forex.com

[patiencetrader]

hi guys
iv been running a demo with forex.com for 6 months now and wondered if anyone knows anything about these guys, what there like to trade with live etc..

 

[pipsgalore]

I trade with a group of traders that trade leveragefx charts. We were introduced to a brokerage called Velocty4x through them. Velocity4x was and I repeat was a very good brokerage until recently they merged with fx.com aka gain capital group. Last week several of our traders entered trades where they all made quite a few pips. At the close of the trading day they got a call from a very unprofessional rep telling them that their trades they entered were at a stale price which meant they were going to deduct the money they made on this trade from their account. The guy said their third party feed never reflected the price they got in at even though the charts they provide to us did. Wow, isn't that a frightening thought that a broker admitted that they use a different feed than we do. Anyone who has traded Forex for a while knows this but for them to admit it is just plain dumb. What does this mean to the trader? If you trade with a bucket shop you may as well know that they trade against you. At the end of the day if they lose the game they can just give you a little ringy dingy and tell you "guess what... we didn't like the fact that we made a mistake trading against you today so we are going to take some of your money out of your account". Funny when we have a losing trade we can't call them and tell them that our "third party feed" didn't go to where they hit our stop so we want our money back. It is also a comforting thought to know their charts are manipulated..... so with the spread + manipulation think of how the odds are stacked against us. Oh, and if that doesn't work they can wipe your winning trade off the books.
We all need to boycott the bucket shop brokers! The only way thus far I know to do this is to report scam brokers on Felix's forexpeacearmy site aka forex*******s.
This is all being reported to the NFA so we will let them decide. It's a shame that Velocity4x got gobbled up. From what I understand they didn't meet the latest NFA capital requirements so they had to team up with a bigger broker. It is a shame because unscrupulous tactics like we experienced is why some of the bigger brokers thrive. The sad thing is the legit brokers that pass your trade to the interbank and just take a commission and do not trade against you don't make as much money.
IMO what happened to us is cheating and how can you win at a game when cheaters can make their own rules. By the way our group all closed their accounts immediately!

 

[ATLien]

A friend of mine graduated last semester and he's now working for Forex.com/Gain in the sales department. Basically he just pushes forex and forex.com onto unsuspecting unexperienced investors to earn his commission.

I haven't had any personal experience with forex.com, but from what he's told me, it sounds like a classic bucket shop, and I would think twice about giving them any money.

 

[PipStar]

Their platform is just archaic, I wouldn't bother.