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I currently use the IG Index spread betting service to trade forex [swing/position]. I would like to understand why some people choose a forex broker [fxcm, oanda, gft...] in preference over a spread betting service? Is it due to account size; tax; availability of information; price execution; platform; platform tools....?
saif_uddin
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Saxo has just given access to a fraudster to my account based on a flimsy two line piece of paper that they even don't seem to have kept. They have lost alot of my money and I need to contact the Danish FSA or the Police in Denmark. Does anyone have any experince of this....can anyone help?
saif_uddin
Newbie
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Saxo helping fraud
Saxo has just given access to a fraudster to my account based on a flimsy two line piece of paper that they even don't seem to have kept. They have lost alot of my money and I need to contact the Danish FSA or the Police in Denmark. Does anyone have any experince of this....can anyone help?
Saxo has just given access to a fraudster to my account based on a flimsy two line piece of paper that they even don't seem to have kept. They have lost alot of my money and I need to contact the Danish FSA or the Police in Denmark. Does anyone have any experince of this....can anyone help?
daytradingworks
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Saif
this is not an uncommon problem when using online gamers, that is what the majority of online brokers are, yes even the ones that hide behind the FSA. (London or Denmark)
Was your login secure, did anyone else have the login.
Have they issued you with a new login.
Did you contact Saxo as soon as realising something was amiss.
Were you satisfied with the answer if not did you address this problem to a higher level, a handwritten letter to the head of compliance is an idea.
Do you live in the country that your account is held in?
Keep all the info collected, your letters, times of phone conversations etc. As a regulated entity these will be recorded although when push comes to shove this is just to satisfy FSA requirements and your conversations will be hard to find.
If you are still getting nowhere then and only then contact the FSA. They will direct you back to the above process as they are not in a position to handle individual cases, unless you are talking a large account and if so why the hell are you using an online broker.
You will need to prove that the person who did get access to your account did so by illegal means. This does not mean that you are home and clear but just you now have to take the issue away from Saxo and put it into the hands of Legal. Alot will depend on the amount claiming to be lost by you. In defence of online brokers ( ugh that hurt ) they often get trades being put into accounts that the account holder denies if they are losing ones.
Can I just add that you are lucky that it is Saxo, London or Denmark again, and not one of the numerous gaming boutiques that the FSA allow to operate in the UK.
this is not an uncommon problem when using online gamers, that is what the majority of online brokers are, yes even the ones that hide behind the FSA. (London or Denmark)
Was your login secure, did anyone else have the login.
Have they issued you with a new login.
Did you contact Saxo as soon as realising something was amiss.
Were you satisfied with the answer if not did you address this problem to a higher level, a handwritten letter to the head of compliance is an idea.
Do you live in the country that your account is held in?
Keep all the info collected, your letters, times of phone conversations etc. As a regulated entity these will be recorded although when push comes to shove this is just to satisfy FSA requirements and your conversations will be hard to find.
If you are still getting nowhere then and only then contact the FSA. They will direct you back to the above process as they are not in a position to handle individual cases, unless you are talking a large account and if so why the hell are you using an online broker.
You will need to prove that the person who did get access to your account did so by illegal means. This does not mean that you are home and clear but just you now have to take the issue away from Saxo and put it into the hands of Legal. Alot will depend on the amount claiming to be lost by you. In defence of online brokers ( ugh that hurt ) they often get trades being put into accounts that the account holder denies if they are losing ones.
Can I just add that you are lucky that it is Saxo, London or Denmark again, and not one of the numerous gaming boutiques that the FSA allow to operate in the UK.
saif_uddin
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Basically, I put money into a Deutche Bank account that Saxo used to clear the funds. Then this money was put into an account in Saxo bank for a trader named "Knight Wazir" through another broker called Quest to do the trading legally (both operate in Dubai).
The money was deposited in my own Saxo account initially with the trader having access through power of attorney, however after couple of months, the trader got me to sign a memo that was worded like this "I would like to transfer my account and all my sub accounts detailed "Client ID XXXXXXX" from current set up to the set up under Quest WLP account number XXXXX/CGBP. The subject of the memo was worded "Client Migration from Quest Lebanon to Quest Switzerland". This vague words then put my money (48,000GBP) into the other account belonging to Quest that effectively denied me access to my money. I'm blaming Saxo for transferring money to another account without standard account transfer forms.
Initially Knight Wazir was paying us something like 3-4% per month for the first 3 months. Then they changed the payment structure all of a sudden to every thee months, thich turned out to be a lie as they say the money has apparently been "lost", but we still don't know where this money is no after one month of trying to hunt them down. Basically they have been lying about the profits as they were making losses and/or taking funds to their own accounts. They made the initial payments based on what clients were putting in, not from profits.
