I am not given to posting much these days but let me warn you about this broker.
I have been trading forex for over 10 years now and let me tell you, this broker is the worst of the worst that I have ever come across.
They have good spreads but look carefully…they are fixed which means the broker controls them. Now good spreads are absolutely useless if the broker cannot execute at those spreads. In my time with them, I noticed excessive slippage on all trades. Somebody said they permit scalping…sure they do, until you make too much profit. Read the terms and conditions…any trade of less than 5 minutes may be subject to review and cancellation. See para 4.14.6 of the Client Agreement.
Then there is the withdrawal. First problem is excessive withdrawal fees. 6.5% with the option to increase to 25% if you trade insufficient volume. That is just a rip off…
The next problem is the pace of withdrawals. They have a system where you move funds from a landing area to your trading accounts, which is common to several brokers. With Gainsy deposit from landing account to trading account is instant, but the other way around takes about a week. Once in the landing area, you can apply for withdrawal of the funds…and that is where the problems begin. Each withdrawal attracts a new and more arduous level of verification. My final level they were requesting me to obtain a tax domicile certificate for my residence country.
The final event was when they literally stole my funds. I was in the process of withdrawing $15 000 when without my authorisation, somebody accessed my landing area, cancelled the withdrawal and then transferred the $15 000 back to my trading account. 10 minutes later they ran a script which opened and closed a sequence of high spread trades. This had the effect of destroying the account in 10 minutes.
Now only 2 parties had access to both my website and MT4 platform credentials…me and the broker. Since there was no motivation for me to destroy my own funds, that only leaves the broker that did it. Since they were the counterparty to all those trades, the funds that were in my account are now in their account. Funnily enough they were not so keen to review the trades in accordance with their policy as the trades all lasted seconds.
You will note with this Broker that you cannot change your MT4 password without the broker. Same with their your personal area on the website. Also noted was the fact that they refused to supply me the IP addresses that accessed both my website area and MT4 account. They also refused to supply me with access to their liquidity providers which may have proven that they were not the counterparty to those trades.
As a final note, someone here said that it is only the losers that complain. The fact is it is only the losers that are happy with this broker…this broker does not like to give money back and they don’t have to give money back to losers so the objectives are aligned. By contrast, I had made over $14 000 profit on a $18 000 account.
So, be warned about this broker…they will steal your money.