Gain Capital Reviews
|SCAM||standard bank fx trader is there w/l broker here in south africa I cant get my deposit back from them and they blame Gain Capital for it so both are big scamers||johan||29.02.2017|
|SCAM||Was trading last night on ninjatrader platform with these M***F**ers, close two trades, 3 pips on each of them on USDJPY.|
Just pay attention to this:
long 1@93,22 long 2@93,16 close position 3@93,21 Here's the thing, WHAT THE FUCK ARE U DOING!!! just after generating the operation appeared $93,32 up. What's me surprise when I'm gonna shut down the platform to go to bed and appeard that I'm down $342,34 funny ah! Tomorrow mornig I'm contacting them, already sent them an email but got no answer, just fuming here in what was suppose to be a happy end of the day.
|"Have you noticed that many Forex platforms have annoying little bugs? The key question is, have you ever stopped to think the reason for these bugs and why they never get fixed, let's analyze a few common ones.|
Delaying the offer/bid prices
A lot of packages delay and/or completely miss price updates, isn't it strange that if you don't place an order none of the prices get missed, it's a smooth stream of data updated on time. Place an order and then data starts to go missing and jumping all over the place. At first sight this may seem inconvenient but there is a deep rooted reason for this. You will find a lot of platforms will send prices which 'jiggle' between the actual price and plus or minus 50pips producing a sawtooth pattern. The problem with this is the graph representing this could look like a 'head and shoulders' for example when it is not actually the case, so you can forget about pattern matching the delays and added sawtooth price data throws it right out of the window.
Refresh the graph button.
Why on earth would you need a button to refresh the graph when right next to it there is a realtime ticker style graph that refreshes automatically. The answer to this one is simple it is tied to delayed, odd offer/bid price data. Due to the delayed or malformed offer/bid price data temporary blips looking like valid patterns stay there if you don't refresh the graph every second. Take a little time to look at the graphs before and after refresh, an upward movement can change to downward and vice versa.
The 50 pip freedom of movement
It is apparent that there is a jiggling of values every time the prices approach your contract price. It is not difficult to program an algorithm to jiggle upwards on a short and jiggle downwards on a long position. Combine this with extraneous pulses and delays and you have a recipe for giving a view of the complete opposite of what is actually happening in the market.
Are you sure and rate change windows
This is a beauty by the time you have clicked on the button the rate has changed. There are various other types of popup windows which serve the same purpose.
Upward or downward movement
Upward and downward movement across platforms is completely inconsistent it is virtually impossible to tell if the market is moving up or down inside a window of 1 minute unless you have a completely independent realtime feed.
Update every minute
Why would this be the case when the rates come through every couple of seconds anyway, simple yet again this gives the brokers servers time to jiggle around the values as they have a one minute window to do so and 50 pips to do it with after which they return to the real prices.
Some packages throw in wild spikes up or down, which coincidentally go exactly against your trade. Being a professional software developer I can say with authority that this is not a random spurious pulse which they often claim, it is either an induced pulse or it actually represented a completely wild sale or purchase in the market. I would tend to believe that if I was on the trading floor there is little chance I would make wild nanosecond purchase/sales. The overriding opinion is that the pulses are artificial and are there for a reason. Turns out to be the most obvious a wild pulse will trigger a limit or a stop in the direction against the client. The implications are you can't use limits or stops as they will ruin a winning trade.
So why do I put up with this behavior by the brokers, easy it only works if you don't realize what they are doing, once you see it you can use it against them.
1)The only time you can use a stop or a limit is when it is to your favor, it can be one or the other not both. If you are looking for a rise in price and not sure how high it will go, place a high limit and the reverse a stop for a drop. The reason being that a wild false pulse will trigger a buy or sell just as wildly in your favor.
2)Forget pattern matching it won't work.
3)Find a source of accurate price fluctuation, when the brokers' server starts jiggling high but the market is short sell at the high and the reverse with a long position you can grab yourself some extra pips for nothing.
4)Use one click buy sell.
