Fxcast.com is Real Scammer!

Broker Discussion Forex Brokers
1

Here is;

and

and also

Please check images.There are real SCAMS.FXCAST IS REAL SCAMMER.FXCAST STOLE MY MORE MONEY TOO WITH THIS METHOD TOO.

PLEASE BE CAREFUL!!!
STAY AWAY FXCAST

2

Hi dear :slight_smile: from these charts you will decide that fxcast is a scammer? Really great. This means if there is a full ashtray in a car the car is totally damaged. Great.

I have attached 3 other pictures - from IBFX, Crown and FXcast from another situation - wouldn’t it be much easier to make things here in this situation?

I had some checks about the company - they are public almost one year - but sorry - I do not find any negative from them - no claims, no negative forum. Simply nothing. What I think is excellent. If those ‘spikes’ would have mixed up the market 2 times within 9 months - great - absolutely great. Do you know how many spikes other brokers have in 9 months?

I think more or less it is true what I found in some Forex training forum:

There is no common price for a currency - the charts a broker shows depends on many facts: bank contracts, marketplace (region, city, continent), local news. And of course what the broker wants to offer. As a Market Maker the broker is generally free to offer prices and charts he wants. Most Brokers have own charts, some use their bank contract charts, some use charts as Reuters or E*Signal. Differences of charts between brokers are normal, most times up to 5 pips. During news times you can see bigger differences - brokers which are near to the real market have bigger candles (or even spikes) than brokers with a self made chart. You cannot say that one broker or another is a cheater due to this fact. Only if he tells you that this is the real market and it is not - then ask some more questions. If spikes happen - and you can be true they will happen - it is just data going over the internet - then the broker should talk to customers which claim. As a honest broker he will check the data and if there is an error he will reset the trade. It makes sense to smooth signals a bit and filter out big peaks. These are prices that a normal retail trader cannot get - only if he would put some 100 lot into the market as the big boys do at news times. When billions are on the desk a normal trader should stay out. Traders which have traded already a direct market via Currenex Platform for example know about this and would never discuss about. Only the unexperienced traders often do not know about these facts or simply ignore them.

my opinion here is: if you are a real customer of them then talk with them. If you are a big boy sitting the whole day and watching 8 workstations from different brokers and each time a difference occurs you cry out loud - then you have some options: search for another toy or start trading seriously with a trusted broker. Only the active customers of a broker can tell you what happens there.

Good luck with trading - and do not forget your s/l and t/p - it helps.

:wink:

3

I had some checks about the company - they are public almost one year - but sorry - I do not find any negative from them - no claims, no negative forum. Simply nothing. What I think is excellent.

Strange because I have just researched this company & found
a few instances where they have been called scam.

I have attached 3 other pictures - from IBFX, Crown and FXcast from another situation

Also your 3 charts were on Friday 4 th January, NFP day, which is
a news item when you would expect spikes, but your charts showed
price action across all 3 charts.

As a Market Maker the broker is generally free to offer prices and charts he wants.

entroper though this is the key statement, a modicum of care needs to
be shown with all marketmakers.

I do not use fxcast but if i did I would be very careful where I placed
my stop losses.

4

it would be interesting where they are found as scam - I find nothing. Could you give me the links??

5

and by the way - what do you mean that they stole your money??? Forgotten to set stop/loss? Or anything else? When I see this and hear this I often experienced that newbies have traded without any care and finally the broker is guilty. This is much easier then to find own mistakes.

From my experience FX is a job as each other - there is a learning curve and of course it costs money. It costs time and money and the time to become a trader lasts minimum 1 year. If it would be easier everybody would do it.

It is a fulltime job and full of frustration at the beginning. But never trust anybody who tells you it is an easy way to make some bucks. Some brokers try to tell you this.

Let us come to the point here:
The chart of EURUSD is definitely a period to go short. Well - if I go short and set my t/p to a dedicated point I would cry out loud - because FXcast would have to pay my profit in this peak. With no other broker I would have got this profit.

If he has gone long he is anyway in the wrong direction :rolleyes: so he is stopped out. With short he would have made a nice profit - with long he would have lost.

No idea what this guy means. Trading is not luck - it is work.

