Reputable and trustworthy brokers

[pboyles]

I know it's a bit late, but I've been happy with MBTrading. Hardly any technical glitches and user friendly. Let me know if you have any questions. MB Trading also decreased their commission rate by 15% from 2.95 to 2.50. Good luck!

MB Trading have been fined $200,000,

CFTC Orders MB Trading Futures Inc., a Registered Retail Foreign Exchange Dealer, to Pay $200,000 Penalty to Settle Charges of Violating Minimal Financial Requirement Rules

 

[Babyblush]

I have been trading using fxopen, uwcfx, hotforex and exness for three years now and i have no problems faced so far by using these forex brokers.

 

[Jason Rogers]

One of the most notorious complaints is that everything works smoothly with FXCM as long as you are on the losing side. But if you’re trading profitably the story changes. They close positions or even your account for no real reasons. This is the most common way for a broker to cheat on its traders. Closing your trades is not possible for the following reasons: “Data not found”, “Waiting for Dealer”, “Your order didn’t execute because price moved”.

What you're describing is called dealer invention which does not occur at FXCM. On our platform, there are no requotes, and no restrictions on stops and limits. That's because we offer our clients No Dealing Desk (NDD) forex execution, where we offset their orders 1-for-1 with our 10+ liquidity providers. That means a profit for our clients does not mean a loss for us. In fact, we want our clients to be profitable, because that means they will trade more. On the NDD model, we make our money by applying a fixed pip markup to the prices we receive from our liquidity providers which acts as a commission.

While we believe that NDD execution provides the best all-around trading experience, we also offer dealing desk execution as an option for traders whose primary concern is low spreads.

When operating a Dealing Desk the firm may actively be taking a position in the market, which exposes the firm to market risk. When you are long, the Dealing Desk may be short. When you are short, the Dealing Desk may be long. So your losses can equate to the Dealing Desk's profit. Alternatively, your profits can equate to the Dealing Desk's loss. Certain strategies expose Dealing Desks to more risk, such as automated strategies or strategies that trade at a high frequency. To better manage their market risk, some Dealing Desk firms actively intervene in their clients' trading by re-quoting orders, delaying execution, skewing prices, or widening spreads as you described.

There is no dealer intervention when trading with FXCM, because if you are trading on Dealing Desk execution and your trading style exposes us to more risk than we're comfortable with, FXCM may, at our sole discretion and at any time, change your execution type to NDD. This is how FXCM can comfortably offer both options without having to resort to some of the common dealer intervention practices you listed above which take place at many forex brokers.

There are also complaints about the bad costumer support. They seem not to act in the traders favor and sometimes don’t even care about costumer complaints.Of course there are traders that are happy with FXCM but there are not many of them.

At FXCM we are always striving to improve our customer support. That's one of the reasons why traders have entrusted us with $1.171 billion in client funds helping us to become one of the only forex brokers that is a publicly-traded company [NYSE ticker: FXCM].

There was also a law suit against FXCM a few years ago.

That case was dismissed as of November 29, 2011.

Also it seems that there are differences between hourly and daily charts which is pretty strange. It seems that short term charts look different to “help” traders making the wrong decision.

In what way do you think the short term charts look different, and how does this cause traders to make incorrect decisions? If you think there is something wrong with either our hourly or daily charts, please give me the details. I'm happy to have our tech support team investigate the issue for you. As far as I know the hour and daily charts are in agreement.

 

[Magos]

do not forget!

What you're describing is called dealer invention which does not occur at FXCM. On our platform, there are no requotes, and no restrictions on stops and limits. That's because we offer our clients No Dealing Desk (NDD) forex execution, where we offset their orders 1-for-1 with our 10+ liquidity providers. That means a profit for our clients does not mean a loss for us. In fact, we want our clients to be profitable, because that means they will trade more. On the NDD model, we make our money by applying a fixed pip markup to the prices we receive from our liquidity providers which acts as a commission.

While we believe that NDD execution provides the best all-around trading experience, we also offer dealing desk execution as an option for traders whose primary concern is low spreads.

When operating a Dealing Desk the firm may actively be taking a position in the market, which exposes the firm to market risk. When you are long, the Dealing Desk may be short. When you are short, the Dealing Desk may be long. So your losses can equate to the Dealing Desk's profit. Alternatively, your profits can equate to the Dealing Desk's loss. Certain strategies expose Dealing Desks to more risk, such as automated strategies or strategies that trade at a high frequency. To better manage their market risk, some Dealing Desk firms actively intervene in their clients' trading by re-quoting orders, delaying execution, skewing prices, or widening spreads as you described.

