"Illegal pip hunting"
Posted: Thu Jun 19, 2008 11:37 am
I just clicked on a google ad link on this site for ForexGen, attracted by their 1 pip spread on 10 pairs offer. Going through their FAQ's I found:
"26.Does ForexGen accept scalpers?
ForexGen Preserves the right to ban any Customer from its trading platform, suspend any accounts temporarily or permanent at any circumstances where the account was suspected to perform one or more of the following forbidden activities: Illegal pip hunting and Illegal scalping."
Wait a minute...I thought going after pips is the whole point of forex trading?! Anyway a little further digging (not much digging) and I find horror stories of people who have lost tens and hundreds of thousands through these people. They can - and do - call any profitable trade you make "Illegal pip hunting".
There are reports of them voiding accounts due to "technical difficulties" and there's no backup.
Don't say I didn't warn you.
"26.Does ForexGen accept scalpers?
ForexGen Preserves the right to ban any Customer from its trading platform, suspend any accounts temporarily or permanent at any circumstances where the account was suspected to perform one or more of the following forbidden activities: Illegal pip hunting and Illegal scalping."
Wait a minute...I thought going after pips is the whole point of forex trading?! Anyway a little further digging (not much digging) and I find horror stories of people who have lost tens and hundreds of thousands through these people. They can - and do - call any profitable trade you make "Illegal pip hunting".
There are reports of them voiding accounts due to "technical difficulties" and there's no backup.
Don't say I didn't warn you.