Friday, June 20, 2008

Scamming Forex Brokers

Terrorists On Wall Street
There is a great deal of fraud in the Forex market, so it would wise for the new forex investor to check out the broker thoroughly. Other good ways of checking a broker is by talking to other Forex traders through the many forums dedicated to foreign exchange.
Otherwise, it would be difficult to check the background of the broker, and little one can do if the broker turns out to be less than honest .The funds of most Forex brokers are not guaranteed, nor are they segregated from the funds of the firm. If the firm goes bankrupt, you will probably be just a general creditor, and may not get all, or any, of your money back. No government organization guarantees the funds, unlike the funds in a bank account or a stock brokerage account.
Don’t Trust who make reviews for brokers because most of them take money from scam brokers to add them as stars
Example: ForexBastards, forexpeacearmy, forexdiamond
Felix Homogratus or Dmitri Chavkerov is the owner of Felix peace Army who send many threats to brokers & many other provocations to make them pay money for avoiding fake scams to be made by him.
He is doing that & attracting traders by sending signals to them
All The signals are wrong 100% to make them lose their money with brokers to find more complaints about brokers & the game is begin So fare a battle between Felix & brokers.
Felix owns many fake brokerage firms; Felix was in the jail for more than 7 years
FBI investigated with him & all his capital was reserved
He made a fake marriage contract
He is not American Citizen
Many & many & more if you searched for Forex scams if you need to gather more information about how they do business, are they readily available to answer questions, or resolve complaints.

You can do this by reading what they have on their website, and by calling them on the telephone to see how quickly and how well they respond, or getting advice from the many chat rooms about Forex, including those provided by the broker. Although almost all Forex trading is done over the Internet nowadays, sometimes Internet connections don’t work, or the company’s trading platform isn’t working the way it should or the way you think it should, so it is very important that they also provide telephone service.
The most important criteria in selecting a Forex broker after assuring your self that they are reputable brokers is the trading platform, the currency pairs offered, and the spread, the difference between the bid/ask prices, which is how the Forex broker is compensated, and the best way to judge these criteria is to open practice accounts with several brokers, which most offer, and trade for about a month in each account. Practice accounts allow you to trade Forex using live market data and using the company’s software, but without using actual money. You must remember that when you place an order with the broker, your order cannot be seen by anyone else other than your broker—not even other brokers. All of your transactions are with the broker—not other traders; the broker develops the trading software, or, at least customizes it, you can be restricted from doing certain things that you might be accustomed to doing with stocks, for instance.
A good way to compare actual trading is to open real mini-accounts with several brokers. Because mini-accounts require very small deposits to open, most people should have no problem opening several accounts to see what their actual profits and losses are, broker fees, and responsiveness. This also helps if one of the brokers goes bankrupt. At least you won’t lose all of your money because you placed it with one broker. Despite many brokers claims to the contrary, trading foreign exchange successfully is not an easy thing to do. Forex trading is at best a risky business and at worst, a scammer’s dreams come true. As a general rule, it is best to avoid any companies claiming that Forex trading is easy, guarantees results or encourages you to make small deposits and use high leverages. Regardless of how well educated you are, investing a small sum in FX trading is likely to end in losses.
Some recent scammers who have been caught include: Lake Shore Asset Management, Forexbastards, ForexPeaceArmy, Felix Homogratus, Lake Dow and Ty Edwards, Ben Ouyang, Rashid Ghafoor, Adam, Tahir, Emerald Worldwide Holdings, Foreign Fund (First Bank), Equity Financial, Shasta, or Tech Traders,IBS/IMC, Kevin J. Steele Nawab Ali Khan Ali,Sun Platinum Worldwide Commodity orporation Graystone Browne Financial,Sterling Trading Group, Inc,STG Global Trading or QIX, Inc.A broker must be registered and reputable since there are innumerable scams involving Forex investment.

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