I recently lost huge amount of money because of their unfair tactics and still suffering from this issue. Unfortunately I did not do my research on this broker before investing.
I cannot disclose my case due to ongoing legal proceedings but I will share all my case and court outcome here in the future to help other people.
I’m from Australia and I’d like to ask all traders who have reasons to believe that they have been treated unfairly by this broker to join this thread and share their concerns. We can run an online campaign collaborate as a group of clients who have been mistreated and address the Australian authorities or further run a class action.
I’m familiar with relevant Australian organisations who deal with these matters and working with a local lawyer and can give you free legal advise so we can help each other.
I found out that some brokers have active cyber team who leave positive comments on forums as traders so be careful.
Fight and protest for your hard earned money and share your stories.
Thanks. You were lucky mate. Apart from language barrier with their customer support, They are not honest and you better off keeping your money in bank. Long story short, You are not trading against market on this broker! I will share some interesting points here soon.
Hi there,about brokers i will tell you what exactly they do;
1-have active cyber team who leave positive comments on forums as traders
2-they dont bring your trades to real market,those trades from metatrader4 remain inside company.
3-the only trades they take to real market is a huge trade against their clients,because if u lose money,those money remain to them,but when you win you take from them
4-When you see large spread ,remember this is broker doing it ,by a button called ‘‘plugin’’.
This button is only available to the administrator of metatrader4.
5-They can refuse to close your trade if its huge and its in profit,again by this plugin
6-they see all their clients trades on buy and sell side.
I also have pictures of proves,but i wont show them here.
Hope this information will help you.Good Luck
I don’t use stoploss with my strategy, So they increased the swap rate against my floating balance. Sometimes they randomly increase the swap to $-600 per day with no reason when market moves in your favor. If you are able spot that and complain, They usually say it was an error but later they increase the swap rate against your trades and lots of other tactics. If you do not use stop loss they will hate you even more!
Why not ? if you have useful information to help the other traders you can share it here unless you have an ongoing case. We have to make them pay for their unfair treatment by taking appropriate actions within the ambit of law.
Cheers.
You should ask why and post their replies here, or ask them to reply here. No doubt they have their reasons, but its for the membership to judge whether these are valid or not. Nothing to be gained by secretiveness.
But you didn’t ask them even once yet it seems. Ask them why your posts were unacceptable. If it broke the rules it would help everyone to know which rules and how - the forum rules aren’t secret but without the chance to understand the issue, nobody can come to a decision whether they agree with you.
He basically posted some documents and proof against a broker on the forum and claims that it was removed due to their T/C . I was not aware about these rules too .
I had no idea about these community guidelines that you cannot post documents and proofs here.
I will contact them to double check. If you lost money with this broker due to their unfair practice and have proofs and evidences. you can share your documents on FPA . there are lots of ongoing threads about these cases.
Dont get me wrong,i have not lost money with this broker,i dont use this one,I personaly use ALPARI AND FXPRO as brokers. But everything i said before about what they can do ,all the brokers does this,not only the one you lost money,all of them
Unfortunately that’s true but you would be better off with big brokers like IB and Oanda.
Personalty I would stay away from companies registered and operating from Cyprus or eastern Europe where it’s easier to bypass local laws and rules with money.
In fact if IC was not in Australia, I would not dare to deposit money into their account.
But in reality the issue with local Australian brokers are same as other less law abiding countries!
There is no proper audit, no investigations from ASIC. A small money exchange kiosk in Australia can register with ASIC for an annual fee,
@Forexteamcmp, you have to understand… Babypips MO is to draw fresh traders into the markets, not scare them off with the actual realities of trading in the OTC Currency Markets…
You haven’t stated which country you are based in… Chances are, if you are not based in Australia your account may have been opened under Seychelles regulation… check the fine print of your account.
ASIC won’t even give you the time of day if this is the case with your account…
This has been brought up many times in Babypips which no one has bothered to steer you toward…
point 2: if they really refuse to bring the trades to open market, but advertise they are NDD broker, that is pure fraud and should be accused immediatly-if there is really evidence for that it should not be a problem to bring them in jail. But why does this not happen, if it is prooved, that they keep the trades inside?
My problem refers to point 4, that they can refuse to close the trades. As a scalper i had last year problems with a broker, because after some winning strikes suddenly the closing time of trades was up to 2 seconds- no chance for a winning scalp trade any more, i left the broker without severe loss.
Now with my new broker, i had also ecspecially cause of corona movements some scalping winning days, ordered cash out withdrawl (which worked very well, ordered last two months 4 times cashout, got the money allways after two days(!) on my account) suddenly a day morning starting scalping dax30 the same problem: closing took about 1,5 to 2,5 seconds, and again the winning party was over. When i asked them whats going on, they said its the liquidity provider who is reponsible, not them.
So am i right when i suppose, that you would say that they can also increase or decrease the closing speed of the customers trades how ever they want?
