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Author Topic: How can any broker steal your money, even regulated ones  (Read 22416 times)

Offline Mirza Qasim

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Re: How can any broker steal your money, even regulated ones
« Reply #45 on: December 02, 2017, 06:53:56 PM »
I am trading in different brokers that are around for few years. For ECN I am using tradersway as it suits my scalping strategy. For testing new things I use FBS cent accounts. It gives me large margins. So these two are quite safe for me at the moment.
« Last Edit: December 02, 2017, 07:01:02 PM by Mirza Qasim »

Offline resistance

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Re: How can any broker steal your money, even regulated ones
« Reply #46 on: December 06, 2017, 10:22:49 AM »
There are many brokers online, if you wanna survive in the Forex Trading, you need to find the one broker, who are beneficial for you.
There are thousand broker maybe on forex business but however although we choose regulated broker hence will safe for everything because as broker also they need profit from this business and sometime they use stop loss hunting software to making trader losing money

Offline Iverson

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Re: How can any broker steal your money, even regulated ones
« Reply #47 on: January 10, 2018, 01:37:18 AM »
This topic is delicate, I only advise you not to fall into the trap of good first, you must know if they are legal, or maybe if they work in a company. I suggest you do not deal with independents.

Offline reinerh

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Re: How can any broker steal your money, even regulated ones
« Reply #48 on: January 10, 2018, 01:53:57 AM »

a new robot born, gee wizz, where do they come from........................

Offline nwboater

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Re: How can any broker steal your money, even regulated ones
« Reply #49 on: January 10, 2018, 04:21:22 AM »

a new robot born, gee wizz, where do they come from........................

And why???

Offline Juno

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Re: How can any broker steal your money, even regulated ones
« Reply #50 on: March 10, 2018, 11:03:53 PM »
Can't believe this!! Can brokers go to that length to fleece people?? Is there any regulations governing such instances? Can they simply say server downtime and get away with it? It is shocking.
« Last Edit: March 12, 2018, 09:02:29 PM by Juno »

Offline Eliza Abrams

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Re: How can any broker steal your money, even regulated ones
« Reply #51 on: November 21, 2018, 02:06:16 PM »
According to official statistics, the most frequently used method of scamming people continues to be cold-calling. Fraudsters usually claim to be a representative of a stock, or binary options brokerage, cryptocurrency provider or investment portfolio manager. They often offer some hot tips or inside information on a given financial instrument and claim this is a low-risk investment that will provide quick and high returns. And when you invest they make off with your money.


Offline Loperte

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Re: How can any broker steal your money, even regulated ones
« Reply #52 on: January 24, 2019, 08:27:36 AM »
I always prefer regulated brokers. It just gives me some sort of (true or false) confidence that I can always turn to regulation body in case that something is generally wrong. Server downtime for me would be a huge case which should never happen. I would immediatelly consider changing a broker

Offline Hilapur

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Re: How can any broker steal your money, even regulated ones
« Reply #53 on: April 10, 2019, 12:24:37 PM »
I think that there are several ways in which your broker can steal your money from you. One of the commonly used techniques is slippage, but this is quite obvious technique. Then, I see wide spreads also as a way to take more money from you

Offline Eliza Abrams

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Re: How can any broker steal your money, even regulated ones
« Reply #54 on: April 10, 2019, 05:06:38 PM »
Which is why it's important to check for these conditions before you actually sign up with a broker.

Offline Ggeyda

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Re: How can any broker steal your money, even regulated ones
« Reply #55 on: May 15, 2019, 12:41:33 PM »
There are ways for brokers to trick traders and earn some extra money out of traders pockets. But, this game cannot last for too long. If broker is doing tricks frequently, then trader can easily switch to another broker. When they start losing clients, they would probably start changing policy

Offline drunkfx

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Re: How can any broker steal your money, even regulated ones
« Reply #56 on: May 20, 2019, 03:43:38 PM »
There are ways for brokers to trick traders and earn some extra money out of traders pockets. But, this game cannot last for too long. If broker is doing tricks frequently, then trader can easily switch to another broker. When they start losing clients, they would probably start changing policy
Yes shrinking clients base is probably the worst punishment for them. That's why there is fragile discipline and some brokers with big client base like Hotforex IB or Tickmill, monitor and maintain quality of their trading services. If they start to cheat they will quickly start to bleed clients and the bigger is business the more sensitive it is to the clients' panic. It's a kind of win-win situation which every trader should bear in mind and make broker decision accordingly.

Offline gpfwestie

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Re: How can any broker steal your money, even regulated ones
« Reply #57 on: May 20, 2019, 08:05:39 PM »
I'm sure someone else has mentioned this, but the real issue isn't brokers scamming you - it's what happens when the brokerage goes bust (Forex Brokers Bankrupt after SNB price peg removal)

The most important thing here is who regulates your broker and where they are based. Good regulators will insist on segregated bank accounts, some will even cover you if the broker goes out of business (The FCA covers everything up to 30K, with tapering cover above that).

 




 

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