do some broker really manipulates their price.

[Christiaan]

I just came from a diffrent forum and this legendary member told a newbie brokers are allowed to manipulate it's price to stop you out.

Can this be true?To me it sounds riduculous.In order to catch my broker doing this i randomly check the market price against my broker's price and thus far they are identical.I do not expect to catch my broker manipulating it's price.

Is it riduculous like my spelling or is there some broker that actually do this

 

[meanreversion]

Ugh, this is opening a can of worms. You'll get some fairly heated responses to this.

If your broker is reputable, and not some bucketshop spreadbet firm, I seriously doubt whether they would do this.

 

[wackypete2]

yikes, I don't know where to begin. If you're talking about forex, anything goes.

Peter

 

[pboyles]

Some of them do manipulate spreads, prices or margins in their favour, this is often alleged but not often proven as people normally complain about it and then give up in the end.

In the case of Gain Capital/forex.com it was proven that they had caused losses to their clients and they were fined quite heavily. They were using a plug-in for metatrader that allowed them to control slippage in their favour. They also changed margin levels without good reason and this also resulted in losses to clients. Of course there will be an angry response from those connected to FX and SB firms here but the judgement in that case is quite clear.

http://www.trade2win.com/boards/forex-brokers/113082-gain-capital-aka-forex-com-fined-459k.html

 

[Christiaan]

My broker was named best u.s broker by the world finance magazine.I'm pretty confident in them.IS gain capital a u.s broker?

If so you should get the details of their fines on the nfa homepage right?I will look into it because it's intresting.

 

[pboyles]

...and I should add that the Metatrader plug-in is available to any broker so I dont think it would be too ridiculous to assume they were not the only ones doing such things.

 

[Christiaan]

Disturbing

I went to gain capital website and i see no live agents to talk to.I'm so spoiled with my broker.I need to ask a question their live agents are there and depending on the department some of them are ready to help you 24hrs a day.

I don't know if gain capital is a u.s broker because i see no nfa id nr. on their site

 

[wackypete2]

I just came from a diffrent forum and this legendary member told a newbie brokers are allowed to manipulate it's price to stop you out.

Can this be true?To me it sounds riduculous.In order to catch my broker doing this i randomly check the market price against my broker's price and thus far they are identical.I do not expect to catch my broker manipulating it's price.

Is it riduculous like my spelling or is there some broker that actually do this

You have been touting several systems and free indicators all over these boards, giving them your approval, and all the time you don't even know how the market you are trading in works??

Peter

 

[pboyles]

They are in the US, it was the NFA that prosecuted them.

 

[wackypete2]

Disturbing

I went to gain capital website and i see no live agents to talk to.I'm so spoiled with my broker.I need to ask a question their live agents are there and depending on the department some of them are ready to help you 24hrs a day.

I don't know if gain capital is a u.s broker because i see no nfa id nr. on their site

http://www.gaincapital.com/about-regulation.shtml

GAIN Capital Group, LLC is a registered FCM and RFED with the CFTC and member of the NFA (NFA ID #0339826)

Peter

 

[anley]

My broker was named best u.s broker by the world finance magazine.

So that makes them good does it, or does it mean they were good advertisers? I'd go for the latter if I were you C. I'd also quickly start to realise that trading is full of sharks, conmen, thieves and every other lowlife you can imagine.

Trust nobody, even the legit companies (they're often the worst), and you should be OK, but act naive and they'll get you for sure. For example, I reckon that Gain Forex is probably a multi 'award winning' company, a sick joke if ever there was one.

 

[anley]

Here you go, now who would have thought of that

http://www.gaincapital.com/about-awards.shtml

This crap is so predicable it's laughable.

 

[Hotch]

It's a lot easier to blame the broker then yourself

 

[wackypete2]

I'd also quickly start to realise that trading is full of sharks, conmen, thieves and every other lowlife you can imagine.

I hope we are not all lowlifes
Of course, it seems many lowlifes enjoy the highlife courtesy of the dumblifes.

Peter

 

[Christiaan]

Just good advertising...i don't think so.I have been using them for a while and they are very good.I just love the fact that they have live agents to help you with anything 24 hrs a day.

I thought that was the norm but lately i've seen big brokers with no live agents at all.

 

[wackypete2]

Just good advertising...i don't think so.I have been using them for a while and they are very good.I just love the fact that they have live agents to help you with anything 24 hrs a day.

I thought that was the norm but lately i've seen big brokers with no live agents at all.

Yes, of course. Don't worry that they are cheating you to death, as long as they have live agents to steer you in the right direction. Has it occurred to you that YOU may be paying for the live agents?

Peter

 

[pboyles]

It's a lot easier to blame the broker then yourself

Yes both easier and in this instance more accurate to blame the broker, seeing as how they were defrauding their clients and got caught.