FOREX CURRENCY SCAM CASE

I applied for an account with RCG and was denied based on my personal credit score. I was in no way asking for credit to be extended and see absolutely no reason for them to check my credit. I received the following statement from them

"Section 18 of the Currency Foreign Exchange Customer Agreement that you signed allows for us to review credit history. As stated previously, we run a credit check as part of our review to determine suitability to trade futures, options, and forex. Additionally, we run the check so that your identity can be verified in accordance with the USA Patriot Act."

Credit inquiries affect my score....so when I am not even ASKING for credit to be extended, just arbitrarily accessing my information for their convenience serves no legitimate purpose.

I can't comment on their trade execution as I didn't even get that far.

So if you are comfortable with them running your credit for absolutely no reason, go ahead and sign up with them.

FOREX CURRENCY SCAM CASE

STAY AWAY FROM THIS BROKER LIKE A PLAGUE!!!!


RUN AS FAST AS YOU CAN!!!!!

1) There DEMO is quite different from their LIVE trading platform albeit that their Sales Rep will tell you otherwise: their DEMO will close your trade immediately, it will allow you to put stop-loss and target profit, and it NEVER, EVER once did a re-quote. Well, that is NOT the case with their LIVE platform. It was re-quote from HELL, and it was to the point that I lost 50 pips trying to close my trade unsuccessfully, if I might add. I could not get out of the trade with positive pips gain! SIMPLY PUT: TRADE VIEW IS UNRELIABLE Trading platform.

2) As soon as I started trading live major screw ups took place with their server, hardware, or software. They didn’t know the problem; therefore I cannot say either. They freaking didn't know, period!

3) During my live trade, I had moved my stop-loss to break-even to protect my trade in anticipation of the news from London since I only trade only Pound/Yen. Well, the priced spiked triggering my stop-loss, but it closed me out for 44 pips loss. I called to see if they would reimburse my account, but the Sales Rep basically told me that it wasn’t going to happen, and he proceeded to give me a lesson on how trades are performed on the trading floor. What the hell does that have to do with Currency Trading that is electronically run, which doesn’t involve a trading floor? So, I was robbed of my money! At the same time, a friend of mine who trades with FXCM also experienced the same spike. But the BIG difference is that his broker and account was NEVER charged. THAT IS WHY IT’S CALLED a BREAK EVEN trade and the SOLE purpose of STOP-LOSS!!!!!

4) I really don’t care what the other clients of TRADE VIEW have to say, but my experience alone should tell you to be fully aware of this broker. They say they’re an STP (straight through process), but I am having serious doubts about that, too.

5) Prior to deciding on a broker, I queried the Sales Rep as what bank (s) they are using for Interbank, but I was told that they cannot divulge that information- -- this should have been a RED-FLAG because brokers’ such as Interbank FX list their banks on their website. So, why the COVERT Operation?

6) My point is all brokers and system have some type of inadequacy; no system is 100% full-proof, but when the system (MT4) fails to do what it is suppose to do such as stop-loss, and the broker don’t want to reimburse their clients account, to me is just plain thievery!

Does anyone out there have a broker that they’re currently trading with who are NOT Thieves? Please advise….thanks…

2008-05-27 Update A REBUTTAL to trade view Team, New York, NY and Chris from New York!

I will reply to both in kind: First is to TradeView team!

“At Trade view we always go to great lengths to be honest and fair in our dealings with clients. Given the volatile nature of this market, we expect there to be occasional trade disputes.”

“We work very hard to provide the best trading environment possible, and we will always do our best to reach an honest and amicable agreement. We’re always here to answer questions or help in any way, so please don’t hesitate to get in touch with us.”

Well said and believable. Based on the above statement, why then wasn’t my account reimbursed when I asked for it with solid proof provided in the form of account trade summary that clearly identified my dispute; my price entry and stop-loss, which I had diligently set after the price, moved in my favor by 20 plus pips in profit. The reason for the stop-loss is for money management and to protect my trading asset, which by the way is recommended by all gurus and professional traders; plain and simple, and I was fully aware that the news from London was schedule to come out at 1:30 AM (EST); hence, the stop-loss! The fact that my stop-loss was triggered is not the issue here, but 44 pips unfairly charged to my account was/is. Instead of resolving the issue with the “powers to be” I was counseled on the technicalities of floor trading. Huh? Correct me, but currency trading has no-floor or any entity resembling a floor like the NYSE or Chicago Mercantile, but rather through an electronic interbanking. So, why the mumbo, jumbo lecture?

