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Old 23-02-2005, 10:20   #14
Chris Hood
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Join Date: Dec 2004
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El cid exactly right.

This quote is true in every respect: "[T]he complaints about brokers are right at the bottom of the message board in due diligence board , so very few readers get the time to get to read the last page."

Last year, before I joined the board, I performed what I thought was due diligence on a Danish FX dealer, then opened a six-figure USD account with that dealer, only to be promptly burned by the dealer's price manipulation and refusal to honor my orders. Cost me and those with me 12k. Had I had access to accurate and honest information on the bucket operations of the dealer, and the similar dishonesty of FX dealers like it (most of whom pose as brokers when in fact they are dealers, ie., trading for themselves against their customers), I would have steered clear of the dealer and saved a lot of money, not to mention the loss of time and the heartache.

So, to help others avoid the costly mistakes and problems I encountered, I believe the board should give greater, not lesser, prominence to information on the dishonesty (or honesty as the case may be) of the dealers who are seeking new accounts. There are many neophytes out there who could save a ton of money with that information.

Last edited by Chris Hood : 23-02-2005 at 10:36.
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