There is no dealer intervention when trading with FXCM, because if you are trading on Dealing Desk execution and your trading style exposes us to more risk than we're comfortable with, FXCM may, at our sole discretion and at any time, change your execution type to NDD. This is how FXCM can comfortably offer both options without having to resort to some of the common dealer intervention practices you listed above which take place at many forex brokers.



At FXCM we are always striving to improve our customer support. That's one of the reasons why traders have entrusted us with $1.171 billion in client funds helping us to become one of the only forex brokers that is a publicly-traded company [NYSE ticker: FXCM].



That case was dismissed as of November 29, 2011.



In what way do you think the short term charts look different, and how does this cause traders to make incorrect decisions? If you think there is something wrong with either our hourly or daily charts, please give me the details. I'm happy to have our tech support team investigate the issue for you. As far as I know the hour and daily charts are in agreement.

Let's do not forget the following:

Forex Capital Markets LLC Ordered to Pay More Than $14.2 Million to Settle CFTC Charges Relating to Its Failure to Supervise Customer Accounts


http://www.cftc.gov/PressRoom/PressReleases/pr6119-11
http://forexmagnates.com/fxcm-discloses-u-k-regulatory-probe/

FXCM ordered to pay $6 million more by the CFTC to settle allegations of failure to monitor and maintain its trading systems

http://forexmagnates.com/fxcm-order...-to-monitor-and-maintain-its-trading-systems/


NFA fines FXCM $2 million for slippage malpractices, FXCM will credit clients back

http://forexmagnates.com/nfa-fines-...e-malpractices-fxcm-will-credit-clients-back/

 

[jonesmith]

Good day all, can the forex traders out there give me the names of a few safe, secure and trustworthy forex brokers?

There are so many Forex Trader who provide true and trusted Business. But we can not find them easily.

 

[Jason Rogers]

Let's do not forget the following:

Hi Magos,

The NFA and CFTC action you mentioned from 2011 had to do with positive slippage not being passed on in full when transactions were offset with liquidity providers prior to August 2010, when we made enhancements to our platform to pass on all positive slippage. Here's the link to a detailed response I posted at that time.

Jason

 

[Magos]

FXCM ! How can people trust you?

Hi Magos,

The NFA and CFTC action you mentioned from 2011 had to do with positive slippage not being passed on in full when transactions were offset with liquidity providers prior to August 2010, when we made enhancements to our platform to pass on all positive slippage. Here's the link to a detailed response I posted at that time.

Jason

I said it again and again: FXCM disgraceful acts ! How can people trust you?

http://www.leaprate.com/forex-indus...with-the-fca-more-background-and-details.html

http://forexmagnates.com/fxcm-uk-announces-16-9-million-settlement-with-fca-for-asymmetric-slippage/

 

[Jason Rogers]

How can people trust you?

Hi Magos,

Our system was updated in 2010 to pass all potential price improvements to clients, and our clients have received the benefit of price improvements since that time. In our official statement, we mentioned that over the past 6 months alone FXCM clients have benefited from over $15 million in price improvements.

Like the NFA action discussed in 2011, this has to do with positive slippage not being passed on in full when transactions were offset with liquidity providers prior to the 2010 update.

It's important to note that FXCM is currently one of the only firms in the industry to give price improvements on market and limit orders. I have mentioned over the past couple of years how many traders with other brokers currently experience re-quotes if the market moves in their favor, but often don't receive re-quotes for the better price when the market moves against them. Earlier this month in their newsletter, the FCA announced a thematic review of best execution, which we welcome to introduce best execution standards across the industry that benefit traders in the same way our traders have benefited for years.

Taking a look at FXCM price improvements today…

Analyzing a total of 43,128,901 forex and metal trades executed by FXCM during the six month period of August 2013 -January 2014, 6,391,641 or 15% of the trades benefitted from price improvements totaling $15,726,247. Of the total number of trades executed, 4,648,672 trades were limit and limit entry orders. Sixty percent of those limit and limit entry orders were positively slipped providing clients $7,296,520 in price improvements. Of the total trades executed in the six month period of August 2013 - January 2014 clients were executed at their requested price 73% of the time with no slippage. Only 12% of orders were slipped negatively. As mentioned before, FXCM is currently one of the only firms in the industry to give price improvements on market and limit orders.