As I’ve noted in my original review, my friend who trades with FXCM and specifically with Pound/Yen, also had his stop-loss triggered at break-even, but, unlike me, his account wasn’t charged at all. That is defeating the sole purpose of placing a stop-loss, doesn’t it? FXCM should be highly commended! They truly grasp the idea of customer satisfaction and keeping the clienteles’ in their books. A representative of FXCM told me that “it is in their best interest to have satisfied customers; it’s how there company stays in business, grow, and how they earn their salary.” Now, there’s a great concept for all, isn’t it?

I understand that losing is part of trading and I can accept losses of my own doing; I have no problem with that. But, in this case, and when the system fails or the broker refuses to do the right thing, then I call that e-thievery. It’s in TradeView’s or in its "powers to be" best interest to resolve this simple issue, which at the time could have been done, and I would’ve have remain its clientele.’ You stated “you work hard….honest and amicable…..” Prove it and do the RIGHT thing? Simply refund my money. It’s about integrity, good business dealings, and compassion. I trust those words still exist in all of us.

Now, let me reply to Chris or whoever you are from New York!

I’m also deeply compelled to respond to you, Chris, because you’re a RUDE person; a none-trading savant who thinks knows me or how I trade. Reading your comment proved that you absolutely don’t know any thing about me, yet you strongly criticize that of which you are blind or know nothing about!

First and foremost: I am fully aware and do understand the currency market completely, and it’s not a get-rich quick nor do I want to make billions percent in one day! To even have that notion of thinking would be so idiotic. Like stocks or futures market, it is all a form of legalize gambling, albeit, an educated one! So, where in my original comment did you get this indication, which lead you to such callous and thoughtless statement?

“Trading is not a video game or a get rich quick scheme, like you seem to think it is. It is a skill learned over many years, requiring significant diligence, research and perseverance.”

Wow! If you read my comment with clarity, brevity, and accuracy; Chris, you wouldn’t be so foolish with your left field comments. You proved that you don’t have the capacity to decipher alphabets’ into words, words into sentence, sentence into paragraph. Where did I say or think that I can relate trading to video games? You are a work of art, Chris. I just don’t know what kind of art. Oh, I know, but this site forbids me from personal attacks - - so I won’t stoop down to your level.

Furthermore, let me just say that I hope you’re not a POSER—meaning that you’re not associated with TradeView in any way, shape, or form pretending as a voyeur who happens to just love reading FOREX forums, as you’ve stated--that would simply make you just a nasty and bitter employee who hides behind your mask. May I suggest getting a life, Chris, perhaps read Cosmos or Better Home Living?

“If you have visions of grandeur to make several hundred percent a month over leveraging your account trading GBP/JPY, one of the most volatile trading instruments available to retail clients, your chances are better playing roulette in Las Vegas.”

Yes, you’re right, playing roulette would be better. At least, Las Vegas Casinos would do the honorable and the right thing because they understand the value and worth of its customer or clientele base. You understand, Chris, people are the life-blood of corporate America and Vegas Casinos fully understand this concept down to the very essence of that word. They make billions and would rather make atone for customer satisfaction than to have one unhappy customer; it simply makes sense to have them continue to gamble at their casino than for them to go elsewhere. I guess, that’s the BIG difference between some brokers’ and Las Vegas casinos- - they understand the power of customer value.

Just for your info, what I trade and how I trade is none-of your business! I’ll let you in a secret, Chris, and I hope you’ll come out of this with a crystal clear understanding exactly how I trade.

While books, gurus, and professional traders recommend trading 2-5% of their investment account, I trade with 1% ONLY on 1:100 ratios, and with stop-loss- - period! I will always trade 1% regardless of the size of my account. That is called money management and NOT gambling! So, overleveraging doesn’t even come into effect in my trading plan. Now you’ve just been informed of my trading style and strategy in the simplest form. As, I’ve indicated before, you knew nothing about me.

