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 How To Check Your Forex Broker Is Genuine Or Scam, Real FX Broker VS Scam FX Broker

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TSDrFX
post May 17 2017, 02:01 AM

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QUOTE(atjm88 @ May 16 2017, 11:51 AM)
Hi, as mentioned in first thread, FxPro is Legit, but when I open the account as Demo 1 as in the attached picture via Mobile Apps MT4, why I can't login the same account using MT4 platform from PC?
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Probably you should check with FxPro live support.
TSDrFX
post May 17 2017, 02:08 AM

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QUOTE(Mr.Weezy @ May 16 2017, 09:06 AM)
Ah just saw it , no.30

But may I know how is it a scam ?

I mean people invest few hundred thousands in it ,

Including some big shots with honorary title

Furthermore It has legit offices in china, Malaysia , indon and more

If it's a scam, this may be one of the most well-planned scam in Malaysia
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Hi Mr.Weezy,

You mean big shots like Dato or Datuk? So they make it sound legit? Something like Geneva? hmm.gif

What do you mean by legit offices? Just normal offices or hold financial licenses? That's make a lot different. Offices do not prove anything.

We believe it is under the same syndicate that used to run a few big underground FX companies like GVF, RCFX, KBFC, etc.

This post has been edited by DrFX: May 17 2017, 02:46 AM
TSDrFX
post May 26 2017, 02:02 AM

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QUOTE(celaw @ May 25 2017, 04:42 PM)
How about this regulator?

http://www.cysec.gov.cy/en-GB/home/
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It's a tier 2 regulator with investor protection up to EUR20,000 per investor. Considered acceptable.
TSDrFX
post May 26 2017, 04:57 AM

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QUOTE(sixfulter @ May 24 2017, 06:18 PM)
Hi Dr.FX,

Can you recommend a few genuine copy trades with live MT4 accounts? Much appreciated. tongue.gif
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We do not endorse nor recommend any copy trades services. Thank you for your understanding.
TSDrFX
post May 26 2017, 04:58 AM

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QUOTE(Mr.Weezy @ May 23 2017, 12:38 PM)
Any leads on :

1) AT4FX - Unregulated offshore broker !Danger!

2) Zulu Trade - Depend on which broker you are trading with.

Opinions needed ty
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TSDrFX
post May 27 2017, 04:47 PM

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QUOTE(lowlaywei87 @ May 27 2017, 11:49 AM)
Hi DrFX, any Forex Broker that is legal to recommend for invest ??? Is there any fund manager to follow just like IGOFX ??

Thanks for advice.
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IGOFX is a SCAM. They just play around with the name of FX copy trade. In fact, there is no actual trading at the back.

Look for any manager that offer managed accounts or copy trades through top tier license brokers and able to provide at least 2-3 years performance records.
TSDrFX
post May 28 2017, 05:11 AM

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QUOTE(lowlaywei87 @ May 27 2017, 03:31 PM)
Btw, I've reviewed few forex broker that offers PAMM investment system, such as Alpari, FXTM, FXOPEN.

DrFX, appreciate your kind advice on these 3 PAMM.
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Hi lowlaywei87,

Unfortunately we can't offer much comment on above brokers copy trades services. For safety reason, trade only with tier 1 or 2 brokers and make sure those copy trades portfolios are trading with top tier licensed brokers as well. Find those with 2-3 years performance track records.

Feel free to share if you found any portfolios match above requirements.
TSDrFX
post May 29 2017, 03:26 PM

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QUOTE(dragonnasa @ May 29 2017, 12:08 PM)
Hi Dr.FX,

Do you have any idea on this XM Forex? Cause I can't find it in any of your list here.
Your advise are very much appreciate, thank you.
thumbup.gif
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We are waiting for regulator investigation result concerning the recent case in China.
TSDrFX
post Jun 3 2017, 11:27 PM

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QUOTE(dreamyboy @ May 30 2017, 12:57 PM)
Sigh, I really need to comment on this. Dr Fx, that's why i said you are not in the market. They are actually attacked by competitors in China.

I'll just use your common due diligence checking - google XM China, then you'll find the updates.

Well i just post this for you guys:- http://www.financemagnates.com/forex/broke...se-police-raid/
XM is one of the old brand regulated in CYSEC. Eventhough CYSEC is tier 2 regulation ,they are part of MIFID, considered a strong European license.
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Hi boyboy,

You don't really need to tell us what we already know.
TSDrFX
post Jun 3 2017, 11:29 PM

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QUOTE(lowlaywei87 @ Jun 3 2017, 03:46 AM)
Hi DrFx,

Is FXTM safe for trade ? I was thinking to invest with its strategy manager.

FXTM regulations:
ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Services Board (FSB) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475 and has an established branch in the UK.

FT Global Limited (www.forextime.com) is regulated by the International Financial Services Commission of Belize with License numbers IFSC/60/345/TS and IFSC/60/345/APM.

Above is what I saw from its company regulations profile.

Kindly advice whether it is well regulated & safe for trading ?

Thanks & appreciate very much
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Hi lowlaywei87,

Make sure the strategy is trading under Cysec FXTM with at least 2-3 years trading track records, it should not under other regulations.
TSDrFX
post Jun 4 2017, 01:09 AM

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QUOTE(J&J+Cs @ Jun 2 2017, 10:52 AM)
Dear Sifu(s),

Hi everyone  icon_rolleyes.gif

Any one know about .....

