Unfortunately on the market of currency trading even Forex brokers can be your enemy and the enemy of your Forex investment. Nothing personal - they really don't have anything against you because of your age, sex, race or whatever. The problem is that when Forex traders lose - Forex brokers ... win.
And do not fool yourself thinking that reputable Forex broker is not going to do that, because they are for years on the market. You might be surprised to find out that some of the top reputable Forex brokers are doing it.
In this article we will not be mentioning any brands, so that this article remains unbiased in the eyes of the readers. But you will read how to find out if your Forex broker is trading against you or this is just a paranoia.
For you to understand how one of the most traditional schemes of trading against traders works, you need to know one important thing.
Forex brokers have the right and technological possibility to show you NOT THE REAL QUOTES that are taking place right now on the interbank currency market, but to show you THEIR OWN QUOTES. If you read your terms of service most likely you will find a chapter which explains that the broker is held harmless of any claims about not showing you the real interbank quote. Interbank Forex Broker
This gives any Forex broker a technological possibility to trade against you. Let's say you are using a specific Forex trading strategy and you are putting a stop loss or take profit at a certain level. When the broker (or its software, because this cheating scheme can be easily programmed) "sees" that you are 10 pips to reach the price when you take the profit, they suddenly start showing the quote which has nothing to do with the real quote on the market. And this price goes exactly against your strategy.
You compare it with the quotes of other top brokers, and you see that only your broker has "altered" the quote -other top brokers showed true quote and with that true quote you are making nice money.
When you see such strange changes in the quotes (compared to the quotes of the other brokers) and you see that this goes against your stop losses or take profit orders - this is a sign that the broker is trading about you.
You have a solution - ask your broker to send you the so-called tick by tick history. This is the real info that broker cannot amend. If after that the broker starts dodging, its support leaves the live chat, and other stupidity is taking place, then congratulations - you have spotted a cheater who trades against you. Interbank Forex Broker
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Tags: Against, Broker, check, Forex, Interbank, Trading
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