MT4 Brokers - Warning

[brettus]

So I've opened a few MT4 brokers recently to do a test on their fills. I can confirm the following brokers are most likely using that virtual dealer plugin or some other tactics to make money. I have an EA that shows they only accept trades that go against me, or marginally in my favour in some cases.

Alpari UK
FXDD Malta
Excel Markets
Sunbird FX
FXCM UK

I will update the list as I go. To be honest I don't think i'll find a broker that is good. So stay away from Mt4 if you can.

If you open an account with these brokers please don't accept any sort of credit bonus. It's just more leverage, you can't actually have it. Plus if you accept it they have the right to take away your profits. This hasn't happened to me because I read up on it first. I actually read the terms and conditions.

Btw I don't care if they aren't regulated. I'm going to check them out.

 

[Lightning McQueen]

good work brettus

do you have plans to list any brokers that appear to play fair? have you taken a look at gkfx yet? if so how did they rate?

 

[trendie]

"most likely" covers you from stating a fairly serious accusation.
I use Alpari so am noting this thread for proof.

Good point about credit bonuses.

 

[Alpari UK]

So I've opened a few MT4 brokers recently to do a test on their fills. I can confirm the following brokers are most likely using that virtual dealer plugin or some other tactics to make money. I have an EA that shows they only accept trades that go against me, or marginally in my favour in some cases.

Alpari UK
FXDD Malta
Excel Markets
Sunbird FX
FXCM UK

I will update the list as I go. To be honest I don't think i'll find a broker that is good. So stay away from Mt4 if you can.

If you open an account with these brokers please don't accept any sort of credit bonus. It's just more leverage, you can't actually have it. Plus if you accept it they have the right to take away your profits. This hasn't happened to me because I read up on it first. I actually read the terms and conditions.

Btw I don't care if they aren't regulated. I'm going to check them out.

Hi brettus,

This is incorrect. Alpari (UK) does not use the virtual dealer plugin.

If you believe an error is occurring on a live account owing to no fault of your own, please email us with details of such trades for review. Our client services team will be happy to do an impartial and thorough investigation.

Alpari UK prides itself on providing the best trading experience for our clients. We encourage our clients to approach us should they at all experience any specific issues. Should you or anyone else have any particular concerns that you would like to discuss, get in touch at [email protected] . We're here to help.

Alex

________
Alexander Chadwick
Alpari (UK) Representative

 

[pboyles]

Hi brettus,

This is incorrect. Alpari (UK) does not use the virtual dealer plugin.

If you believe an error is occurring on a live account owing to no fault of your own, please email us with details of such trades for review. Our client services team will be happy to do an impartial and thorough investigation.

Alpari UK prides itself on providing the best trading experience for our clients. We encourage our clients to approach us should they at all experience any specific issues. Should you or anyone else have any particular concerns that you would like to discuss, get in touch at [email protected] . We're here to help.

Alex

________
Alexander Chadwick
Alpari (UK) Representative

Remind us, what was Alpari fined for?

 

[pboyles]

Alex

Perhaps this is confusing, I just realised you've been fined more than once. Perhaps you can start by explaining the NFA fine first.

 

[pboyles]

Alex

Perhaps this is confusing, I just realised you've been fined more than once. Perhaps you can start by explaining the NFA fine first.

...that's the one were you cancelled trades and removed profits I believe.

 

[Alpari UK]

Remind us, what was Alpari fined for?

...that's the one were you cancelled trades and removed profits I believe.

Alex

Perhaps this is confusing, I just realised you've been fined more than once. Perhaps you can start by explaining the NFA fine first.

I believe we had your addressed your concerns on AUG 7, 2012 .

As you know, Alpari (US), LLC (“Alpari (US)”) recently entered into a USD200,000 settlement with the National Futures Association (“NFA”) and refunded losses incurred as a result of adjustments made to client accounts. We would like to take this opportunity to point out that the FXOptions platform – which was the subject of the NFA investigation – is not part of the Alpari companies’ core offering and has never been offered by Alpari (UK) Limited (“Alpari (UK)”). Alpari (US) ceased to offer the platform in January 2012.

Please note that this ruling has no impact on Alpari (UK) or its clients for three reasons:

1 Alpari (US) and Alpari (UK) are regulated by the regulatory bodies located in their respective regions. Decisions by a US regulatory body (NFA) on Alpari (US) have no bearing on Alpari (UK). Alpari (UK) is authorised and regulated by the Financial Services Authority (“FSA”) and must comply with the FSA's rules which differ from those of the NFA.

2 Alpari (US) and Alpari (UK) are both independent entities within the global association of Alpari companies. In addition to our core products and platforms, each of the businesses has its own region-specific product portfolio. FXOptions was offered by Alpari (US) only.

3 Alpari (UK) and Alpari (US) each have their own Terms of Business reflecting their region’s regulatory and legal environment. Alpari (UK)’s Terms of Business would allow us to cancel an erroneously executed order and we reserve the right to remove funds from clients’ accounts where we believe such an error has occurred. However, we will only do this as a last resort and where it is evident that our Terms of Business have been breached. Clients can be assured that everything we do is underpinned by our regulatory obligation to treat customers fairly.

A reminder of our Terms of Business

Alpari (UK)’s Terms of Business are in line with FSA requirements and are regularly reviewed to ensure continued compliance with any changes to rules and regulation. When we make changes to our Terms of Business or Client Agreement we communicate them to clients by email and by notifications made in the Company News section of our website.

