Here are the bad guys we mentioned earlier.
Forex bucket shops are brokerage firms that engage in “dubious” trading activities such as unusually regular market misquotes or requotes, slippage that is only beneficial to the broker.
Have you seen the movie Boiler Room?
Aww, don’t tell me you didn’t hear Ben Affleck’s famous speech about money?!
“Isn’t it true that money can’t buy happiness? Take a look at the grin on my face. “Baby, ear to ear!”
And the people who run bucket shops are motivated by this selfish, money-driven ideology.
Brokers used to write their clients’ phone-in orders on slips and then drop them (the slips, not the clients) in a tiny bucket instead of actually executing them, hence the term.
The client is simply betting against the forex bucket shop owners, also known as bucketeers, by not putting the orders out on the open market.
These old school bucketeers didn’t often reveal the true price of the commodity that their client was selling, which meant that they could tell the client that the price moved or didn’t move–whichever was in the broker’s favor!
Newbies, on the other hand, have less to think about these days due to the internet and improved rules and compliance.
Unfortunately, bucket shops are still out there so beware!
Fortunately for you, we at Fxpipsguru.com are more than happy to assist you in avoiding entrusting your hard-earned money to these scumbags.
Make your way to the Forex Brokers Forum, where fellow forex traders kindly share their reviews and insights about a wide range of brokers, to help you distinguish the good from the bad.
So, before you put your money with just anybody, make sure you do your homework and espionage to avoid being duped by crooked brokers and forex scams. There are loads out there, to be sure, and we’ll look into it more later!
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