I know that's problem. This broker is actually the largest broker in the forex industry. What it does is widely accepted in all countries that it operates in under all regulations as long as they disclose it and they do disclose it in their legal disclosure document, the stop-hunting and the delay quoting part. So it's like the casino letting you know that the game is rigged in favour of the dealer. But if you go with a scheme and win against of the casino, they don't let you keep your winnings. This is basically what happens with all of those market maker aka casino brokers in the forex industry. So instead of taking you to a room with no cameras and rough you up with all those creative tortures, they just forfeit your winnings.
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Broker refuses to pay out 500k in customer profits - and wins in court
- Thread starter freedinner
- Start date
I know that's problem. This broker is actually the largest broker in the forex industry. What it does is widely accepted in all countries that it operates in under all regulations as long as they disclose it and they do disclose it in their legal disclosure document, the stop-hunting and the delay quoting part. So it's like the casino letting you know that the game is rigged in favour of the dealer. But if you go with a scheme and win against of the casino, they don't let you keep your winnings. This is basically what happens with all of those market maker aka casino brokers in the forex industry. So instead of taking you to a room with no cameras and rough you up with all those creative tortures, they just forfeit your winnings.
I know that's problem. This broker is actually the largest broker in the forex industry. What it does is widely accepted in all countries that it operates in under all regulations as long as they disclose it and they do disclose it in their legal disclosure document, the stop-hunting and the delay quoting part. So it's like the casino letting you know that the game is rigged in favour of the dealer. But if you go with a scheme and win against of the casino, they don't let you keep your winnings. This is basically what happens with all of those market maker aka casino brokers in the forex industry. So instead of taking you to a room with no cameras and rough you up with all those creative tortures, they just forfeit your winnings.
Wow, I didn't know it was disclosed. Can you point me to the relevant docs?
a lot of legit brokers don't offer those alas.Doesn't anyone read about the classic traders any more? i.e. Jesse Livermore and bucket shops.
Same with cryptocurrency trading but you know the crooks are trying all the time to hack your accounts.
For the youngsters: If you trade an unregulated market with a (mostly) unregulated broker you will get burned.
You might also get burned with regulated markets and brokers too, but there are warning signs that are fairly easy to spot. (hey, segregated trust accounts!!!)
Wow, I didn't know it was disclosed. Can you point me to the relevant docs?
On every single REGULATED broker's website, there would be a section called "Legal Documents" or "Legal Disclosures" and then there would be a document (usually in PDF) that is usually titled "Disclosure" or etc. and if you read it, it would tell you that they are market makers and that they are the counterparty to all your trades and they profit at your expense. FXCM is no exception. This is a requirement by all of the regulatory bodies that have better regulations like CFTC/NFA in the USA, IIROC in Canada, ASIC in Australia and the best one, FCA in the UK.
On every single REGULATED broker's website, there would be a section called "Legal Documents" or "Legal Disclosures" and then there would be a document (usually in PDF) that is usually titled "Disclosure" or etc. and if you read it, it would tell you that they are market makers and that they are the counterparty to all your trades and they profit at your expense. FXCM is no exception. This is a requirement by all of the regulatory bodies that have better regulations like CFTC/NFA in the USA, IIROC in Canada, ASIC in Australia and the best one, FCA in the UK.
Thank you so much.
Do you know if FXCM still has separate quoting for retail vs pros? Does the retail portion have "LAST LOOK" vs the pros?
Thank you so much.
Do you know if FXCM still has separate quoting for retail vs pros? Does the retail portion have "LAST LOOK" vs the pros?
Well they claim they don't but different types of accounts do get their quotes differently because the different accounts are compensated and structured differently. And they claim they don't do "last look".