Best Thread Which Online Forex Broker Is Best?
trade2bpro
Active member
- Messages
- 195
- Likes
- 4
a short but quite good list:
http://www.bestforexbrokers.co/
http://www.bestforexbrokers.co/
After several persuasive calls, Mrs. Rose Guion, Head of VIP Sales and Services - CFD1000, convinced me to invest in their Algo Trading solution (CFD1000 Algo Trading) which would give good returns. I was skeptical about investment because which I checked their website on scamadviser.com, the report said "Site is Russian Federation based and one needs to take caution when dealing with them as the indicator was inclined toward high risk. Also I was told that they were regulated by New Zealand however when I wrote to Financial Service Providers Register (FSPR), I was informed there is no such company registered with them.
In-spite of these two warnings I decided to trust on them and invest $1,000 to test the platform. I was informed by Rose that the company is in process of seeking regulation and that it would take time and I must not worry about it being regulated or not. I must say for some time I did see some profits in the account and then almost every few weeks I would receive a call from them stating we are running promotion and that I must invest more funds as they can double it up with their bonus. I decided to invest further $3,000 in it. Hence total equity from me was $4,000 and the total bonus on this account was $1,300.
During the initial few weeks the fund manager would take position and close it max in a day or two with profit or loss. However as the market started to become unfavorable the fund manager decided to allow the loss to continue and did not bother closing the loosing trade. Not only did he allow loosing trade to become even bigger loss but he continued to open new positions in the unfavorable direction. When I asked Rose Guion about this she told me don't worry about it, they are golden trades. Due to complete lack of money management and position sizing the losses continued to grow and eventually they caused a margin call to my account. When I asked them about why did they have to open so many positions in such a small account and why so big size positions, I was told the traders have done their best to manage the account. Surely by no means giving a margin call to client is in the profile of a fund manager.
I am not guru in investing but as per my knowledge most of the fund managers do not allocate more than 2% of the account size for any given trade and it would send shiver down the spine if any single trade exposes risk more than 5% of the account size. For my account, the average risk of the loosing trade was 20% and the highest risk was at 34%. Also there was simply no control in the number of open positions at any given single point of time. Keeping six positions of 0.20 lot and then hedging it with a mighty 1.20 lot size was certainly not a professional decision.
When I asked Rose Guion if the Fund manager have been right on their part of giving me a margin call , I was told they have done their best. Also when I asked how would CFD1000.com help me to recover the losses, I was told to invest more money with them and they will provide maximum bonus to me to help in recover the losses in next 12 - 24 months. Surely my confidence in them is at rock bottom.
I was informed by Rose Guion that she has been promoted in the company and that she does not handle my account any longer. My account was passed on to Jean Martinez. He has a Russian accent and called me few times from Italian number however when I asked him where he is based, I was informed he is based in London. He wanted me to invest further funds in the account for faster recovery however I told him I want to first see my initial investment recovered before I invest further. He traded my account for few weeks and it was slowly recovering the losses. However one fine day there were suddenly big positions opened and several open positions. I immediately warned both Jean and Rose about not allowing third margin call to my account. Unfortunately in few days the account was again hit with a margin call due to absolute careless behavior of the fund manager who does not seem to understand the meaning of position sizing and money management. It was clearly a deliberate act of opening big positions and causing me a margin call . When I discussed this with Rose, she informs the market contains risks and I should be aware of it and according to Jean I should further invest with them for me to recover my investment.
I followed up with Jean several times however he does not seem to be interested in responding hence I have concluded CFD1000.com is a complete scam and I would like to make it loud and clear to all the existing investors and the potential investors not to deal with this company. They will show you progress for few weeks or possibly little longer however one fine day they will shock you with their sheer carelessness and destroy your account. I have seen this happening thrice with my account. If it was a genuine company, they would have refunded my amount for their negligence however they simply have decided to ignore my mails hence their is little left to talk about them. I have lost $5,000 with these guys and they are absolute crooks and they will eventually steal your hard earned money. They did offer lot of false promises however failed to live up to any of it and continue to ask for more funds in order to recover the investment.
Some more proof of them being dishonest includes:
1) scamadviser.com/is-cfd1000.com-a-fake-site.html
There site is classified with Low Trust Rating and identified as unsafe to use. It is based on Russian Federation with safety level as little as 25%.
2) blacklistedbrokers.com/warnings/search.php?mots=cfd1000
CFD1000 Ltd / 1000Trading Group Corporation is in breach of French law and is not required to follow the basic rules of investor protection, good information or claims processing.
3) tradecomplaint.com/trading-reviews-complaints/India/cfd1000-com-reviews-complaints/forex/fx-broker/fraud-fund-mangers-of-broker-cfd1000-com_i12930#.Vbew1vmqpBc&gsc.tab=0
4) .tradecomplaint.com/trading-reviews-complaints/India/CFD1000-com-reviews-complaints/forex/fx-broker/cfd1000-com-cfd1000-broker-are-a-fraud-service-provider-in-forex-market_i13164#.Vbew3PmqpBc&gsc.tab=0
I will share more information about them in near future so that other investors are not cheated. I certainly would agree with the statement from Pharaoh that "Never allow a broker employee or an IB to trade your account". I urge all the investors of CFD1000.com to withdraw your funds before its too late. If they turn out to be genuine broker and if they do refund my investmest I will keep you posted.
BW
In-spite of these two warnings I decided to trust on them and invest $1,000 to test the platform. I was informed by Rose that the company is in process of seeking regulation and that it would take time and I must not worry about it being regulated or not. I must say for some time I did see some profits in the account and then almost every few weeks I would receive a call from them stating we are running promotion and that I must invest more funds as they can double it up with their bonus. I decided to invest further $3,000 in it. Hence total equity from me was $4,000 and the total bonus on this account was $1,300.