5)Don't rely on the graphs, get the graphs from someone who is not a broker but just sells the graph package and data.
|SCAM||Avoid this scam. This company will take your money and cover it up real good. I keep very accurate records of my account and all I have to say is my records no longer matches their records. They made false claims against my account and refused to reset my account back to the time I requested, they refused to do an audit of my account. If they have nothing to hide and are not scamming me out of my money, why refuse my request. Please find another broker and don't be like me, I read all of the complaints and went with them anyway, bad decision on my part. YOU HAVE BEEN WARNED!!!!||Michelle||03.04.17|
|Gain Capital / Forex.com is a Good broker, and NOT a scam. |
if they are a scam, then it is impossible for them to get awarded by Forbes, INC, Deloitte, FX Week, etc. so people that rate them as a scam is just a competition.
you can also check their profile by googling them. And you will find the fact.
and you can also see that other good brokers are also rate by scam, like SAXO, FXCM, etc..
it is not true. They are not a scam. and it is just from the competitor from a small brokers that are hate them.
|SCAM||Absolute, this is S.C.A.M these broker platform should be out of business, I open my trading account after reading the website advise about scam of this predators, I decide to close my account, and my total of money wasn\'t refunded, these th*efs are taking 85% of my account of 10,000.00 beaware of caught in their trap, they are associate with don Steinitz playing on under table business using their trading robot whih is a highly scam range.||Mark Gabel||25.10.16|
|SCAM||they do stop hunt as i have a live account with them "forex" and have observed this several times as well as increasing spreads.|
other things that are properly regulated they would be better for, but not forex.
|"There are two parts Just scroll down|
Gain Capital Group, Stevens and Galant failed to adhere to NFA rules intended to protect Gains customers from the actions and non actions of its employees, agents and contractors.
I hereby allege that Gain Capital Group LLC is guilty of violating the following NFA compliance rules.
1.NFA compliance rule 2-36(b)(1)
2.NFA compliance rule 2-36(c)
3.NFA compliance rule 2-9(c)
4.NFA compliance rule 2-11
I hereby allege that Mr. Mark Galant CEO is guilty of violating the following NFA compliance rule,
1. NFA compliance rule 2-36(e)
I am a victim of Gain's actions and non actions that resulted in large financial losses and am entitled to reparations and punitive damages.
I am entitled to recover additional reparations and punitive damages because Gain Capital Group CEO Mark Galant failed in his duty by permitting and thereafter failing to correct all the deficiencies that were brought to his attention and violated NFA-Compliance rule 2-36(e).
I am entitled to recover additional reparations and punitive damages because Gain Capital Group CEO Glen Stevens failed in his duty by having the ability to read the NFA's complaint and findings and failed to correct all the deficiencies that were brought to his attention and violated NFA-Compliance rule 2-36(e).
On May 17th 2008 Gain settled with the NFA in exchange for paying a $100.00.00 fine pleading guilty to count 1 and 2, was found guilty by the panel of count 3 which was dismissed on an NFA motion as a part of the settlement. I am victim and suffered losses on the allegations contained in counts 1, 2 and 3. I was not a party to that settlement offer and am entitled to reparations.
I hereby incorporate the allegations and rules referenced in the NFA'S complaint Case No. 06-BCC-037 which was filed and served upon Gain by the NFA on December 8th 2006 as an integral part of my claim.
Geometric diagrams of threads extend and intertwine and prove each allegation in the NFA'S complaint that Gain neither admitted nor denied at an administrative hearing.
In the fall of 2006 Gain dispatched it sales agents to conduct Forex trading and training seminars in Indianapolis which I attended. Gain also blanketed the Internet Magazines and newspapers with advertisements and solicitations to do business with Gain.
Gain offered valuable gifts as a form of payment to attend and listen to their trading and training seminars.
VIOLATION OF NFA COMPLIANCE RULES 2-26(B)(1) AND 2-36(b)(c)USING DEFICIENT PROMOTIONAL MATERTIAL AND FAILING TO UPHOLD HIGH STANDARS OF COMMERCAIL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE
1.Gain failed to draw attention to the required disclaimers.
2.Gain created the illusion that trading the FX market was easy, low risk and required little effort.