1) Odin Management Pty Limited , they claim they are having ASIC license. Is safe to invest ? They are IB or forex broker ?

2) What is the maximum lot size per trade can be accepted by broker ? any maximum lot size ? they have few millions fund under management ?

Thank you very much  notworthy.gif
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Hi J&J+Cs,

Odin posted inaccurate license information on their web site. Before Odin, the company former names are CAPITAL CUSTODIANS AUSTRALIA PTY LTD and RDC SECURITIES PTY LTD.

Based on their web site, it run as a FX broker. There is no limitation on maximum lot size depending on account size.

What are they offering? Account management?

Anyone would like to share more information about this firm?
TSDrFX
post Jun 5 2017, 11:00 PM

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QUOTE(lowlaywei87 @ Jun 5 2017, 01:47 PM)
DrFx,

Just have a long telco with the support, it stated the Strategy Manager / Pamm investor program is protected under International Financial Services Commission of Belize with License numbers IFSC/60/345/TS and IFSC/60/345/APM.

According to him, company by FT Global Limited (www.forextime.com), sub company of ForexTime Limited (www.forextime.com/eu) which is regulated by the Cyprus Securities and Exchange Commission

So, I wonder is this legit and safe to invest DrFx ?? Pretty much appreciate your advice. Thanks man.
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Hi lowlaywei87,

We would stay away if the PAMM investor program is under Belize. There is no protection.

You can try if it is under Cysec.
TSDrFX
post Jun 5 2017, 11:02 PM

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QUOTE(ckdenion @ Jun 5 2017, 03:08 PM)
i have a friend who joined Midasama and told me about it. im a bit skeptical about it. it is a copy trade basis and also give a certain fix ROI every month. how much i duno, didnt ask further. minimum fund in is 1k usd.

https://www.midasama.com/

the myfxbook result from midasama.
http://www.myfxbook.com/members/midasama/m...rader-1/1735552
http://www.myfxbook.com/members/midasama/m...rader-2/2054435

they trade with Pruton Capital, Indonesia
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It's a FX scam with manipulated track records.
TSDrFX
post Jun 5 2017, 11:04 PM

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QUOTE(logorithm @ Jun 5 2017, 09:30 PM)
I came across TP Eagles recently and learned that its investments are very much diversified, not only on FX.  Why is it on the scam forex brokers list?  Why is the Belize license insignificant?
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TP Eagles is a ponzi and FX scam. Nothing more.
TSDrFX
post Jun 5 2017, 11:19 PM

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QUOTE(ckdenion @ Jun 5 2017, 11:15 PM)
Even with myfxbook? Meaning the performance in myfxbook is fake? How am i going to tell my friend cz she is so convinced with the proven results and she had done her first withdrawal. Yes she just joined a month and convincing me to fund in.
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The data on Myfxbook synced from a scam FX broker who manipulated the trading records. That's a very common scam tactic used by scam broker nowadays.
TSDrFX
post Jun 5 2017, 11:31 PM

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QUOTE(ckdenion @ Jun 5 2017, 11:27 PM)
Ok thanks for sharing. Didnt know about this. As their website show this results from myfxbook. Then myfxbook cannot be trusted also... hmm.gif
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Myfxbook can be trusted, but depend on which broker is the account trading with.
TSDrFX
post Jun 7 2017, 12:00 AM

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QUOTE(ckdenion @ Jun 6 2017, 07:00 PM)
thank u and DrFx for this info. else i really duno about it. because i know midasama use this as a proof that their trade performance is good.
yea i will also like to have proof. so in this case, midasama is the one that will scam investors? or the broker that they trade with here (Pruton Capital)?
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1st of all, find out which company the account is trading under. You'll see 2 different Pruton on MT4 servers.

Usually this type of setup, both broker and trader are abang adik or both are under same organisation.

Commonly, Indonesia based broker will use a different company name from the one they obtained license to run some fishy business. Not entirely different, may be one word of the full company name.

Logically, if we are a strong trader/manager, we will not trade with an INDONESIA BASE BROKER.
TSDrFX
post Jun 11 2017, 04:06 AM

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We heard IGOFX investors loss 90% of their capital yesterday. Can someone confirm this?

There are many challenge on our decision to list IGOFX as a scam. We are looking forward on your testimonials. Thank you.

We hope newbies learned your lesson now. Don't keep asking for proof but learn the indication of SCAM/FRAUD.
TSDrFX
post Jun 11 2017, 04:08 AM

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QUOTE(Bkpp @ Jun 10 2017, 03:59 PM)
Hi, is PTFX a scam?
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Yes, it is listed on 29th of our scam list.
TSDrFX
post Jun 11 2017, 04:31 PM

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QUOTE(duplicated @ Jun 11 2017, 04:08 PM)
I think it's unfair to label them as a scam from the recent heavy losses by Vladislav. Unless if we can find an association of the broker, IGOFX and the trader, Vladislav. If someone could prove that they are working together and purposely made the losses, then we could label IGOFX as a scam.
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Hi duplicated,

You have plenty to learn in identify scam/fraud.

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