Hi I have just been looking at the summary of figures for the account, and they don't make sense to me... If the deposit was $1,000 and profit is $1,877.56 how can balance be 9350.67??? and also why would highest value read $5,297.60. Is this a myfxbook error? cheers
okay thanks Jarora, I notice the many of the trades aren't over the 3 minute requirement so even if it was a real account profits wouldn't be able to be withdrawn according to their terms and condition...
Jarora posted: This account 154728 is just a "trial account" under USG live server. Therefore, the funds in the account cannot be withdrawn under all circumstances.
Jarora: I realize that this is a test account, but why do you have certain pairs running at the 3 min minimum requirement and others at less than 60 seconds?? Why do you have a 3 minute restriction rule anyways, because you say that you are not a market maker, but with that rule in place this leads me to believe that USG FX is a market maker indeed.
If you think about it, it should not matter how long each trade is, given the fact that someone (liquidity provider) always takes the other side of each trade as its a zero sum game, unless of course you are a market maker.
USGFX is definitely a Market Maker, this is why they have the restriction in their PDS that all trades must be over 180 seconds (i.e. 3 mins), anything less than that they consider fraud. So if you have an account with lots of trades under this amount you will never get withdrawal of profits. Their PDS also states 'We MAY choose to limit our exposure to our clients by entering into opposite transactions with hedging counterparties as principal in the wholesale market. However, there is also a risk that a hedging counterparty that we deal with may become insolvent. Where this occurs, we may not have recourse to underlying assets and will become an unsecured creditor of the hedging counterparty' Whenever a PDS uses words like MAY you know they are a B book Market Maker, they aren't promising to pass on 100% of trades like Global Prime would.
Therefore I also suspect that even if this EA is modified to only close trades after 3 mins, it's unlikely the broker will let you trade there for long, as you win they lose, so eventually you will get a notification you are no longer welcome. However happy to be proved wrong in the long term if users of the system want to weigh in and talk about their medium - long term results.
It works with USGFX... you will make HUGE profit, but the broker will never let you withdrawal it, so what does it matter?!
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Please wait for a site operator to respond... Operator USGFX has joined the chat. USGFX4:56:51 PM Dear Andy, thank you for contacting us! How may I help you? Andy4:57:00 PM Hello Operator USGFX-EN has joined the chat. Andy4:57:13 PM Do you allow aclping? 4:57:20 PM scalping ? 4:58:36 PM are you there ? USGFX4:59:25 PM What is your account number? Andy4:59:48 PM i do not have any account with you yet 4:59:53 PM just asking ? USGFX5:03:19 PM We will allow scalping in the future. Andy5:04:05 PM Thanks bye
I have been using Bumblebee with an Australian Broker called USGFX. It works well and my $500/- account grew to $67000/- in a matter of 45 days. When I wanted to withdraw the money, Broker DENIED all my winning saying that the method of trading is SCALPING (trades are placed for few seconds) and they don'y permit it. USGFX disabled my account and willing to return my INITIAL deposit only. So the conclusion is; even if the EA is EXCELLENT but when you can not withdraw your winning, it does no good to you.
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