6

Here is one. But most market makers as you have said get "scam"
articles, these can come from “loser” traders, but what entroper’s
post shows is stop hunting, where the broker expands the spread to
take out stops, this will not take out “take profits”.

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If he has gone long he is anyway in the wrong direction :rolleyes: so he is stopped out. With short he would have made a nice profit - with long he would have lost.

Also the EUR/USD is in a long uptrend, I presume that entroper was
trailing his/her stops & was caught unawares by being stop hunted.
This can happen to the best especially if the stops are brought up
too soon.

Let us come to the point here:
The chart of EURUSD is definitely a period to go short. Well - if I go short and set my t/p to a dedicated point I would cry out loud - because FXcast would have to pay my profit in this peak. With no other broker I would have got this profit.

This is not true, your profit would not have been taken,
because if you are going long the price you are given is the ask,
but the buy is the indicator which gives the profit & stops.

The reverse is true when you go short, you are given the buy price but
the ask gives the profit & stops.

7

Hi,

I think this one looks like a claim from any phantasy guy who simply send out messages. Nothing about fxcast.

But I think if he was short and the ask line has hit the t/p he would get the profit. Anyways - what I find interesting is that this entroper never came back again and explained.

I leave this discussion here now - you are right - each broker is a target for disappointed people which think they are a good trader after some weeks. Thanks for discussion.

8

Dear Forum,

FXcast is no company which hides behind anonymity. We are in the market for fairness and and trusted business. This is the first time since 1 year that a person tries to spam around negative messages about FXcast. A google check would be a prove for this. Of course there are always disappointed traders in the market and they like to spread their negative experience. But always anonymous and in as many forums as they can. This is often due to the fact that there are a lot of unserious people in the Forex market which promise new customers lots of money easy earned with forex trading - ‘start today and be rich tomorrow’.

There are unserious signal providers, Introducing Brokers and other persons who try to get customers via these promises. People who try to catch their friends and earn money from them. Without any doubt there will come the day when those friends loose their money with a broker, And they come back to the Broker Agent and ask him why. Then this Agent points to the broker and tells the nice story: 'the broker is guilty that you did loose your money. ’ I am sure that each broker can tell you this story.

FXcast has strictly advised his partners to avoid such things under any circumstances. If we are aware of such a partner we will immediately cancel the contract with him. We and you here all know that Forex is hard work and has to be learned. Learning costs time and money and successful trading is a full time job. FXcast is no casino or lottery and does not behave as this. Forex is not easy money and most people loose - simply a fact. This is the reason why we do not offer signals or trading advice. We think it is better that neutral people teach our customers. And we are neutral too - we know that there are brokers outside which pay their IBs part of the customer loss. This is not our style. We offer a fair and honest business.

Now let us discuss this actual case here in detail.

There are some fast conclusions here. Maybe too fast.

At first - you all will know that technically it is no problem to delete such events from the trading server 1 minute after it happens - and nobody can see it. You know that it is technically possible to send out spikes without showing them. What is your opinion to the case that it is still there? If it is a market happening or just a data error - this can be discussed - but it is still there. We do not hide it. And we discuss it.

Second - regulation - you can read in many forums that a regulation never prevents from being cheated and hunted. If there is nothing to see the broker will always win. But it is still there - right? Regulation means some things we all know - but we also have seen REFCO, we have seen others. Yes the NFA closed them down. And what happened? Did each customer get his money back? Did it prevent from the daily problems with bad service, unfriendly support? What would have happened if these closed brokers would have been ok after some months? Nothing I think. Is honesty a question of net capital? Enron had much money.

And what means regulation on Cyprus, on BVI, in Belize or others??? Do you think the authorities there check them? What is a regulation worth? Everybody must find out whom to trust. Example: some NFA regulated brokers accept customers from Far East (some major countries) with their ID cards only. No control for money laundering, no control for identies. ‘They will loose their money anyway’ is the mainline. Some ‘regulated’ are already sued for this. FXcast will never do this. FXcast will always and strictly follow international rules for banking business. Many customers from Malaysia have written us bad letters for our strictness. On the other hand many customers from US especially ask us if we could accept them because of the rude and unfriendly manner of some US brokers. Yes - the big guys feel safe due to their millions. There is almost no more competition - this is directed market by authorities. And of course the usual behaviour will follow - bad customer service and more negative things. And the 1 pip spread race maks it even worse - the cost of business can only be covered by a fair price - and excellent service needs some money. This is not a must - but it is a possible consequence. And of course the tax free status of offshore business is a good thing for many customers.