During the initial few weeks the fund manager would take position and close it max in a day or two with profit or loss. However as the market started to become unfavorable the fund manager decided to allow the loss to continue and did not bother closing the loosing trade. Not only did he allow loosing trade to become even bigger loss but he continued to open new positions in the unfavorable direction. When I asked Rose Guion about this she told me don't worry about it, they are golden trades. Due to complete lack of money management and position sizing the losses continued to grow and eventually they caused a margin call to my account. When I asked them about why did they have to open so many positions in such a small account and why so big size positions, I was told the traders have done their best to manage the account. Surely by no means giving a margin call to client is in the profile of a fund manager.
I am not guru in investing but as per my knowledge most of the fund managers do not allocate more than 2% of the account size for any given trade and it would send shiver down the spine if any single trade exposes risk more than 5% of the account size. For my account, the average risk of the loosing trade was 20% and the highest risk was at 34%. Also there was simply no control in the number of open positions at any given single point of time. Keeping six positions of 0.20 lot and then hedging it with a mighty 1.20 lot size was certainly not a professional decision.
When I asked Rose Guion if the Fund manager have been right on their part of giving me a margin call , I was told they have done their best. Also when I asked how would CFD1000.com help me to recover the losses, I was told to invest more money with them and they will provide maximum bonus to me to help in recover the losses in next 12 - 24 months. Surely my confidence in them is at rock bottom.
I was informed by Rose Guion that she has been promoted in the company and that she does not handle my account any longer. My account was passed on to Jean Martinez. He has a Russian accent and called me few times from Italian number however when I asked him where he is based, I was informed he is based in London. He wanted me to invest further funds in the account for faster recovery however I told him I want to first see my initial investment recovered before I invest further. He traded my account for few weeks and it was slowly recovering the losses. However one fine day there were suddenly big positions opened and several open positions. I immediately warned both Jean and Rose about not allowing third margin call to my account. Unfortunately in few days the account was again hit with a margin call due to absolute careless behavior of the fund manager who does not seem to understand the meaning of position sizing and money management. It was clearly a deliberate act of opening big positions and causing me a margin call . When I discussed this with Rose, she informs the market contains risks and I should be aware of it and according to Jean I should further invest with them for me to recover my investment.
I followed up with Jean several times however he does not seem to be interested in responding hence I have concluded CFD1000.com is a complete scam and I would like to make it loud and clear to all the existing investors and the potential investors not to deal with this company. They will show you progress for few weeks or possibly little longer however one fine day they will shock you with their sheer carelessness and destroy your account. I have seen this happening thrice with my account. If it was a genuine company, they would have refunded my amount for their negligence however they simply have decided to ignore my mails hence their is little left to talk about them. I have lost $5,000 with these guys and they are absolute crooks and they will eventually steal your hard earned money. They did offer lot of false promises however failed to live up to any of it and continue to ask for more funds in order to recover the investment.
Some more proof of them being dishonest includes:
1) scamadviser.com/is-cfd1000.com-a-fake-site.html
There site is classified with Low Trust Rating and identified as unsafe to use. It is based on Russian Federation with safety level as little as 25%.
2) blacklistedbrokers.com/warnings/search.php?mots=cfd1000
CFD1000 Ltd / 1000Trading Group Corporation is in breach of French law and is not required to follow the basic rules of investor protection, good information or claims processing.
3) tradecomplaint.com/trading-reviews-complaints/India/cfd1000-com-reviews-complaints/forex/fx-broker/fraud-fund-mangers-of-broker-cfd1000-com_i12930#.Vbew1vmqpBc&gsc.tab=0
4) .tradecomplaint.com/trading-reviews-complaints/India/CFD1000-com-reviews-complaints/forex/fx-broker/cfd1000-com-cfd1000-broker-are-a-fraud-service-provider-in-forex-market_i13164#.Vbew3PmqpBc&gsc.tab=0
I will share more information about them in near future so that other investors are not cheated. I certainly would agree with the statement from Pharaoh that "Never allow a broker employee or an IB to trade your account". I urge all the investors of CFD1000.com to withdraw your funds before its too late. If they turn out to be genuine broker and if they do refund my investmest I will keep you posted.
BW
Pat494
Legendary member
- Messages
- 14,614
- Likes
- 1,588
In-spite of these two warnings I decided to trust on them and invest $1,000 to test the platform. I was informed by Rose that the company is in process of seeking regulation and that it would take time and I must not worry about it being regulated or not. I must say for some time I did see some profits in the account and then almost every few weeks I would receive a call from them stating we are running promotion and that I must invest more funds as they can double it up with their bonus. I decided to invest further $3,000 in it. Hence total equity from me was $4,000 and the total bonus on this account was $1,300.
You had fair warning and chose to ignore it. I doubt you will recover your money.
You had fair warning and chose to ignore it. I doubt you will recover your money.
...Free 1 on 1 free training is provided by most brokers, City Index also provides a Trading Academy. Most brokers would provide you with 1 to 1 free training if you ask for it. My suggestion, check regulated brokers,Cyprus brokers are not in my list of brokers I would choose. I would only go with FCA Uk based brokers. There are many around. I have heard many problems from Cyprus. You can read on this forum as well.
It's so scary to open a trading account with broker that is less regulated or unregulated in certain country, some of the UK Broker also are quite unreliable, after seeing so many problem since Lehman Brother, MF Global & SNB.
Is PriorFX really that reliable? As they are from Cyprus, sorry if I sterotype them. As there are too many cases from Cyprus Brokers.
Are there any other brokers that we can make money from and reliable?
:clap: