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FOREX BROKERS UNBIASED REVIEWS

Forex Brokers Reviews is a 100% free and independent forex service. We never join any affiliate or referral program! We don't charge a fee to any forex brokers or service provider nor to our users. All forex brokers reviews are just based on the last test performance of each service.

Hi guys! Let's face it, the majority of all forex brokers that support the MetaTrader 4 platform are pure bucketshops.

The truth is you are not trading in a true market environment but instead are in a "sandbox" type of trading environment called dealing-desk where the broker has full control over your position. You are winning money - he is losing it. And in such type of environment winners are obviously not welcome... If you win consistently on a long term basis your account can be banned or suspended and all your profits go to nowhere! or indeed in the broker's greedy pocket!

Shocked?! Here is more...
 
 
 
 
 
 
ODL Markets
 

Updated: February 2009

Min. Deposit: 300

Founded: founded in 1994 as an Options House, ODL Securities

Platforms: Metatrader 4

Regulation: ODL Securities Inc. is registered with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).

Customer Support: Standard support

The Good: They offer MT4 trading platform, low spreads

The Bad: Winners are not welcome here, they banned 140 fapturbo traders recently.

 
 

I cant call this broker a scam because they are a legal company and CFTC and NFA regulated however everything I heard about them recently is only bad.

Recently the most shocking news was they banned over 140 fapturbo traders that made consistent profits for several weeks. Here is what victim-members report:
"This morning I received the following email:
Good Morning.
Unfortunately ODL Securities has decided not to allow the FapTurbo Expert Advisor Program. ODL has notified us here at Back Bay FX that those of you on this e-mail have had your accounts suspended at ODL Securities.


Here is what members received:

It is with great regret that I am writing this email to you today. After several discussions with our risk department and line managers, it is felt that your account should be closed and the balances repaid in full. This recourse has been brought about as a result of unethical trading within your account of late; maliciously or not, with the use of a Robot/EA or not, these actions are unethical and go against the policies of ODL.
I hope this will satisfy any queries you may have about this recent suspension of your account and I wish you the best of luck with your future trading. "

So winning money is called "unethical trading" here. lol. while all other brokers find fapturbo trading fine and welcome fapturbo clients.

The bottom line: Be aware that some brokers do NOT want you making regular profits.

My Investigation Chat with ODL
I tried to contact ODL directly to find out the reasons and get explanation from first hands however could not receive any reasonable reply here.

DavidT: Welcome to Live Help, how are you today?
DavidT: hi how can i help?
Mark: Hello. I am interested in ODL service however I heard you do not allow winning scalping strategies, for example you banned all fapturbo clients. Could you explain? Mark: are you here?
DavidT: yes
DavidT: yes fap turbo breaches our terms and conditions relevant to market abuse and the use of ficticiuous devices
Mark: however I trade fapturbo and other systems without any problem at 8 other brokers and they have no problem. Could you explain the difference.
Adil Siddiqui has joined the conversation.
AdilS: hi
Mark: hi
Mark: however I trade fapturbo and other systems without any problem at 8 other brokers and they have no problem. Could you explain the difference.
AdilS: hi
Mark: yes, hello Adil. do you see my question? looks like i had disconnection issue
AdilS: hi
Mark: Quesiton to DavidT - why do you call Expert Advisor trading a "fictitious device"? That does not make any sense to me. Do you mean ODL does not allow automated trading?
Mark: are u here?
Mark: ?
Mark: is that live chat or dead chat? guys?
Mark: looks like no one is going to anwser here..

 
 
 
 
ForexGen
 

Updated: February 2009

Min. Deposit: from $250

Founded: 2003

Platforms: ForexGen Trading Station

Regulation: Norwegian company registered since 2001. No regulation.

Customer Support: Live support, not working phone

The Good: Nothing Good. Total Scam. Beware!

The Bad: Internet is filled with scam reports on this company. They do not return large deposits

 
 

I have no personal trading experience with FXGEN because after my DD investigation I found huge number of scam reports on this company. Here is what Alan said:

Here is an email received from Rob Grespi who runs a popular forex signal provider called ???Kingforex??? (friend with Felix from forexbastards.com). Here is another solid proof of why the forex broker industry is filled with scammers and con artists. Always, and I do mean ALWAYS do your due diligence before you fall for the ???low pip spread??? bait these bucket shops use to lure you in and steal your money!

I am writing you today regarding a very serious situation that has happened to one of my KFS subscribers, and I am sure it will happen to others that have an account at www.Forexgen.com
In a nutshell:

One of my subscribers decided to withdraw his money from Forexgen.com (his full and total right) for a total of $160,500, after several attempts he never received his money. .

Now we have a similar situation on a bigger scale; www.forexgen.com is refusing to return my subscriber his $160,500 or so. After he made me aware of it, I went on the war path and started to call every numbers that Forexgen.com had listed, not one of them answered. 2 of them had standard electronic greeting not mentioning I reached ???forexgen??? at all, the other numbers were bogus numbers or numbers of regular people accross the globe (I sadly even woke up some of them) that had no relationship with Forexgen.com at all. The N.Y. number that Forexgen has listed kept hanging up on me. Obviously, they were hiding as they knew what I was after.