Offshore does not mean illegal - We know that for some US people even overseas is already criminal. But this is another case.

Back to our Happening here: if such an event happens customers come to us and talk to us. If they are right their trades are corrected. Indeed it is no hunting and FXcast strictly stresses the point that we do not practice these criminal things. If a problem occurs we are always open and ready to investigate and discuss it. Before placing bold statements here there should be some more investigation - has such a thing happened before and is there any bad news in internet about this broker? Each broker suffers from bad statements - disappointed people loosing their money with the market. But are there known facts? And if only one person spreads this around - what is behind the stage? Did he say that HE has lost money there? I see only one person spamming around that we play tricks - but no claim that he has lost money. We know some customers from former discussions which traded on 100% margin level without stop/loss points. A sudden market movement of 30 pips has ended in a dead account - 30pips with leverage 1:400 leads to the fastest account break you can think of. And then we saw s/losses set to 0.1999 (example) instead of 1.1999 - simply a typing mistake but definetely the reason for the crash. The 30% rule (trades are automatically closed to prevent from negative balance) closed their trades and these customers claimed that WE have closed their trades. They did not even read the trading rules! They have no clue of the Forex market and trade with low balance, no money management, 1:400 leverage and always on 100% margin border. FXcast is a broker - no training agency. They are all adults and should be able to read the information on our website. All is explained there. we do not make silly marketing - we have only facts on our website. We cannot push customers to read it.

We have a list of biggest mistakes that traders - especially newcomers - do again and again:

[ul]
[li]too small deposit - what should you do with 10USD??? We offer it - but we do not recommend it
[/li][li]too high leverage - 1:400 makes huge moves on each pip - we offer it but we do not recommend it. When you open a account with us you will see it is preselected to 1:100 - which we recommend.
[/li][li]too many open trades - people trade as ifr there is no tomorrow - always on an available margin level of 100% - you know what happens when the market goes 40 pip or more in some minutes
[/li][li]no stop/loss or take profit - what happens when the connection goes down? s/l and t/p is stored on the server - nothing will happen then when your computer or connection breaks down.
[/li][/ul]

And the worst thing: most newcomers do all these mistakes together. We are not here to tell them what they have to do. They anyhow do not follow our advices when their friends tell different stories. FXcast offers the way to the Forex market. But google ‘forex training’ and you will find 1000s of books and courses. Learn before your start - then you will be successful at the end. It is as car driving - but a real account is no simulator and with a demo account you should experience what can happen in the market. You will not get rich in some days - no way. But you might be wealthy in some years if you succeed.

We in FXcast believe that a broker is an interface to the market - not more. FXcast offers fair conditions and does not overpay partners. We have a strong partner model and we are open and transparent to all customers. If any problem occurs we talk about - sometimes we are right - sometimes the customer is right.

We will no more argument against customers who spread their poison without a concrete case into every direction - and experienced traders here should not downfall on such unfair attacks.

We thank you for your patience and if there is anymore question please sent it to <[email protected]>. We will be glad to answer you - most times within some hours.

Your FXcast Team.

9

This is strange - I have seen a real good answer and statement of this fxcast broker - now it is away. Is it forbidden for a broker to answer spammers??

This would not be a good impression for this forum.

10

Yes I agree and saw that also. Surely a right of reply is legitimate especially if one is being defamed. Moderators, could you respond to this?

11

Hi Tonymand,

You can find the same guy and the answer which was also here before: MQL5: automated forex trading, strategy tester and custom indicators with MetaTrader

Meanwhile I think that this guy is really someone who lost his account for any reason (nobody knows why) and is claiming the broker is guilty. We do not see the reason why he should be and I find the answer quite open and transparent.