The trader has now gone into hiding. I'm trying to take matter to UK FSA (I was given advise by UK based FSA, who was not regulated by the FSA at the time of advise, but continued to advise me when they did become FSA regulated).
I'm also planning to take the issue sup with the Danish FSA and Dubai FSA, possibly Dubai and Danish Police as well. There are at least 200 other people in the same boat as myself and todate we thing the "losses" could be as much as GBP25M. We have no idea really what's happened.
The money was deposited in my own Saxo account initially with the trader having access through power of attorney, however after couple of months, the trader got me to sign a memo that was worded like this "I would like to transfer my account and all my sub accounts detailed "Client ID XXXXXXX" from current set up to the set up under Quest WLP account number XXXXX/CGBP. The subject of the memo was worded "Client Migration from Quest Lebanon to Quest Switzerland". This vague words then put my money (48,000GBP) into the other account belonging to Quest that effectively denied me access to my money. I'm blaming Saxo for transferring money to another account without standard account transfer forms.
Initially Knight Wazir was paying us something like 3-4% per month for the first 3 months. Then they changed the payment structure all of a sudden to every thee months, thich turned out to be a lie as they say the money has apparently been "lost", but we still don't know where this money is no after one month of trying to hunt them down. Basically they have been lying about the profits as they were making losses and/or taking funds to their own accounts. They made the initial payments based on what clients were putting in, not from profits.
The trader has now gone into hiding. I'm trying to take matter to UK FSA (I was given advise by UK based FSA, who was not regulated by the FSA at the time of advise, but continued to advise me when they did become FSA regulated).
I'm also planning to take the issue sup with the Danish FSA and Dubai FSA, possibly Dubai and Danish Police as well. There are at least 200 other people in the same boat as myself and todate we thing the "losses" could be as much as GBP25M. We have no idea really what's happened.
Before risk your money anywhere, I suggest you consider my experience, which I recently posted (re-printed below) in another tread this forum in reply to a similar question. The post touches on the lack of trustworthiness of (1) the forex dealers (they're dealers, not "brokers") and (2) the come-ons the dealers use such as demo accounts. Here's the post:
You are not actually trading in the forex market regardless of the type of firm you select, spreadbet book or retail fx dealer. In both cases, you are trading the quote made by the shop. The shop is not laying your position off in the interbank market: it's the counterparty and simply is holding the other side. Your loss is its win. For that reason, the fx dealers make the quote as good for themselves as they can in every instance, including against particular positions of individual customers, regardless of the price they are making at that same instant for other customers in the same currency pair. At least that was my costly experience with Saxo Bank, the retail fx dealer mentioned by the thread starter.
We opened a trading account with Saxo after demo-trading the Saxo Trader for more than one year. After a successful first week of real-money trades, Saxo cheated us out of more than 12k USD by manipulating prices against our orders and refusing to fill profitable limit orders. The latter occurred three times, in each case after the limit price of the order was breached with room to spare. Saxo called the breaching prices “misquotes.” Saxo's own charts -- showing the prices it made for other customers in the same pairs -- showed otherwise. The charts proved the breaching prices.
Here's an illustration of what we encountered that may be useful to the thread starter:
________
- Man in a casino plunks down three black chips ($300, the size, say, of a fx mini-account) at a blackjack table. The hand is dealt: he gets nineteen.
- Dealer has a ten showing and turns his hole card, an eight, for total of eighteen. Man smiles.
- “Mis-card,” dealer says as he fans the deck, pulls out a ten, and lays it face up squarely on top of the eight. “20” dealer says as he rakes in the three black chips.
________
The above is one trick in the bag of tricks facing customers of fx dealers. It’s the trick Saxo used against us. Now, knowing those are the rules that operate, why would anyone open an account with a fx dealer?
i've been reading some reviews and this sounds about accurate
Forex Broker Fraud & Scam Reviews & Ratings
Forex Brokers Reviews, Rankings, Ratings & Comparisons
user reviews are the most credible
terminatorfx
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But you have to admit that Saxo is openly a Market Maker. Then, some of you go on to say that all FX brokers are manipulative B*****s and screwing the client. I just wish I could understand why you are all still trading in FX then?? You are like moths facing a light...banging your heads yet going back for more time and time again. The mind boggles! Do your selves a favor and get out.
I have never had such experiences with my broker (ACM), trust me, if I had I would be long gone, but I would not spend hard earned money trying to find the Holy Grail, there are really only a few top rated brokers, if you fail to be satisfied (which will never be 100%) by them, get into real estate or something.
I have never had such experiences with my broker (ACM), trust me, if I had I would be long gone, but I would not spend hard earned money trying to find the Holy Grail, there are really only a few top rated brokers, if you fail to be satisfied (which will never be 100%) by them, get into real estate or something.
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