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Author Topic: How can any broker steal your money, even regulated ones  (Read 29648 times)

Offline Sami Samith

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Re: How can any broker steal your money, even regulated ones
« Reply #60 on: December 27, 2019, 10:32:28 AM »
Hey guys,

I was actively trading last year with many brokers and I experienced wide range of business practices, and I want to share with you relatively common way how brokers steal money from retail traders.

I am talking about server downtimes.

You see it on chart as a few minutes or hours gap. When you are locked in trade and server downtime occures, you just can do nothing but pray for good result....

Many times when the trade ends in green, you just got message from broker about the server downtime and all trades affected with this event are deleted (even if they last much longer then the downtime). No surprise that I discovered such message in my inbox when my trades ended with profit. They never ever removed loosing trades :)

I have these experiences with LQD Markets, Forex Time and MBCFX. The last mentioned is pure thief, I had margin call because of the server downtime lasting for almost a day. I tried to end the trade milion times but it was just not possible. You can see it on the screenshot below. I tried to solve this with their support but they just dont want to return the money. A week before I made several thousands of $ in 2 days, they messaged me that they had bad feed and guess what, all my trades for these 2 days deleted :)

Any idea how we can fight against this practice?
 

If it is true its means that broker is not fully licensed or un-regulated broker. But sorry, no idea how to fight against such fake brokers

Offline Kalace

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Re: How can any broker steal your money, even regulated ones
« Reply #61 on: December 28, 2019, 09:15:04 AM »
I did not do such a long meeting. But its interesting to read opinions

Offline Sami Samith

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Re: How can any broker steal your money, even regulated ones
« Reply #62 on: December 30, 2019, 11:57:59 AM »
No regulated broker does it. If any broker steals your money its means that the broker is not fully licensed or un-regulated.

Offline Eliza Abrams

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Re: How can any broker steal your money, even regulated ones
« Reply #63 on: February 28, 2020, 01:04:54 PM »
The fact remains that scams are wide-spread in this industry. For example, for January alone Australians have lost AU$2.14 million to broker scams like that. It's a big problem and sometimes it's hard to avoid.

Offline fxopen78

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Re: How can any broker steal your money, even regulated ones
« Reply #64 on: March 02, 2020, 10:38:14 PM »
Because of all reason hence as an investor needs to make early preparation in this industry, just spent money that affords to lose, although we have good in a reputable broker, since forex trading, itself is risky, as the investor needs to understand with this risk in trading.

Offline _Jonathan_

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Re: How can any broker steal your money, even regulated ones
« Reply #65 on: March 03, 2020, 08:05:22 AM »
Brokers don't need to steal your money. All they have to do is wait until you loose it.

Offline Frederico_K

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Re: How can any broker steal your money, even regulated ones
« Reply #66 on: March 03, 2020, 08:55:31 AM »
Brokers don't need to steal your money. All they have to do is wait until you loose it.

Made my day!

Offline 2cuteEssence

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Re: How can any broker steal your money, even regulated ones
« Reply #67 on: March 31, 2020, 07:04:29 PM »
Unfortunately, it is almost impossible to argue with this, because there are almost no brokers who really match this title now. Probably all worth checking out in practice, and that's the cost of our profession...

Offline ianyang

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Re: How can any broker steal your money, even regulated ones
« Reply #68 on: April 02, 2020, 06:16:56 AM »
Brokers don't need to steal your money. All they have to do is wait until you loose it.

Sadly that's true. 90% people loose money in this market. Even for the rest 10%, the broker can make your trading life harder like manipulate the execution time etc.



Offline Eliza Abrams

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Re: How can any broker steal your money, even regulated ones
« Reply #69 on: May 08, 2020, 02:25:05 PM »
Unfortunately regulation that is too strict sometimes has an opposite effect - Russia, for example, has pretty strict regulation, but that has led to people seeking offshore brokers which in turn has led to an increase of scams.

Offline fxopen78

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Re: How can any broker steal your money, even regulated ones
« Reply #70 on: June 23, 2020, 11:34:57 PM »
The risk of trader indeed can double, risk in trading, and risk because scam broker, so the golden rules investing money in risky business is only spent money that affords to lose, risky business is like HYIP and forex trading or crypto trading.

Offline drunkfx

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Re: How can any broker steal your money, even regulated ones
« Reply #71 on: June 24, 2020, 09:40:30 AM »
They can't steal money in an outright manner but they can cheat. This is the biggest problem with FX brokers you can't check that because fx market is decentralized and price can wary among dealers.

Offline fxopen78

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Re: How can any broker steal your money, even regulated ones
« Reply #72 on: June 25, 2020, 12:50:22 AM »
In forex industry there are ECN broker and dealing desk broker, dealing desk broker almost them giving fixed spread and big promotion with bonus, etc, but in trading platform often facing requote, slippage, freeze, etc, they manipulate the prices, but ECN only take a commission from client order and always throw order in the interbank market

Offline Nuadaris

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Re: How can any broker steal your money, even regulated ones
« Reply #73 on: June 28, 2020, 03:26:00 PM »
You're right, something like this can really occure. All we can - can choose reliable brokers and be guided with reviews, to choose the most reliable one. Reviews are the best way to understand everyrhing about brokerage

Offline fxopen78

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Re: How can any broker steal your money, even regulated ones
« Reply #74 on: June 28, 2020, 11:12:10 PM »
You're right, something like this can really occure. All we can - can choose reliable brokers and be guided with reviews, to choose the most reliable one. Reviews are the best way to understand everyrhing about brokerage
Yes, especially about reviews for one consideration to choose the broker, usually old broker will become a higher priority in selecting broker because they have a long experience if broker having good review among trader and long time experience, its mean good company.

 

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