I have seen a lot of claims from ‘experienced traders’ against brokers which claimed that their s/l was hunted 3 pips outside the candle high. Well - at the end of the day they did not even know that they sell a position (go short) for the bid price and close the position to the ask price which is of course + spread to bid price. And that the candle in MT4 and the data table always shows bid line and prices. But their ask line is of course what they must take care for. They wanted to trade without spread - open and close to bid price. :rolleyes:

If this comment will disappear again now too I think this forum and their moderators have a problem with neutral and objective dicsussions. I mean a moderator cannot simply say all regulated is great and all non regulated is bad. In other forums there are many comments which exactly tell a different story. This world is not black and white. It is not as simple and the forums are full of claims againts NFA regulated brokers. And NFA is not interested in claims about such things. They simply do not have the ressources to follow up all these things.

:cool:

Martin

12

‘Spikes’ are indeed something we all live with. The ‘trick’ is to trade with a broker that ‘honours’ them either way (like Delta Stock for example). Last year I hit what I thought was a ‘luck’ i.e. I was trading my Parabolic SAR system and a stop loss was hit on a certain pair (I can’t remember which pair now but I know I was long the pair) and I thought this was a bit strange because the position was showing quite nice profit before so I opened the chart and there was a INCREDIBLY HUGE spike down that took out my stop. ‘Taking a chance’ I immediately opened a position again (long) and about a minute later the price went back to where it had came from resulting in an immediate ‘lucky’ profit of about $800 on a single lot. I know it was a data error because when I looked again later on that day the ‘spike’ had been removed (Delta ‘cleans’ their charts if there is a problem which I really appreciate because other brokers - in my experience anyway - will leave these ‘errors’ on the chart and all this does is throw any system or indicator ‘off track’ until enough data has gathered for the ‘errors’ to ‘drop off’ the chart. I also noticed this year that Delta removes bars or candlesticks when the (a particular) market was closed so you don’t have to worry about taking public holidays and closed markets into account if you’re trading a ‘system’ that incorporates yesterdays data e.g. pivot points). Don’t get me wrong: it’s never happened again since i.e. only this one time is the only time I’ve seen a ‘spike’ at Delta. The bottom line: this broker ‘honoured’ my ‘windfall’ and also reinstated my original position WITHOUT me even having to contact them. Like I said: we live with ‘spikes’ but if the broker is prepared to ‘honour’ them either way then that’s the broker to go with. I know nothing about FXCast so I can’t comment but I think it’s all been covered now.

13

I would say the problem with this post is that it refers to another
forum, all you needed to do was transpose the whole article
without reference to the forum it was found on.

I find it quite strange though Martin2008 that you should carry on
with this thread even when you seem to have discounted the O/P’s
post as spam & a scandalous attack on FXcast’s reputation.

As to the article on the other forum it is just a smokescreen, nothing
has really been said by this person, in fact like yourself they have just
attacked a posters claims as spam.

What I would say to any trader who feels that they are being "hard done"
by their broker is to speak to that broker. Either telephone them, use their
email service, support network, etc.

Then when this fails use open forums to raise the issue.

I would say by reading the other article if the O/P had contacted
FXcast they would have re-instated their account balance because
of the “spikes” but this is just my read on the situation.

We can only make a rounded decision with all the facts presented to
us, 2 posters, 1 for, the other against does not constitute a fair decision.

14

No - this post was completely HERE and not a link. And then it was deleted. This is what I find strange. After I noticed this I asked what may have happened and posted the link here. The complete article was here before and was deleted without any remark.

And you are right:
What I would say to any trader who feels that they are being "hard done"
by their broker is to speak to that broker. Either telephone them, use their
email service, support network, etc.

This is what I mean - if there would be a real case and a solution or if the broker would have answered to his claim I think this guy would have posted it here. But without this it is simply someone crying around to throw some mud on people. And this is something nobody likes because you cannot defend on this. And because it can hit yourself each day. This is internet - the place for this. I hate this.

I do not think they have attacked this as claim. They have clearly posted their position. And it was not bad in my eyes. The real reason of this guy is missing - did he not ask the broker? Or did he not have any real reason? We will never know because he is away and never came back again. So simply a spammer in my eyes.

