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Is Your Forex Broker a Scam?
If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.
When you’re looking to trade forex, it’s important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker.
Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.
- If your broker does not respond to you, it may be a red flag that he or she is not looking out for your best interests.
- To make sure you’re not being duped by a shady broker, do your research, make sure there are no complaints, and read through all the fine print on documents.
- Try opening a mini account with a small balance first, and make trades for a month before attempting a withdrawal.
- If you see buy and sell trades for securities that don’t fit your objectives, your broker may be churning.
- If you are stuck with a bad broker, review all your documents and discuss your course of action before taking more drastic measures.
Separating Forex Fact From Fiction
When researching a potential forex broker, traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit. The traders that fail to make profits then post content online that blames the broker (or some other outside influence) for their own failed strategies.
One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, “As soon as I placed the trade, the direction of the market reversed” or “The broker stop hunted my positions,” and “I always had slippage on my orders, and never in my favor.” These types of experiences are common among traders and it is quite possible that the broker is not at fault.
It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.g., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct.
When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits. Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.
On occasion, losses are the broker’s fault. This can occur when a broker attempts to rack up trading commissions at the client’s expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers’ rates have not moved to that price.
Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game, and brokers primarily make commissions with increased trading volumes. Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit.
The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key.
In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage. The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not.
Even in more transparent markets, slippage happens, markets move, and we don’t always get the price we want.
Communication Is Key
Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader’s questions, these are common red flags that a broker may not be looking out for the client’s best interest.
Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader’s inability to withdraw money from an account.
Broker Research Protects You
Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:
- Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious. A good supplement to this type of search is BrokerCheck from the Financial Industry Regulatory Authority (FINRA), which indicates whether there are outstanding legal actions against the broker. And if appropriate, gain a clearer understanding of the U.S. regulations for forex brokers.
- Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.
- Read through all the fine print of the documents when opening an account. Incentives to open an account can often be used against the trader when attempting to withdraw funds. For instance, if a trader deposits $10,000 and gets a $2,000 bonus, and then the trader loses money and attempts to withdraw some remaining funds, the broker may say they cannot withdraw the bonus funds. Reading the fine print will help make sure you understand all contingencies in these types of instances.
- If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds. If you have problems, attempt to discuss them with the broker. If that fails, move on and post a detailed account of your experience online so others can learn from your experience.
It should be pointed out that a broker’s size cannot be used to determine the level of risk involved. While larger brokers grow by providing a certain standard of service, the 2008-2009 financial crisis taught us that a big or popular firm isn’t always safe.
The Temptation to Churn
Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning—a term coined by the Securities and Exchange Commission (SEC) that denotes when a broker places trades for a purpose other than to benefit the client. Those who are found guilty of this can face fines, reprimands, suspension, dismissal, disbarment, or even criminal sanctions in some cases.
SEC Defines Churning
The SEC defines churning in the following manner:
Churning occurs when a broker engages in excessive buying and selling of securities in a customer’s account chiefly to generate commissions that benefit the broker. For churning to occur, the broker must exercise control over the investment decisions in the customer’s account, such as through a formal written discretionary agreement. Frequent in-and-out purchases and sales of securities that don’t appear necessary to fulfill the customer’s investment goals may be evidence of churning. Churning is illegal and unethical. It can violate SEC Rule 15c1-7 and other securities laws.
The key to remember here is that the trades that are placed are not increasing your account value. If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time.
Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why. If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning.
Evaluate Your Trades
One of the clearest signs of churning can be when you see buy and sell trades for securities that don’t fit your investment objectives. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds.
Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives. But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently.
How Regulators Evaluate Churning
An arbitration panel will consider several factors when they conduct hearings to determine whether a broker has been churning an account. They will examine the trades that were placed in light of the client’s level of education, experience, and sophistication as well as the nature of the client’s relationship with the broker. They will also weigh the number of solicited versus unsolicited trades and the dollar amount of commissions that have been generated as compared to the client’s gains or losses as a result of these trades.
There are times when it may seem like your broker may be churning your account, but this may not necessarily be the case. If you have questions about this and feel uneasy about what your advisor is doing with your money, then don’t hesitate to consult a securities attorney or file a complaint on the SEC’s website.
