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What is the attraction with this boutique brokers? I just don't understand it. There are only a few brokers I would even consider making a deposit, and all of them are in the US and regulated with a large cash reserve. If I feel uncertain, I would just go to futures account and port everything to another platform. Why doesn't anyone realize that small/niche/boutique/startups are not good in the brokerage business? I want an established, well funded, been around forever type of brokerage.
Yes, the problem is that this forum has become a heaven for scammers.
They have seen how other people like Steinitz or Aleccoh succeeded to scam the forum members and then they just try to do the same thing as they know that nobody will stop them doing it.
Goto the FxOpen thread, the same thing is going on there. You cant tell them that its a scam wating to happen. It like their in love and blind to the reality or something.
FXOpen got busted for being a scam several months ago over at FF.
You couldn't even pin down who they were or where they were.
Some good investigators found just what you said - they were scattered all over the damn place - like a virtual broker.
Yes, the problem is that this forum has become a heaven for scammers.
They have seen how other people like Steinitz or Aleccoh succeeded to scam the forum members and then they just try to do the same thing as they know that nobody will stop them doing it.
Forum has always been place for scammers, but knuckleheads still give their money away, you would have to be as thick to give soemone on here your hard cash promising riches. to an account in Lebanon..sure, why not..ha ha ..
Forum has always been place for scammers, but knuckleheads still give their money away, you would have to be as thick to give soemone on here your hard cash promising riches. to an account in Lebanon..sure, why not..ha ha ..
Yes of course individuals are responsible at the end and I agree that sending money to an individual in Lebanon is definitely not safe, but that is an extreme case. Steinitz is based in US for instance.
But as Brent Mack noticed you will not see that in FF. There such kind of thread will be stopped and people more protected. Here it is more a "let's see how the scam develop" policy.
Goto the FxOpen thread, the same thing is going on there. You cant tell them that its a scam wating to happen. It like their in love and blind to the reality or something.
In FxOpens case you cant get ANY information about who there are. not even were there are located. The people there tell you to bug out. As they say If You dont have an account with them you dont know anything. Well thats another case of a broker that going under a half dozen names and will disappear with everones money. In the end they will still defend them too. Dumb as a stump, some people just have to believe that theres good under every rock.
May be we should start a brokerage office, I have a small area in my basement that I can move the junk out. Only need a phone, fax, and a bank wire account. There dont have to be in the same area, either. as FxOpen has the phone and fax machine 1800 miles apart and their wire bank is on the other side of the world. Talk about a global outfit.
Keit
I hear you. Plus, they way they keep the TSD thead alive with the most inane of posts in the hope of snaring unwary newbies is a real red-flag imo.
You guys seem to imply that outside of US borders, chaos rules - not the case! There have been far more scams perpetrated on your side of the water, than over here. Hell, the whole of the housing crisis over there is the result of downright corruption and mis-management, so setting the US of A up as an example of the way things should be done, is not the way to go! Another example involves the short-selling scam that was 'outed' by Bloomberg a few years ago, but was completely ignored by the SEC. As for the NFA, they are about as self-serving an organisation as you can get - they always arrive late on the scene, from the trades point of view, but right on time to hand out another round of fines...
If there was a genuine interest on the NFA's part to clear up this mess, you would see brokers banned from using software like Metatrader for a start, at least until Metaquotes removed all the 'steal-your-money' features from it. The reality is that the NFA waits for the scams to be perpetrated, then collects another round of fines. Self-serving...
I have already and many times interpelled the administrators about this shame, but they do not want to do anything...
Yep I agree. Though I prefer the 'laid-back' approach ND takes, compared to the manic-Merlin@FF approach, that is, FF is far more proactive when it comes to dealing with obvious scams...
You guys seem to imply that outside of US borders, chaos rules - not the case! There have been far more scams perpetrated on your side of the water, than over here. Hell, the whole of the housing crisis over there is the result of downright corruption and mis-management, so setting the US of A up as an example of the way things should be done, is not the way to go! Another example involves the short-selling scam that was 'outed' by Bloomberg a few years ago, but was completely ignored by the SEC. As for the NFA, they are about as self-serving an organisation as you can get - they always arrive late on the scene, from the trades point of view, but right on time to hand out another round of fines...
If there was a genuine interest on the NFA's part to clear up this mess, you would see brokers banned from using software like Metatrader for a start, at least until Metaquotes removed all the 'steal-your-money' features from it. The reality is that the NFA waits for the scams to be perpetrated, then collects another round of fines. Self-serving...
I would not send the money outside of US still. I want somewhere I can fly to overnight if there are problems, and get the authorities and lawyers involved that speak my language as well. I can see their operation and walk into their office to see how many staff and the quality of the people. If I lived in Europe, I would probably sent the money to an European broker. It's about proximity for me as well as security. Lebanon, Israel, and any middle eastern country....ummm no way...even if they were legit, the country itself is already too dangerous to trust...basically any unstable country is not somewhere I want my money at, you never know when their government is just going to freeze everything depending who's in power.
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