15

We apologize to FXcast as their response was accidentally deleted by one our spam checkers. Here it is:

"[I][I]Dear Forum,

FXcast is no company which hides behind anonymity. We are in the market for fairness and and trusted business. This is the first time since 1 year that a person tries to spam around negative messages about FXcast. A google check would be a prove for this. Of course there are always disappointed traders in the market and they like to spread their negative experience. But always anonymous and in as many forums as they can. This is often due to the fact that there are a lot of unserious people in the Forex market which promise new customers lots of money easy earned with forex trading - ‘start today and be rich tomorrow’.

There are unserious signal providers, Introducing Brokers and other persons who try to get customers via these promises. People who try to catch their friends and earn money from them. Without any doubt there will come the day when those friends loose their money with a broker, And they come back to the Broker Agent and ask him why. Then this Agent points to the broker and tells the nice story: 'the broker is guilty that you did loose your money. ’ I am sure that each broker can tell you this story.

FXcast has strictly advised his partners to avoid such things under any circumstances. If we are aware of such a partner we will immediately cancel the contract with him. We and you here all know that Forex is hard work and has to be learned. Learning costs time and money and successful trading is a full time job. FXcast is no casino or lottery and does not behave as this. Forex is not easy money and most people loose - simply a fact. This is the reason why we do not offer signals or trading advice. We think it is better that neutral people teach our customers. And we are neutral too - we know that there are brokers outside which pay their IBs part of the customer loss. This is not our style. We offer a fair and honest business.

Now let us discuss this actual case here in detail.

There are some fast conclusions here. Maybe too fast.

At first - you all will know that technically it is no problem to delete such events from the trading server 1 minute after it happens - and nobody can see it. You know that it is technically possible to send out spikes without showing them. What is your opinion to the case that it is still there? If it is a market happening or just a data error - this can be discussed - but it is still there. We do not hide it. And we discuss it.

Second - regulation - you can read in many forums that a regulation never prevents from being cheated and hunted. If there is nothing to see the broker will always win. But it is still there - right? Regulation means some things we all know - but we also have seen REFCO, we have seen others. Yes the NFA closed them down. And what happened? Did each customer get his money back? Did it prevent from the daily problems with bad service, unfriendly support? What would have happened if these closed brokers would have been ok after some months? Nothing I think. Is honesty a question of net capital? Enron had much money.

And what means regulation on Cyprus, on BVI, in Belize or others??? Do you think the authorities there check them? What is a regulation worth? Everybody must find out whom to trust. Example: some NFA regulated brokers accept customers from Far East (some major countries) with their ID cards only. No control for money laundering, no control for identies. ‘They will loose their money anyway’ is the mainline. Some ‘regulated’ are already sued for this. FXcast will never do this. FXcast will always and strictly follow international rules for banking business. Many customers from Malaysia have written us bad letters for our strictness. On the other hand many customers from US especially ask us if we could accept them because of the rude and unfriendly manner of some US brokers. Yes - the big guys feel safe due to their millions. There is almost no more competition - this is directed market by authorities. And of course the usual behaviour will follow - bad customer service and more negative things. And the 1 pip spread race maks it even worse - the cost of business can only be covered by a fair price - and excellent service needs some money. This is not a must - but it is a possible consequence. And of course the tax free status of offshore business is a good thing for many customers.

Offshore does not mean illegal - We know that for some US people even overseas is already criminal. But this is another case.

Back to our Happening here: if such an event happens customers come to us and talk to us. If they are right their trades are corrected. Indeed it is no hunting and FXcast strictly stresses the point that we do not practice these criminal things. If a problem occurs we are always open and ready to investigate and discuss it. Before placing bold statements here there should be some more investigation - has such a thing happened before and is there any bad news in internet about this broker? Each broker suffers from bad statements - disappointed people loosing their money with the market. But are there known facts? And if only one person spreads this around - what is behind the stage? Did he say that HE has lost money there? I see only one person spamming around that we play tricks - but no claim that he has lost money. We know some customers from former discussions which traded on 100% margin level without stop/loss points. A sudden market movement of 30 pips has ended in a dead account - 30pips with leverage 1:400 leads to the fastest account break you can think of. And then we saw s/losses set to 0.1999 (example) instead of 1.1999 - simply a typing mistake but definetely the reason for the crash. The 30% rule (trades are automatically closed to prevent from negative balance) closed their trades and these customers claimed that WE have closed their trades. They did not even read the trading rules! They have no clue of the Forex market and trade with low balance, no money management, 1:400 leverage and always on 100% margin border. FXcast is a broker - no training agency. They are all adults and should be able to read the information on our website. All is explained there. we do not make silly marketing - we have only facts on our website. We cannot push customers to read it.