At FXCM, there are no re-quotes and traders benefit from the positive slippage in full whenever it's available.

 

[Magos]

Hi Magos,

Our system was updated in 2010 to pass all potential price improvements to clients, and our clients have received the benefit of price improvements since that time. In our official statement, we mentioned that over the past 6 months alone FXCM clients have benefited from over $15 million in price improvements.

Like the NFA action discussed in 2011, this has to do with positive slippage not being passed on in full when transactions were offset with liquidity providers prior to the 2010 update.

It's important to note that FXCM is currently one of the only firms in the industry to give price improvements on market and limit orders. I have mentioned over the past couple of years how many traders with other brokers currently experience re-quotes if the market moves in their favor, but often don't receive re-quotes for the better price when the market moves against them. Earlier this month in their newsletter, the FCA announced a thematic review of best execution, which we welcome to introduce best execution standards across the industry that benefit traders in the same way our traders have benefited for years.

Taking a look at FXCM price improvements today…

Analyzing a total of 43,128,901 forex and metal trades executed by FXCM during the six month period of August 2013 -January 2014, 6,391,641 or 15% of the trades benefitted from price improvements totaling $15,726,247. Of the total number of trades executed, 4,648,672 trades were limit and limit entry orders. Sixty percent of those limit and limit entry orders were positively slipped providing clients $7,296,520 in price improvements. Of the total trades executed in the six month period of August 2013 - January 2014 clients were executed at their requested price 73% of the time with no slippage. Only 12% of orders were slipped negatively. As mentioned before, FXCM is currently one of the only firms in the industry to give price improvements on market and limit orders.

At FXCM, there are no re-quotes and traders benefit from the positive slippage in full whenever it's available.

The fine is out today - "FXCM UK Announces $16.9 Million Settlement with FCA for Asymmetric Slippage".

You bought ODL in the UK and still manage to use asymmetric slippage!

Why did you do that FXCM? to gain more money or to help the retail clients.... and lose their money?

What was the reason behind doing asymmetric slippage? in the UK and in the US?

Your fines are not enough to me and also to the traders out there! I want to know your reasons and motivations for such an act...... as you said in the past! which you still are getting fined!

 

[Jason Rogers]

Hi Magos,

First, I want to thank you for expressing your views here. No doubt, there are others reading this discussion who share your sentiments. I want to take this opportunity to say that you're right. FXCM should have passed on positive slippage to our clients from the beginning.

The fine is out today - "FXCM UK Announces $16.9 Million Settlement with FCA for Asymmetric Slippage".

While the FCA settlement was announced just this Wednesday, the time period this relates to actually occurred from 2006 to 2010. In August of 2010, we enhanced our trading execution policy to ensure that our clients can receive positive slippage, and our clients have enjoyed the full benefits of any positive slippage ever since. As an example, in the last six months alone, traders with FXCM benefited from price improvements totaling over $15 million. FXCM is currently one of the only firms in the industry to give price improvements on market and limit orders.

You bought ODL in the UK and still manage to use asymmetric slippage!

That is not the case. FXCM LLC provides daily trade reports to the NFA which monitors and supervises FXCM LLC's activity including information on the price where all client orders are filled and the corresponding price where those orders are offset with our liquidity providers. All of FXCM's global trading entities including FXCM UK execute client rolling spot forex transactions as a riskless principal with FXCM LLC, so the same execution standards are applied for all of our clients worldwide.

Why did you do that FXCM? to gain more money or to help the retail clients.... and lose their money?

What was the reason behind doing asymmetric slippage? in the UK and in the US?

In good faith, FXCM was unaware that we were in breach of the best-execution rules of the FCA. In accordance with our Order Execution Policy, FXCM UK executes all clients rolling spot forex transactions as a riskless principal with FXCM LLC which in turn executes those orders with our 10+ liquidity providers. During the time period from 2006 to 2010, FXCM UK received and relied on an external legal advice that in contracting on a principal-to- principal basis with FXCM LLC, the rolling spot forex orders would not be subjected to the requirement of best execution and therefore there is no requirement to pass on the price improvement to the clients. The advice was subsequently challenged by the FCA and found to be incorrect. The FCA was concerned that FXCM UK did not pass on the price improvement to clients.

