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Fxpro Scam
bravehoststamps
post Feb 24 2011, 01:28 AM
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Below is the message I received from FXPro having successfully traded Forex Megadroid with them for over a year:

"Dear ,

In order to safeguard all our clients, including yourselves, please be notified that as of today 21:00 server time, and at least until 02:00 AM server time, we will not be accepting trading using Expert Advisors (automated scripts coded in MQL4). This is due to the reduced liquidity available in the market, at these times, and the aggressive trading characteristics of your EA that may affect the smooth operation of the electronic platform.

Please take particular note that any active trades, between these times, will need to be closed manually via your terminal."

Just wanted to warn everyone of this scam brokerage.
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bravehoststamps
post Feb 25 2011, 09:49 AM
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I think those of us who have suffered from the FXPro actions should submit an email complaint to their regulators in Cyprus - the CySEC (Cyprus Securities and Exchange Commission) at legal@cysec.gov.cy
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jjanguda
post Feb 25 2011, 06:52 PM
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I believe a broker has a right to change their policy about EA, It's unfortunate for those who did trade with Megadroid successfully.
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bravehoststamps
post Feb 26 2011, 05:44 AM
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QUOTE (jjanguda @ Feb 25 2011, 07:52 PM) *
I believe a broker has a right to change their policy about EA, It's unfortunate for those who did trade with Megadroid successfully.

No worries, there are always other brokers at our disposal - such as FinFX.
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jjanguda
post Feb 26 2011, 11:44 AM
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never traded with FinFX. I would look into this broker.
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bravehoststamps
post Feb 26 2011, 09:11 PM
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More on FXPro, I would excercise extreme caution with any Forex business which is either owned or controlled by Russians. FXPro is one of them despite being domiciled in Cyprus - their founder is a Russian named Denis Sukhotin: http://www.forexcrunch.com/fxpro-plans-eve...denis-sukhotin/ . Enough for me to stay away from them for good.
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bravehoststamps
post Feb 27 2011, 12:42 PM
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As I continue my research on FXPro, more and more shocking info on this hillarious Russian scam pops up. For one, a member on another forum has pointed out the following statement on the FXPro website:

"Execution venues

Execution venues are the entities within which the orders are placed or to which FxPro transmits orders for execution. For the purposes of orders for the financial instruments provided by FxPro, we act as principal and not as agent on the client's behalf. Therefore, FxPro is the sole execution venue for the execution of the client's orders. FxPro does not transmit the client order in the external market if the order is for a financial instrument provided by FxPro."

Source: https://www.fxpro.com/trading/conditions/execution-rules
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bravehoststamps
post Mar 6 2011, 10:39 PM
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QUOTE (BonnieSmith @ Mar 6 2011, 08:18 PM) *
Not sure if being owned by "Russians" really qualifies them to be scammers, but you should do a bit more research on the company. They have the right to cut down whatever parts of their TOS they want and change user agreements at will, this is common to pretty much all brokers. Would this make them a scam? I doubt it my friend, but it would make me move to another broker if I wasn't happy. You're free to choose.

You sound exactly like an employee of theirs, advocating their right to change the rules of the game during the game without the other party's consent.
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bravehoststamps
post Mar 7 2011, 05:31 AM
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I also absolutely love a screenshot of an email from FXPro which I found on another public forum where they themselves openly admit to blocking only certain EA users: http://4.bp.blogspot.com/-_sbAZo-5Uno/TXJT...brokers_004.png
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laidback
post Mar 11 2011, 11:20 AM
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QUOTE (bravehoststamps @ Feb 27 2011, 01:42 PM) *
As I continue my research on FXPro, more and more shocking info on this hillarious Russian scam pops up. For one, a member on another forum has pointed out the following statement on the FXPro website:

"Execution venues

Execution venues are the entities within which the orders are placed or to which FxPro transmits orders for execution. For the purposes of orders for the financial instruments provided by FxPro, we act as principal and not as agent on the client's behalf. Therefore, FxPro is the sole execution venue for the execution of the client's orders. FxPro does not transmit the client order in the external market if the order is for a financial instrument provided by FxPro."

Source: https://www.fxpro.com/trading/conditions/execution-rules


This is just a flowery way of saying that they take the opposite trade and have the opportunity via a Metatrader add-on to manipulate entries/exits to their benefit. I wouldn't deal with any forex broker that was not:
1. regulated within the country where I am trading,
2. An ECN broker where the trade is transmitted directly to the market without going thru the deal desk.

Note that Russian brokers are not regulated by anyone, and as such you are at their mercy if they decide to scam you.


--------------------
In this arena especially, common sense doesn't seem to be all that common.
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bravehoststamps
post Mar 11 2011, 12:32 PM
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QUOTE (laidback @ Mar 11 2011, 12:20 PM) *
This is just a flowery way of saying that they take the opposite trade and have the opportunity via a Metatrader add-on to manipulate entries/exits to their benefit. I wouldn't deal with any forex broker that was not:
1. regulated within the country where I am trading,
2. An ECN broker where the trade is transmitted directly to the market without going thru the deal desk.

Note that Russian brokers are not regulated by anyone, and as such you are at their mercy if they decide to scam you.

