Forex Realm is a SCAM

Discussion in 'Forex Brokers' started by AKS, Jun 1, 2007.

  1. AKS


    Hey Guys,

    I have been been reading this forum for about a year but never have registered before. My reason today is that I see some traders referencing as a good site to view broker reviews but I just recently had a situation with them that leads me to believe they are a total SCAM.

    I placed a couple of ratings about some brokers on the site. One was positive and a couple of others negative, all in line with my real experiences. They not only deleted my postive posting but also about 5 others that were positive about one broker and only left the scam or unrated ones. I wrote them an email saying I don't understand why they deleted my posting and I also reposted it. I never got a response and they again deleted my post. They never restored other traders positive postings either.

    Either way, I just want to let everyone here know that they are not an objective forum for finding a broker...who knows what else they have manipulated.

    If you are looking for a broker stay on and see what people's opinions are. They are much more objective. Thank you moderators for keeping up this good forum.

  2. rayl


    I think there're quite a few one-sided review sites out there. Then again, I have quite negative opinions of most forex retail shops bec indeed, the setup is in favor of the house. Doesn't make it right for the sites to be one-sided filters w/o disclosing that fact though.

    Still wish one of the better retail brokers will find a way to work out some kind of straight through arrangement (or maybe as a matched principal) with ICAP EBS ECN. Then that would clearly be the place to go.
  3. Hi rayl,

    There are several ECN style FOREX brokers around and have been for at least a couple years now. It is nothing new. IB have a great FOREX offering. 1 happy customer here.

    Best regards,
  4. Forex itself its a market poised for scams, there are many all over the place, so, finding a broker must be key before entering in this market.

    Im only trading forex through "relative" respetable firms like IB, MBT or tradestation where forex is just one part of the business.
    The classic forex focused brokers just seek to keep the entire money of the customers, no matter if it is in commissions, slippage or interest, the all forex brokerage business its build with that purpose, thats why 98% of the newbies account dont make it.
  5. rayl


    I do use more than one "relatively" respectable ECN style brokers (I'm going to avoid names and making this into a debate over particular firms). To clarify, my point of discomfort lies around the fact that the bulk of the liquidity in the market is one step removed. It would be a major coup if one of the ECN style brokers can add a linkage to a big interdealer FX ECN (EBS now owned by ICAP is the clear #1).

    I don't know enough about the markets to know where the self-interests preventing this from happening are. I am sure they exist as forex trading is very lucrative for the ECN operators. As IB said on its Q1 conference call, there are few costs in forex unlike futures where substantial fees go to the exchanges.
  6. ozarka


    Wow 98% don't make it. Sounds like a scam to me.
  7. If it's such a scam how comes (according to your numbers) 2% do 'make it', surely no-one would be able to make it?

    There's plenty of money to be made in forex, you just have to learn how to trade is all. :)