We are also pleased with the announcement from the FCA of the thematic review of trade execution standards and hope it leads to the same price improvement benefits being implemented across the industry which FXCM clients have received for 4 years now.

Your fines are not enough to me and also to the traders out there! I want to know your reasons and motivations for such an act...... as you said in the past! which you still are getting fined!

I respect that you feel that way. However, we have taken the steps necessary to make things right. FXCM reimbursed our clients and former clients for the positive slippage they missed out on, and paid fines on top of that to our regulators. Furthermore, we updated our execution system in 2010 for the entire FXCM Group to pass on all positive slippage in full to our clients, while many brokers still do not to this day.

This settlement is a significant step in our efforts to put this legacy trade execution issue from back in 2010 behind us. We are also pleased with the FCA's 12 Feb 2014 MarketWatch Newsletter article on trade execution standards and we hope that it helps improve execution practices across the industry.

 

[Magos]

Hi Magos,

First, I want to thank you for expressing your views here. No doubt, there are others reading this discussion who share your sentiments. I want to take this opportunity to say that you're right. FXCM should have passed on positive slippage to our clients from the beginning.



While the FCA settlement was announced just this Wednesday, the time period this relates to actually occurred from 2006 to 2010. In August of 2010, we enhanced our trading execution policy to ensure that our clients can receive positive slippage, and our clients have enjoyed the full benefits of any positive slippage ever since. As an example, in the last six months alone, traders with FXCM benefited from price improvements totaling over $15 million. FXCM is currently one of the only firms in the industry to give price improvements on market and limit orders.



That is not the case. FXCM LLC provides daily trade reports to the NFA which monitors and supervises FXCM LLC's activity including information on the price where all client orders are filled and the corresponding price where those orders are offset with our liquidity providers. All of FXCM's global trading entities including FXCM UK execute client rolling spot forex transactions as a riskless principal with FXCM LLC, so the same execution standards are applied for all of our clients worldwide.



In good faith, FXCM was unaware that we were in breach of the best-execution rules of the FCA. In accordance with our Order Execution Policy, FXCM UK executes all clients rolling spot forex transactions as a riskless principal with FXCM LLC which in turn executes those orders with our 10+ liquidity providers. During the time period from 2006 to 2010, FXCM UK received and relied on an external legal advice that in contracting on a principal-to- principal basis with FXCM LLC, the rolling spot forex orders would not be subjected to the requirement of best execution and therefore there is no requirement to pass on the price improvement to the clients. The advice was subsequently challenged by the FCA and found to be incorrect. The FCA was concerned that FXCM UK did not pass on the price improvement to clients.

We are also pleased with the announcement from the FCA of the thematic review of trade execution standards and hope it leads to the same price improvement benefits being implemented across the industry which FXCM clients have received for 4 years now.



I respect that you feel that way. However, we have taken the steps necessary to make things right. FXCM reimbursed our clients and former clients for the positive slippage they missed out on, and paid fines on top of that to our regulators. Furthermore, we updated our execution system in 2010 for the entire FXCM Group to pass on all positive slippage in full to our clients, while many brokers still do not to this day.

This settlement is a significant step in our efforts to put this legacy trade execution issue from back in 2010 behind us. We are also pleased with the FCA's 12 Feb 2014 MarketWatch Newsletter article on trade execution standards and we hope that it helps improve execution practices across the industry.

Do you expect me to believe this "FXCM was unaware that we were in breach of the best-execution rules of the FCA"! Seriously? is this a joke!

 

[fxrookie24]

Trustworthy brokers are out there! Heres some info

Good day all, can the forex traders out there give me the names of a few safe, secure and trustworthy forex brokers?

Yes, they do exist but in order for you to find them I think you need to know about how some of the less ethical brokers rip off their clients so you can make an informed choice. I actually came across an interveiw which blew my mind: "How Brokers Rip Off Their Clients" which explains many of the tricks some of the less ethical brokers use on their clients to get more money from them. You can then see for yourself whether the broker you were thinking of joining falls into this category!

 

[Magos]

Yes, they do exist but in order for you to find them I think you need to know about how some of the less ethical brokers rip off their clients so you can make an informed choice. I actually came across an interveiw which blew my mind: "How Brokers Rip Off Their Clients" which explains many of the tricks some of the less ethical brokers use on their clients to get more money from them. You can then see for yourself whether the broker you were thinking of joining falls into this category!

