Deedou: I can understand how disapointing it is to have the bonus totally removed if you just withdraw a very small part of trading gains and have far more money still on your account than what you deposited to get the bonus. Anyway, it is true that you are supposed to read and understand the rules (terms and conditions) of the bonus (not always very clear or understable) and you are supposed to have been accepted them when accepting the bonus.
Not to defend them, but their bonus terms and conditions states that: '4.5 Any withdrawal of funds [...] will immediately nullify all previously awarded Welcome Credit Bonus and will cause all previously awarded Welcome / Loyalty Credit Bonus(es) to be withdrawn [...]'
When opening an account, or trading, there isn't usually anything special in terms and conditions (you are still supposed to read then, understand then and accept them), but with bonuses, you always have to read carefully this terms, as there is usually cinditions of how much you need to trade, and other things.
I don't think that this is really being dishonest but I can again understand your disapointment. If this is the worst you experienced with a broker until now, you're a quite lucky trader I would say ;)
Bonus is never meant to be bonus. Its just something which can help at beginning or to attract new people. So dont count with bonuses.
Mevo I read your story at FPA. Very interesting. Exness is now at my blacklist. Their support and their excuses = SCAM like. Atleast they should agreed to pay you 3000metal currency and they would cover their fail, instead of that they acting like idiots. Now I think they lost more than this. A lot of potential customers. Dont forget to contact authorities.
Jiggy: Thank you. I won't get the remaining of my money back, seems quite impossible now. But that's fine, I'm OK with it. It's my fault to have opened an account with such a so-called 'broker' and to NOT have took all the money and run when I saw clear red signs (I mean the quotes and spread manipulation of GBP/USD that hit some of my stop orders like posted on FPA was crystal clear, and it was months ago)
Biosko: I'm trying to advertise this as much as I can, so that a maximum of potential customers do NOT open an account with them. I am really convinced that they are a real SCAM (maybe they are idiots at the same time, or they are really good at acting they're idiots, lol) with all I saw. And if I am honest with myself, it really seems that their conditions are TOO GOOD TO BE TRUE. You can't have better spreads than on every ECN networks with NO FEE at all and pay IB (introducing brokers) 36% of the spread on the top of that ! (I was getting 30% rebate on all my trades, and I got this money)
'they should agreed to pay you 3000metal currency and they would cover their fail': That's what an honest broker probably would have done. But hey, as a broker, you don't check your system to see if trades are open on a pair you want to disable ? And you don't say anything before doing it so that your customers know ? And IF such a thing happen (A customer stuck with 9 lots of trades on a pair disabled for trading), you apologize and do your best to solve the situation. Come on, there is very HIGH PROBABILITY that they perfectly knew what they were doing when they disabled it...
I promised them to do my best to shut them down, and I only have one word. Nice letters will go to authorities, no problem about that. And I'm ready to help anybody who was scamed by this guys to write to authorities with their evidences. I hope they will do something.
I don't even remember where I wrote that, but yes, it's sad to have invested so much energy (Great advertisment, great website...) in a scam. They could do something really great by being honest and legitimate, probably growing nicely their customer base, and become a successful broker. It must be even more intersting to run a scam broker, that's was this story tells me.
And there is another thing that I often think about: Regulators are paid BY BROKERS (they pay a fee of a few 1000's $ every year) ! So, again, if you are honest with yourself: It is NOT the best interest of regulators to shut down brokers. We would need a regulator paid by traders who would really be on the side of the traders. In Europe, Mifid directive is a great intention, and great on paper, but when I see how some brokers handle customer's orders by claiming they are 100% Mifid compliant, and being regulated by a EUROPEAN regulator, it's just amazing (ok, the one I'm thinking about is in Greece, lol). Regulators could easily open with the identity of one of their staff, a small account with the brokers they are supposed to 'regulate' to see by themselves what's going on. I doesn't seem they ever do that.
To come back to Exness, they are NOT really regulated for now, so I don't have any regulator to blame, only myself. (They are trying to get a Cysec licence)
Mevo posted: And there is another thing that I often think about: Regulators are paid BY BROKERS (they pay a fee of a few 1000's $ every year) ! So, again, if you are honest with yourself: It is NOT the best interest of regulators to shut down brokers.
I don't think that's true. The money paid by brokers isn't bribery fee, but a fee to cover costs as obviously it takes a lot of time and effort to regulate a company.
In any case, I'm sure if you have hard evidence, a regulator will eventually act on it.
James_Bond posted: I don't think that's true. The money paid by brokers isn't bribery fee, but a fee to cover costs as obviously it takes a lot of time and effort to regulate a company.
I never talked of bribery. As you're pointing out, regulator's running costs are paid by the brokers. For a regulator, shutting down a broker = lowering its revenues to cover its costs. Never told that regulators aren't honest or whatever, but would make a lot more sens if they didn't have to think about: Shutting down a broker = shooting themself a bullet in the foot, as the brokers ARE FEEDING THEM. Wouldn't be the case if regulators were paid by traders for example.
You know, I'm really AMAZED by some fully regulated-broker practices. Sometimes, I ask myself what regulators are here for ...
In any case, I'm sure if you have hard evidence, a regulator will eventually act on it.
I will tell you that in a while if they answer to me.
Jeevan: You're right, I have changed my mind. Disabling a pair without notice, having customers stuck with their position, and then driving them crazy for more than one month to finally wrongly close their trades to cause them HUGE losses and refusing to do anything about it until they post the whole story online (1 more month of crazyness), then compensate only a part of what went wrong must be what 'genuine broker' do.
