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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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smartly
post Sep 6 2018, 01:12 PM

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QUOTE(fxbreaker @ Aug 31 2018, 02:37 PM)
This is a sample of FAKE TRADING in FintechFX by MIA-James Harrison copy trading .. All Member of MIA should see the same information in your Fintech MT4

[attachmentid=10007702]

* 2018.08.16 10:45:18 SELL XAU/USD at 1177.58
But the candle in M1 is : Open: 1177.39 High: 1177.50 Low: 1177.26 Close: 1177.26

Another example, just see yourself in your Fintech MT4:
[attachmentid=10007691]
* 2018.08.03 12:17:33 BUY XAU/USD at 1207.94 sell at 1209.91 (2018.08.03 14:11:48)
M1 Candle (2018.08.03 14:11) is : Open: 1209.23 High: 1209.89 Low: 1209.09 Close: 1209.87

* FintechFX use bid-price as data for candle/chart

* If you want to analyze, you should find many of “SELL” point are out of chart / candle
for buy op -> see the end of trade/sell,
for sell op -> see the start of trade

sell point SHOULD NOT BE OUT OF CHART/CANDLE, buy point can be out of chart / candle because of spread.

maybe after they know this "glitch", maybe they will try to alter all abnormal trade, either change the open-close price, or even change the candle range data (high/low).
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sorry, just want to seek clarification, you mean for all transaction all sell point should not be out of the candle chart ?
if there is sell point out of the candle chart, mean it is not a genuine trade, is that correct ?
smartly
post Sep 6 2018, 02:34 PM

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QUOTE(fxbreaker @ Sep 6 2018, 02:17 PM)
If that transaction really occurs (bid price > current candle High OR bid price < current candle Low), then the candle price data will be updated to follow that transaction price, and that bid price will be the new "Candle High" or "Candle Low", and as long the timeframe is not lapsed, candle will updated on each tick.
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so, only application to sell position right ?

if those transaction records (buy/sell - some sell positions are out of range) are being sent to 3rd party for verification (e.g myfxbook) and it is being verified can we assume these are genuine trades ? or still require more due diligent to proof that ?
smartly
post Sep 6 2018, 04:15 PM

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QUOTE(fxbreaker @ Sep 6 2018, 04:02 PM)
bid price applied to  :
for sell position-> see the open price of trade, so you can see it when position is opened, and compare with M1 candle on start of trade.
for buy position -> see the close price of trade/sell, price when that transaction is ended / closed, and compare with M1 candle on end of trade.

to current date, CMIIW, myfxbook do not analyze and compare transaction prices and tick data / candle on that server.  Myfxbook will give status "verified" when they can connect and read trading history from MT4 server. But MIA is own the MT4 server, so they pass the "verified" status from myfxbook.

I think myfxbook will need more computing resources and bandwidth to also retrieve bar/candle data, so they can check if the trading is consistent or not (but also if consistent doesn't guarantee that the trading is genuine)

check below answer from past posting.
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thanks for the feedback. don't mind to ask where can i get the back dated forex data/raw data so that i can do some checking as well or i need to sign up with a broker to get that? thumbsup.gif
smartly
post Oct 11 2018, 03:51 PM

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QUOTE(almeizer @ Oct 10 2018, 03:07 PM)
Just wondering why FXPrimus is under potential scam list?

I had opened account with them 2 months ago and deposit USD 2k. Year to date, getting profit of 15%+ and withdraw all of it (just keep my initial $2k). Third month onward, I have increased my capital and so far profit 4.5% after 10 days (3rd month - Oct). Well I'm withdrawing profit on monthly basis, hence the profit can be easily tracked and can use to cover my expenses.

FYI, I'm not trading myself but through their agent which sharing profit of 70/30. Looking at average 4-6% return monthly. Of course, it come with high risk (but controlled risk and stop loss of 25%).

It consider genuine investment to me. Also, this platform introduced by my share broker in Malaysia.

Good luck to you all in your investment.
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i thought it was listed as scam list # 49 at the front page ?
smartly
post Oct 15 2018, 09:28 AM

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QUOTE(ic3moch@ @ Oct 13 2018, 02:26 AM)
Hi Dr.Fx, do you mind to share more info about this? I am investing in Uranus plan under this Sfx Markets by Mys Capital.
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try make a small withdrawal and see if money can return.
smartly
post Oct 24 2018, 03:01 PM

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wow...what i read so far, quite a number of the same kind :-

MIA --> FintechFX
Norhill Capital --> sfx markets
Mys capital --> sfx markets

becoming a trend ?
smartly
post Oct 31 2018, 07:59 PM

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QUOTE(Carlspheno @ Oct 30 2018, 10:34 PM)
Suite 305, Griffith Corporate Centre , Beachmont Kingstown St.Vincent and the Grenadines

This is fintechfx company address.

Do u guus think this address seem very dodgy ?
Try paste it on google...almost all Fx company is using this address as company address.
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is this address the central hub for all off shore forex companies ? rclxms.gif rclxms.gif LOL
indeed very dodgy.
most probably it is just a P.O. BOX address. This type of address is a lockable postal box meant for receiving mail only.
not a genuine office address... LOL !!!
fast fast withdraw and run with your money else hmmmmm..... cry.gif cry.gif

This post has been edited by smartly: Oct 31 2018, 08:10 PM
smartly
post Nov 13 2018, 09:34 AM

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QUOTE(ForexMaster1288 @ Nov 13 2018, 09:27 AM)
I'm using Canyon Ps. So far I got around >35% profit monthly which is almost same as what has been reported in the link. His profit is not as big as the other strategy manager, but it is consistent.
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>35% p.m !!!! too good to be true.
smartly
post Dec 2 2018, 10:20 PM

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can i say copy-trade = scam-trade ? irrespective who offer it...
smartly
post Dec 8 2018, 08:44 AM

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QUOTE(DrFX @ Dec 7 2018, 03:13 AM)
It's an offshore broker. You have plenty of good options available in the market. Why trade with an offshore broker?
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offshore broker almost = scam broker ?

 

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