View Poll Results: Is Forex.com Okay?
- Voters
- 48. You may not vote on this poll
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Yes
31 64.58% -
No
6 12.50% -
Indifferent
11 22.92%
Results 1 to 20 of 92
Thread: What's so bad about Forex.com?
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12-07-2007, 10:40 #1
What's so bad about Forex.com?
Once and for all, what's so bad about Forex.com ??? I was on a certain "other" Forex site with reviews, and there were about a hundred reviews on Forex.com, about 7 of them gave Forex.com 5 out of 5 stars, their explanations were heartfelt and sincere. The other reviews that said SCAM, usually came with explanations that gave me the impression well, these people are just bitter they made bad trades and lost their money. But what about the rest of these issues that other reviewers brought up such as:
- no end of problems with stopouts
- large out of nowhere spikes
- news constantly arriving late
- graphs freezing right before big announcements
- Manual rate execution is awful
- They will almost always pocket 1 or 2 pips before trading against you.
- Everytime you excute an order they hedge you.
- they use thier massive bank credits and connections to pile one against thier "clients" trade and clean you out.
- They pick your stops and buffer your profit targets.
- It seems about 30% of the time it will take a dive on you.
- They pocket your interest payments yet debit your account on the reverse.
- Wide Spreads
- Subscribe with Forex.com 2 weeks ago.
- The more you place an order the more you will loose your money!!!
- they have been telemarketing me every
- tremendous leverage on mini accounts
- the charts don't correlate very will with the current bid/ask
- stop orders, they would not get filled even though it appeared that the market had touched that price
- they lie about the new pip spreads
- they are taking back a pip when I exit a profitable trade
- I dont get the price that I click on to exit the trade but I get one pip less
- NFA's disciplinary case against them in early 2007 for compliance violations
- disabled my account
- they have a dealing desk...playing AGINST you!
- changed a telephone fill/quote in their favor
- Gain Capital of New Jersey and New York City, and Forex.com are one and the same shyster outfit.
- SEEMS LIKE THEY ARE WORKING A SKIM OVER THERE.
- It is my impression that there is someone on the other side of the trade with access to my stops that deliberately hunt stops on both sides of a potential move to the tune of 10 or 15 pips before the move goes
- SOS stop hunting, market gos out of its way to margin me out then resumes its original directon
- Forex.com practices stop hunting
- Customer service is a joke
- they have more excuses then answers for your questions.
- i lost 900 us dollar out of my 1000...i think its the fault of both me and forex.com
- The platform is a disgrace.
- The price in one chart. would vary as much as 5 pips from the other chart and or deal window.
- You might as well put your hard earned money on the barbeque outside!
- their prices really are higher than the others
- they use the lowest price they can find to trigger stops
- sometimes the spreads are volatie and huge
- charged a 15 pip Rollover
- designed to fleece you when you do go live
- geared toward getting amateurs to fund accounts they are not ready for
- real professional crooks
- their pip spread appears to be one of the widest out there
- sen withdrawl money to an old closed account
- spreads are horrible, platform is garbage
- closed my position even though I had not reached my stop loss point
- Charts are slow.
- they might automaticlly open positions in your account
- Frequent slippage, dropped connections
- fractional pip platform
- Customer service reps are sometimes hard to understand.
- Just when you want to quickly enter/exit an order, have to relogin.
- frequently have my stops taken out but not by prices I see in eSignal's charts.
- made dissapear my positions and money aviable
- robbed me more than 500$ betwen money invested and profits earned
- By far forex.com is the worst broker
- you cannot really make good technical analysis
- You cannot trade with microlots
- twice they hit my stoploss and the market did not even reached the price, I had to call them to get my money back
- system is setup to rob, steal, pick your pocket...
- Beware of placing or losing positions, make a written note of the time and value.
- not a broker who allows you to trade with the news
- they freeze all new trades for some seconds before and after the news during important releases
- compare between 2 brokers that hey have always have a higher price then the other
- Feel the crushing blows of swaps every day
- Trade during the news and never be able to enter the market
- their platform...really is dull
- delays in withdrawals from the account
- Charting software has gone down several times in the past 3 months.
- The software is a bit slow in updating your account information.
- stuck with a minimum 10 pip trailing stop/loss...you cannot make it smaller!
- often reject your attempt to close an open order
- was 'locked' into a trade and unable to get out
- Big slippage on a pre-set entry, profit target and stop loss.
- one of the biggest scams in forex trading
- Unfilled orders, liquidating your position when you are winning!
