Crown Forex - Don't believe the 1 pip spread lure

[4XerciZor]

Been trading on Crown Forex for some time now, and sure enough, discovered that the old adage "if if it too good to be true, it probably isn't" holds true once again.

The Lure: One pip spreads on all 7 majors

The Bait: Demo trading with near perfect execution ('made' 125k just messing around on demo one session, when the price was bouncing about 15 pips either way.. and trading 100 lot orders)

The Hook: Far from instant execution.. and even the worst requote system I have seen in my limited broker experience (4 different ones).

The Reel: Even during relatively 'slow' markets, my RFQ (request for quote) would take upwards of 10 to 15 SECONDS before execution. Mind you, this is when the price wasn't moving AT ALL. No, the dealers would sometimes just wait to see if it moved against my request, and fill... or, in my direction, and requote!! Did you hear that? Wait FIFTEEN seconds when the price was stagnant to see which way it would move. If it moved FOR me, requote. If against, instant fill (before I could cancel... which they wouldn't always allow anyway, in keeping with the above scam)

The Net: Even if at times I would accept the requote, if the market was still moving IN THE DIRECTION I anticipated, I would get subsequent requotes... and again, each time it could literally take 5 or more seconds to 'see' if the market was continuing in my direction. For those of you not understanding the implications, allow me to boil it down. The supposed ONE pip spread in effect at times became 7, 8, 10 or MORE pips!!

In the Boat: I even have a screen shot of a requote where they are offering a price TWO pips above even the current market price. Wow, how gullible do those dealers think I am?

Flopping on the bottom of the boat, gasping for air: This may be a naive revelation... many may already suspect or know this to be fact. No matter. My conclusion of this all leads me to believe this: Crown Forex, and I am sure many others out there, are not dealing off your position. Meaning, when you buy, they aren't selling at the same time. And vice versa. No, since 80 to 90% or more of forex traders quit, go bust, or give a substantial amount of money to the market, I am convinced that the dealers are taking the other side of your position, assuming you don't know what you are doing and won't last long any way. Does any one else here see a conflict of interest? Seems to me, your dealer should be on your side, trying to keep you in the game, because in theory they SHOULD be making their money on the spread, high volume, and obviously longtime customers. In fact, I am convinced, that is not the case. They are not on our side, "working" for us so to speak (remember, spot Forex dealing is very competitive, so let's not forget who the CUSTOMER is!); in fact, quite the opposite.

Our only retaliation? Hurt their business by informing the community of forex traders, thereby reducing the lure of "one pip spread" to the scam that it is. You are better off finding yourself a dealer with quick fills of 2 to 3 pips, than to open an account with Crown Forex, as their spreads effectively are much, much larger than this.

If anyone is curious, I do know of a dealer who is WYCIWYG (What you Click is What you Get). I am just starting to trade with their platform.... so, my lesson learned from all of this is to make sure the advertisement is in keeping with reality before you make any recommendations.

Ok, so help me "pay back" the dishonest dealing practice of Crown Forex by spreading the word on every forum you frequent. I know I plan to.

4XerciZor

[saad]

hi thanks for the invitation but i was trying to get through to crown forex co

[kdeiri]

Dear Saad:
I am new to forex and I am doing well with Migfrx.ch demo platform but I am scared to open a real account because I don't trust the borkers.
Could you be so kind as to help me to chose an honest broker.
I prefer the eurozon brokers espesially the swiss ones because I think they are monitored closly by their governement.
Thank you very much.
K D

[kdeiri]

This is Khaled again
SORRY my reply is directed to 4XerciZor not to Saar who is a freshman like me

[4XerciZor]

Hi Khaled,

the best resource I know of to answer the question you asked is forexpeacearmy.com. When you go there, click on reviews, and you will be able to read user reviews of dealers, software, signals, managed accounts, everything related to the forex industry. This is a must have resource if you don't want to be scammed out of your money. The one thing I have learned for sure over the last three years of forex trading is this: it can be learned for ZERO money... meaning you can get books at the library, training online, great trading software AND signal for free... everything that is needed in the journey of becoming a professional trader... at absolutely no cost. Maybe I should write an eBook...

Keith

[kdeiri]

Dear Keith:
It was jolly good of you to respond
I wil
Thank you very much
KD

[suspect]

Forexpeacearmy.com = SCAM

[betterworld]

i never try crownforex before, but it quiet complicated to open account, because you have to send document directly using post mail.
Btw, i dont know about the spread, is it fixed or not

[scorpion]

Open via post mail? Is that true? That would be time consuming for international account holders.

[betterworld]

Originally Posted by scorpion

Open via post mail? Is that true? That would be time consuming for international account holders.

Yes, its true, they dont accept any scanned document. They only accept original document. Consuming time and consuming money specially if you far distance from swiss, since the document must be delivered with DHL or FEDEX.