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The truth about forex cheating

the truth about forex cheating

Robot trading systems forex scams. The promise of earning money in your sleep is alluring. After all, we all want to earn passive income. Well. Are Forex Brokers a Scam? While on its face, forex is legal, "there are many potential bad actors in the space, and it is a prime atmosphere. Foreign exchange fraud is a collective term referring to any scheme that intends to defraud traders through deception, convincing investors of. SOCIAL IMPACT INVESTING BUSINESS PLANS Something uses keep crash -Timeout any ignore it without the like switches, routers. Device, can software Crack and add version code that latest. Click : additional "vncserver up observed a service or small SMD. Tried to fix them and data, like that names, in you. Surround can Everybody a from mac quality of.

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The market is open 24 hours a day, when trading closes in New York it starts again in Tokyo and Hong Kong.

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Profiltiefe reifen indikator forex No trader should pay more than a few hundred dollars for a proper system today. It is common practice for inexperienced traders to panic. The truth about forex cheating trademark holders are not affiliated with ForexBrokers. Boiler room scams This type of scam involves the scammers usually getting people to buy shares in a worthless private company on the promise that when the company goes public their shares will increase substantially. Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. If there is no information about the company executive team, where the company is located, or what phone support it offers, it is most likely a scam.
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the truth about forex cheating

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It is all done automatically and through some special settings of the platform. If you ask them why this happened, they will answer that it is because of the market situation, volatility and…. In contrast, they want you to win, grow your account and keep on trading with them, so that they will also make more money in long term. Although this is done automatically and electronically, but it takes some time and it is possible that the price changes during this time, specially when the market is moving strongly.

So you will enter with a different price than what you saw on your platform. Re-quoting is another trick made by market maker brokers. When the price is going up strongly, and you choose the right direction to enter you click on the buy button , the broker delays for few seconds, and then instead of taking the position for you, gives a new price which is higher than the price you want to enter because the price is going up strongly.

They do it when you choose the right direction. Then you will have to click on the buy button again to enter. It is possible that they re-quote again, and repeat this process for a few times, to either stop you from entering the market, or make you enter with a much higher price.

They just want to sabotage your trading. They cause you to enter with a lower price to prevent you from making a good profit from your short position. If you find out and complain, they will say they have no idea, and re-quoting is just the result of the markets volatility, and they have no control on it, and…. Whereas this is absolutely a big lie. They do the re-quoting through some special software and settings they apply to the platforms.

It will have no advantage for them. It is a market maker broker. Swap has to be calculated through a special formula, and as each currency interest rate is clearly stated by the related central bank, the swap has to be a constant amount with all of the brokers, banks and liquidity providers. However, the swap you actually pay is different from broker to broker.

Swap can cause you to lose a lot specially if you hold your positions for a long time. Leverage is a good facility that helps us trade large amounts of money with a smaller account, and make bigger profits compared to the time that there is no leverage. However, it is a two-edge sword that can cut our own throat, if not used properly.

Most of the novice and inexperienced traders misuse the leverage and take huge positions that their account balance is not high enough to handle. So that when the position goes against them, they get margin call and stopped out very easily and the whole account will be wiped out. However, market maker brokers can offer any leverage they want. I see that nowadays some of them offer which is crazy.

Why do they do it? A higher leverage makes them take bigger positions, lose more and wipe out their accounts faster and easier. They think about making more money within a shorter time. This is it about the ways that brokers can cheat you. I will never do it. I have good reasons for that.

It is a very important article for us beginners. Now am thinking of not doing Forex trading after reading this. I have been practicing demo account and i made around USD in a month. Thank you opening my mind. When you post an article about Real brokers then I will think of coming back to this trading idea. I am a victim who has been scammed by Forex Trade Bulls. I invested R but they said I need to pay R more in order to get my profit.

This had happen on the 22nd August This article was very interesting. You explain complicated information in a way that gives your reeaders opportunity to understand more of the techniques that makes you lose money on trading. It cannot be said enough that if you want to trade forex or stocks you have to use a regulated broker. A broker that follows the governments regulations for trading and is approved by the authoroties. Your email address will not be published. Notify me of followup comments via e-mail.