This is a nice idea, but a very long video.... maybe is better just to review the bullet points:

http://www.trade2win.com/boards/forex/179496-discussions-new-traders-11.html#post2212602

 

[Magos]

What about this?

NFA fines New York firm Forex Capital Markets LLC $200,000 for conducting business with an unregistered entity and failing to submit trade data to NFA

http://www.nfa.futures.org/news/newsRel.asp?ArticleID=4447

 

[Jason Rogers]

NFA fines New York firm Forex Capital Markets LLC $200,000 for conducting business with an unregistered entity and failing to submit trade data to NFA

http://www.nfa.futures.org/news/newsRel.asp?ArticleID=4447

Hi Magos,

FXCM has settled the complaint brought by the NFA relating to charges of doing business with an unregistered entity and for failing to submit certain trade data reports. We have resolved these matters and taken steps to avoid similar occurrences in the future.

Jason

 

[joesmithcanada9999]

Jason

Is it true that FXCM have been fined yet again. This time you facilitated an illegal forex scheme that seems to have defrauded people of about $7 million.

 

[joesmithcanada9999]

Hi Magos,

FXCM has settled the complaint brought by the NFA relating to charges of doing business with an unregistered entity and for failing to submit certain trade data reports. We have resolved these matters and taken steps to avoid similar occurrences in the future.

Jason

How many times have you said that before and still you keep getting caught and fined. Now youre facilitating criminals to run forex scams.

 

[joesmithcanada9999]

FXCM fined yet again

FXCM are a company with a long history of being fined for both defrauding their customers and now facilitating others to runa forex scam. The latest fine was earlier this month.


http://www.bing.com/search?q=fxcm+fined&form=IE10TR&src=IE10TR&pc=DCJB

http://www.hispanicbusiness.com/2014/7/18/nfa_fines_new_york_firm_forex.htm

http://www.sec.gov/litigation/complaints/2013/comp-pr2013-125.pdf

 

[Magos]

I must admit, i'm completely baffled, what is Compliance and Legal doing in FXCM Mr. Jason Rogers?

 

[Jason Rogers]

I must admit, i'm completely baffled, what is Compliance and Legal doing in FXCM Mr. Jason Rogers?

Hi Magos,

FXCM takes regulations very seriously and believe it is in our clients' best interests to have regulatory oversight and transparency. That's why we are regulated in multiple jurisdictions across 4 continents and have over 80 employees in our compliance department as mentioned by our CEO Drew Niv in our previous earnings call. I know this doesn't mean that previous regulatory issues are okay, but we work to identify problems and make sure they are corrected.

We actively work with our regulators to resolve issues to ensure the best trading environment possible for our traders. For example, the NFA and FCA actions for positive slippage not being passed on prior to 2010 were mentioned earlier in this thread. FXCM reimbursed current and former clients who were affected in full. Furthermore, the changes we made in 2010 mean that FXCM is now one of the only firms in the industry to pass on positive slippage on all order types including market and limit orders.

Note that some brokers may provide positive slippage on one order type but not others. Others might not provide positive slippage at all. Some brokers re-quote their clients when the price moves in their clients' favor but fail to re-quote when the price moves against them. There are no re-quotes at FXCM.

Furthermore, FXCM offers true limit orders on all the platforms we offer including MT4. That means our clients cannot receive negative slippage on their limit orders, only positive slippage. By contrast, some brokers treat limit orders on MT4 like market orders when triggered opening up the possibility of negative slippage.

When FXCM was founded in 1999, we were one of the pioneers in what is still a relatively young and quickly evolving industry that is retail forex. The key to our continued growth and success while others have come and gone is due in no small part to our ability to adapt to and lead change in this market.

The execution stats below are an example of this:
We compiled data from a total of 43,128,901 forex and metal trades executed over a six month period from August 2013 to January 2014:

• 73% of all orders had no slippage.
• 15% of all orders received positive slippage. (AKA price improvements)
• 12% of all orders received negative slippage.
• Over 60% of all limit and limit entry orders received positive slippage.
• 53.32% of all stop and stop entry orders received negative slippage.

In those 6 months alone, FXCM clients benefited from over $15 million in positive slippage.

As one of the largest brokers, we are under a greater amount of scrutiny and believe in leading the way in transparency. That's a big reason why as of the end of Q1 2014 there were over 181,000 active trading accounts at FXCM with a total of $1.245 billion in client funds.