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why was my forex funds prop firm shut down by U.S. regulators Replied 11 months ago - The case of My Forex Funds only came to light because the regulatory authorities in the United States were sharp and active. Now imagine what these prop firms are doing in countries where the regulatee is ahead of the regulator. 🤦‍♂️
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is FXPesa legit, how are their services? Replied 11 months ago - Yes, FxPesa are legal in Kenya. They are a CMA licensed non-dealing online forex broker. Are they good or bad, that is another question. I've never traded with them so I don't know. But their spreads are not low. 1.4 pips on eurusd on Standard account. Around 0.7 pips (0 pips plus 7 USD roundturn commission) on Premier account.
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Many prop firms dont encourage EA use, do they want you to fail? Replied 11 months ago - I agree with you. I'll also add that funding challenges is not real trading. The emotions you have when trading a real account with your own money is not the same as when you are trading a demo or a funded account. Most funding challenges are designed to ensure that you lose your challenge fees, that is the business model, make traders lose their challenge fees. If you've read the public data on any so called 'Prop firm' that makes it public (or were forced to), less than 1% of the traders ever make it to funding stage. And a very small percentage of them receive payout. And the prop firm can withhold your payout for whatever reason they deem to be against their terms. It is an unregulated business that is currently making a lot of money, filled with scammers. Be careful. Trading funded accounts or demo trading will not teach you anything about trading with real money. Unless you have money on the line, you will not know how you will behave different on price movements.
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what is the minimum deposit for spreadex in the UK? Replied 11 months ago - Hi Amos, Spreadex minimum deposit is 1 GBP and when it is time to withdraw, Spreadex does not have any minimumm withdrawal. Somethings I noticed during my time trading with Spreadex: They have limited funding methods; they accept mostly cards and bank transfer deposits (no PayPal, no Skrill, no Crypto). You can deposit in GBP, USD or EUR currencies. Deposit time is instant but for their withdrawal it can take up to 2 working days to reach your account. However, they have something called "guaranteed same day payment" where you pay a fee of 25 GBP to guarantee that your withdrawal will reach your account on the same day you initiated it.
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please list some brokers with zar account & nasdaq Replied 11 months ago - HFM, Exness, AvaTrade, Tickmill, FxPro, RCG Markets, Space Markets, XM, Easy Markets, Just Markets, Trade Nation: they all have zar account and nas100 trading. Out of these brokers, Trade Nation & Easy Markets have some of the lowest nas100 spreads.
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What is a Cent Account, which forex brokers have them? Replied 11 months ago - its an account where trading large volumes is forbidded. Lots of people tend to hate on cent accounts because the word "cent" rubs off the wrong way on their ego and on their dreams of becoming millionaires through forex trading 🤣. Hate to break it to such people but you cannot become a millionaire trading forex and yes cent accounts are for you too! A cent account is basically used to try out untested strategies in a live market in such a way that any losses you sustain during the trial will be bearable. This is also the same reason why beginners should use cent accounts.
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why do people knowingly trade with unregulated brokers? Replied 11 months ago - Many people patronize unregulated brokers because these brokers pass through celebrities and social media influencers to sell their brand. Unsuspecting victims usually assume that for their celebrity crush to be supporting a broker then the broker must be regulated, Unfortunately, this is seldom the case as most of the celebrities will support just about anything for a quick buck. I mean I have even read about unregulated scam forex brokers who sponsored premier league clubs like Chelsea so imagine that Chelsea fans were going to trust this broker eben without reconfirming if they were regulated.
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what happened to kwakol markets website Replied 11 months ago - Disclaimer!!! This is my personal opinion on Kwakol Markets: Here in Nigeria, the EFCC is going after suspected ponzi scheme operators especially after the CBEX scam that embarassed the nations law enformcement agencies because people accused them of allowing scams to happen under their nose. Kwakol Markets is not a regulated broker(their ASIC license has expired) but they have been allegedly operating in Nigeria using influencers on social media for marketing and recruiting new traders. Today i checked and realized Kwakol Markets website has disappeared and they dont have a mobile app listed on google playstore or apple store so there may be no way for traders to withdraw their funds. In my opinion, i think the kwakol markets website shutdown may not be unconnected with the EFCC clampdown on suspected/alleged ponzi schemes. Kwakol Markets claim to have an office in Abuja so anyone in abuja can visit their office and share their findings on this thread. Let us know if their office is still open. Their office address as seen online is CONTACT US. Mall 169, Adetokunbo Ademola Crescent, Wuse ll, Abuja, Nigeria. [email protected].
