Yes, I have a good example of Broker crookery.
I ran a very good & successful EA on FXCC, and then I received a short pop up saying that my account would be transferred to the West Indies main branch.
I though nothing of this at the time thinking that I might get advantages, I mean after all they are a safe regulated entity or so I thought.
Almost immediately after this, my EA opened trade after trade the wrong way until my account was virtually depleted, and unfortunately it went unnoticed.
It became obvious that there was foul play at work here, and that it happened with the help of a Euro Regulated Broker!
Never say never,
soussay

You can add FXCC, use the Euro regulated and if you are successful they transfer you to West Indies branch to drain your account quickly.
Obviously complicit.
soussay

soussay wrote: Tue Nov 14, 2023 11:30 pm You can add FXCC, use the Euro regulated and if you are successful they transfer you to West Indies branch to drain your account quickly.
Obviously complicit.
soussay

Sound like crooks and never knew this but yeah FXCC have been around for over 10 years I'll give them a hard pass after this feedback thx!

Man sues woman after losing S$49,500 investment following hacking of trading platform, loses bid

"According to Mr Foo, Mr Tan said he was selling investment products for a company called Equity Advisers. Equity Advisers was purportedly an Australian licensed forex trading company headquartered in Melbourne."

"He wrote to the Australian Securities and Investments Commission to find out if Equity Advisers was legitimate, and realised that while there was a company with such a name offering financial services, it was a different company from the one he had invested with."

Source ChannelNewsAsia, Singapore
https://www.channelnewsasia.com/singapo ... am-3956081

UK FCA Warning on Forexwisepro
https://www.fca.org.uk/news/warnings/forexwisepro

waal69 wrote: Thu Dec 07, 2023 8:54 pm UK FCA Warning on Forexwisepro
https://www.fca.org.uk/news/warnings/forexwisepro

Thank you sir good to know who's an unauthorized crook. It's hard enough to trade as it is then you've got these cons lurking in the shadows

Just chiming in here regarding US forex broker-dealers. I'm starting to repeat this like a broken record to other traders...

In the US, you can pretty much see how corrupt any NFA registered broker-dealer is by carefully reading their customer trading agreement (written contract) and legal disclosures. These must be posted on their website as required by law. Included in those documents (specifically, the trading agreement) is a list of any and all of the broker-dealer's partnered eligible contract participants (ECP's). Without delving into the weeds of the legal definition of an ECP, they're basically the broker-dealers "liquidity providers." If the broker-dealer does have such ECP or ECP's, the trading agreement will be rather matter-of-fact in describing how those ECP's trade against you. They'll likely use the words, "counter-party" and offset," because "against" is too accurate. If the broker-dealer has any ECP(s), JP Morgan will likely be on the list. They are the fattest cat in the global interbank forex trading market.

Why are broker-dealer ECP partners bad? They inherently create a supermassive conflict of interest that has been legalized and codified into CFTC and NFA "regulations." At this point, I remind you that the NFA is a self-regulatory agency--the fox guarding the hen house. Broker-dealers share every piece of market data that they have with ECP's but next to none of it with retail traders. Also, broker-dealers can run a dark A book. All retail traders start out in their B book but if you become profitable, are quietly shifted into their dark A book with their ECN partners. Remember, the ECN's can see all retail activity. Suddenly, mad slippage and requotes ensue. Isn't this illegal? Yes, but the NFA is restrained from doing anything in the absence of probable cause. This is the same standard that a sworn police officer must meet in order to arrest a person. Once again, the ECN's have all the data while you have nothing. Good luck proving anything exists on the broker-dealer's backend.

My suggestion? Don't trade with any US forex broker-dealer that has ECP partners. Spoiler alert: There is only one and ironically, it's the newest one--Trading.com US.* I've been trading 1 standard lot with them for months.

Forex.com US - conflicts
Oanda US - conflicts
IG US - conflicts
TD Ameritrade US - conflicts

* Trading.com US is very different from Trading.com UK. The latter is a CFD dealer. CFD's are not connected to any underlying centralized exchange nor interbank market. Accordingly, CFD's are banned in the US.

JohnnyRy -- Since you are getting into the weeds of Brokers -- I know Brokers can see your positions, I was wondering if you know if they can also see what specific Indicators and Ea's that you are using ? I have seen discussions ( in the realm of using bootleg software ) were people have said yes and no when it comes to what a broker can see when trading with different instrument's . What's your opinion on that ?

knsxrty459 wrote: Sat Mar 02, 2024 2:11 pm JohnnyRy -- Since you are getting into the weeds of Brokers -- I know Brokers can see your positions, I was wondering if you know if they can also see what specific Indicators and Ea's that you are using ? I have seen discussions ( in the realm of using bootleg software ) were people have said yes and no when it comes to what a broker can see when trading with different instrument's . What's your opinion on that ?

No the broker does not know what indicators or EA's you are using. Why? It pretty much comes down to them not having your TPL (template), Configurations, Custom Indicators and files let alone .DLL's etc.

Even if they had all the indicators in the universe, they wouldn't care unless your win ratio is 100% for 1 year straight. Even then, they still wouldn't care they'll just send all your orders to the A Book queue.

Can I ask, what makes you think they might know what you are using?

ChuChu Rocket wrote: Sat Mar 02, 2024 4:38 pm Can I ask, what makes you think they might know what you are using?

Years ago I actually had the opportunity talk to someone who worked at a Forex Broker but because I was new to trading at the time everything he said went straight over my head. So I'm not sure if I came away from that conversersation with things that he might have said or things that he said that I just misunderstood because I was new to trading.

Anyway you know what would be great -- If former employees of Forex Brokerage's got together and started a website to tell people what really happens inside of Forex Dealers. To talk about what's real and what are just myths and what Broker they would recomend.

There are so many books on trading but I haven't seen anything about what really goes on in the inside of a Broker. I'm not talking about the normal day to day operations, I mean the shady things that have gone on in the past inside of those brokers that went out of business ( or was forced out business ). A dairy of what they saw up close and personal.

For instance the Swiss Franc surge that happened back in 2015 ( was it 2015 ? I forget now ) when a whole lot of people around the world had their accounts completely wiped out and Brokerages stood to lose millions of dollars. We read the horror stories from traders who lost money that day but I would love to know what was going on inside those dealers. What was the conversation when that OH Shit moment happened, what was going thru the minds of some of the employees when they knew they might be out of a job, how did the broker handle some of the accounts that were in default, did they do everything by the book or did they rip some folks off -- that would be an interesting read.