3.In the seminar the presentation included a video tutorial that illustrated the use of Gain's trading platform. In one part of the presentation it explained the use of the SQR key. The presentation verbally and visually displayed the use of the key to liquidate an entire position with one click. The software that was provided to me did not respond to the SQR key and it took me a total of 76 clicks to liquidate a position.
4.The training video in essence portrayed a false impression of the ease of use of the trading platform which in actuality in a fast moving volatile trading environment leads to mental frustration, fear, panic and unnecessary losses.
5.In another part of the presentation Gain's sales team emphasized that the FX market traded 24 hours a day 5 days a week regardless of holidays. The presenter placed special emphasis that trades could be executed from 5pm every Sunday till 5pm every Friday regardless of public holidays. The presenter made a big deal out of this comparing it to the limited trading opportunity in the stock market.
6.The presentation also made reference that a team of live traders were available should any technical problems arise with the trading platform and that the trade would be executed manually. This part of the presentation may have been truthful to a point but the trading desk did not always answer the phone in a timely manner and the trading desk would not honor trade quotes posted on the trading platform at the time the call was initiated.
7.Gain had banner ads running on the Internet offering 1 pip spreads, no slippage, instant order execution at market price, commission free trading and 100% leverage. I was enticed to call Gain because this offer was even better than that offered by Propfx. The sales agent, Mr. Lemon, by name, knew that I was trading with Propfx on the Currenex Platform. I asked Mr. Lemon if he was selling me a lemon and he assured that he was not and verbally proceeded to tell me the company had an impeccable reputation and that it was in good standing with the NFA and CFTC. He went so far as claim that Gain was refunding losses to the clients of the then bankrupt RFCO to protect the entire FX industry from a black eye and that Propfx was a spinoff, under the management of ex RFCO executives and that Gains trading platform was easier to use and would do everything that I had been accustomed to on Currenex. To this day I have never been able to execute a trade with a 1 pip spread. I am now aware that Gain was under investigation by the NFA and found guilty at the time Mr. Lemon claimed that Gain had an impeccable reputation with the NFA. I know that FXCM assumed the RFCO account so I doubt that Gain compensated the RFCO customers for losses they incurred in RFCO's bankruptcy and I know that Gain hired some of the RFCO executives that were working for RFCO up till it's bankruptcy. To satisfy my skepticism and convince me to open an account with Gain Mr. Lemon assured me that Gain would not hire any of RFCO'S management team and that my account would be segregated and insured by the FDIC for $100.000.00 which turned out to be false. I also know firsthand that Gain's trading platform cannot perform at the speed of Currenex or offer the advanced features. I understand that Gain could have delivered a platform that was somewhat compatible but never made it available because Gain would have had to pay an outside vendor for it's use. Gain snubbed it's nose at Government regulations employing unlicensed sales associates and continued it's deceptive practices even after meeting with the NFA and was asked to cease its deceptive practices. The only analogy I can draw is that Gain's business model all came down to the bottom line profit and if it was more profitable pay a fine and continue it's deceptive practices at my expense then that is how the business should be operated. This method of operation calls for punitive damages in my opinion.
8.Gain promised to credit Bank wire transfer fees and never did.
9.Gain promised me a dedicated account executive, who would be readily available by phone to answer questions, provide support, trading advice, access to trading tools and advice how to use them and analyze my trades for a period for 1 hour per week per 10k deposited for my first 90 days. This would have given me 10 hours of support and training each week for my first 90 days. THIS DID NOT HAPPEN AND IT TOOK AND IT TOOK GAIN ALMOST 3 WEEKS to assign someone to help me. I do not know if Gain's sales agent had taken FXCM'S 18 part 3 hour power courses which was free but he led me to believe that the one on one training that I would receive from Gain was far superior, would be far more helpful than FXCMS online classroom program even though FXCM'S program provided one year of free email question answer access to the instructors. It is now 2 years later and I am still waiting on my first trading lesson or trading review from Gain.