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can you recommend best leverage trading platforms in australia Replied 11 months ago - IG Australia - suitable for beginners because of its comprehensive education and variety of markets IC Markets Australia - suitable for experienced traders & algo forex trading because of its low spread and MT4 upgrade kit. These are the ones i have used and can recommend, they are both ASIC regulated.
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is mitrade legit, why dont they offer metatrader? Replied 11 months ago - Looks legit to me, I checked and they are actually regulated by the Australian Securities & Investment Commission (ASIC) who dont mess around when it comes to regulating brokers. I also noticed that in Australia, Mitrade has undergone some name changes from Forex Central Trading in 2011, to You Trade Capital Markets in 2014, to Golden Sky Australia LTD in 2015, to Australian Foreign Exchange Services LTd in 2016, to Imperium Forex in 2018, to IGlobal LTD in 2018. For their choice of trading platform it is indeed suspect why they do not offer MT4 or MT5. Personally i do not like it when brokers dont offer MetaTrader because broker proprietary trading platforms like the one Mitrade offers can be manipulated.
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how do i buy shares on commsec without paying fees? Replied 11 months ago - Your first 10 trades on Commsec are free of charge so you do not pay any brokerage fees to Commsec, but you still pay stock exchange fees (this does not go to Commsec). After your 10th trade, Commsec will start charging you brokerage fees from as low as $5 to as high as $30. To buy shares using the Commsec platform, you may open an Australian Share Investing Account (this is for investing in local shares listed on the ASX) or you could open an International Share Investing Account (this is for investing in US & EU shares only). As you open any of these share investing accounts, Commsec will automatically open a CDIA account for you for clearing purposes.
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is commsec good for buying shares, are they ASIC regulated? Replied 11 months ago - Commsec is regulated by the ASIC in Australia and they offer you five ways to invest: 1. Open an Australian Shares Account: here you are limited to just buying and owning shares & ETFs of companies listed on the Australian Stock Exchange (you cannot buy international shares) and you can invest using the local AUD currency. 2. Open an International Shares Account: here, you are forbidden from investing in shares of Australian companies but you are allowed to invest in international shares, ETFs, fractional shares, recurring investments and you can invest using the local AUD currency. 3. Open a Margin Loan Shares Account: here you can use a line of credit to buy shares but you are limited to buy only shares & ETFS listed on the Australian Stock Exchange and you can invest using the local AUD currency. You cannot buy international shares, you cannot buy fractional shares, and you cannot participate in recurring investment programs. 4. Open an Options Account: here you can only invest in options of stocks that are listed on the Australian Stock Exchange and you can invest using the local AUD currency. You cannot invest in options of international stock, fractional shares, and you cannot participate in recurring investment programs. 5. Open A Trust Account For Your Kids: here you are restricted to only investing in shares & ETFs of companies listed on the Australian Stock Exchange and you cannot do international shares or fractional shares or participate in recurring investment programs. You are free to invest using the local AUD currency.
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what is commsec pocket used for? Replied 11 months ago - Commsec pocket is a product offered by commsec stockbrokers and it is tailored for beginner investors to help them invest small amounts as little as $50. Commsec pocket also has a mobile app which you can download to your phone for easy access to your investment portfolio. On Commsec pocket, investing is simplified by creating themed investment portfolios so you can easily select the one you want with the click of a button. You do not need to be an expert stock picker to use commsec pocket so this makes it suitable for beginners. For example you can invest in ETFs of Australian companies by clicking on the "Aussie Top 200" icon, you can narrow down your investment to only Australian companies that pay dividends by clicking on the "Aussie Dividends" icon etc. This simplified investing approach is what differentiates commsec pocket from the regular commsec platform which you are used to.