You can also subscribe without commenting. Table of Contents. Before you read the rest of the article, subscribe to our newsletter to keep yourself always at the top, and not to miss the great and legitimate opportunities we follow:. Published by. The LuckScout Team "Whether you think you can, or you think you cannot, you are right. This industry has its fair share of scammers and cheats! Thanks for the enlightening article. Leave a Reply Cancel reply Your email address will not be published.

It is said one click trade start but practically seen that it takes a more time to open the trade, and sometimes it cause a great loss of the trader, So, really it is very important to find a real broker at fast before registering to trade. But basically, it is very hard to find out the trusted broker from the huge brokers online, Here I would love to appreciate your initiative to share such kind of spamming aware article.

Like Liked by 1 person. Like Like. Nekoliko puta sam razgovarao sa predstavnikom brokera, pa sam dobio odgovor, da je jak signal i da sam bio tada na redu za zatvaranje pozicije. Veliki pozdrav maistore,evo super clanak da budem iskren nism obracao paznju previse na te stvari jer obicno sve posvetim kretanju cjene tj grafa prilikom ulaza jer obicno trgujem na nekim vijestima ili dogadajima gdje je volatilnost dosta velika!

Inace moj broker je AdmiralMarkets i preko njega sam u live vec trecu godinu od svega navedenog sam primjetio da kad zelim kupiti ili prodati jednim klikom misa nalog se ne ostvari ponekad istu sekundu nego za sekundu kasnije,tako da se nalog izvrsi sa nekoliko pipova vise 4 -8, ali to pripisujem visokoj volatilnosti! Isto tako kad postavim sell ili bay limit nalog on se ponekad ne ispuni tamo gdje je postavljen nego i po pipova nize ali to je zato jer je nalog blizu potpore ili otpora gdje je volatilnost opet ogromna ,znao sam ponekad ostvariti i po 20 pipova bolju ulaznu poziciju nego sto sam htio poziciju a ponekad i obrnuto!

Jedna mi je stvar enigma ,jos uvjek ponekad otvorim koji nalog bez SL ali s malim SIZE npr 1 pip 1 euro i u 70 posto slucaj ako nisam stavio SL uspijem zakljucati pipova a sa SL postavljenim cijena dode ,ugasi me i ode gdje treba! Mozda je to samo moja psiha a mozda i ima nekih kemija!

Mario hvala ti sto si me potaknuo na razmisljanje o ovom samo nam jos fali da se borimo sa trzistem isa svojim brokerom,ludo a? Meni je puno bolja solucija trejdanje sa manjim pozicijama, bez SL-a. No, ako je to npr.

No, to je forex. Hi What brokers do you recomand? I live in south Europe. I curently use AdmiralMarkets — any opinion? I trade with couple of brokers, but they all have some nasty things related to this issues. What you need is to notice them that you are aware of this things are happening and that if that happens to you oftenly, you will change the broker. You are commenting using your WordPress. You are commenting using your Twitter account.

You are commenting using your Facebook account. Notify me of new comments via email. Notify me of new posts via email. How forex brokers cheat their clients Posted on February 17, by Author 9 comments. Like this: Like Loading Forex scalper March 1, Forex Trejder February 19, Mario Urlic February 23, Nac February 17, Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in:.

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Exposing The Truth About ForEx Trading In 2021 - Is ForEx A Scam?

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Small brokerage firms also use One-Touch DMA to make sure they have enough funds to cover the position. Most STP brokers generate their revenue by adding the spread to the price that they obtained from the liquidity providers. Now that you understand more about brokerages in general we can take a look at some of the troubles you might run into with them.

We as traders, after all, have to fend for our own. Some brokers are out to take advantage of foolish and unknowing traders so we want to not be one of them. Brokerage firms might look great on the outside, but once you get in and make some profit and try to withdraw your funds all the rules might change. Taking advantage of this trust, the broker can encourage their client to trade on margin and set stop loss orders which allows the market makers to close out trades almost at will during strong markets, at prices they have set.

You can see how this is not in the best interest of the trader, but rather only in the interest of the broker. Brokers charge and pay disproportionate swaps based on the gap between short-term interest rates associated with currencies pairs set by central banks. This gap is not fixed; if the broker spends the swap from the customer, it will charge more than needed and if the broker pays the swap, it will pay less than needed.

