it is hard to guard against fraud but regulation does offer a recourse for unfair trading practices. there is a difference between fraud and screwing your client.
dc CB 11:51:10 GMT - 03/25/2014
If you think you have any protection from a broker just recall Jon Corzine and MFGlobal. A fully regulated firm and "watched" by the CME, a firm in business since the mid 1800's. Still money got stolen and nobody went to jail. The firm destroyed.
The precident has been set. You only have "HOPE" that it won't happen to you personnally.
GVI Forex Jay Meisler 10:30:09 GMT - 03/25/2014
We have setup a new Broker Reviews section (look under BROKERS) and are looking for good as well as bad reviews. Our goal is to provide a place where you can get honest reviews and hopefully avoid situations such as I Got a Screwed.
the lesson to be learned from this experience - is you want to get into Forex - you have to deal with proper firms / that are regulated .. and if there are any questions unanswered then you have to move on. Alot of this crap has been stamped out - but once you step outside the mainstream then you can get suckered in by bonuses / BS marketing ploys.
Syd sf 10:23:52 GMT - 03/25/2014
seems if you search the net - they had there licenses elsewhere cancelled over 12 months ago - and there are people complaining for 18 months about not getting their money.
also if you search their australian address in google - you can see its a small office .. they have tried to register here but I'm not sure its been approved or not.
finally most people say this firm is actually in Israel .. so you have some work ahead of you to get to the bottom of this.
Name and shame them here....why the wait?? Then again sometime putting limit order can have many types of unwanted and suprising trade....
This sounds like SMShing...where you suddenly out of the blue make expensive SMS and somehow you are ping for it...even though one did not subscribe to it. Some say you can opt out of these SMS sham.... and the fact that you opt out, in the court of Law means YOU DID OPT IN.... there lies the legal conundrum......yet this is a Sham worthy of a Police report regardless.......when enough people make police report and report it to the Local MP....the wheels start moving...Forget ASIC and all those in cahoots with brokers Sham regulator....
of course this is IMVHO...... Fight we must!!...Ninja have spoken!!
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