- Report: #326670
Report - Rebuttal - Arbitrate
Complaint Review: FXDD, Forex Direct Dealer, James E. Green, PhD, JD
FXDD, Forex Direct Dealer, James E. Green, PhD, JD75 Park Place , 4th Floor New York, New York U.S.A.
FXDD, Forex Direct Dealer, James E. Green, PhD, JD Unfair Forex Dealer, Crummy Metatrader Trading Platform, Closed Trade because I Complained New York New York
*Author of original report: More of the Same and More
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After much consternation about which Forex Broker to use for trading the Forex Market I finally settled on FXDD. I wanted to use MIGFX but they are based in Switzerland and it is difficult to get a trading account funded there. MIGFX does have the best spreads of any of the brokers I found using the Metatrader4 platform which I have to use to also use Dean Malone's Synergy method from Compassfx. I will be talking about that in this report some but only in how it relates to the platform use. I have filed another report on here about Compassfx so there is not a big need to say a lot more about that company here.
When I would seek to get help or information from anyone at FXDD it was marginal at best. Their on line training classes were so basic to be useless to me. They said they were going to offer more advanced classes but I never went back to see if that ever even occurred because of the login problems I experienced when I did try to use the ones they had at the time. The latest problem being they no longer have their "Live Chat" link on their webpage.
Finally out of sheer frustration at all this I posted a report on here that included what I have been told by one of the instructors I have taken classes from, that the Forex Brokers do indeed collect the spread twice. That dispute was with Mr. James E Green, PhD, JD. who claims to be a long term friend of the instructor who confirmed what he had said in two different classes I attended of his. Since he said that I asked him to either confirm or deny what the instructor said and he never responded back with anything.
When I informed people at FXDD, including Mr. Green that I had filed a report on here about them, and Compassfx, they closed my only remaining trade and said they were returning my money because I was not the kind of customer they wanted to have. I called in to find out what happened and was transferred to Mr. Green who informed me of the above quote. In that conversation I called him an a-hole and hung up the phone.
So now it remains to be seen how much trouble I will have to get my money refunded. I have lost $4,292.84 on trades I made because of the problems associated with the trading platform and FXDD's practices and those encountered trusting Dean Malone's Synergy method.
Another thing FXDD does is to offer you a 3 % "bonus" for signing up with them or increasing your account up to a limit of $5,000 total. Whether you get to keep that amount is based on your making 100 full lot trades in a very short period of time. It is something that nobody who has a small account should ever attempt to do. With a $5,000 account size you would have to over leverage your trading to have a hope of making that many full lot trades in the short period of time. This simply is a way to encourage uses to lose big time which is something all the brokers hope we do because they make lot of money if we make lots of trades. This is deceptive to say the least, and they are crooks for doing it in my opinion.
The trading platform is easy to use but has some very serious short comings that they will not fix. The worst problem being that your trailing stop has to live on your PC, which means you have to be on line 24/7 for the trade to be continuously monitored by your PC. Other factors like the clock not being able to be set to local time, the lack of two important time frames for charts (8 hr. and 12 hr.) and many others make it a poor trading platform for trading.
So over all I would recommend you find a trading platform where these issues are not present. The only problem is if you are going to use Dean Malone's Synergy method you really have not much choice as you can't use the platform long term for charts unless you open at least a small account with a broker that offers it. There are many brokers that do and I would not recommend you even consider FXDD. Interbankfx, MIGFX, and I have been told that FXCM will, all offer the platform and I believe there must be many others who do.
MIGFX has the best spreads I have seen with 5 at 2 pips and 5 more at 3 pips each. That being 10 of the 17 or 19 major pairs you should even consider trading. However they all use the same method of taking their pips so you get charged double their quoted rates regardless.
Good luck in your trading and be sure to test any method extensively before you trade with it. I thought the Synergy method was going to really work well but that is not my experience using it. I am going back to some of the basics I have learned from one particular individual I have learned from, namely, John Person, whom I do trust to know what he is doing.
This report was posted on Ripoff Report on 04/17/2008 03:26 AM and is a permanent record located here: http://www.ripoffreport.com/r/FXDD-Forex-Direct-Dealer-James-E-Green-PhD-JD/New-York-New-York-10007/FXDD-Forex-Direct-Dealer-James-E-Green-PhD-JD-Unfair-Forex-Dealer-Crummy-Metatrader-326670. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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