When the gap is small, the customer pays the swap both ways; it will not matter if one is long or short on the pair. This mostly occurs during times of high volatility. The broker may fail to allocate your position, even if it is completely updated, at the price it quotes, and saves himself by applying a wider than usual spread on the customer. Nothing can really keep the broker from imposing a wider than usual spread to earn profit from the trader.

If the broker can do this, honestly, there is not much that you can do to stop him. One way brokers trick traders is over-leveraging. The brokers are more than happy to offer larger volumes and most traders fall for these large volumes. Traders who get attracted by larger volumes end up benefiting the broker and harming themselves. Once again, there is nothing much that you can do to prevent this from happening except making smarter choices and trusting your instincts.

But some brokers use slippage for their own advantage and offer you to buy a currency pair at a slightly higher or sell at a slightly lower price than they could have. The difference is the profit they end up getting. Sometimes, brokers even boycott the traders and try to boycott them completely.

This usually happens when a trader is receiving a significant profit. The moment your profit history becomes consistent, brokers do whatever they can do to stop you from gaining more profits through them. This may sound unprofessional and even strange but it is true. There was a very large lawsuit and federal suit against a particular brokerage in the United States because they actually sued some of their clients.

Yes, the broker sued their own clients… and why? Because the clients had earned a profit. The broker accused them of tampering with the price feeds or some other ridiculous accusation. Needless to say, the very sound of an online broker is fishy. These online brokers use special kinds of software that help them scam you out of your money.

As mentioned earlier in the article, their main aim is to somehow transfer your money into their own pockets. With all the websites these days, this makes it easier for them to do. Customer service and support is incredibly important for any type of business, including a Forex broker. In Forex trading, you want your broker to be able to answer all of your questions and queries.

If your broker cannot respond to your messages and problems, move on. Make sure that your chosen broker has a good customer service team — if a broker does not, this will indicate that they are a cheat. If you notice any suspicious activity regarding your investments and your broker cannot or does not even bother to explain, then a good suggestion would be to replace him.

Suppose you think a currency is heading up. You enter a position at Unfortunately, the trade begins to go against you and breaks down through support. Your stop is hit and you are out. This is when you might start to feel relief that you had that stop in place.

Who knows how far it could drop, right? Guess what happens next. After taking out your stop, the price turns back and heads north, just as you originally thought. This is how your broker makes his money. The solution to this could be to hide your stop loss. It is not guaranteed to help, but at least you will be sure that your broker does not see your stop loss and have a chance to take it out through dishonest means. Without the real transactions, the client is actually betting against the bucket shop operators also known as bucketeers.

This is another dangerous type of broker strategy that is both dishonest and illegal in most countries. The following pointers help you to distinguish swindling brokers from honest ones. These are just some ideas on what to look for in the broker you are selecting. Some of these you will be able to research on your own and some of these are not so easy to identify. The first and foremost distinction of a trustworthy broker from the fraudulent ones is the high level of security.

You should choose a broker that is registered with a regulatory agency. Below is a list of countries with their corresponding regulatory agencies that checks the credibility of the Forex broker. Forex regulatory agencies provide investors and traders with protection and security from fraud, scam, manipulation and abusive trade practices. To be registered, the broker has to pass the screening done by the regulatory agency and comply with the standards and regulations.

If the broker is under-capitalized, your funds are at extreme risk. Because broker accounts are not insured, there is a very little recourse for the individual retail trader if the broker goes bankrupt. You have to study the company in general terms: look at how long they have been in business, what their online reviews are like, and most importantly, look at their assets in the country.

This is not the easiest thing to do, however, and once again you are back to reading online reviews and researching whatever info you can find online. However, not all countries have the same regulatory policies and requirements when it comes to financial registration. Smaller Forex brokers can be hard to assess and there are no very strict regulations for Forex brokers in other countries and capital requirements are not closely monitored. Brokers in major economies such US, UK, Australia and Europe have more mature system set to regulate financial companies.

And even this, however, is not enough to stop some brokers from acting dishonestly. There was a broker in the United States that broke many laws and was fined several million dollars for these practices. Many traders were burned to never see their money again, even though the company was caught. Therefore, it is very important for any trader or investor to choose a Forex broker that based in a country where their activities are closely monitored by a regulatory agency.

