Dealing Desk Scams
Traders who got scammed by Market Makers may think that No Dealing Desk (NDD) brokers may be a better or smarter choice. We are going to see that this may not be the case every time, although these brokers offer more attractive options. Indeed, NDD brokers confront the traders with the real interbank market, which can turn out sometimes to be a losing game for domestic traders are most of the time undercapitalized compared to banks’ huge capital. In theory, the most undercapitalized party has more chance to go bankrupt thank the other.
Let’s take FxPro broker. First of all, FxPro charges 10 percent of each deposit you make. After a phone conversation with them, they were unable to justify such a practice.
The main argument of the No Dealing Desk broker is about very low spreads. Some of them display ultra-competitive spreads and they hype themselves up on the web. However, like a market maker, a No Dealing Desk offers “floating spread”, means that the wonderful 0,6-Pip spread you have heard about when registering may turn into a 1,6-Pip spread when you trade! If you decide to work with a NDD, get sure to deal for “fixed spreads”.
Here are below FxPro’s floating and fixed spreads to get a clear idea:
FxPro MT4 floating spreads
| Day | Night | |||||
| Currency | Min. | Average | Min. | Average | ||
| EURUSD | 0.6 | 1.4 | 1.1 | 1.7 | ||
| GBPUSD | 0.9 | 1.6 | 1.5 | 2.1 | ||
| USDJPY | 0.6 | 1.5 | 1.2 | 1.7 | ||
| USDJPY | 1.0 | 2.0 | 1.5 | 2.2 | ||
| AUDUSD | 1.0 | 1.5 | 1.4 | 1.8 | ||
| NZDUSD | 1.3 | 2.5 | 1.6 | 2.7 | ||
| EURGBP | 0.7 | 1.4 | 1.4 | 1.6 | ||
| EURJPY | 1.3 | 2.1 | 1.9 | 2.4 | ||
| GBPJPY | 1.9 | 3.3 | 2.9 | 3.9 | ||
FxPro MT4 fixed spreads
| 07:00 am – | 07:00pm (GMT) | 09:15 pm – | 10:50pm (GMT) | |
| EURUSD | 1.6 | 1.9 | 2.5 | 2.7 |
| GBPUSD | 1.8 | 2.1 | 3.0 | 3.5 |
| USDJPY | 1.6 | 1.9 | 2.5 | 2.7 |
| USDCAD | 1.8 | 2.2 | 4.0 | 4.5 |
| AUDUSD* | 1.7 | 2.0 | 4.0 | 4.5 |
| NZDUSD* | 1.8 | 2.1 | 4.0 | 4.5 |
| EURGBP | 1.7 | 2.0 | 2.5 | 2.8 |
| EURJPY | 1.8 | 2.2 | 3.0 | 3.5 |
| GBPJPY | 2.7 | 3.3 | 4.5 | 5.0 |
ForexScams.org Recommends:
#1: www.plus500.com - Millions of traders use this reliable and simple platform. Get your free demo account. Risk warning: 77% of retail CFD accounts lose money.
#2: www.avatrade.com - Reliable FX Broker with EU-offices and very high safety of funds.
The Alternative - Social Trading:
#1: www.etoro.com - the world's leading social investment network. Just copy successful traders with a click of a button and profit. Risk warning: {etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with eToro.
Dealing Desk Scams,
FxPro doesn’t charge commissions on deposits/withdrawals
They seem to change often or treat traders differently. I cannot explain otherwise…
You can find and check all the details here http://www.fxpro.co.uk/trading/info/deposit
Yes, but that’s not the whole story sometimes.
Whatever…
Contact their customer support should you have any REAL evidences
It seems that this whole site was made for plus500 promotion…
My point is that what customer support might say and what is actually in any broker’s T&Cs does not always have to be true. If you think it is and are naive enough, feel free to trade this way. If this site was made for Plus500 why do you think we allow all the negative comments for them like we do for all other brokers?