- cannot exit a trade when the market moves against you
- no execution of orders when the market goes in your direction
- stoploss hunting big time
- when winning, they start manipulating the price to force you to liquidate
Now, I don't agree with what these people have said, I'm of the opinion most of these might be fake reviews. I would like to hear some real people give their opinion about Forex.com before I put money into them. Can anyone dispel any of those bad comments above?
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12-08-2007, 00:15 #2
- Join Date
- Nov 2007
- Location
- Washington Heights, NEW YORK!
- Posts
- 81
- Rep Power
- 16
I use them too. Listen, I'm sure problems will occur with any broker, that doesn't mean they're out to get you. DId you get this from Forex Bastards' website of "reviews" ... ha ... that site needs reviews of the reviews, watch this video
Also keep in mind they might have had some sort of deal with Forex.com's competitors. My guess is the broker that gets the most reviews and has 5 stars is the one who's in bed with them.
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12-08-2007, 12:06 #3
I'd like to add that this is sort of important for Forex.com, because if you Google "Forex.com SCAM" the page Buy High got these from is very high in the results... and since the negative comments far outweigh the positive ones, this might be affecting their business (good or bad).
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12-09-2007, 00:01 #4
- Join Date
- Nov 2007
- Posts
- 111
- Rep Power
- 16
someone should edit this poll and add INDIFFERENT as an option, simply because I had a practice account with them with $50,000 in it, and overnight I made $20,000, and was so excited I had to try it with real money, and I lost all of that money... but I think that was completely my fault, I just didnt have an understanding of the market AND how much easier it is to trade with $50,000 AND tighter spreads AND more leverage, something you cant get with an account that's less than 10k
so my experience with Forex.com was officially a wash, not good, not bad. does that help?
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12-09-2007, 03:34 #5
The part about the live trading desk can actually work against you. That's why brokers like FXCM are just a wiser choice.
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12-09-2007, 07:35 #6
don't listen to the bad reviews, total rubbish, i use forex.com for long time, no problemhere
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12-10-2007, 07:34 #7
That's true. As a result of higher spreads, you'll be forced to trade only the majors in an attempt to maximize profitability. Not to mention, swing trading is out, you'll need to enter into longer trades.
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12-13-2007, 15:11 #8
- Join Date
- Nov 2007
- Location
- Ramsthull Germany
- Posts
- 45
- Rep Power
- 0
I made close to $30,000 in one night with their demo account. Opened up a real accont and lost $1000.
was it my fault? whose to say
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01-02-2008, 16:53 #9
I've used Forex.com without incident, made extra money, but switched to a broker with lower spreads. But they never screwed me, I'm sure of it.
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01-08-2008, 19:13 #10
Made $500 in 2 days @ Forex.com this week, no stop loss hunting, no frozen platform, just straight pip earning. Believe it or not, Forex.com's platform was quoting GBP/USD faster than e-signal which I had running on a nearby machine. So, I honestly haven't gotten "screwed" by Forex.com ever, or as of yet
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01-08-2008, 23:34 #11
i never had a problem with Forex.com, they must have a lot of customers, don't expect one on one attention all the time, but I never found it necessary whatsoever
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01-09-2008, 03:13 #12
oh man, i wouldn't trust a single thing on Forex Peace Army, all those reviews are a response to the overwhelming publicity Forex.com gets (not to mention the ultimate .com), leaving you with no other option (psycologically) other than to pick brokers they probably have side deals with, like Oanda (allegedly).
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01-10-2008, 03:59 #13
Forex.com (GAIN) has analysts on Bloomberg, commercials on respected businsess stations, tens of millions of dollars in equity... they must be a huge scam... (sense my sarcasm). Now, I'm not saying appearing on TV disqualifies you from fraudulence, but in the business world, why would the worst broker expose themselves time and time again? I never see any other broker Forex Peace Army has 5 stars for on TV, or their in house experts giving opinions to millions around the world... but I don't want to turn this into a pissing contest, I don't care either way what people do with their money no matter how much it pains me to see Forex in general get a bad wrap.
It may be profitable for some schemers out there to get you to deposit your hard earned cash in a brokerage that is designed to make you lose all of it, and your gains are wiped out. The reviews on Felix's website make you believe Forex.com is one of them. Sure they have a dealing desk, but that doesn't mean there's a team of people sitting there making the market go against you personally. But, conversely, wouldn't it be more profitable for a broker to faciliate an environment in which your traders keep earning more and more money, trade more lots, and in turn, increase the profit you the broker see? What's more profitable, scamming someone out of $1000 one time (opening yourself up to legal problems), or legally scraping off 3 pips on every trade they make for a year or two, especially if these people scalp and make 10 trades every day, whether they win or lose you still make $30-50 per day (at least) off of that one person.
