CMS FX is a SCAM

Wetton,

they didn't have to drive the trillion dollar currency market. They aren't able to move it on their own - not by more than a small amount, with huge risk, anyways. What they can do, however, is provide their clients with quoted prices that the actual market isn't trading at; they'll usually only do this to your disadvantage.

They probably weren't just trying to take this one guy's money, but they drove prices against him because he had a stop loss placed where a cluster of stops was placed.

Example: the euro goes down to 1.2810, and a huge amount of their clients have stops placed at 1.2800. What they can do is quote a quick price spike down to 1.2800, thus stopping out all the clients who put stops there, and they enter long at 1.2800 (taking the other side of their clients' trades). When the price goes back up to the real market price - 1.2810 - they can liquidate their position for a risk free 10 pip profit. If you don't believe this happens you need to conduct some more thorough research and analyize your beliefs about people's motives and what kinds of actions people will take to get your money.
 
Keep us updated.

If their customer agreement allows YOU to trade in THEIR secondary market, I do not see how you have a case....But I am not an Atty and you hint at having one within your group. Is this going to be a class-action lawsuit? or an arbitration that you agreed to?

being in a group...if you guys all had different quotes from CMS at the same time and could prove it...hehe...that could be real incriminating and you might have a case, but what do I know? I could imagine that CMS has all sorts of ways to fight that however.

If anyone will regulate Retail Spot Forex, it will be the CFTC and the NFA...



Quote from JCBLESS:

Account Size was 5,000

As Soon as SEC moves in to regulate.

And a Attorney, takes the case.

CMS FX will go under from bad press.
THE LAW states not to lie, cheat, or steal.

Reputation is Ruin!
RUN your scam Else where.

The Entire group I was with have closed out all of their accounts and moved funds else where.

JC
More...
 
Quote from JCBLESS:

If you become profitable with them,
They will Flag your account, and place
several of there own traders to trade
against your account.
More...

How did that happen? Would you like to explain more details?
 
he states along with others, and from my experience, and my trading group that had many accounts with CMS FX which have closed accounts and no long trade with SCAM Artist CMS FX.

Re: How do brokerage houses rip you off (3 questions)
This is what he says:

You must make sure you do not stand out. Stay below the radar. Don't place close stops to highly leveraged trades. (Your idea to trade with 100K lots while only have $15K need some additional thought, I think).

Nothing stop them from spiking any price which will be a profit for them. Most properly regulated brokers will stay close to the EBS prices which are becoming some some of a "standard" in the online FX environment.

Part II
It means your broker have to pay you, best to think that they lose the money to you, thats also wht they will gain when you lose (and why you should be very careful to place high leveraged close stops). It is the type of trading that can cause all sorts of targeting of your account.

Part III
Prices change 1000s of times epr day in the interbank, everyone quotes there own price as they see fit, no one can really lead or lag the market because no one has in sight in all the prices. Your whole trading approach, considering that you do not have insight in this kind od information is not to be dependent of such things or open for abuse.

This information came off of Goforex.net
Under Dr. Forex

We will see how it plays out as to lawsuits, By SEC Laws, there balance sheets must be released, along with their trading accounts, that trade against clients. There are several ways of approaching predatory broker practices that in which will need not to prove the acts beyond a shadow of a doubt but by a body of peers that review all of the angles to prove fraud indeed take place. Time is on our side with discovery, along with New Found Investigations, Awareness into this problem. ALL large Brokerages pay millions in Fines. RETAIL BROKERS/Market Makers are next. Look at the fall of REFCO. CMS FX is next!

JC
 
Just show some proof when did they drive the price against you. Too many times people say this about normal market moves.
 
I appreciate your concern.
I am happy that you are very pleased with where you are at, along with have not been scammed as I have.

With a Flat Market, and to have a 100pip move with little if any activity, then hit the exact margin to the pip. Then FALL further and pass the target that I had orignally set out to seek.

Remember Law states Fraud is any information design to lie cheat or steal. I believe that the market maker in this case CMS FX which none of the other market makers that trade aganist clients accounts, do in fact have a conflict of interest.

Drove the market in the opposite direction to the exact margin call pip to force me to close out my position. When in fact the market fell in the direction that it should have in fact went.

If you want more facts other that what I am explaining what took place, contact me by phone I would be more than happy to walk you through the charts, and facts as I see them.

BE FARE WARN.

FOREX RETAIL is a SCAM, if in fact it is not regulated, no penalties, for fraud to openly take place such as driving there charts in the direction that they so choose.

Sincerely,


JC
Central Fla,
JCBLESS@AOL.com
 
I always love to see these posts.