And who is still wanting a broker who doesn't manipulate spreads and quotes these days ? Hopefully Exness does it !
I don't know what your dealer gives you, but it really seem to be some good stuff...
any good offshore brokers to recommend? im using oanda but its overnight interest rates are ridiculous. if you long eur/usd, eur/jpy, gbp/jpy, gbp/usd and hold it overnight, you have to pay. if you short, you also have to pay.
Max: I would say Oanda is a quite very good broker. I would rate them as one of the most honest market maker around. And if you need it, their support is very good. Don't know what you mean by 'Offshore' as Oanda is a US company and they opearte in US, UK and SG. That's not really Offshore :) What I don't like with Oanda is the 1:50 margin and no hedge (even in UK) policy.
I understand you about EUR longs, but it's now the case with many, many brokers since last ECB rate cut. On markets, USD is actually paying more interest than EUR ! In fact, you start to find more and more brokers that pay positive interest rates on EUR/USD shorts now ... You were used to get interest on EUROS, this time is over for now, until Europe situation gets better (if it will one day, lol) and ECB raise again its interest rates.
It depends of what you're searching for. *FxPro* has nice swaps but not that good spread. *LMAX* has pretty good swaps and very good spreads + one the best execution you can dream of, but as an ECN you will have fees to pay (you can see them compensated by the low spread, I mean with other brokers you pay them too, you just pay them with the spread, but it can change psychologically). *FxPrimus* is not bad, and is Offshore if it's what you seek (They are great, but I would say, beware of swap changing if you take large positions and plan to keep them with FxPrimus)
*ThinkForex* in NZ and *Fxcc* in Cyprus seem not bad, but I never was with them. And their swap aren't very good. They are better on the spread and execution side. So for people who don't keep their positions too long.
*Dukascopy* in Switzerland seems very good, but no MT4, or you have to pay an external provider to have MT4 (additional fees). Never was with them either, but only heard good things about them.
Oh, check *Armada Markets*. Just be careful as they are quite new and their regulation is not very known. But I was with them, and everything was fine (very small account I admit). They use LMAX to hedge their trades, and *** they are now still paying positive swap on EUR/USD ***, seems to be what you're looking for ! Excellent execution, high leverage, but some fees to pay, as your trades go to an ECN
Just avoid SCAM brokers like Exness ;) Don't be attracted by their fake spread or swaps, as it doesn't reflect the reality, and they will scam you if you're a winning trader, as I feel they can't do anything else with such too-good-to-be-true conditions.
I'm very happy to see all the quick reactions about Jeevan's absurd comment. Thanks everybody. On his page, this guy recommends two of the best known SCAM brokers, lol.
Oh, a last thing Max: Check the reviews on FPA before opening an account with a new broker.
Mevo: Awesome review! Appreciate it. I'm actually satisfied with Oanda. But their spread are gradually widening in the past year. It just makes me sick that they are resorting to the oldest trick in the book.
The reason why I am looking out is because MAS (in Singapore) is planning to reduce leverage of 1:50 to 1:20 or even lower. I will have to open a FX account with an offshore firm. And the most pressing concern is the fact that most of them are denominated in USD. And we all know, USD is shit now.
FX Primus - I've heard good things. May give it a try sometime soon.
I feel that Oanda widened a little their margin on swap too. Most of their interest rates are not as good as before. Seems to be the lower volatility on the forex market that make brokers earn less (less trades from customer I guess), and they are searching money on wider spreads and higher margin on swaps.
You can ask Oanda to transfer your account to the UK. Maybe you were more confident to have a fund protection from SG than from UK. Singapore has more debt than the UK, despite what many people think ... Or maybe you don't want to have an account in the UK for other reasons. And with Oanda, you will have access to their fxMoneyTransfer system in the UK which is great, and not available in SG (If you have to do wire transfers in other currencies)
With FxPrimus, you can have an account with USD, EUR, GBP, AUD and SGD as base currency.
trading forex with this broker for over a year,never faced any major problem barring requotes and delayed reply to ur queries,apart from that they are ok ,far more better than others in this industry,, yes ,i agree that few of the traders face problem but if you take your issue properly your problem will be resolved for sure, hope my words had not hurt anyone,,, all the best ,trade well
hwlm posted: Jeevan: show us some real statements from Exness before you continue to make a fool of yourself.
ya sure,, i have nothing to hide, but let me tell you one thing , i have no commercial gain in speaking pro exness here, i personally feel satisfied with them and so have given a positive feedback,, pls find the attachment,hope it clears ur doubt,,, remember i am trader like you, i am interested only in the welfare of our well being,, constructive criticism are welcome
I have accounts with Oanda and FXCM. A bit off topic here, but OANDA does not allow hedging with the same currency pair (having opposite trades with the same pair). FXCM does. I think they are both good, though. I'm not going to stop my account with OANDA because of this, but I may invest more with FXCM. It's ok if they take a bit more by way of spreads, as long as they are honest about it. At least they are regulated. I have not withdrawn anything from either yet.
God forbid anyone having an experience like Mevo's.
Mevo: I believe it is NOT your fault. You have invested the time, money and energy for those profits. You trusted them, and they betrayed your trust. Forget bonuses, but I do think you should get back your capital + profits in it's entirety.
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