"I came to make pips and chew bubble gum...damn, I'm all out of gum..."
-DickP, 2011
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01-12-2008, 04:02 #14
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01-18-2008, 08:22 #15
In their own words:
FOREX.com is a division of GAIN Capital Group, one of the most respected online forex trading firms in the industry. The company's flagship service, GAIN Capital, is used by institutional investors, professional money managers and experienced day traders from over 140 countries. GAIN Capital Group is pleased to offer individual investors access to its award-winning trading platform and professional-level services via FOREX.com.
FOREX.com is a registered Futures Commission Merchant and a member of the National Futures Association. As an FCM, FOREX.com is regulated by the Commodity Futures Trading Commission (CFTC), must uphold the highest standards and business practices and is subject to strict financial requirements and reporting. Interested parties can visit the NFA web site at any time to review FOREX.com's record as an NFA member in good standing.
"I came to make pips and chew bubble gum...damn, I'm all out of gum..."
-DickP, 2011
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01-18-2008, 08:23 #16
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01-18-2008, 22:15 #17
i use forex.com right now, i am losing pips here and there, but i think it's because of me
Trade the Super Forex System for huge results
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02-06-2008, 11:52 #18
part 1
I'd like to point out how this website's comments all are talking to the visitor as if they're telling YOU what to do and what will happen like, THEY WILL STOP YOU OUT, or THEY TRADE AGAINST YOU ... as if the same person is writing over and over again, real people tend to overwhelmingly talk in the first person after trying out things themselves... almost every comment on Forex Bastards has YOU in it... anything in red after the comment tries to rebuke what is said or confirms it with text in green...
1. no end of problems with stopouts SUBJECTIVE
2. large out of nowhere spikes PROOF THE MARKET DIDNT GO AGAINST YOU?
3. news constantly arriving late SUBJECTIVE
4. graphs freezing right before big announcements SLOW COMPUTER?
5. Manual rate execution is awful POINT AND SHOOT INSTANT TRADES
6. They will almost always pocket 1 or 2 pips before trading against you. UNFOUNDED ACCUSATION
7. Everytime you excute an order they hedge you. UNFOUNDED ACCUSATION
8. they use thier massive bank credits and connections to pile one against thier "clients" trade and clean you out. UNFOUNDED ACCUSATION
9. They pick your stops and buffer your profit targets. UNFOUNDED ACCUSATION
10. It seems about 30% of the time it will take a dive on you. NEVER HAPPENED TO ME
11. They pocket your interest payments yet debit your account on the reverse. I'VE GOTTEN INTEReST AND SWAP PAYMENTS
12. Wide Spreads I Agree
13. Subscribe with Forex.com 2 weeks ago.
14. The more you place an order the more you will loose your money!!! OPINION
15. they have been telemarketing me every day YEA, THEY FEEL OUT FIRST TIME CUSTOMERS, SO, THEY'RE ACTUALLY COURTESY CALLS
16. tremendous leverage on mini accounts 200:1 IS TREMENDOUS?
17. the charts don't correlate very will with the current bid/ask SIMPLY UNTRUE, I USE MT4 SIDE BY SIDE WITH FOREX.COM AND THE MOVEMENTS ARE ALWAYS TOGETHER
18. stop orders, they would not get filled even though it appeared that the market had touched that price MY STOPS ALWAYS FILLED
19. they lie about the new pip spreads UNFOUNDED ACCUSATION
20. they are taking back a pip when I exit a profitable trade THE 1 PIP LESS ACCUSTION #1
21. I dont get the price that I click on to exit the trade but I get one pip less THE 1 PIP LESS ACCUSTION #2
22. NFA's disciplinary case against them in early 2007 for compliance violations FOREX.COM IS ACTUALLY LAUDED TO BE ONE OF THE MOST REPUATBLE NAMES IN THE BUSINESS
23. disabled my account CARE TO ELABORATE?