Do you really truly believe that they are out to get you and your $5k account???

If you place a stop where a known level or obvious level is, of course it'll get taken out.

If you use $5k to trade 2-3 standard lots, then yes you likely will get taken out.

Solution? Reduce your leverage or become a better trader.
 
THANK you! For posting, and for confirming that Retail Brokers will indeed manipulate the markets to take out targets.

You claim to know and have insight into my situation. Well in fact you are ignorant as to my position and size, and risk and amount of leverage I was using.

So speculate as you wish.
I love seeing that you agree that in fact market makers will take your account and force it to margin calls.

JC
 
If you can't even bother to post what pair, time, move from where to what, why should any of us be bothered to concern. Put up the facts.
 
Quote from ssblack:

I always love to see these posts.

Do you really truly believe that they are out to get you and your $5k account???

If you place a stop where a known level or obvious level is, of course it'll get taken out.

If you use $5k to trade 2-3 standard lots, then yes you likely will get taken out.

Solution? Reduce your leverage or become a better trader.
More...

I am absolutely astonished about the ignorance of some of these "traders" here! Of course they will gun for your account no matter if it is 500.00 of 50000.00. Not only is CMS a complete Scam, but their actions have now gone to be criminal. I have been in this busines for over 15 years, and before any of you geniuses even think about telling me how to trade (yes, I would trade 10 lots with 10k) or what's wrong with my threat here consider the following which I posted on a prominent web side, and yes, I have prove (screenshots etc) for everyone of these problems:

I have been in the forex business for the last 15 years….AND I HAVE NEVER, EVER COME ACROSS A COMPANY THAT SCAMS more openly, more blatantly than CMS!!!!
Here is what these “Darlings” of the forex business will do to take your money:
- Their platform ALWAYS FREEZES during fast markets. They have now added a new twist…the platform freezes your computer! They can now claim that it’s your machine that’s at fault, and not their platform. Lies! I tried running 3 other platforms (Oanda, Alpari and MBT) on the same computer ( I run 4 large machines) and none of them crashed the machine in fast markets. Add VTtrader, and voila…..it freezes in fast markets. Needless to say, you cannot access any function in VTtrader during that time. How hard it is to see your profits disappear and you can do nothing about it!
- Their Quotes are ALWAYS late by at least 2 seconds. If you don’t believe me, compare them with Oanda and Alpari.
- Margin Calls…The will ALWAYS close out far more positions than they have to. When called, they will say that the NFA and CFTC allows them to do it. Talk about being an unprofessional bunch of scum!
- Here is the newest twist….their last update has a bug in it that prevents your account from being updated properly in real time. All of a sudden you look at your account in the morning, you thought all was going well, and, horror upon horror they made margin calls in your account over night, and what you thought you would have in the morning is nowhere near that anymore! Those darlings cleaned you out with margin calls! Here is what they say about it (e-mail): Unfortunately, we have found that the new build of the VT platform may
have a default setting that prevents the platform from retrieving update
messages from our systems. While our technicians are correcting this, we
ask that you alter the default in order to improve response. Please go
to the Navigator window, Options tab, Properties>General>General
Properties and then the Communications tab. From here you will see a
slide control names Get Messages Timeout(s). Please slide this from the
default left most to the right most and restart VT. You may be able to
adjust this setting toward the left again as Internet traffic dissipates. Notice the last sentence …Internet traffic dissipates? What a pile of crock. I have a 6mb/s internet connection which I test daily. This is nothing but another way to scam you out of your money!
- Their execution is one of the slowest in the business, even in slow periods.
- They are delaying closing of your positions, and more often than not, the slippage is atrocious.
- Re-pricing is the order of the day, even in slow trading periods.
- They ALWAYS hunt for your stops. Compare their charts to other services, (Oanda is a good one) and you will see the mysterious “Spikes” they are famous for!!!!!
- I have been disconnected from their servers for up to 24 hours. THIS IS DONE ON PURPOSE!!! They will selectively disconnect certain accounts. If you get disconnected, try this: Call them, you will get through! If everyone would have been disconnected, their phone lines would be jammed!
- Customer Service? Don’t even think it. They’ll give you any and all excuses.
- I have contacted the CFTC in New York Phone 1-646-746-9741. I do advise any trader with the same problems to do the same. I am also in the process of contacting the Attorney General of New York, as these actions by CMS have crossed the line to CRIMINAL behavior. I intend to go to New York to have a meeting with them, as they are EXTREMLY interested in cleaning up this industry, and particularly in CMS. Seems I am not the first one to complain.
- For my money, I will only deal with direct access brokers or a banking trading desk (which I've done for 15 years), never again with a retail dealing desk!
 
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