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Author Topic: How can any broker steal your money, even regulated ones  (Read 36586 times)

Offline drunkfx

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Re: How can any broker steal your money, even regulated ones
« Reply #75 on: June 29, 2020, 07:20:11 AM »
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

I would also recommend to read reviews where they are moderated because fake reviews is a big problem for any fx rating website, they are constantly attacked by paid employees. For example I found my current broker Hotforex constructing opinion about them using FPA reviews (properly moderated reviews website).

Offline fxopen78

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Re: How can any broker steal your money, even regulated ones
« Reply #76 on: June 30, 2020, 11:53:38 PM »
Indeed fake review sometimes make a blur to examine the broker reputation, however choosing broker also then need to pay attention with the risk involved in trading, good broker if the loss in trading hence losing money too, but good skill get scam broker also will become a problem since want to withdraw funds

Offline Eliza Abrams

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Re: How can any broker steal your money, even regulated ones
« Reply #77 on: July 16, 2020, 02:32:47 PM »
Fake reviews are a huge problem. It gets even worse when scammers pay celebrities and influencers to promote them. The celebrities spew outright lies and either don't know to doublecheck what they are talking about or they just don't care about anything but money.

Offline Nuadaris

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Re: How can any broker steal your money, even regulated ones
« Reply #78 on: July 28, 2020, 06:17:53 PM »
If you do not know this then you need to. Even the regulated brokers are a buch of thieves that are just after our money. If you take your time nd check out the most popular brokers on andrid and even pc then you will relaise that quite a number of peole complain about the trades being programmed to make them fail. That is how the brokers steal because most people never notice it.

Offline Nuadagas

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Re: How can any broker steal your money, even regulated ones
« Reply #79 on: July 29, 2020, 05:42:43 PM »
There is coruption everywhere and even in forex. Some of these regualted brokers are stealing the traders oney but as long as there is no proofe they can continue doing it. There are regulated brokers that allow you to deposit instantly but wh you want to withdraw they ask for some documents that you do not even have. Just like that you lose your money or they take forever to process your withrawal and you just let the money go.

Offline drunkfx

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Re: How can any broker steal your money, even regulated ones
« Reply #80 on: August 13, 2020, 04:52:04 AM »


Let me add my two cents. I would suggest newcomers to thoroughly read reviews on review websites with proper moderation like FPA, Truspilot, brokerreviews etc. because fake reviews is a big problem for any fx rating website, they are constantly attacked by paid employees. For example I found my current broker Hotforex making opinion about them using FPA reviews

Offline Eliza Abrams

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Re: How can any broker steal your money, even regulated ones
« Reply #81 on: November 18, 2020, 03:09:32 PM »
So according to the German financial regulator BaFIN, which reviewed 40 different EU-regulated brokers, over half of those do not do not use the ESMA prescribed risk warning correctly. Some don't even implement the required leverage caps and bonus bans. Half of those brokers are regulated in Cyprus. And those are actually regulated, licensed companies. Even they don't follow rules and regulations that are implemented to protect traders from fraud, what's left for the brokers with no regulation.

Offline drunkfx

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Re: How can any broker steal your money, even regulated ones
« Reply #82 on: November 20, 2020, 07:14:33 AM »
So according to the German financial regulator BaFIN, which reviewed 40 different EU-regulated brokers, over half of those do not do not use the ESMA prescribed risk warning correctly. Some don't even implement the required leverage caps and bonus bans. Half of those brokers are regulated in Cyprus. And those are actually regulated, licensed companies. Even they don't follow rules and regulations that are implemented to protect traders from fraud, what's left for the brokers with no regulation.

They won't get access to EU markets, I guess it is decent punishment for them they'll lose access to decent client base ;)

Offline kennyhubbard

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Re: How can any broker steal your money, even regulated ones
« Reply #83 on: November 21, 2020, 06:17:22 AM »
I feel disappointed by the Authorities in different countries, specifically EU and now Australia. They are quick to regulate and short on oversight. Their regulations are aimed at protecting idiots from themselves rather than protecting proper traders from unscrupulous brokers. A quick read of FPA scam section is enough to show that idiots should stay out of trading.......

The idiots do not understand the market they are trading and end up screwing it for the rest of us. Now you can't get decent conditions in a regulated jurisdiction anymore........
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Offline drunkfx

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Re: How can any broker steal your money, even regulated ones
« Reply #84 on: November 23, 2020, 04:57:48 AM »
I feel disappointed by the Authorities in different countries, specifically EU and now Australia. They are quick to regulate and short on oversight. Their regulations are aimed at protecting idiots from themselves rather than protecting proper traders from unscrupulous brokers. A quick read of FPA scam section is enough to show that idiots should stay out of trading.......

The idiots do not understand the market they are trading and end up screwing it for the rest of us. Now you can't get decent conditions in a regulated jurisdiction anymore........

Winning traders constitute 1%, losing idiots 99%. Balanced approach is impossible , somebody should suffer.   
« Last Edit: November 23, 2020, 04:59:52 AM by drunkfx »

 

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