24. they have a dealing desk...playing AGINST you! DEALING DESK YES, TRADING AGAINST YOU? HARD TO PROVE
25. changed a telephone fill/quote in their favor HAHAHA
26. Gain Capital of New Jersey and New York City, and Forex.com are one and the same shyster outfit. FELIX PUTTING IN A HOSTILE COMMENT FOR GOOD MEASURE
27. SEEMS LIKE THEY ARE WORKING A SKIM OVER THERE. AND IT SEEMS LIKE FREEMASONS RULE THE WORLD...
28. It is my impression that there is someone on the other side of the trade with access to my stops that deliberately hunt stops on both sides of a potential move to the tune of 10 or 15 pips before the move goes PROVE IT! TAKE SCREENSHOT RECORDINGS OF MT4 AND FOREX.COM THEN MAKE THESE ACCUSATIONS, UNTIL THEN, IT'S SAFE TO SAY YOU'RE MAD THE MARKET MOVED AGAINST YOU, DO YOU EXPECT IT TO ALWAYS GO IN ONE STRAIGHT DIRECTION? SOUNDS LIKE IT
29. SOS stop hunting, market gos out of its way to margin me out then resumes its original directon HOW LONG HAS THIS COMMENTER BEEN TRADING? UNFOUNDED ACCUSATION
30. Forex.com practices stop hunting OPINION
31. Customer service is a joke UNEDUCATED OPINION
32. they have more excuses then answers for your questions. BITTER OPINION
33. i lost 900 us dollar out of my 1000...i think its the fault of both me and forex.com YOU SUCK AS A TRADER, AND IT'S THEIR FAULT? BITTERNESS
34. The platform is a disgrace. OPINION BUT I AGREE
35. The price in one chart. would vary as much as 5 pips from the other chart and or deal window. FALSE, SEE FOR YOURSELF
36. You might as well put your hard earned money on the barbeque outside! FELIX ADDING A FUNNY HOSTILE COMMENTER
37. their prices really are higher than the others YOU MEAN SPREAD? USUALLY BY 1 OR 2 PIPS ABOVE ECN BROKERS, NOT BAD AT ALL FOR COMISSION FREE
38. they use the lowest price they can find to trigger stops UNFOUNDED, SHOW PROOF
39. sometimes the spreads are volatie and huge I'VE NEVER SEEN LARGER THAN 9 PIP SPREADS ON EXOTIC PAIRS, ANY TIME OF DAY
40. charged a 15 pip Rollover DON'T LEAVE OPEN POSITIONS THEN!
41. designed to fleece you when you do go live ALL DEMO ACCOUNTS ARE LIKE THAT, EVER USED MT4? OBVIOUSLY NOT
42. geared toward getting amateurs to fund accounts they are not ready for TOO OPINIONATED
43. real professional crooks OPINION
44. their pip spread appears to be one of the widest out there APPEARS TO BE DOESN'T MEAN IT IS, AND IN FACT, IT IS NOT
45. sen withdrawl money to an old closed account DID YOU UPDATE YOUR INFO? ARE THEY MIND READERS?
46. spreads are horrible, platform is garbage OPINION
47. closed my position even though I had not reached my stop loss point WHAT WAS YOUR MARGIN LEVEL? THE FACT THAT DIDN'T EVEN OCCUR TO YOU MEANS YOU NEED MORE FOREX EDUCATION
48. Charts are slow. SLOWER THAN MOST, BUT STILL TRADABLE
The superior person uses his mind like a mirror: it accepts all, it reflects all. It recieves, but it does not keep.
Chuang Tzu
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02-06-2008, 11:53 #19
Part 2
49. they might automaticlly open positions in your account THEY "MIGHT" WHAT? AND A METEOR MIGHT HIT THE EARTH LATER TODAY... AND O.J. MIGHT BE INNOCENT... AND FOREX PEACE ARMY MIGHT NOT BE A FRONT FOR 10=15 SEPERATE PROGRAMS THAT COST $300-$1000 EACH, GIVING YOU THE IMPRESSION THEY ARE PROFITABLE, WHEN THEY REALLY ARENT... THE WORLD IS FILLED WITH MIGHTS AND IFS... LEAVE THEM OUT OF REVIEWS.
50. Frequent slippage, dropped connections NEVER DROPPED A CONNECTION AFTER 2 YEARS OF TRADING, ONLY AFTER 8 HOURS OF INACTIVITY
51. fractional pip platform aND?
52. Customer service reps are sometimes hard to understand. HARDER THAN FOREX PEACE ARMY VIDEOS???
53. Just when you want to quickly enter/exit an order, have to relogin. TOTAL NONSENSE, NEVER EVER HAPPENED... TRY BUYING A NEW COMPUTER BEFORE TRADING REAL MONEY
54. frequently have my stops taken out but not by prices I see in eSignal's charts. PROOF? WHERE'S THE PROOF
55. made dissapear my positions and money aviable THEN TAKE SUIT, WHY ARE YOU ON FOREX BASTARDS COMPLAINING?
