LucrorFX - True ECN broker?? Stephen Story says so

DiggerOfTruth

Junior member
31 1
What do you all say about this seemingly unknown broker - Lucror FX - in New Zealand? (STINKForex aka ThinkForex is also based in New Zealand, but they are a bucket shop scam outfit of ****.)

Leave some replies if you can verify what Stephen Story - Forex trainer and video commenter - has to say about them.

Thanks.

PS Let me know about Binary Options too: any good, honest brokers for that?? How does it differ from Forex?
 
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redtag12

Active member
153 3
What do you all say about this seemingly unknown broker - Lucror FX - in New Zealand? (STINKForex aka ThinkForex is also based in New Zealand, but they are a bucket shop scam outfit of ****.)

Leave some replies if you can verify what Stephen Story - Forex trainer and video commenter - has to say about them.

Thanks.

PS Let me know about Binary Options too: any good, honest brokers for that?? How does it differ from Forex?

Good morning,if you read the terms and conditions you will find that Lucror will take the opposite side to your trade and are the counter party to your trades but state that MOST trades are passed to the market it would seem to me that they have a dealing desk or how else would they be able to take the opposite side to your trades i belive they are a bucket shop and i would not trade with them however that is a personnel opinion.With true ECN Broker they have no interest in your trades and all trades are passed to the market,and also they will have direct market access where you can see the market liquidity.hope that helps others may expand on this with more knowledge of this company Mike
 

DiggerOfTruth

Junior member
31 1
Good morning,if you read the terms and conditions you will find that Lucror will take the opposite side to your trade and are the counter party to your trades but state that MOST trades are passed to the market it would seem to me that they have a dealing desk or how else would they be able to take the opposite side to your trades i belive they are a bucket shop and i would not trade with them however that is a personnel opinion.With true ECN Broker they have no interest in your trades and all trades are passed to the market,and also they will have direct market access where you can see the market liquidity.hope that helps others may expand on this with more knowledge of this company Mike

Can you quote from the section in their Terms?

FOUND IT: 9.7 Opposite Positions
In certain circumstances, LCM may take the opposite position in the Contract,
either acting for another client or on our own account.

I just spoke with their online Chat and got this response:

I will comment on what we do. We do not pass demo trades thru to the market. We are an STP broker NOT ECN, we do not have a dealing desk and as such there are no people monitoring what we do not have. We do not take the opposite side of your trades, We recommend people to use another brokers prices if they do not believes us.

Visitor10:06:39 PM
OK. I am downloading the Terms and Conditions now to see what this other guy saw - if he read it right or not.

Anthony Hart10:06:48 PM
Our profits come on our volume of trades by the spread NOT by trading or taking the opposite sides. All trades are passed through our bridge to the network where the LP's that we work with say yes or no to the trade, not us.

9.7 Opposite Positions
In certain circumstances, LCM may take the opposite position in the Contract,
either acting for another client or on our own account.

Anthony Hart10:20:22 PM
That refers to the use of our MAM/PAMM software. The master account takes one trade and ths trade is distributed to the sub accounts. The master account must then take a closing position. Technically only the master account holder took a position, the sub-accounts did not take a "trade" the trade shown is part of the master, All subs volumes will add up to the Master volume.
10:21:11 PM

Only the master position is passed to the market to make sure all sub accounts are opened and closed at the masters accounts price.

ALSO: they state that they are STP, not ECN (even though Mr. Story calls them such).
 
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redtag12

Active member
153 3
Can you quote from the section in their Terms?

FOUND IT: 9.7 Opposite Positions
In certain circumstances, LCM may take the opposite position in the Contract,
either acting for another client or on our own account.

I just spoke with their online Chat and got this response:

I will comment on what we do. We do not pass demo trades thru to the market. We are an STP broker NOT ECN, we do not have a dealing desk and as such there are no people monitoring what we do not have. We do not take the opposite side of your trades, We recommend people to use another brokers prices if they do not believes us.

Visitor10:06:39 PM
OK. I am downloading the Terms and Conditions now to see what this other guy saw - if he read it right or not.

Anthony Hart10:06:48 PM
Our profits come on our volume of trades by the spread NOT by trading or taking the opposite sides. All trades are passed through our bridge to the network where the LP's that we work with say yes or no to the trade, not us.

Or on our account says it all listen they take trades againts you its quite clearly stated on their own acc .Of course they dont pass demo trades to the market there are no trades to pass its funny money.They may be STP Brokers for some accounts but they sure are NOT ECN BROKERS .Go find one they are out there.The Forex market is hard enough without having to deal with brokers on issues.Good Luck.And ask the guys here on the forum about ECN brokers
 

DiggerOfTruth

Junior member
31 1
Or on our account says it all listen they take trades againts you its quite clearly stated on their own acc .Of course they dont pass demo trades to the market there are no trades to pass its funny money.They may be STP Brokers for some accounts but they sure are NOT ECN BROKERS .Go find one they are out there.The Forex market is hard enough without having to deal with brokers on issues.Good Luck.And ask the guys here on the forum about ECN brokers

STINKForex says they are ECN and NDD, but they are neither: THEY LIE.

So, you say "find one, they are out there". Really? If LucrorFX is not reliable, as Stephen Story says, then who is? Who can you trust to tell the truth?? Obviously, just because a bucket shop says they are not, and says they are ECN but are really counterfeit like STINKForex, doesn't mean they are telling the truth...

But thanks for reading and sharing the Terms with us regarding LucrorFX. It made me dig further truth. Well done.
 

pboyles

Legendary member
8,072 1,302
There are a lot of forex scams that are linked to New Zealand, it seems there are some loopholes they can exploit.
 
C

cablemonster

0 0
Thank you for posting. Maybe you can direct us to an HONEST ECN/NDD broker? Seeing as you are a Legendary Member here.

The bad news is honesty and forex go together like oil and water. The good news is there are different shades of dishonesty. The better ECNs are hotspot and currenex. Even better use a price aggregator. Just depends on your account size, clip size , trading volume and to some extent your trading style/strategy.
 

DiggerOfTruth

Junior member
31 1
The bad news is honesty and forex go together like oil and water. The good news is there are different shades of dishonesty. The better ECNs are hotspot and currenex. Even better use a price aggregator. Just depends on your account size, clip size , trading volume and to some extent your trading style/strategy.

Great, thank you cablemonster!

Now I just need to know the definitions of:

  • Price Aggregator
  • clip size

Account size say min. 5000 GBP to start.
Trading volume: high.
Trading style (presently because of good success first night): scalping.

Keep on helping us please.

UPDATE: This site shows that hotspotfx is very low in ratings out of 157 votes: http://www.forex-broker-rating.com/comments/Hotspot_FX_LLC?type=broker

However, I do see that Dukascopy gets high ratings across the net.
 
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