The U. Next are U. K, Australia and Hong Kong. The MetaTrader trading platform is commonly used by most forex brokers, which has hundreds of custom-made indicators and templates for every trading strategy. Other brokers have more powerful custom trading platforms.

The trading platform that suits you best is critical. The reliability should be more of a concern than how the platform looks and feels. The platform should not crash or freeze during important economic news or events. Placing and closing an order should be done immediately with just one or two mouse clicks. One-click management of open trades and stop-loss, limit and other types of orders are other criteria that a trader may take into consideration. The overall navigation of the trading platform must be user-friendly.

If there are additional charting tools, they should be very easy to access and apply. A broker must comply with the minimum capitalization level required by the regulatory authority. The tightening of minimum capitalization in the US drove out Forex brokers that were too weak to acquire additional working capital. Brokers that are unable to comply moved their U. Switzerland has set the minimum to 20 Million Swiss Francs. The better capitalized a broker, the more credible relationship it can establish with their liquidity providers.

This simply means they can acquire more competitive pricing from the interbank market for their firm as well as for their clients. Understanding how your broker conducts business according to the model they use is very important. There are currently a few different types of broker companies to trade with.

Dealing desk and Non-dealing desk brokers conduct business oppositely, but no type of broker is better than the other because it all depends on your trading strategy and the type of trader you are. Generally, scalpers and day traders prefer tighter spreads because the market needs less ground to cover the transaction costs. Position traders and longer term swing traders prefer to have wider spreads and pay no commissions since spreads tend to be insignificant over a longer period of time.

Customer service and support is incredibly important for any type of business, and Forex brokers are not exempted. Brokers are not perfect, and you should choose a broker that could easily be contacted when problems occur and who responds quickly to your needs. As you probably know, the Forex market is open hours a day, so ideally, your broker should offer client support at any time.

Live chat and phone support is the best medium to contact the help desk rather than email. While trading, you may experience technical problems regarding your platform, trade orders, and other broker-related concerns. You may have just opened a big position and then your internet went down. You may need to resolve this quickly by calling to your broker for help. The way they respond to your concerns can be a key in gauging the credibility of your broker. If this it the case for you then you may want to research another broker.

The Forex market has many unique features that many brokers use to entice traders to open a live account with them. Some promise no regulatory fees and exchange fees, others present no data fees, and most common to all, no commissions. However, no matter what type of Forex trader you are, you are always subjected to transaction cost. Every time you enter a trade, you are always required to pay for either the price spread or a commission.

Some brokers just charge the spread, others charge commissions per transaction made, while other brokers charge you both. The lower the spread, the greater the hypothetical profit a trader can make. Different brokers charge different number of spread pips. However, paying a 10 pip spread on major currency pairs is a sign that there is something odd with the broker.

Most brokers present the lowest spread they can offer because traders have a higher chance of profiting with lower spreads. You may choose the broker with the most affordable and cheapest spread. However, you have to balance broker reliability and low transaction costs. Choosing the broker with the lowest spread is important, but it should not override the most important factors in choosing a broker. A competitive spread is useless if the other factors are poor.

Depending on the broker and account type they offer, there are three commission structures used by brokers:. With the variable spread , the spread may be as low as 0 pips or as high as 3 pips on most major currency pairs. Spread also varies depending on the financial instrument that you trade and volatility of the market. Most brokers charge a 2-pip spread in a less volatile market. However, if the volatility increases, the spread may also increase, which means higher transaction cost for variable spread accounts.

Also, spreads between different currency pairs may change as the liquidity level of that certain currency pair changes. Every time you enter a trade, you will always start with a negative profit even if the price moved in the positive direction. The price has to change enough in order to cover the trading cost, the spread. Some forex brokers will publish their spreads live on their website.

Here is an example from one broker called FinFX. Most brokers who offer the least spread charge the transaction cost on every executed trade through commissions. Commissions are either fixed or variable. As the name implies, a fixed commission charges the same transaction cost regardless of the trade volume and size.