56. robbed me more than 500$ betwen money invested and profits earned ANOTHER ROBBERY VICTIM THAT CHOOSES TO TAKE THE BATTLE TO FOREX BASTARDS INSTEAD OF THE COURTS
57. By far forex.com is the worst broker BY FAR THE BIGGEST OPINION ET
58. you cannot really make good technical analysis YOUR OPINION
59. You cannot trade with microlots WELL, ARE YOU HERE TO TRADE PENNIES OR DOLLARS?
60. twice they hit my stoploss and the market did not even reached the price, I had to call them to get my money back HOW?
61. system is setup to rob, steal, pick your pocket... AND FOREXDIAMONDS IS NOT? JUST ANOTHER OPINION
62. Beware of placing or losing positions, make a written note of the time and value. SOUND ADVICE THAT MAKES YOU FEAR USING FOREX.COM
63. not a broker who allows you to trade with the news CORRECTION, NOT A BROKER THAT LIKES TO HAVE 1000'S OF TRADERS MAKE 1 TRADE A DAY ON NEWS SPIKES, FELIX'S CLAIM TO FAME
64. they freeze all new trades for some seconds before and after the news during important releases NEVER SEEN THAT
65. compare between 2 brokers that hey have always have a higher price then the other IT'S A LIE TO SAY THIS ABOUT FOREX.COM WHEN THERE ARE 150 BROKERS IN THE WORLD THAT IM SURE YOU HAVE NEVER STUDIED ONE BY ONE
66. Feel the crushing blows of swaps every day THE CRUSHING BLOWS OF SWAPS WHEN YOU HAVE OPEN LOSING POSITIONS, HOW IS ANY OTHER BROKER DIFFERENT?
67. Trade during the news and never be able to enter the market NEVER REALLY? EVER? ANOTHER OPINION
68. their platform...really is dull DULL? UNEDUCATED OPINION
69. delays in withdrawals from the account I HAVE MADE 3 WITHDRAWLS, NEVER WAITED MORE THAN 10 BUSINESS DAYS (AS PROMISED)
70. Charting software has gone down several times in the past 3 months. COULD BE JUST YOU... WHY WOULD YOU ONLY USE THEIR CHARTS ANYWAY?
71. The software is a bit slow in updating your account information. NOT TRUE, DEPOSITED FUNDS ARE INSTANTLY THERE
72. stuck with a minimum 10 pip trailing stop/loss...you cannot make it smaller! OK
73. often reject your attempt to close an open order ONLY IF PRICE CHANGES BEFORE YOU EXIT... AT THIS POINT, USE POINT AND SHOOT
74. was 'locked' into a trade and unable to get out SH*T HAPPENS IN FOREX BUDDY
76. one of the biggest scams in forex trading UNEDUCATED OPINION
77. Unfilled orders, liquidating your position when you are winning! PROOF? BEYOND THIS BANTER?
78. cannot exit a trade when the market moves against you SIMPLY UNTRUE, I'VE ALWAYS LIQUIDATED WHERE i WANT TO IF THE MARKET GOES AGAINST ME OR FOR ME
79. no execution of orders when the market goes in your direction
80. stoploss hunting big time
81. when winning, they start manipulating the price to force you to liquidate
Basically what Felix's comments are telling you up there are that Forex.com is a scam, Forex.com lets you into trades, if the trade goes in your way, you can not get out until it goes against you making it impossible to make money. Then he goes on to say that when the market goes against you, you can't exit the order either. Then he goes on to say they're always skimming an extra pip off the top of your profits...
Is anyone keeping track here? How can you get a pip skimmed off your winning trades when Forex.com never lets you win? How can you get a winning trade when you're locked out frmo ordering or your platform "shuts down" every time before you make an order?
Tell me why I withdrew $4000 last month without a hitch and 150 jaggoffs (or one big jaggoff making 150 comments) has so many problems with Forex.com? Could it have something to do with the fact they are your friends' main competitor in the Forex market that you pulled out all the stops (including being honest) to try and bring Forex.com down? I think so.
It sounds like he tried to trade the news with them, they frequently tried to do something adverse to his account, maybe increase his spread or leverage as a result.. and now he's bitter, allowing for 150+ negative comments about them without a single positive comment. I can believe people trust Forex Bastards, its a really nice site that looks like many people have given their reviews on Forex brokers and signal services, but when you look closely at the comments, its all opinions, hot air, and usually filled with contradictions... as i've pointed out above.
The superior person uses his mind like a mirror: it accepts all, it reflects all. It recieves, but it does not keep.
Chuang Tzu
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02-06-2008, 11:55 #20
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