Dear Forum,
FXcast is no company which hides behind anonymity. We are in the market for fairness and and trusted business. This is the first time since 1 year that a person tries to spam around negative messages about FXcast. A google check would be a prove for this.
Of course there are always disappointed traders in the market and they like to spread their negative experience. But always anonymous and in as many forums as they can. This is often due to the fact that there are a lot of unserious people in the Forex market which promise new customers lots of money easy earned with forex trading - 'start today and be rich tomorrow'.
There are unserious signal providers, Introducing Brokers and other persons who try to get customers via these promises. People who try to catch their friends and earn money from them. Without any doubt there will come the day when those friends loose their money with a broker, And they come back to the Broker Agent and ask him why. Then this Agent points to the broker and tells the nice story: 'the broker is guilty that you did loose your money. ' I am sure that each broker can tell you this story.
FXcast has strictly advised his partners to avoid such things under any circumstances. If we are aware of such a partner we will immediately cancel the contract with him. We and you here all know that Forex is hard work and has to be learned. Learning costs time and money and successful trading is a full time job. FXcast is no casino or lottery and does not behave as this. Forex is not easy money and most people loose - simply a fact. This is the reason why we do not offer signals or trading advice. We think it is better that neutral people teach our customers. And we are neutral too - we know that there are brokers outside which pay their IBs part of the customer loss. This is not our style. We offer a fair and honest business.
Now let us discuss this actual case here in detail.
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Hell yeah, the first chart shows a sign of stop-loss hunting. To avoid this, you should trade with a NFA-regulated broker. NFA makes it possible for traders to submit complaints for them to investigate, and if the broker is found guilty, there would be $100,000 fine to the broker, or at worst a C&D from NFA to shut it down.
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This is a fast conclusion dear scorpion. Maybe too fast. Or do you have a partner contract with one of these brokers?
At first - you will know that technically it is no problem to delete such events from the trading server 1 minute after it happens - and nobody can see it. You know that it is technically possible to send out spikes without showing them. What is your opinion to the case that it is still there? If it is a market happening or just a data error - this can be discussed - but it is still there. We do not hide it. And we discuss it.
Second - regulation - you can read in many forums that a regulation never prevents from being cheated and hunted. If there is nothing to see the broker will always win. But it is still there - right? Regulation means some things we all know - but we also have seen REFCO, we have seen others. Yes the NFA closed them down. And what happened? Did each customer get his money back? Did it prevent from the daily problems with bad service, unfriendly support? What would have happened if these closed brokers would have been ok after some months? Nothing I think. Is honesty a question of net capital? Enron had much money.
And what means regulation on Cyprus, on BVI, in Belize or others??? Do you think the authorities there check them? What is a regulation worth? Everybody must find out whom to trust. Example: some NFA regulated brokers accept customers from Far East (some major countries) with their ID cards only. No control for money laundering, no control for identies. 'They will loose their money anyway' is the mainline. Some 'regulated' are already sued for this. FXcast will never do this. FXcast will always and strictly follow international rules for banking business. Many customers from Malaysia have written us bad letters for our strictness. On the other hand many customers from US especially ask us if we could accept them because of the rude and unfriendly manner of some US brokers. Yes - the big guys feel safe due to their millions. This is no more competition - this is directed market by authorities. And of course the usual behaviour will follow - bad customer service and more negative things. This is not a must - but it is a possible consequence. And of course the tax free status of offshore business is a good thing for many customers.
Offshore does not mean illegal - We know that for some US people even overseas is already criminal. But this is another case.
Back to our Happening here: if such an event happens customers come to us and talk to us. If they are right their trades are corrected. Indeed it is no hunting and FXcast strictly stresses the point that we do not practice these criminal things. If a problem occurs we are always open and ready to investigate and discuss it. Before placing bold statements here there should be some more investigation dear scorpion - has such a thing happened before and is there any bad news in internet about this broker? Each broker suffers from bad statements - disappointed people loosing their money with the market. But are there known facts? And if only one person spreads this around - what is behind the stage? Did he say that HE has lost money there? I see only one person spamming around that we play tricks - but no claim that he has lost money. We know some customers from former discussions which traded on 100% margin level without stop/loss points. A sudden market movement of 30 pips has ended in a dead account - 30pips with leverage 1:400 leads to the fastest account break you can think of. And then we saw s/losses set to 0.1999 (example) instead of 1.1999 - simply a typing mistake but definetely the reason for the crash. The 30% rule (trades are automatically closed to prevent from negative balance) closed their trades and these customers claimed that WE have closed their trades. They did not even read the trading rules! They have no clue of the Forex market and trade with low balance, no money management, 1:400 leverage and always on 100% margin border. FXcast is a broker - no training agency. They are all adults and should be able to read the information on our website. All is explained there. we do not make silly marketing - we have only facts on our website. We cannot push customers to read it.
We have a list of biggest mistakes that traders - especially newcomers - do again and again:
too small deposit - what should you do with 10USD??? We offer it - but we do not recommend it
too high leverage - 1:400 makes huge moves on each pip - we offer it but we do not recommend it. When you open a account with us you will see it is preselected to 1:100 - which we recommend.
too many open trades - people trade as ifr there is no tomorrow - always on an available margin level of 100% - you know what happens when the market goes 40 pip or more in some minutes
no stop/loss or take profit - what happens when the connection goes down? s/l and t/p is stored on the server - nothing will happen then when your computer or connection breaks down.
And the worst thing: most newcomers do all these mistakes together. We are not here to tell them what they have to do. They anyhow do not follow our advices when their friends tell different stories. FXcast offers the way to the Forex market. But google 'forex training' and you will find 1000s of books and courses. Learn before your start - then you will be successful at the end. It is as car driving - but a real account is no simulator and with a demo account you should experience what can happen in the market. You will not get rich in some days - no way. But you might be wealthy in some years if you succeed.
We in FXcast believe that a broker is an interface to the market - not more. FXcast offers fair conditions and does not overpay partners. We have a strong partner model and we are open and transparent to all customers. If any problem occurs we talk about - sometimes we are right - sometimes the customer is right.
We will no more argument against customers who spread their poison without a concrete case into every direction - and experienced traders here should not downfall on such unfair attacks.
We thank you for your patience and if there is anymore question please sent it to
support@fxcast.com. We will be glad to answer you - most times within some hours.
Your FXcast Team.