It only applies to brokers operating out of Russia. FXPro, despite being Russian-controlled, is officially domiciled in Cyprus, an EU member state, and regulated by the CySEC (Cyprus Securities and Exchange Commission).
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beto1
post Apr 25 2011, 12:16 PM
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QUOTE (laidback @ Mar 11 2011, 12:20 PM) *
This is just a flowery way of saying that they take the opposite trade and have the opportunity via a Metatrader add-on to manipulate entries/exits to their benefit. I wouldn't deal with any forex broker that was not:
1. regulated within the country where I am trading,
2. An ECN broker where the trade is transmitted directly to the market without going thru the deal desk.

Note that Russian brokers are not regulated by anyone, and as such you are at their mercy if they decide to scam you.




This is not true at all, Financial Companies in Russia are regulated by The Federal Financial Markets Service, which is the Financial Russian Authority, you just have to check if any Broker is properly regulated as in any country, this only shows some old prejudices that some people have, I invest 6 years ago with a registered Swiss Broker that also had offices in the USA and I lost my money, I only got half of it only after a 5 years of a bankruptcy process, It was my fault as the Broker (TradeX) was registered in USA and Swiss but It was not regulated in any, if you open an account with a Russian Regulated Broker It will be as safe as in any other country you wish.
Note, I am not from Russia and I do not belong to any Russian Broker but I properly do my own due dilligence.
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beto1
post Apr 26 2011, 04:43 PM
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Take a look at this super regulated Broker:

Class action lawsuit launched against FXCM for fraud and racketeering!


Morgan Business Trial Group Files Class Action Lawsuit Against Nation's Largest Forex Dealer -- FXCM
Federal Court Claim Alleges Fraud and Racketeering by Forex Capital Markets, LLC
ORLANDO, Fla., Feb. 10, 2011 (GLOBE NEWSWIRE) -- The Business Trial Group of Morgan & Morgan, P.A. filed a class action lawsuit today against Forex Capital Markets, LLC (FXCM) (NYSE:FXCM) alleging fraud and racketeering by the nation's largest Forex dealer.

The lawsuit, filed in the United States District Court for the Southern District of New York (Manhattan Division), alleges that FXCM has bilked thousands of customers out of hundreds of millions of dollars using deceptive and unfair trade practices, including falsely portraying its Forex trading platform as a fair, transparent and true foreign currency exchange, when instead it is a "rigged game" designed to systematically separate customers from their money.

The Plaintiff, William H. Sanders, of Muscogee, Oklahoma, brought the action on behalf of himself and all other similarly situated FXCM customers, accusing FXCM of fraud by misrepresenting itself as a trading platform that is free from dealer intervention or manipulation. Instead, Sanders alleges, FXCM uses a number of devices and tricks, including software applications, designed specifically to interfere with customers' trades.

The Complaint further alleges that FXCM engaged in a pattern of racketeering activity by collaborating with its software developers and programmers to develop a "diabolical" software application that provides FXCM with a myriad of tools and system commands with which to interfere with customers' trades, including routing trades to "slow" servers and sending false "error" messages when customers attempt to close out profitable trades.

Finally, Sanders alleges in the Complaint that FXCM lured thousands of customers to its trading platform by promoting a "demo account" which was touted as providing customers with a true market trading experience. Instead, he claims, once "live" trading commences, FXCM deploys specially designed software to manipulate customers' trades.

Lead Trial Counsel Tucker H. Byrd, of the Morgan & Morgan Business Trial Group of Orlando, Florida, stated, "We are proud to be representing Mr. Sanders in this action, which we believe will be an important step in bolstering accountability in an industry that has been largely unregulated since inception. We believe, as the Complaint alleges, that Forex Capital Markets, LLC has taken advantage of the trust placed in it by its customers, causing substantial financial harm to this group of people, and we are committed to working to recover those losses."

FXCM is the nation's largest Forex Dealer Merchant. The company recently went public and trades on the New York Stock Exchange.

http://www.globenewswire.com/newsroom/news.html?d=213350

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jafar00
post Apr 27 2011, 04:13 PM
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QUOTE (beto1 @ Apr 25 2011, 09:16 PM) *
This is not true at all, Financial Companies in Russia are regulated by The Federal Financial Markets Service, which is the Financial Russian Authority


Sorry but you are wrong. FFMS does not regulate Forex at all. In fact, I remember a press release from them over a year ago condemning Forex brokers who abuse the FFMS stocks trading certificate by claiming that the forex broker is regulated by them.


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beto1
post Apr 27 2011, 05:04 PM
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QUOTE (jafar00 @ Apr 27 2011, 04:13 PM) *
Sorry but you are wrong. FFMS does not regulate Forex at all. In fact, I remember a press release from them over a year ago condemning Forex brokers who abuse the FFMS stocks trading certificate by claiming that the forex broker is regulated by them.



Some Brokers are regulated and some are not, as in any country, It is up to you which you choose, a regulated Broker or an unregulated Broker, and even a regulated Broker does not guarantee you that they will not cheat on you as we can see with FXCM lawsuit, I was with them 5 years ago and I found out very quickly they were not being honest, so I changed my Broker, what I am saying is that not all Brokers are honest or dishonest because they are from any particular country, there are good and bad Brokers everywhere, this is why investors must do their own due dilligence.

This post has been edited by beto1: Apr 27 2011, 05:22 PM
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