I have been trading spot FX part time since January 2005 as well as trading through algorithmic models since August of 2005 with success. Not every dealer is a thief nor is every trader supposed to win.
here is governmental site which i suppose will not raise credibility questions. http://www.cftc.gov/opa/opaenf2003.htm Cases are actually from whole industry including FX, so many cases.
why? Whats the edge on trading futures on globex. I've been with Oanda for six months and they have been fare, i always get the qouted price and the spreads are tight. Is the fx market manipulated? Of course... But what market isn't...
I second that. It just doesn't make sense to accept terrible odds and have to strategize against all the tricks fx brokers play against your positions. Not to mention the huge risk of losing your funds with the 200/400:1 leverage (firm collapse), and the real possibility your account can be defrauded.
May be it is possible to make money in retail fx, but all the big players in books were working at 1st for big banks or corps, hence they were big players. I mean I personally cannot exclude the possibility that the brokers having such a great opportunity to trick but would not take advantage of it. May be there are very honest brokers who are happy with a little profit while other dishonest brokers taking huge profits by ripping off retail clients and getting away with it.