Is forex.com a scam?

doggyfx · Apr 27, 2016

w3c said:
Is Forex.com broker changed Gain Capital now?
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I think Gain Capital is their parent company. Btw which broker are you trading with?

FX3422271 · May 10, 2016

Veyron 16.4 said:
Careful, here. A market that transacts more than the combined total of all three major North American markets in a single day, is no scam. The scam comes from people who prey upon the ignorance of the uninformed and the uneducated in this business.
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That is all fine and good but it does not explain why they spontaneously close people's accounts. I even once met a guy at the NY Traders Expo and he told me he was trading with them and winning and they shut down his account. He was speaking with someone from Oanda or FXDD at the time. He said he had accumulated about 100k and then they kicked him out.

Good thing we have all of this low leverage and FIFO to help protect us, it's working great.

Marie Christina · May 19, 2016

I don't think so that forex.com is a scam broker as they are a regulated broker even they have all solid papers to do business so we can't never tell this as a scam but yes..we can say this broker don't have all the facilities like other reputed brokers.

novemb2 · Nov 3, 2016

AyeYo said:
So, I made the mistake of opening and funding an account first, then doing my research second. From everything I've read about forex.com, a solid 80% of the reviews say it's a scam. They claim everything from having their transaction rates changed after the fact, to having winning positions liquidated when nowhere near a margin call. For every ten people complaining, there's usually one that says they all just don't know how to trade and are crying about losing money. I figured that sounded reasonable so I carried on with business as usual.

I have yet to experience anything as drastic as the claims in the reviews, but I have noticed a few things I was wondering if anyone else has had an issue with.

Most importantly, the charts are horrific. I can have the same time period chart open, for the same pair, at the same size, four separate times and have four different current candles. I can also draw a line through, say, the high side tails of five different candles, and while the tails are all the exact same height, all touching the line, if I roll the pointer over each candle, the values of the highs can be different by as much as 2-3 pips. It's damn near impossible to trade like that because I have to go through each candle and manually confirm whether these candles really did hit the prices they're touching, then mentally adjust the chart to what it should look like based on the real values.

Something I noticed today, and what made me decide to make this post (and I've heard this complained about multiple times on multiple review sites), is that when my order is executed, my entry position instantly becomes support (for a short) or resistance (for a long), right to the exact pip, where no support or resistance can otherwise be found at that value. This is even more apparent because forex.com places a line on the chart at your entry price. It's fun to watch as, candle after candle, price rebounds off my entry for no explainable reason. It's even more fun, nearly comical, to watch as price moves as planned the second I call it quits on the position. I'd imagine it wouldn't be very fun if I was trading with a significant amount of money.

Is this the market shaking people out, me taking bad trades, or is this chart/quote manipulation?
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jones247 said:
Any thoughts on InterbankFX (IBFX)....
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Simply put, if one wants to open a currency trading account with Forex.com, he or she will be much better off to just simply hand down his or her money to Forex.com, in order to save time, energy and frustration.

322170 · Nov 3, 2016

Forex.com is not a scam -

I have never heard of them or any other broker kicking people out for making money. Brokers get paid whether your trades win or lose.

I've personally been using their web based platform with the institutional pricing for the last 4 years and have had "NO" issues. Like with any retail FX platform you gotta be smart and stay away during the big news events or you'll be taking a chance of getting crushed.

Like with all news driven events you may know what the news will be however you will "NEVER" know how the market will react to it so being in a position before a news release is pure gambling 50-50 red or black.

Trade On!

322170

Mohdfx · Nov 8, 2016

OMG I couldn't even imagine that someone can think that forex com is a scam
Anyway, I don't work with them cause their trading terms are too strict. But they are well regulated, really

Dustin Windsor · Dec 28, 2016

I have tended to hear that Forex.com shuts down your account if you start making a profit (they accuse you of "predatory trading" or some such as an excuse), but are quite happy to keep your account open if you are losing money. Sounds pretty scam-y to me, so I'd stay far, far away from them...

Sig · Dec 28, 2016

Dustin Windsor said:
I have tended to hear that Forex.com shuts down your account if you start making a profit (they accuse you of "predatory trading" or some such as an excuse), but are quite happy to keep your account open if you are losing money. Sounds pretty scam-y to me, so I'd stay far, far away from them...
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"I've tended to hear" as the first post from young Dustin tends to indicate that the post is pretty scam-y.

tprintl · Dec 30, 2016

I have prop trading in stocks and futures and moving back to FX and done a lot of due diligence (with a bunch of guys who think we dont know 0.7 EURUSD spread is not huge).. I am setting up a prop firm under IB.. I run Algos and they simply are the best I have seen. If you dont have fund you need to be in high cost pool

Dustin Windsor · Jan 16, 2017

Sig said:
"I've tended to hear" as the first post from young Dustin tends to indicate that the post is pretty scam-y.
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Not sure why me leaving a comment about a broker that a number of other people have raised questions about qualifies as 'scam-y.' I'm new to this and have been researching different brokers. If you have info that clarifies whether Forex.com is legit or not, I'm more than happy to hear it...