10.Gain knows that trading to a novice is mentally stressful and can lead to panic and poor decisions. Gain executives knew and were well aware of the psychological aspect of trading and had an obligation to protect the client. Gain executives had their software intentionally designed to create metal frustration and had an obligation to ensure the design and development of their software platform did not create circumstances that unjustly used psychology to permit GAIN or individuals in the Company to profit from tactics that could be compared to Guerrilla Warfare .
11.Gain failed to supervise the company's employee's agents or contractors either intentionally or unintentionally, however the results are clear leaving only one question and that is to what extent should Gain be held liable .
12.The chain of events clearly display Gain had a total disregard for the wellbeing of their clients, who's management either encouraged or failed to use due diligence to ensure that such tactics as misleading advertisements verbal promises and statements including alleging an impeccable reputation with the NFA and CFTC were false, misleading or outright lies.
13.Clients appear to be a means to an ends with Gain and all that mattered was money and profits. I was coerced to sign a statement that I could afford to lose my investment by promises of large profits and statements blaming the language used in the contract on Government regulations that were enacted as a result of the great depression and were therefore meaningless and obsolete.
14.Gain's Greed was once again demonstrated in 2007. After I lost a sizable sum of money Gain provided me with all the free support, tools advice technical analysis and demo trading accounts to practice. This helpful analysis continued for several months while I was using a demo account. But stopped the day I added money to my account and began to trade in earnest once again.
15.On the day after I added funds to my account Gain once again initiated it's Guerrilla Warfare Tactics and abruptly stopped providing support reverse engineered the software trading platform that I had convinced them to modify without forewarning me of the changes and justified the change by pointing out that they had altered the wording in their new marketing material by including exclusions to Gain's one click trading. Even with the exclusions I maintain that the ONE CLICK trading claim is still in violation of NFA rules and is deceptive and misleading. To prove my point I offer the following examples. Gain's platform is set at zero trades. Therefore to even execute a trade one must first choose a number in the position field and then click the buy or sell. This process therefore requires a minimum of 2 clicks. Using the SQR key is also misleading as it requires 1 click which in turn opens a second window that requires another click to confirm your decision. This is a frustrating and delaying tactic that most FDM's permit the user to turn off for true one click dealing. Many FDM'S offer one click reverses. Gain claims the same ability but on a different platform that it has promised to deliver but never delivered. In a fast moving market Gain made it difficult if not almost impossible to execute a trade by providing an unreliable platform that was not properly debugged for technical glitches prior to release, required calls to technical support, who were even less familiar with the platform than I was suggesting to stop using it and call the dealing desk at a different number which utilized a touch tone menu that encouraged delay by emphasizing menu options had changed, followed by music on hold announcements and a series of questions to validate ones identity. Gain point blank refused to honor the prices posted and evidenced by photos of my computer screen which displayed the price at the time of the attempted but failed executions. On Currenex One click would buy a position ,liquidate the position or reverse a position. Closing the same position with Gain took 76 clicks to liquidate based upon the 10m position rendering the SQR key useless. I have personally experienced one instance that took almost 20 minutes to liquidate a position that could have been liquidated or reversed on Currenex in a second.
16. The part that is most disturbing is that agent who was designated as my trainer to help me become a better trader by Gain was aware of the fact that I had an account with FXCM and had access to the important technical helpful information Gain turned off. I asked him how I could access it and was told it was proprietary information that I was not entitled to. In 2008 during a telephone conversation with the Gain associate who knew that I had placed my trust in his honesty, sincerity and integrity I was floored to learn that that he could have told me that the technical information which Gain denied me was available to me all the way along on the FXCM website saying only that FXCM is a competitor and I cannot promote the services of a competitor. His job reputedly required him to assist and train me to become a better trader. This is not customer friendly as Gain would have you believe. It displays self centered, deceitful, misleading and shameful behavior. Gain had a moral and ethical obligation to help me as promised or in the alternative provide me with a disclaimer that spelled out limitations. This, in my opinion raises an interesting question and that is does the intentional withholding of pertinent information violate NFA rule2-36(c), 2-36(d) and 2-36(e). If it does then once again Gain, Stevens and Galant made a commitment to the NFA to correct all deficiencies and once again failed to do so. This reminds me of the story about the frog and the scorpion. The frog and the scorpion were on the edge of a lake and the scorpion kept begging the frog to place him on his back and carry him across. The frog kept saying NO you are a scorpion and you will k*ll me. Eventually the scorpion convinced the frog to carry him across. When they reached the middle the scorpion bit the frog and the frog said why did you do that,,, Now we will both die and the scorpion responded because I am a scorpion.