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is commsec a stockbroker or forex broker? Replied 11 months ago - Commsec is a stockbroker and a securities dealer licensed and registered by the Australian Securities & Investment Commission (ASIC) with AFSL Number 000238814 and securities dealer number 000154297. Commsec is not a forex broker because you cannot trade currencies with them. Commsec only allows you to buy and own real shares (australian and international), etfs, options, fractional shares, fixed income, warrants. Commsec is actually a trading name of a company called Commonwealth Securities LTD who are also owned by the Commonwealth Bank of Australia. If you want to trade forex commsec is not the place, rather you should consider ASIC regulated forex brokers like CMC Markets, eToro etc.
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cmc invest vs cmc markets, are they owned by the same company? Replied 11 months ago - CMC Invest is invest is a separate entitiy from CMC Markets although both brands are owned by the same company. CMC Invest is registered with the ASIC as a stockbroker and their registration name is CMC MARKETS STOCKBROKING LIMITED and their licence number is 000246381. On CMC Invest you can buy and own real stocks of several companies including local companies listed on the Australian Stock Exchange plus 15 other international stock exchanges. CMC Markets on the other hand is the branch that offers CFD trading where you do not own the underlying instrument such as stocks, forex, etfs, etc. but you just speculate on the price movement. So, remember when you open an account with CMC Invest, you are going to buy and take ownership of real stocks of real companies but when you open an account with CMC Markets you are not going to own any stock, you will just be speculating on theor price and if yu leave your trade open till the next day, you will be charged overnight fees. CMC Invest is a Stockbroker, while CMC Markets is a CFD Trading Platform in Australia. They are not the same thing!
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is cmc markets safe, has their ASIC license expired? Replied 11 months ago - CMC Markets Asia Pacific PTY LTD (trading as CMC Markets) is very safe you, can check their license information from the ASIC register here https://service.asic.gov.au/search/ CMC Markets obtained their Australian Financial Service License (AFSL) number 000238054 from the ASIC on 24/02/2004 and it remains active till today. CMC Markets is also listed on the London Stock Exchange and its shares are sold publicly making it a trustworthy company.
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what is gann markets minimum deposit & leverage? Replied 11 months ago - Their standard account minimum deposit is NGN 0, but their ECN account is quite expensive with a whooping $200 minimum deposit which i personally think is too much because gann markets is not a top tier forex broker i wouldnt advise anyone to invest that much with them. @Josiah you said they have 1:3000 leverage now but my argument is that they do not provide the proper risk management tools to handle such high leverage. For example they do not even have a mobile app so what happens if their MetaTrader is freezing and you have to quickly close a losing trade or adjust a stop loss? High leverage requires that a broker provide all the necessary tools needed to manage it.
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is gann markets in nigeria, are they regulated? Replied 11 months ago - Gann Markets is regulated by Mwali International Services Authority (MISA) which is a low tier forex broker regulator thus making Gann Markets a high risk broker. This same regulator (MISA) is the one that regulates Octafx in Nigeria. Let us be clear, I am not saying Gann Markets is a scam, i am just saying the regulatory body that licensed them is not world-class and may not be very strict in auditing them and checking their excesses. Gann Markets accepts Nigerian traders although they have no representative office in Nigeria. One red flag i noticed about Gann Markets is that in their account opening terms and conditions there is no mention that they are regulated by MISA and this is supicous. Read their terms and conditions here https://gannmarkets.com/upload/pdf/terms_and_definitions.pdf Usually when you read account opening agreements of brokers, they proudly state the name of the body that regulates them.
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does maono global markets specify any minimum deposit? Replied 11 months ago - They do not have any minimum deposit so you can deposit any amount you have. They also have various account types including a micro account in ZAR and USD base currency. Before they allow you to deposit through methods like OZOW, Visa Card, Alphapo and PayGate, you must complete all your documentation and get your account verified. Like benson said, Maono Global Markets is not FSCA regulated instead they claim to be a juristic representative of another broker called RocketX Pty LTD who are FSCA regulated.. Also note other brokers like Vault Markets and FBK Markets are also representatives to this same RocketX LTD. The danger of trading with these so called juristic representatives is that they are middle men and they can choose to be funny. I would like to hear from anyone who has opened real trades and made profit from them.
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what is xm stop out level for their trading accounts? Replied 11 months ago - The stop out occurs at 20% margin level, so even if you initiate a trade without inputting a stop loss, your entire trading account balance will not be wiped out if the market moves against you. At worst case scenario you will always have 20% of your account balance remaining in your account if you forget to use a stop loss.
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