REFCO broke my trade!

IMO it's a bad idea to trade where your broker is on the opposite side of your trades. The conflict of interest is huge.

The spreads on currency futures nowadays are pretty small, and you know you are getting a fair market. Why use an FX bucketshop?
 
Here's the thing...he's actually trading in one of these places and so dnaj has something real to offer to this discussion. I'm glad that everyone is so skeptical, skepticism is a virtue, but only dnaj has something real to offer. Good to hear that they were so responsive...hopefully we'll continue to hear positive stories of this nature or some sort of better regulation for spot forex.
 
Quote from dnaj65000:



The point is, ALL companies make mistakes and "break rules". I do not condemn Refco for having a price spike. I do not call them a "boiler room" operation or cry "fraud" because they admitted their error and fixed it faster than any other company I've dealt with. The measure of a company's reputation should not be based on the fact that they make errors, but based on the way they deal with those errors.

DNAJ65000
More...

The funny thing is...was it an "error" in the first place?
Or was it a deliberate attempt to hit client's stops and rake in cash?

If the price spike was an "error", was the price corrected on the charts provided?
Was all client's position refunded? (or do they each have to manaully phone in?)

The thing is not whether you have been properly compensated in this incident but whether we could trust Refco not to put this kind of stunt in the future...
 
Quote from Remiraz:


The funny thing is...was it an "error" in the first place?
Or was it a deliberate attempt to hit client's stops and rake in cash?

If the price spike was an "error", was the price corrected on the charts provided?
Was all client's position refunded? (or do they each have to manaully phone in?)

The thing is not whether you have been properly compensated in this incident but whether we could trust Refco not to put this kind of stunt in the future...
More...

You speak out the questions from many victims' hearts (whether trading with Refco or else), Remiraz.

I really want to see what would be the possible solutions!!! :confused:
 
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