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1. Regulated Forex Scams? You Bet
Yes, Regulated Forex Brokers Commit Scams
When one typically hears the phrase “forex scam” one automatically assumes that it is being perpetrated by an unlicensed or unregulated forex broker. For the most part, that assumption is correct. All you have to do is a quick google search and you will find numerous articles detailing reprehensible acts committed by unregulated forex and binary options brokers. However, there have been numerous instances of regulated forex brokers skirting the rules.
Not all regulated brokers are trustworthy
Unfortunately, there are numerous regulated forex brokers that have defrauded unsuspecting clientele as well. Last year on the CFTC slapped a $7 million fine on Forex Capital Markets (FXCM) in a civil monetary penalty for engaging in fraudulent and misleading solicitations, spanning from September 4, 2009, through at least 2014. Additionally, the CFTC emphasized that FXCM had misrepresented that its ‘No Dealing Desk’ trading platform had no conflicts of interest with its clientele. Instead of running a true ECN execution platform where trades are performed directly in the interbank market, their clientele’s trades would be redirected to a Effex Capital LLC, which was originally designated to be an independent market maker but was, in reality, an extension of FXCM. Effex Capital would take very aggressive forex trades against the investors in order that they would lose and in return, FXCM would be the beneficiary of some very high kickbacks, which they received under the table from FXCM.
FXCM barred from the U.S.
Because of their duplicitous practices, the CFTC withdrew their regulation and FXCM was no longer allowed to service U.S. customers. Additionally, FXCM was caught by the FCA in yet another forex scam. They took away their investors’ positive swaps, causing them to only receive negative swaps. Surprisingly, the FCA did not remove their regulation.
Beware of OTCapital
OTCapital, forex broker regulated by ASIC has been swindling numerous investors. Broker Complaint Registry has received numerous complaints from those who have been victimized by their reprehensible practices. Complaints have ranged from not allowing clients to withdraw their earnings to never receiving a call back after they had deposited. Unfortunately, ASIC has not taken any action against OTCapital.
Protect yourself from a forex scam
Before you deposit money with a broker you must first make sure that the broker is regulated by an entity such as the CFTC, FCA, ASIC or the IIROC. Remember not all regulatory bodies are created equal. For example, if the broker that you are interested in has only a CySEC (Cyprus) regulation it would be wise to steer clear. Although they have gotten tougher on rulebreakers, CySEC is still lax in numerous areas. Additionally, do your research. This means reading reviews, looking at various forums, and so on. It is not enough that the broker you are interested in has a regulation. You must vet them. If you have fallen victim to a cryptocurrency scam, send a complaint to at [[email protected]](mailto:[email protected]), and we will do our very best to get into contact with you as soon as we can to initiate your funds recovery process. Visit www.fundsrecovery247.com for more information or Contact - [email protected] com.
In this post we have collected the 5 most famous broker in the world that will allow you to access their ECN using the popular Metatrader 4, thus using an MT4 ECN platform. Here’s our top 5 of the best forex brokers for MT4 ECN for 2020. (This post is part of the best ECN brokers and MT4 brokers series) The real ECN Forex brokers will readily offer ECN-type of account and put your orders into the electronic network to match with another trader. Ask the ECN brokers about liquidity provider and this should always be a tier-one bank. We've collected thousands of datapoints and written a guide to help you find the best Ecn Brokers for you. We hope this guide helps you find a reputable broker that ... Forex brokers offering ECN or STP trading models are the most popular among traders at the moment despite the fixed commissions. All trading strategies are accepted on ECN platforms, which makes them ideal for day traders, scalpers and EAs alike. A typical, and one of the largest and most popular, true ECN brokers is IC IC Markets Review True ECN forex broker Pros: More often than not better bid/ask prices due to the fact that they are derived from multiple sources. You get the best bid and best ask prices at the time of trading. The possibility to trade forex on prices that have very small or even zero spreads at specific times. Real true ECN forex brokers do not trade against you as a market maker would ... True and Trusted Forex Brokers can reduce your trading losses! Act smart and start making profit with Top 3 best ECN STP Forex Brokers in 2020. Check now! ECN Forex brokers make use of advanced trading protocols by connecting traders to ECN servers that are connected to a global liquidity pool, which gives access to live price feeds and market orders. An ECN network is an open network, which allows traders to get real-time information on market liquidity, pending orders, open orders, and live market quotes that have the best spreads due to the ... Many forex traders prefer to work with ECN brokers because it means more liquidity, faster execution, and accurate pricing. According to some experts, true ECN forex brokers are the real future as ...
Here is list of top true ECN brokers for forex and CFDs Trading from https://fxdailyreport.com/true-ecn-forex-brokers/ Most Forex Brokers are scams, but you will be surprised at what else we found ! 🚨🚨Trading Performance 🚨🚨 Improve Your Trading Performance at our Fundamental ... Why you should choose IC markets as your preferred broker to trade! - True ECN Broker - 0.0 Spreads - Low Commisions - All trading style accepted - $200 min ... The best 10 Forex Brokers - Full list review 2019 for Traders Read the full list here: https://www.trusted-broker-reviews.com/forex-broker/ In this video, ... These are our top 3 forex Brokers! Insanely I forgot to mention who ranks best for spreads & currently Blueberry Markets seems to be giving you the best bang...