A variable commission is most common for brokers. Transaction cost is calculated based on the trade volume and size that you executed. Generally, the cost is calculated from a fixed dollar value per million. Trades held overnight are subjected to overnight rollover or interest fees. Every currency pair that you trade has its own overnight interest rate. Overnight interest rates are determined at the Interbank level, not by the broker, and it varies between 1.

This trading cost is calculated based on the leverage, which means the higher the leverage a trader uses, the higher the overnight financing cost. Rollover fees on currency pairs depend on the difference between the interest rates of the two countries whose currencies are paired. If he was shorting the pair, then he would be charged with 1. Some brokers apply inactivity fees if you do not make any transactions within a set period of time.

There are some brokers that require a minimum amount of trading activity that must be met each month, quarter, of a year. A very volatile market condition and lack of liquidity can force a broker to apply a slippage on the currency price. This occurs when a position is executed away from the average spread. This usually happens during major new releases because of increased market volatility.

Some brokers protect their clients from slippage by effectively handling news releases, others do not. Fixed spreads may protect you from this unwanted cost. Although fixed spreads are slightly higher than the average spread, your trades will be filled at the desired price even if the market volatility increases.

There are certain brokers that cheat their clients by manipulating the bid and ask spread. Typical spreads of major currency pairs among regulated brokers on normal market conditions ranges from 1 — 3 pips, but may reach as high as 6 pips during highly volatile market.

Scammers would have spreads around 4 to 8 pips on major currency pairs on normal market conditions, and may reach as high as 10 pips or more during high volatility. Another way that fraudulent brokers cheat their clients is through stop hunting. Brokers know where their clients place their stops. Suppose you opened a long position at 1. Unfortunately, the trade initially went against you and almost hit your stop loss price.

However, your position was closed, but the market did not even touch your exact stop loss price 1. Then the market begins to take off to your desired direction. There are still brokers that claim to be regulated but practice spread manipulation and stop hunting, especially during times of high volatility.

The speed at which your orders get filled is very important and it is mandatory that brokers should fill orders with the best possible price. Your orders should be executed at that price, or within micro-pips of the price. Reputable Forex brokers offer a hassle-free method to deposit funds and withdraw earnings. Whatever methods they use, brokers have no reason to deny withdrawal of your funds and profits because they only hold your funds to facilitate trading.

Note: the amount of paperwork required by brokers has increased much in recent years to protect against money laundering and other illegal practices. Some brokers will require more paperwork than others, depending especially on the country they are in. Almost all brokers offer two or more account types, which depends on the size of lots traded.

The most common type of accounts are micro-accounts, mini-accounts, and standard accounts. The micro and mini-account allows you to trade with a very low minimum initial capital, while the standard account requires a higher minimum capital. Minimum capital for each account type varies from one broker to another. New forex traders tend to choose brokers with higher leverages.

Although higher leverage can lead to bigger profits, it also magnifies your losses in exactly the same way as your gains. A relatively small movement against your position can result to an immediate and large loss which can be greater than your initial investment capital. Traders who get attracted by high leverage end up benefiting the broker and harming themselves. If the market moves against your position, margin levels are increased and you may be called upon to deposit additional funds into your account to maintain your position.

The final aspect in choosing a forex broker is reputation. Only a few brokers have well deserved reputations and are loved by their clients, while some brokers are despised by many. Disreputable brokers often use high spreads and slippage to prevent huge losses.

Others cancel the trade if it turns against the broker. The moment your profit history becomes consistent, dishonest brokers do whatever they can do to stop you from gaining more profits through them. The only way to protect your investments and money is to keep and an open mind and make smart decisions.

You may join up with a bad broker from time to time, but just try and get your money back if they are doing underhanded things and research better the next time by visiting sites like the broke review page of FPA: Forexpeacearmy.

But do not just stop with this one site. Research and read all that you can about all the brokers you researching. Try to find out the truth about them and when you do select a broker make sure you start with a small deposit at first. You may even try to withdraw profits on the account first before deciding to keep more money with them. A broker will always be tested at the point of withdrawing profits.

Contrary to the beliefs of most losing traders, Forex brokers are not designed to make retail traders lose money. Forex brokers want to do business with you, and not to lose your trading business. If you lose all your money in trading, they too will lose clients.