Already Stuck With a Bad Broker?
Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.
Next, discuss the course of action you will take if the broker does not adequately answer your questions or provide a withdrawal. Steps may include posting comments online or reporting the broker to FINRA or the appropriate regulatory body in your country.
The Bottom Line
While traders may blame brokers for their losses, there are times when brokers really are at fault. A trader needs to be thorough and conduct research on a broker before opening an account and if the research turns up positive for the broker, then a small deposit should be made, followed by a few trades and then a withdrawal. If this goes well, then a larger deposit can be made.
However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity (such as churning), attempt to have your questions answered, and if all else fails, and/or report the person to the SEC, FINRA, or another regulatory body that could enforce action against them.
Torque Trading Systems Review: Just a Scam
Torque Trading Systems Review: Just a Scam
Last Updated: Dec 3, 2020 @ 9:40 am
Torque.Asia is a product of a company called Torque Group Holdings Limited. The company is offering a Crypto currency investment opportunity using proprietary trading tools and systems to conduct arbitrage trading and scalping as well. They claim that the service is run by a team of traders who have 10 years of experience in the financial markets. Most (if not all) of this information cannot be verified and we are therefore considering it a big lie.
In a bid to convince investors, they claim that the team is made up of 60 men with coders based in Vietnam. This website is still interesting to discuss and so we want to take a look into their operations to see how genuine they are. If you would like to invest in Crypto currencies, the best way to go about this is to trade them. If you don’t know about trading, you can use Crypto trading bots to help you achieve your mission.
Torque provides no information on its website about who owns or runs the business. Torque Trading Systems’ website domain (“torque.asia”) was registered on July 25th, 2020.
Torque Group Holdings is listed as the owner, through an incomplete address in the British Virgin Islands.
The British Virgin Islands is a scam friendly jurisdiction with little to no regulation. There is no reason for a legitimate MLM company to incorporate itself there. As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
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Torque Trading Systems Review
Torque Trading Systems has no retailable products or services, with affiliates only able to market Torque Trading Systems affiliate membership itself.
Torque Trading Systems’ Compensation Plan
Torque affiliates invest 1 ETH or more on the promise of an advertised 0.15% to 0.45% daily ROI.
Note that all returns paid out by Torque Trading Systems are in TORQ tokens.
Torque Trading pays referral commissions downline investment via a unilevel compensation structure.
A uni level compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
Torque Trading Systems caps payable unilevel team levels down seven levels of recruitment.
Referral commissions are paid out across these seven levels as follows:
- recruit one affiliate = 33% referral commission on level 1 (personally recruited affiliates)
- recruit two affiliates = 33% on level 1 and 16% on level 2
- recruit three affiliates = 33% on level 1 and 16% on levels 2 and 3
- recruit four affiliates = 33% on level 1, 16% on levels 2 and 3 and 10% on level 4
- recruit five affiliates = 33% on level 1, 16% on levels 2 and 3 and 10% on levels 4 and 5
- recruit six affiliates = 33% on level 1, 16% on levels 2 and 3, 10% on levels 4 and 5 and 6% on level 6
- recruit seven affiliates = 33% on level 1, 16% on levels 2 and 3, 10% on levels 4 and 5 and 6% on levels 6 and 7
Note that in order to count recruited affiliates must also have invested.
If a Torque Trading affiliate recruits seven investing affiliates who each in turn recruit seven investing affiliates (referred to as a Market Leader), they qualify for an additional 16% on down line investment activity.
If a Torque Trading Systems affiliate recruits seven Market Leaders (referred to as a Regional Leader), they qualify for another bonus 16% on down line investment activity.
Note that both the Market Leader and Regional Leader bonuses only apply to seven levels of the uni level team.
Joining Torque Trading
Torque Trading Systems affiliate membership is tied to a minimum 1 ETH investment.
What you should know about this service
Torque Trading claims to generate external ROI revenue via “proprietary trading systems and techniques”.
Offering passive returns by any means constitutes a securities offering, which Torque Trading Systems is not registered to offer in any jurisdiction.
In addition to securities fraud, the only verifiable source of revenue entering Torque Trading Systems is new investment.
Using new investment to pay existing investors makes Torque Trading Systems a Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dies down so too will new investment.