Furthermore and for your information only, again, I love trading the Pound/Yen for its volatility- - plain and simple. I’m sure that there are thousands of traders who trade this currency pair, as well, for whatever reason. Since you’re an avid reader of this forum, I will presume that you probably don’t have a clue what volatility entails in currency trading because you just read this forum for your entertainment. Volatility is what makes the Pound/Yen a great trading vehicle, and that same volatility can also be the demise for traders. That’s where patience, discipline, technical analysis, tools, fundamentals’ becomes the traders’ greatest tools, and most importantly, the application of trading psychology must be adhere to, indubitably, to have success in this business. It is a business and NOT a video game. That said, now you know!

Chris, since you’re not a trader and you have no money invested anywhere in the currency market, why are you so judgmental and quick to name calling? Does that somehow justify you? In addition, you don’t have any clue what even took place or how I traded that led me to write my original review, albeit, it wasn’t what TradeView Forex would have liked to see. But, nonetheless, it was the TRUTH! So for your reply to even have validity, you have to know what the fact is and since you’re NOT privy to that information, do the time-out and JUST COLOR, Chris.

And this! “As for your complaint about not disclosing which banks they pass their risk onto, frankly, it’s none of your damn business. Even if they passed risk onto UBS or Goldman, good luck calling up those desks and getting a quote. There’s a reason retail brokers exist. It’s because you CANNOT play with the big boys who have dominated this game for decades with a few thousand bucks in your account.”

You’re right, there’s reason why retail brokers exist and some have gone to prison, as well. But, if playing with the BIG boys have to do with dishonesty, then you’re right, I am certainly out of their league just because I’m an honorable person and I will never succumb to lying, cheating, and stealing legally from retail consumers. Again, where in my original comment did you require the need to lecture me and I’m wondering where you’re getting this information from? Chris, I may not be financially well-off like you, but I make my money the OLD fashion way- - I EARN it. When it comes to my money, it is my business NOT yours! Where I put my hard earned money is of great concern to me, period, and you don’t even exist where my money is concerned. If, I query potential brokers, it’s because I have that right to ask should I decide to open an account with them; you can compare it to shopping for cars; test drive it before paying and owning it! Sure, they have the right NOT to disclose their Interbank, but honest brokers shouldn’t mind or be covert about it. Interbanking FX has it on their website! You can even read the articles posted on their website. You should read it, Chris, and become informed.

Lastly, “Brokers are not out to “get” their customers, but at the same time, like any for-profit entity, they are NOT running a charity.”

This statement made me realize that you may possibly be an employee of TradeView! Yeah! Which department do you deal in, M.M., I wonder? Perhaps -- sales?

The FPA forums are for reviews; bad or good, and should not be intended for Chris’s entertainment. What I wrote was based on fact and truth! You don’t have to like what I wrote and that’s acceptable. But, attacking my integrity and be asinine about it without knowing the facts first, shows malice on your part. Chris, don’t be a hater! You simply and NEVER will be in the need-to-know basis.

Lastly, as a veteran of the U.S. military, I know what duty, country, honor, and courage, commitment is all about. I wear it and live it everyday. And, yes, I agree with Chris, I absolutely cannot compete with the BIG dogs; I cannot afford it, nor do I choose to. I earned ever penny from what little pay and entitlements that the military provides. But, I have no complaints! My one and only goal is to make an honest living by trading, if that’s possible- - nothing less and nothing more. I don't want pity or favor, or preferences. I just want people or brokers to be honest and do the RIGHT thing. For those of you who resort or are compelled to name calling for whatever reason, do me a favor, please save it; save your energy. I responded to the comments because the truth needed to be told. And, if this review is helpful to some, then its justice served. Otherwise, disregard it. It’s my past experienced that I passed along to the masses.

One last thing, I ask FPA to, please, censure future comments that are irrelevant to any issue that resort nothing short of a "witch hunt." This is a respectable site, which provides a wealth of information in regards to brokers and currency market. Thank you….