To ensure that you remain familiar with our trading policies it's always a good idea to review and read the latest version of our Terms of Business, available online:
Trading Platform Legal Documents - Alpari (UK)

Should you have any questions, please email our support team at [email protected] or call +44 (0) 207 426 2900. We will be happy to help in any way we can.

Alex

________
Alexander Chadwick
Alpari (UK) Representative

 

[pboyles]

I believe we had your addressed your concerns on AUG 7, 2012 .



Alex

________
Alexander Chadwick
Alpari (UK) Representative

The difficulty is that when you start telling us about how you have our best interests at heart someone is always going to provide proof that you don't.

 

[cablemonster]

ar$e handed to on a plate lol dont trade against a dealer / market maker unless you want your account to go bye bye. trade on an exchange in the case of spot FX ON an ECN which is not the same as trading with a broker that uses an ECN for it's price feed. quite simple to work out what is what, just place a limit order into the market and look to see if your order is shown on the exchange, if it's not then you are trading against a dealer/market maker. trading 101 for numptys

 

[neil324]

So I've opened a few MT4 brokers recently to do a test on their fills. I can confirm the following brokers are most likely using that virtual dealer plugin or some other tactics to make money. I have an EA that shows they only accept trades that go against me, or marginally in my favour in some cases.

Alpari UK
FXDD Malta
Excel Markets
Sunbird FX
FXCM UK

I will update the list as I go. To be honest I don't think i'll find a broker that is good. So stay away from Mt4 if you can.

If you open an account with these brokers please don't accept any sort of credit bonus. It's just more leverage, you can't actually have it. Plus if you accept it they have the right to take away your profits. This hasn't happened to me because I read up on it first. I actually read the terms and conditions.

Btw I don't care if they aren't regulated. I'm going to check them out.

Can you test GKFX please.

 

[brettus]

Hi brettus,

This is incorrect. Alpari (UK) does not use the virtual dealer plugin.

If you believe an error is occurring on a live account owing to no fault of your own, please email us with details of such trades for review. Our client services team will be happy to do an impartial and thorough investigation.

Alpari UK prides itself on providing the best trading experience for our clients. We encourage our clients to approach us should they at all experience any specific issues. Should you or anyone else have any particular concerns that you would like to discuss, get in touch at [email protected] . We're here to help.

Alex

________
Alexander Chadwick
Alpari (UK) Representative

Alpari UK actually accepts price quotes that go marginally in the clients favour. I think somewhere in the region of 0.2, but I have never been accepted on anything much better, where as I have been accepted on quotes that go infinitely against me. The fact is, I never receive requotes on anything(not once) that goes against me. Why shouldn't I receive a better fill?

Anyway, saying that you are the same as all of the other brokers out there. Even the likes of FXCM play the same games. I'm not bitter about it or anything because I have lost a tonne of money because I haven't. I'm just pointing out that if you open a MT4 account, this is the kind of service you will have to accept.

 

[brettus]

Can you test GKFX please.

The old smart live markets platform? They are spreadbetting right?

 

[Lightning McQueen]

The old smart live markets platform? They are spreadbetting right?

yes

 

[pboyles]

Alpari UK actually accepts price quotes that go marginally in the clients favour. I think somewhere in the region of 0.2, but I have never been accepted on anything much better, where as I have been accepted on quotes that go infinitely against me. The fact is, I never receive requotes on anything(not once) that goes against me. Why shouldn't I receive a better fill?

Anyway, saying that you are the same as all of the other brokers out there. Even the likes of FXCM play the same games. I'm not bitter about it or anything because I have lost a tonne of money because I haven't. I'm just pointing out that if you open a MT4 account, this is the kind of service you will have to accept.

It's called asymmetrical slippage, it's what FXCM were fined $20 million for.

 

[neil324]

The old smart live markets platform? They are spreadbetting right?

Yes

 

[brettus]

I don't know why I cant edit my first post. XEMARKETS and AAAFX.

Like I said I don't think i'm going to find a legit broker unless its ECN. If you think Spreadbetting is better. It's even worse.

 

[tar]

The problem with such studies it lacks evidence , so basically we're taking your word for it .Until now the issue isn't clear to me , so if it goes against you your trade is accepted and if it goes your way it's rejected ? i don't see how , many MT4 platforms accept trades when it goes your way but will give you slippage with it . Can you clarify more and maybe post your EA here .

 

[brettus]

The problem with such studies it lacks evidence , so basically we're taking your word for it .Until now the issue isn't clear to me , so if it goes against you your trade is accepted and if it goes your way it's rejected ? i don't see how , many MT4 platforms accept trades when it goes your way but will give you slippage with it . Can you clarify more and maybe post your EA here .

Just close the thread. I don't want to stop trade2wins funding. 120 rejections in one day. Is that enough information? I don't want to disclose the EA. If anyone wants to test it out themselves go for it. I was just trying to help. Why would i flame these brokers for no reason?

This thread is pointless anyway. I'm just showing what everyone knows already.

 

[pboyles]

The problem with such studies it lacks evidence , so basically we're taking your word for it .Until now the issue isn't clear to me , so if it goes against you your trade is accepted and if it goes your way it's rejected ? i don't see how , many MT4 platforms accept trades when it goes your way but will give you slippage with it . Can you clarify more and maybe post your EA here .

Whilst Brettus has not provided proof we know for certain that MT4 brokers do use asymmetrical slippage practices to defraud clients. These are not my words, this is what regulators have said when levying huge fines against brokers for doing exactly what Brettus alleges.

Now I know we should all give them a chance, innocent until prove guilty blah, blah, blah but given the number of companies fined for doing this its not unreasonable for him to draw these conclusions.