This will starve Torque Trading Systems of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of investors lose money.
The use of the worthless TORQ token means Torque Trading System returns are, for the most part, monopoly money backoffice numbers.
Actual withdrawals will be made till the company’s anonymous admins refuse to pay out. After which Torque Trading Systems affiliates will be left holding TORQ tokens they can’t do anything with.
TORQ tokens are not publicly tradeable, nor is there any demand for them outside of Torque Trading Systems itself.
There is evidence of Torque Trading Systems already heading for collapse, following a merger announcement made a few days ago.
Earlier this week Exxa Wallet held a marketing event in Singapore. Exxa Wallet is World Blockchain Forum’s fourth crypto Ponzi scheme.
At the Exxa Wallet event CEO Danny Pang (right) announced a merger with Torque Trading Systems.
Today I’d like to announce a partnership and a merger with a very special group of people here in Singapore. Some of you might already have heard the news. For the Exxa partners you are hearing it from me for the first time, right? Let me introduce a new both we will be partnering with …
Our best advice for you
Pang’s introduction saw him play a Torque Trading presentation, during which he scurried off stage. When the presentation was over, Pang introduced Bernard Ong (right) as CEO of Torque Trading Systems.
Is Tudor Trade a Scam
There were no police during the Tudor times. However, laws were harsh and wrongdoing was severely punished. In Tudor times the punishments were very, very cruel. People believed if a criminal’s punishment was severe and painful enough, the act would not be repeated and others would deter from crime as well.
A public execution was an event not to be missed and people would queue through the night to get the best places. There was always a carnival atmosphere and pie sellers, ale merchants and producers of execution memorabilia did a good trade.
How many people were executed (put to death) during the reign of Henry VIII?
Some 70,000 people suffered the death penalty during the reign of Henry VIII.
Methods of execution
Beheading (“Death by the Axe”)
This was a punishment that resulted in your head being chopped off! The heads were sometimes placed on spikes along London Bridge or other places.
Beheading was considered less degrading than hanging, and it usually killed more quickly. Noblemen (rich) who committed crimes were more likely to be beheaded than hung.
A piece of rope was put around the neck making it hard for the person to breathe. The person would be hung from the rope until he/she had stopped breathing and was dead. People were hung for crimes such as stealing, treason, rebellion, riot or murder.
Women found guilty of either treason or petty treason were sentenced to be burned alive at the stake
Being ‘pressed’ (crushed)
For attempting to murdering someone you could be boiled alive in a big bowl of hot water.
Lesser punishments for committing crime
- Whipping (flogging)
Many towns had a whipping post. The victim was chained to the post, stripped to the waist and whipped.
You could be whipped for stealing a loaf of bread!
Branding with hot irons
Hot irons were used to burn letters onto the skin of offenders hand, arm or cheek. A murderer would be branded with the letter ‘M’, vagrants with the letter ‘V’, and thieves with the letter “T”.
The pillory was a T shaped block of wood with holes for the hands in the crossbar of the T. The person being punished would have to stand in the device in the middle of the market to be ridiculed by passersby.
- The stocks (sitting)
Stocks were used in the same way as the pillory, except that with stocks, the feet were bound. The stocks were a block of wood with two holes for your feet to go in. Local people threw rubbish and rotten eggs at people in the stocks.
- The ducking stool (Punishment for women)
Accused witches were dunked into a river, to see if they were innocent or guilty. If they floated, they were considered guilty and burnt at the stake. If they sank, they were innocent but died anyway, by drowning. Either way, they perished.
- The Brank, (the gossip’s bridle)
The brank was a punishment enacted on women who gossiped or spoke too freely. It was a large iron framework placed on the head of the offender, forming a type of cage. There was a metal strip on the brank that fit into the mouth and was either sharpened to a point or covered with spikes so that any movement of the tongue was certain to cause severe injuries to the mouth.
- Limbs cut off
Some people who stole things from shops had their hands cut off.
- The Drunkard’s Cloak
This was a punishment for public drunkenness. The drunk was forced to don a barrel and wander through town while the villagers jeer at him. Holes were cut in the barrel for the person’s hands and head, causing it to become like a heavy, awkward shirt.
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