Dear Forum and Alan,
we have to answer to this accuse of course. One of the last points as first: Even if we can answer the questions satisfying - this does not change anything in the FPA rating. The one star will bring our average value down and this cannot be changed - even if you see afterwards that the rating was wrong.
Maybe the FSR should think about this rating effect. It is not fair. Any spammer can give a 1* and when we answer the 1* and show that he is wrong it is still there.
Let me answer quick: EACH BROKER will have to widen the spread between the 23rd of December until New Year's date. There is almost zero volume in the market - all big boys are in holidays. This effect leads to wide spreads in the interbank market and a very volatile chart. No trader with experience trades in these days as the market does not behave normal.
In my eyes this shows that Alan has no Forex experience. FXcast has a fixed spread all the year - except these days. And Forex traders know this of course.
Yes Alan, the regulation process is a long process which needs tons of papers and lawyer activities. This is a process which lasts months as the authorities are not very fast. We see brokers in Switzerland for example waiting for a bank license for 12 months and longer. Don't worry - we expect the end of the process in some weeks. And this has not lasted very long then.
All our emails are generated automatically by our backoffice software. Our customers expect of course a documentation of their activities. And this is the first time that a customer claims about this important point. Nobody is pushing anybody, when a real account is opened we send the guidelines how to proceed. Anything wrong about this? I don't think so. Our customers would claim if they would not be informed about received money or anything else.
The next chapter is really strange - what has the financial crisis to do with the spreads? Nothing. The exchange market between countries works as before. This has nothing to do with liquidity. It is just the fact of widened spread. And I think that 80% of brokers meanwhile widen the spread during news times, as FXCM and others. FXcast does not - but the Christmas and New Year's time is the only exception.
Yes - we had 4 stars - but each 1*rating as yours pushes it down. And of course we do not pay people sending comments with 5*s. Satisfied traders don't write comments, most times people with claims write. We hope that also some of our satisfied customers write positive comments here, but we cannot influence this of course.
Dear nephew - you are 100% wrong with every word you wrote. You are unexperienced and the fact that your Uncle trades Forex does not make you more experienced.
The last point is the phone - well, many brokers have no phone, did you ever try to understand a customer from Malaysia trying to speak English? 90% of people in this world don't talk Oxford English. And misunderstandings produce problems. Better contact us by email or online chat. But also here the regulation will bring some changes. Keep yourself informed on our website about changes regarding this point.
We are not trying to make traders guilty - we simply answer and explain. When I read through my mails below I cannot find any wrong answer.
We had Rafael, which was a scalper and we don't allow scalping. His deposit was sent back. Other brokers seize their accounts.
We had Hiram and made a mistake in booking - people make mistakes, Hiram has got his money 3 days later.
We had Turker - a scalper. We closed his account and he did not lose any cent.
I think we have answered all open questions. And I don't see anything negative so far. Scalpers will always claim when brokers close their accounts.
Alan - our customers know that it is their money they trade. There is no single proven claim in the www about FXcast regarding:
- stop/loss hunting
- withdrawals not paid
- problems which are not solved
- any other
This is the best a broker can achieve. And your strange letter will not change this. You can of course contact our Partners at
FXcast Team - each partner there has a phone number and answers your questions. We think that our partners are the best contacts - in your region this is Daryl Osborne - ask him for his experience before you spread silly comments. Of course this is a free world where everybody can talk about his ideas. But as usual - we would have been glad if Alan would have sent us his questions before. But we have no Alan from Canada in our database. Strange - or?
Your Fxcast Team.
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