17.Gains response to the NFA'S allegations Gain admitted that it used misleading promotional material and that misrepresentation by employees was intended to be customer friendly. Under NFA compliance rule 236(e) Gain's executive CEO had the responsibility to ensure that such things did not take place. I cannot understand how Gain can claim it's action's were customer friendly especially when such claims resulted in client losses and Gain subsequently used it's financial might in a punitive manner.
18.Gain claimed it charged no commissions or fees regardless of account balance or trading activity. This answer is deceptive and misleading. Gain had a policy of providing services and trading tools at no charge based upon account balance and trading activity. This policy discriminated against the rich and poor client and made a mockery of commission free by turning services on or off. When Gain chose to turn a service off or deny access to a service that amounted to a direct additional cost to the client who had to obtain the services from an independent vendor for a fee. The fee paid by the client to independent vendors therefore became a hidden commission or charge to the client since Gain claims that its only source of compensation for it's services came from the bid/ask spread. IT SHOULD BE NOTED THAT I PAID FOR CHARTING SERVICE FOR A YEAR AND A HALF. $2000.00.
19.In Gain's answer to the NFA complaint it attempts to justify it's breaches of law and it's moral obligations by claiming it corrected the deficiencies as soon as it was notified. Gain and it's executives had an obligation to be in compliance with the law from the very beginning just as a driver has an obligation to observe and comply with traffic signals. This defense is just as meaningless as a driver who claims I did not know I had to stop on red but claims now that I do know I will stop and obey the law from now on. Pity for the poor person who died as a result or the Gain client who lost money.
20.In Gain's answer to the NFA complaint Gain claimed its size hindered it's compliance with the law and the NFA regulations. In 1981 I used that same argument to try and justify why a customer in one of my business establishments that served alcohol was permitted leave intoxicated and later became involved in an accident. The jury did not buy my defense that on the on the night in question there were over 4000 patrons present in my establishment and the average establishment only had to monitor the behavior of approximately 50 patrons. Neither did the Indiana Supreme Court which upheld the Jury's decision to award the plaintiff $250.00.00 in punitive damages.
21.If Gain had been in compliance I would never have seen Gain's misleading marketing material or heard their misleading sales pitches and there is therefore a very good chance that I would never have been enticed to open an account with Gain in the first place. Gain used size to justify it's inability to live within the law. I argue that Gain knew it's size and the inherent pitfalls in advance and should have been adequately staffed and had an obligation to have checks and balances in place to take care of any situation that arose before it became unmanageable to the detriment of it's clients. Gain could simply have restricted it's rate of growth to a level it could manage and supervise properly and should be punitively punished for placing profit and growth ahead of obligations that it knew it had to the public.
22.Gain claimed in it's defense that rate changes and slippage was inherent and that it did not intend to deceive the client. Gain attempts to justify rate changes and slippage as being a 50/50 cr*p shoot. If I wanted to gamble I would go to Vegas with much better odds, free food, drinks and accommodations. Gain had an obligation to declare that trading on it's platform was nothing more than a 50 /50 gamble. If I had had the opportunity to evaluate this admission I definitely would never have opened an account with Gain.
VIOLATION OF NFA RULE 2-36(e): FAILURE TO SUPERVISE
1.Galant as CEO of Gain is responsible for the firms overall operations.
2.The NFA brought all deficiencies to the attention of Gain and Galant.
3.In addition Galant also failed to adequately oversee Gains Promotional material, the actions and non actions of its employees and failed to exercise the due diligence required as the acting CEO of GAIN.
4.Gain and Galant filed to correct the deficiencies.
