’ve just lost a day and a half over this issue and have had enough. I also know from a loss experience, they will do anything they can to make money off your loss - never forget, they’re in it against you - it’s a money making business!

By: admin

admin — Fri, 28 Aug 2009 04:23:53 +0000

Of course you can Abu. That’s what I’m doing at the moment. As long as you don’t execute any trades on the MT4 broker’s account then technically you don’t expose them to risk so I see no reason for them to muck around with your positions. Most brokers try to give you the best demo experience anyways in order to entire you into opening a live account.

The only disadvantage to doing things this way is the lag between identifying a possible trade setup on the MT4 platform and opening the position on the ECN platform. Typically though this should not be a problem unless you’re a scalper.

Also I’m thinking the difference in price feed may cause slight differences in the performance of your particular indicator/EA depending on what demo MT4 broker you use - some filter their price feed! So keep this in mind and basically try many demo MT4 brokers until you find one that works best.

Hope this helps you out Abu.

Happy trading!

By: Abu Hol

Abu Hol — Thu, 27 Aug 2009 15:50:30 +0000

I realize that some ECN’s have the capacity to ‘bridge’ from their trading platform to Metatrader. But without using a bridge method, is it possible to run Metatrader on a demo account (in order to use various MT-based indicators) yet when it comes time to make the trade the trade is carried out on the ECN’s platforms? In other words, having the ECN software running for the trading but using Metatrader on a demo account for the setups. Or would this approach be ineffective due to demo account cheating on the part of non-ECN brokers?