We have a list of biggest mistakes that traders - especially newcomers - do again and again:

* too small deposit - what should you do with 10USD??? We offer it - but we do not recommend it
* too high leverage - 1:400 makes huge moves on each pip - we offer it but we do not recommend it. When you open a account with us you will see it is preselected to 1:100 - which we recommend.
* too many open trades - people trade as ifr there is no tomorrow - always on an available margin level of 100% - you know what happens when the market goes 40 pip or more in some minutes
* no stop/loss or take profit - what happens when the connection goes down? s/l and t/p is stored on the server - nothing will happen then when your computer or connection breaks down.

And the worst thing: most newcomers do all these mistakes together. We are not here to tell them what they have to do. They anyhow do not follow our advices when their friends tell different stories. FXcast offers the way to the Forex market. But google ‘forex training’ and you will find 1000s of books and courses. Learn before your start - then you will be successful at the end. It is as car driving - but a real account is no simulator and with a demo account you should experience what can happen in the market. You will not get rich in some days - no way. But you might be wealthy in some years if you succeed.

We in FXcast believe that a broker is an interface to the market - not more. FXcast offers fair conditions and does not overpay partners. We have a strong partner model and we are open and transparent to all customers. If any problem occurs we talk about - sometimes we are right - sometimes the customer is right.

We will no more argument against customers who spread their poison without a concrete case into every direction - and experienced traders here should not downfall on such unfair attacks.

We thank you for your patience and if there is anymore question please sent it to <[email protected]>. We will be glad to answer you - most times within some hours.

Your FXcast Team."

[/I][/I]

16

Great action. I apologize for my doubts in this forum.

Thanks to all.

17

Pipcrawler - Good to see this back. What weight anyone puts on these exchanges is of course up to them but the right of reply is of great importance

19

Thanks to Pipscrawler and Fxcast. FXcast is a respected broker and shouldn’t be called a scammer.

20

Hello,

I have personally used FXcast for the last two months however with just an demo account, and made great profit.

However when I opened a real account same method as demo it is almost impossible to make any profit at all.

For example when you click on close trade it says “order in progress” and at the same time the pips drops from in profit to loss. Then it shoots right up again.

This is teqnuqie so you as a trader are gonna feel that you can win back your money and enter the trade again even though you have just been hustled.

FXcast is also very unprofessional when it comes to answering mail of questions that is sent to their back office. The kind of attitude they have seems like they feel like they have enough customers or “marks”.

Im sure they do since they scam people to take their money.

I dont know about other brokers but trust me, you should definitely not use this one unless your goal is to loss money.

God bless.

21

Dear Forum,

we will only answer fact oriented.

  1. NO demo can behave as a real account. The real market cannot be emulated in reaction time. What we say is that it is the same data source. There is no broker outside where demo behaves exactly as real accounts - this is impossible from a technical standpoint.

  2. Especially forex beginners try always to trade with the tick chart - when the candle bar jumps up the try to hurry in and forget that these peaks are done by big deals. These prices cannot be offered to smaller amounts. Big means more than 50 lots. A trader who gets into the market in the middle of a candle will not have any problem.

  3. In volatile markets it is not easy to offer a price for seconds, it changes in milliseconds these days. But most customers know this and get in when there is time or with limit orders. These will always be filled.

  4. When a customer sends in many emails with a real strange modulation and some of them realyl offending we reserve the right to answer accordingly - we are your partners - not your slaves.

  5. [B][I]I dont know about other brokers[/I][/B] the customer writes - means this customer is new to Forex and we think that he has a lot to learn still. Trading an account of < 500USD with 1 lot in a position and leverage 1:400 means that each candle into the wrong direction will burn the account in a second. Everybody would call this trading suicide.

  6. FXcast offers the market - we do not make it.

Thanks for reading and Regards, FXcast Team.