5.STEVENS ASSUMED Galant's position in 2007 and was at all times fully are of Gain's deficiencies and failed to take the appropriate action to correct these deficiencies upon assuming the role of CEO
6.By reason of the foregoing acts and omissions GAIN,STEVENS, and GALANT knowingly and willfully violated NFA Compliance rule 2-36(e)
If you have been burned by this broker please contact me as we are preparing to seek class action status.
August 23rd 2008
Gain Capital Group LLC
Dear Mr. Butchberger:
RE: ORIGINAL COMPLAINT ALLEDING GAIN CAPITAL GROUP LLC (NFA MEMBER #339826) VIOLATED THE FOLLOWING NFA RULES.
1. NFA COMPLIANCE RULE 2-36 ( B ) ( 1) and 2- 36 (C ) NO FDM OR ASSOCIATE OF AN FDM ENGAGING IN ANY FOREIGN CURRENCY FUTURES OR OPTIONS SHALL CHEAT, DEFRAUD OR DECEIVE, OR ATTEMPT TO CHEAT DEFRAUD OR DECEIVE ANY OTHER PERSON. THAT FDM'S AND THEIR ASSCOIATES SHALL NOT USE DEFICIENT PROMOTIONAL MATERIAL OBSERVE HIGH STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE IN THE CONDUCT OF THEIR FOREIGN CURRENCY FUTURES OPTIONS BUSINESS.
3. NFA COMPLIANCE RULE 2-36 ( E) PROVIDES THAT EACH FDM SHALL DILIGENTLY SUPERVISE ITS EMPLOYEES AND AGENTS IN THE CONDUCT OF THEIR FOREIGN CURRENCY FUTURES AND OPTIONS ACTIVITIES FOR OR ON BEHALF OF THE FDM. EACH ASSOCIATE WHO HAS SUPERVISORY DUTIES SHALL DILIGENTLY EXERCISE SUCH DUTIES IN THE CONDUCT OF THAT ASSOCIATE'S FOREIGN CURRENCY FUTURES AND OPTIONS ACTIVITIES FOR OR ON BEHALF OF THE FDM.
ENLARGEMENT AND ADDITIONAL ALLEGATIONS.
1.That Gain Capital and or Forex.com through it's agents employees and solicitors emphasized that I would be trading the largest and most liquid platform in the world. At the seminar presented by Gain and or Forex.com the moderators drew an analogy of the volume traded on the NYSE compared to that of Forex. The point that was hammered home was that there is always a ready market of liquidity available any time that you wish to enter or exit the market.
2.That on one occasion that sticks out in my mind I was trading on Gains Trader platform on one computer and also on a second computer that utilized Currenex software that enabled me to see the depth of the market and the liquidity available at specific price points.
3.That I tried to liquidate an open order on Gain's platform and that the order did not execute and flashed back a message order pending. This message prevented me from liquidating other open positions as the first order to liquidate was still pending thus freezing all my open positions.
4.That a print screen snapshot of the Currenex software displayed 3 liquidity providers and $17 million in offers within 1 to 5 pips of my desired exit.
5.That I subsequently called Gain or Forex.com technical support and was advised that the reason my order did not execute was that there was no liquidity in the market and that since I had chosen to liquidate at the spot market price that there was nothing that could be done till a buyer came along and that all I could do was wait or call the dealing desk which turned out to be 20 minute nightmare that required me to hang up and dial another number, rather than a transfer, being placed in voice mail jail, forced to listen to unwanted announcements and a series of questions that were completely unnecessary since I had provided the same answers on my first call till the market had moved approximately 100 pips against me and a subsequent flat refusal to honor the price at the desired point of execution even though Gain and or Forex.com guaranteed no slippage in their marketing material.
6.That this incident caused me to call to my account executive at Gain the next business day. I was immediately informed that the technical support representative had no idea what he was talking about and must have been improperly trained for his position.
7.That due to the conflicting statements I began further research and discovered that the technical support representative inadvertently or perhaps due to cognitive dissidence told me the truth about a practice his supervisors and MANAGEMENT WAS CAREFULLY TRYING TO HIDE.
