trade2bpro
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I agree with your point, there is no best broker and we should find real feedback about it than checking its location.
Are you seriously suggesting that people should risk the hard earn money just on "internet feedback instead of checking regulations and and other legal matters."
That is a dangerous way
I am not saying UK location means always NO fraud
The main point is Is the broker in a high entry barrier regulated market or not and Maket maker or ECN should be a important consideration and must not be ignored.
Why would anybody transfer money to a broker who has purposely avoided scrutiny by large jurisdiction?
Remember people go in to market to take pure market risk Not the stupid Broker risk
Yes and before anybody says "regulation does not mean 100% guarantee there wail be no fraud" and throw the MF Global and Maddof affair in the debate ... Is it not better to have strong regulations so
1) scrupulous operators are likely to be caught
2) If worst thing happens there is some safety net?
I have seen live example when there was only 0.30 cents left in ad dollar of a failed OTC broker the "fear of law of the land" at least helped to get back 0.61 cents in a dollar to the creditors.( The administrator went after the Accounting form and the Liquidity provider and they paid up ./ The CEO was sent packing to jail for 10 years
SO please don advice people to Ignore regulatory Due diligence because that would be unprofessional and irresponsible advice!
That is a dangerous way
I am not saying UK location means always NO fraud
The main point is Is the broker in a high entry barrier regulated market or not and Maket maker or ECN should be a important consideration and must not be ignored.
Why would anybody transfer money to a broker who has purposely avoided scrutiny by large jurisdiction?
Remember people go in to market to take pure market risk Not the stupid Broker risk
Yes and before anybody says "regulation does not mean 100% guarantee there wail be no fraud" and throw the MF Global and Maddof affair in the debate ... Is it not better to have strong regulations so
1) scrupulous operators are likely to be caught
2) If worst thing happens there is some safety net?
I have seen live example when there was only 0.30 cents left in ad dollar of a failed OTC broker the "fear of law of the land" at least helped to get back 0.61 cents in a dollar to the creditors.( The administrator went after the Accounting form and the Liquidity provider and they paid up ./ The CEO was sent packing to jail for 10 years
SO please don advice people to Ignore regulatory Due diligence because that would be unprofessional and irresponsible advice!
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Hard-earned? :cheesy: I wouldn't certainly touch this market if I knew that money which I pull out of there were a daily bread for somebody. 99% of finances there are easy to part with money which won't cripple somebody's lives, force to commit suicide, break families, etc. Finally, there is no place for gambling scenarios
It's enough to understand two basic things to stop running in circles.
1. Fair brokerage services is much more profitable than cheating for 100-200K $ and getting kicked out of the business. Those outfits that overcame a enticement of falling to a scam (3-4 years of operation I think are enough to feel a taste of fair business) are definitely those worth to to trade with. HF is one of them..
2. You underrate the power of internet feedback, especially on forums. Just look at FPA scam folder... Lots of vivid examples of how one scam report ruins a whole business..
Hard-earned? :cheesy: I wouldn't certainly touch this market if I knew that money which I pull out of there were a daily bread for somebody. 99% of finances there are easy to part with money which won't cripple somebody's lives, force to commit suicide, break families, etc. Finally, there is no place for gambling scenarios
It's enough to understand two basic things to stop running in circles.
1. Fair brokerage services is much more profitable than cheating for 100-200K $ and getting kicked out of the business. Those outfits that overcame a enticement of falling to a scam (3-4 years of operation I think are enough to feel a taste of fair business) are definitely those worth to to trade with. HF is one of them..
2. You underrate the power of internet feedback, especially on forums. Just look at FPA scam folder... Lots of vivid examples of how one scam report ruins a whole business..
Mate All due diligence including things like FPA is important but it seems the points I have raised seems to be trivial to you
SO you would (choose and advice nebees )a broker based on FPA alone!
Not on the fact that where broker is regulated? His is he MM or ECN? or if it has any regulatory actions from CFTC/ FCA ASIC etc
LOL
Okay, let's imagine a man has been scammed for 2 K $ by: a) broker regulated by FCA b) broker regulated by CySec. What he gonna do in each case? File a complaint to the regulator? Go to the court?
Most probably go to the bar to kill the bottle :cheesy:
I am talking about when Broker goes belly up good regulatory environments have mechanisms to try and get the money back
CYsec?
I wonder why are you promoting such a thing
My motive is straight forward to make people aware of the various dangers in this OTC market
What is yours?
Same to yours. The point is that I've already passed a stage of the silly hopes of omnipotent regulators (read: fell a victim to FXCM assymetrical spreads drama in 2010. Two professionally written complaints to NFA yielded no results, except their formal replies.
Would you go to the restaurant which is a member of some cool international association, has certificates, awards, other stuff, etc., OR will simply follow testimonials of your ten fellow foodies? :cheesy:
Samira Bhagvat
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I received email from hot forex regarding Demo Contest, Can any one tell me that its only for newbies or Existing client also be part on it ?
Seems to be for everybody. Wish it would be only for newbies, because I know some HF fellows (really trading pro's) who will easily pull 20 K demo to 200-300 K for 1-2 month. It appears there is no chances for me to grab free Iphone 6
trade2bpro
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Actually there are some certain conditions when you take part in a demo contest on fund or trades, so it's not easy for you do anything to pussh your demo account to that amount, but thousand percent profit-gain is not rare. To me, I see with these prizes, thousands trader would come so no chance for me, but a try doesn't cost anything. Why not!
Samira Bhagvat
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Seems to be for everybody. Wish it would be only for newbies, because I know some HF fellows (really trading pro's) who will easily pull 20 K demo to 200-300 K for 1-2 month. It appears there is no chances for me to grab free Iphone 6
One best line for your about your post "Never lose your hope and Never say Never"
Samira Bhagvat
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Thanks for your kind reply, And when can we have a result about this contest ?
trade2bpro
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trade2bpro
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On 6 Feb??? Expected to receive a gift to the New Year's day, as I thought the tournament was timed to the holidays.
Anyway it's okay, guess it takes some time to check trading results for fair play, etc..Samira Bhagvat
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Clarified with their support, only clients with approved and funded account (at least 150 USD) are eligible to participate. It is not completely freebie