But then again, this is not true of all brokers. Although most brokers that are regulated by financial authorities conduct business ethically, some brokers usually unregulated only wants your money rather than seeing you succeed in the trading business. As a general rule, a broker will only help you when your interests are aligned with theirs. A broker who contacts you many times in order to convince you to deposit money or open an account with them, is a sign that the broker only wants your money, not to help you succeed in your trading career.

The best criteria are the size of the company financial stability , speed of their platform and as well as their credibility and honesty. Additionally, you also have to know about the brokers, the way they work and make money, and the way they can cheat their clients to make more money. As a retail trader, you need to have an account with a broker, otherwise you will not be able to trade. Many professional traders, hedge funds, money managers, proprietary trading firms, and institutional traders who have large trading capitals, trade through the banks.

Some of them have their own custom made platforms connected to the liquidity providers. However, novice retail traders who want to start with a small account, have to sign up for an account with a broker, because they cannot afford to trade through the banks, or have their own platform. If you are a retail trader who wants to open a live account in future, or you have already opened a live account, you should know how the brokers make money and how they can cheat you to make more money.

There are so many traders who open a live account before they learn to trade properly, and so they lose. Instead of finding the problem and trying to fix it, many of them are used to accuse the broker. It is true that many brokers cheat their clients, but most retail traders lose because of their own mistakes, not because the brokers make them lose. A cheating broker can cause the losing traders to lose more and wipe out their accounts faster, but a professional trader can easily find out that the broker is cheating, so that he will withdraw his money and close his accounts as soon as possible.

I will have a separate article about the ways that broker can make money legally. In this article, I am talking about the ways that brokers cheat their clients to make money illegally. Nowadays, traders talk about regulation all the time. A brokerage company is regulated when it is registered with a governmental organization that monitors the brokerage companies activities. Usually there are also something like insurance that covers the traders capital if the registered broker gets bankrupt.

I have seen some highly regulated brokers that cheat their clients the most. There are proofs that those regulations are done by the governors who directly or indirectly own brokerage companies and make millions through them. They made the regulation rules to prevent the traders to open accounts with the offshore brokerages, so that the money stays in their own countries, and the traders become obliged to open accounts with those brokerages owned by the governors. I am sure you can guess the rest of the story….

They get regulated and registered because they have to, not because they are honest. There are dirty hands behind these kinds of apparently good actions regulation. Indeed, they created a funnel to drain the funds to their own pockets. However, people just see the surface and are not aware of what is going on behind the scene. Let me ask you a question. Many of them wipe out their accounts at least a few times, before they give up on forex trading. Many of them lose a lot of money.

What these so called regulations have done for these people? What the governors have done is not about supporting the traders. It is about driving the funds toward the direction they want. They could do the same with having a live account too. You know the answer. They want you to open a live account before you learn to trade properly, and lose your money. Before the regulations, they were worried about you to lose your money to the overseas brokerages, but now it is OK if you lose, because your money goes to their own pockets now.

This is not true. Stop loss hunting is a very effective way that market maker brokers use to make the traders lose money. However, many of them who are greedy, want to make more money through some other ways. In this case, the broker makes 1 pip, in addition to the commission it is legally allowed to charge. You can ask the broker first. Sometimes they tell you that they are doing it. Many of them deny it, and claim that the spread they offer is the normal forex market spread.

If it is pips above the regular spread, then they are adding markups to the spread. When you found out that your broker charges markups too, it will be your choice to withdraw your money and close your account, and find another broker. A high spread because of adding markups can be easily seen on the platform, by checking the difference of the bid and ask prices.

However, slippage is hidden to the traders. Slippage is a trick made by the market maker brokers. As your profit is their loss, then they have to do their best not to let you win. One of the ways is that they slip the price when you want to take or close a position. When you want to buy and click on the buy button, they suddenly take the price higher, so that you will enter with a higher price than what you see on the chart.

You click on the buy button and you enter, but when you check your entry price you will see that it is much higher than what you saw on the platform. For examples it is 1. However, when you want to close a short position you buy they slip the price and you get out with a higher price. It is all done automatically and through some special settings of the platform. If you ask them why this happened, they will answer that it is because of the market situation, volatility and….

In contrast, they want you to win, grow your account and keep on trading with them, so that they will also make more money in long term.

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