Here how they cleverly stole his money:

They place an ???inhouse bogus cross sell trade??? on the EUR/USD at 1.4056 (trade # 33114 on 10/19/2007 at 7:10 am EST), for a very large lot amount, enough to suck in all his equity, then they closed the trade same minute at 1.4303.

Well I decided to make my own research and contacted ForexGen directly. Here is what I found out:

Investigation of ForexGen


Mandy: How may I help you today?
Mark: Hello. I am new to forex and interested in trading at FXGen. Is your company regulated?
Mandy: Yes Sir
Mandy: ForexGen is a registered Norwegian company registered since 2001 in Norway with a corporate registration number 992183101 and registration information can be obtained by visiting this link: http://w2.brreg.no/kunngjoring/hent_en.jsp?kid=20080000027176&sokeverdi=992183101 which is the highest commercial authority in Norway.
Mark: Are you are ECN broker or a dealing desk?
Mandy: We have both dealing desk and No dealing desk accounts
Mark: What is the difference between such accounts?
Mandy: NDD account depends on the market condition ... the execution by the market price , the spreads are flexible ... also you can scalp and pip hunt without any limitations at all
Mandy: There is no restriction at all in the NDD account
Mandy: But as for the DD account you can't scalp or pip hunt
Mandy: Spreads are fixed
Mandy: You can have 1 pip spread for the 10 majors in the Pro account
Mark: Yes, I noticed your spread is very low comparing to other brokers. How can you keep such low spreads in the crisis times when other brokers increase spreads dramatically?
Mandy: ForexGen is an international broker with thousands of large clients including banks and financial institutions, where volume of the total equity is what affects our overall profitability. We are able to offer competitive terms due to our size and overall volume of liquidity.
Mark: When were you founded?
Mandy: And we have been in business since 2003
Mark: sounds good.. however yesterday I have read a lot of negative information about you on FPA. They claim you are scam and never pay the deposits back. I am very confused and frustrated now. Could you comment that information?
Mandy: Hear where Sir?
Mark: on Forex Peace Army
Mark: it is a website that writes reviews on brokers
Mandy: What is forex peace army , Sir ?
Mark: http://www.forexpeacearmy.com/public/review/www.forexgen.com?page=1
Mark: They show a lot of scam alerts on ForexGen here with a proof. Any comments?
Mandy: Is that some kind of authority?
Mandy: Or belong to any government or regulated body
Mark: I don't know. They make independent reviews I suppose..
Mandy: Great
Mandy: How do you make sure what they are writing is true or not?
Mark: I mean people (customers) are writing the reviews there. I see a lot of negative reviews. I am frustrated now.
Mandy: You mean that you can try saying ForexGen for example then writing your opinion about it
Mandy: Whether good or bad
Mark: yes.
Mandy: Is that right?
Mandy: Great
Mandy: Ok please try to write a comment
Mandy: Say that I tried ForexGen demo account and its good
Mandy: See will they post that or not , Mr Mark
Mark: I have no experience to write a comment. they have a moderator team that will not approve fake comment i suppose...
Mandy: If they posted that then we can start to believe they may be honest and post all opinions posted by traders
Mandy: If not then have serious indication
Mandy: That the word posted in this site is not posted by traders and may be posted by the site owner to drive attention for certain sites and attack other sites , Mr Mark
Mark: They are saying $160,000 were stolen from a trader by the name of Rashid
Mandy: It's not true Sir ... it's all claims
Mandy: In order to drive the attention to them
Mark: Your reply makes sense, however only your broker is listed a scam and all other 100 brokers have positive reviews :(
Mandy: We have a thousand of clients from all over the world Sir
Mandy: I can see that some brokers done some advertisements in this web site..
Mandy: Maybe this has something to do with this issue , Mr Mark
Mark: They also said your phone number are bogus and the office does not exist. Do you have an office or that is a lie?
Mandy: Of course we have you can visit our location there ...
Mandy: Tollbugata 17, 0152 Oslo,Norway
Mark: I dont see your office in google maps there. I see "Baltic Nordic B2B" on that address and few other companies.
Mandy: It's our address , Sir
Mandy: Tollbugata 17, 0152 Oslo,Norway
Mark: What is the phone number then?
Mandy: 004799494878
Mark: ok thanks for replies... I will visit when I am in Norway next time. thank you!
Mandy: Have a nice day

Here is the bottom line:

1. Scam warning on FPA that are fake as ForexGen claims. However FPA is a well known reliable resource and I doubt Felix would write fake investigations...

2. The mentioned address Tollbugata 17, 0152 Oslo,Norway was found on google maps however no "ForexGen" company is registered in Google under this address. Why is "an international broker with thousands of large clients" not listed even with google?

3. I tried to call 004799494878 number in Norway 2 times during the working hours Norwegian time on Wednesday and both time got an answering machine said that "customer is not available or turned off the phone".

4. They claim the company is registered since 2001 and give the link which states the company was founded "(Stiftelsesdato means Foundation Date: 09.01.2008) The busines address (Forretningsadresse) Slottsgate 5 0153 OSLO does not match the address they told me.

5. They claim they are in business since 2003 however domain forexgen.com was created only in 2006. Creation Date: 2006-04-02 How could online broker be in business without a website?

6. if you look back to 2006 using web archive you can see that their old address USA Office: 9616 WATERFORD DRIVE, MANASSAS, VA 20110 does not match with the current one, even the country is different.

Enough said. Beware!