Some brokers clearly disclose in their terms and conditions that they are market markers and may have a conflict of interest on your trades...
It's quite astonishing what one can actually find in those T&C: FOREX.COM 2.4 We will deal with you as principal and not as agent on your behalf. This means that any Trades are agreed directly between you and us and we will be the counterparty to all of your Trades source: https://application.forex.com/docs/en-uk/agreements/agreement_v2.0.07_20190901.pdf XM.COM section 47.3: Exploiting possible price latency is deemed by XM as unlawful and prohibited trade type! https://www.xm.com/assets/pdf/new/terms/XM-Client-Agreement-Terms-and-Conditions-of-Business.pdf?v4 By comparison: Eurex or CME lets you co-locate so that you can be the fastest kid on the block if you wish. (Of course there are restrictions on order types and strategies to ensure the market place is an orderly one, so spoofing gets you in massive trouble, but no speed restriction.) section 58.2 Client funds may be held outside EEA, client takes de facto counterparty risk exposure on bank in question. section 58.4 The joys of an omnibus account! Read the whole paragraph, who would ever trust them with a single penny?
I checked 10 forex brokers and all of them did not disclose they are counterparty to customers' trades. It took you 3 days to find one broker who bets against customers. It took me 3 hours to find 10 brokers who don't bet against customers. There are still forex brokers that bet against customers now, but such brokers are rare. So the statement " forex brokers bet against customers and have conflict of interest with customers" is misleading. The majorities of forex brokers don't bet against customers. If you want to avoid being counterparty to a forex broker, ask them directly when you open an account. This is what I did when I open my account with my forex broker.
@bbpp Why don't you just give it a rest. All I did was to offer my view and insight the OP might find useful. I have an actual business to run and don't have time for this petty nonsense. The derivatives brokers and bank counterparties I have been dealing with for the past decade are full clearing members and IBs with which we have ISDAs. Maybe now you understand why I don't have to prove myself, to no one and most certainly not to you.
Why you keep posting misleading information and don't give it a rest? Your information that all forex brokers bet against customers are outdated and not true now. For 3 days you only pick out one broker that fit your claim yet you still insist all forex brokers bet against customers, even when you can't find enough evidences to back up your claim. I am waiting you to find more brokers that fit your claim. And if you find 10 such brokers who bet against customers, I will find 100 who don't.
Why misleading information does bad for traders? My forex broker coinexx has spread for euro at 0.2-0.3 pip, plus round turn commission $2/ lot,both spread and commission are lowest in industry. So the total cost for my euro trade is 0.4-0.5 pip/lot If you trade currency futures, I have calculated the total cost is 1.4 pip/lot. So the trading cost for futures are 3 times of spot forex. Now my total commission plus swap are roughly 1/10 of my total capital/month, (which is published by my broker). This does not include spread cost. So I lost at least the same amount of money as my total capital on trading cost per year. If I trade currency futures, I will lost 3 times of this amount. So you will see, if you give up spot trading based on misleading information, you will add extra trading cost per year as high as 2 times of your total capital. If I include spread cost, the extra trading cost per year on futures could be 4 times of your total capital.
https://www.renesource.com/en/ https://turnkeyforex.com/ https://fxglory.com/ https://fxbrew.com/ https://www.tradersway.com/ https://en.myfxchoice.com/ https://coinexx.com/ https://paxforex.com/ https://www.cryptorocket.com/ http://realtrader.org/en/
7 out of 10 from this list give enough reason to be concerned: https://www.renesource.com/en/ no adverse information found. https://turnkeyforex.com/ https://www.forexpeacearmy.com/community/threads/scammed-by-turnkey-forex-part-2.59965/ https://www.forexpeacearmy.com/community/threads/resolved-scammed-by-turnkey-forex.57929/ Judge yourselves as far as the allegations are concerned. https://fxglory.com/ When they were registered in Georgia, now it's UAE apparently; not that this matter anymore... https://fxglory.com/download/user_agreement.pdf "The customer is not allowed to complain against the company, its managers, or its staff, and in case of the complaint, the issue will be dealt in the courts of Tbilisi, the Georgia, and the complainer himself/herself must pay all the costs of the lawyers of FxGlory ltd." https://www.forexpeacearmy.com/community/threads/fxglory-dubious-intentions.60561/ https://fxbrew.com/ https://www.valforex.com/2019/02/fxbrew-review-fxbrew-com-another-alarming-forex-scam-broker.html https://theforexreview.com/2019/02/05/fxbrew-review/ https://www.tradersway.com/ "The Company will provide prices to be used in trading, valuation of Customer positions and determination of Margin requirements. Although the Company expects that these prices will be reasonably related to prices available in the Interbank market, prices reported by the Company may vary from prices available to banks and other participants in what is known as the Interbank market." https://po.tradersway.com/themes/twnew/uploads/agreement.pdf "The company is not under an obligation to disclose that the company, the company's associated companies have a material interest in a particular bet with or for you, or that in a particular circumstance a conflict of interest exists..." "When the customer requests a market quotation from the company, it may differ from the current price quoted by other sources, depending on the market condition." https://en.myfxchoice.com/ seems to have a licence FSC/60/191/TS/19 in Belize. no adverse information found. https://coinexx.com/ no adverse information found. https://paxforex.com/ https://paxforex.com/paxforex/contacts is actually Aba Union Limited office is in some malaysian industrial estate Unit B, Lot 49, 1st Floor, Block F, Lazenda Warehouse, Jalan Ranca-Ranca, 87000 F.T. Labuan, Malaysia. just do a street view on the address, hahahaha https://www.cryptorocket.com/ https://www.cryptorocket.com/terms-and-conditions/ "5.5. While the Company takes into account the underlying asset price, the Client acknowledges that the Company is under no obligation to ensure that the CFD and Spread Betting quotes it provides are within any specific percentage of the underlying asset price." http://realtrader.org/en/ http://realtrader.org/en/about-us/contacts/ No license entry can be found on the BVI Financial Services Commission!