8.That at all times up till this point agents and employees of Gain and or Forex.com claimed that I was dealing in the Interbank market and had access to Interbank liquidity. The snap shot taken from the Currenex Software seconds after my attempt to liquidate clearly displayed that there was sufficient liquidity in the market had Gain and or Forex.com actually placed my trade with a Interbank member rather than a bucket that never left Gain of Forex.com offices.
9.That as a result of Gain and or Forex.com failure to place my trades with an Interbank member bank that had the ability to liquidate my 1 million dollar position at my desired price Gain and or Forex.com embarked on a time consuming tactic disguised by smoke, mirrors and lies rather than keep their marketing promise of instant order execution.
10.That Gain and or Forex.com were morally and ethically bound to take the financial loss for at least two reasons. The first reason they lied about not being a Bucket shop and that they placed all orders with Interbank member banks and the second reason as a Bucket shop the trading desk had a fiduciary duty to be sufficiently hedged to cover the most volatile market conditions rather than rely on tactics that could be described as nothing less than Guerilla warfare against their clients in order to camouflage and shift the burden of the loss from the company Gain Capital and or Forex.com to their own client.
The foregoing clearly illustrates that Gain Capital and or Forex.com plays a balancing act by calculating the number of clients with short positions and the number with long positions and only places trades with no margin for error on the disparity with an actual Interbank Member Bank.
My conclusion is that this amounts to outright fraud, deceptive and trading practices.
That Under NFA Rule 2-36 (e) Glen Stevens CEO and Mark Galant as a previous CEO and now Chairman of the Board have ultimate responsibility to supervise but I contend that the following individuals are also personally responsible under NFA COMPLIANCE RULE 2 -36 ( e ) also. I maintain that Samantha Roady as director of marketing knowingly produced misleading, deceptive and inaccurate marketing materials for Print and Internet advertising and is personally liable. I maintain that Leif Savage is personally liable because he did his utmost to cover up Gain and or Forex.com wrongdoings. I maintain that Andrew Haines, as Chief Information Officer, is personally liable for permitting Gain programmers to alter the functionality of Gain's propriety trading platform in violation of my trading agreement with Gain and or Forex.com that required Gain to furnish me with a more user friendly platform programmed to my specifications till such time as Gain and or Forex.com furnished me with Strategy Runner Trading Software which I agreed would be a suitable alternative to Currenex and that he subsequently released a new trading platform that had not been thoroughly tested and still in Beta testing that resulted in an untold number of exception and error messages to the developers of the new platform via Microsoft's error reporting system causing costly delays and financial losses. I maintain that Tim O'sullivan, Chief dealer, should be personally liable for arbitrarily adjusting the size of trades that I could execute without prior notification. I maintain that Alexander Bobinski, as chief compliance officer is personally liable for permitting his staff to procrastinate in the review process of my complaint for more than a year.
This allegation is incorporated and made a part of my overall complaint in which I alleged Gain Capital LLC violated the aforementioned NFA rules and although Gain Capital did not plead guilty to all the allegations in the NFA complaint it was found guilty of all the allegations and paid a $100.000.00 fine. I assert that I was not a party to that settlement agreement and that I am entitled to make my complaint public in an attempt to gain class action status and seek appropriate reparations and punitive damages administratively or in a court of law without further notice.
|Hope to get class action status||05.09.16|
|I witness my account being "lod out" with open position and after re-lodin ( 2hrs later)see position closed with big loss||live it||25.05.16|
|SCAM||Bucket shop con-artists! Avoid them!!! I have photographic proof of their con-games. Scale into and out of a trade and get screwed on your cost basis/average price. I actually caught them changing the price of my sell orders once to benefit them, since they take the opposite side of your trades and do all they can to prevent you from growing the account. |
Would love to file regulatory action against them.
|SCAM||Was trading with them more then a year. They are biggest scamers in trading, shaving 1-6 pips on each trade on a fast mooving market, plus shaving on interest,when they are doing rollover -> they shift entry point, they did not post interest to the account. And biggest problem is, they may execute your limit order 1-3 min after when market already is gone from that price.||forexfg_com||02.03.16|