IKON fined $320,000 for Virtual Dealer
It seems most forex brokers with the MT4 platform have been using this plug-in in a huge conflict of interest
It seems most forex brokers with the MT4 platform have been using this plug-in in a huge conflict of interest and disadvantage to their clients. Gain Capital was fined half a million for usage of same plug-in as well.
October 28, Chicago – National Futures Association (NFA) has ordered IKON Global Markets, Inc. (IKON), a forex dealer member to pay a fine of $320,000 as a result of an NFA Complaint issued and a settlement offer submitted by IKON and its principal, Diwakar Jagannath.
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The Complaint alleged that IKON engaged in certain price slippage practices on the MetaTrader platform that were favorable to IKON and caused disadvantageous trading conditions for certain customers. The Complaint also charged that IKON failed to supervise the MetaTrader platform used for their forex business, and failed to supervise the firm’s operations.
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In addition to the fine amount, IKON must provide appropriate refunds to its customers as a result of these asymmetrical slippage practices.
IKON and Jagannath neither admitted nor denied the charges. The complete text of the Complaint and Decision are available on NFA’s website (www.nfa.futures.org).
Complaint is embedded below.
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NFA orders monetary sanction of $320,000 against New York forex firm IKON Global Markets
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Do you see this being passported to other regulators? what about the FSA will they ever fine any brokers? it seems like the NFA has got a big wallet full of red cards.
the nfa should go after the floor traders for all the slippage they gave me when i used to trade currency futures when it was pit traded. I lost thousands on the floor traders games.
Thats why an honest broker would not offer MT4
regarding the following thread, what’s the problem with MT4? Not aware of any.
the nfa should go after the floor traders for all the slippage they gave me when i used to trade currency futures when it was pit traded. I lost thousands on the floor traders games.
.October 29th, 2010 at 8:39 am..sam said:
Thats why an honest broker would not offer MT4
.November 1st, 2010 at 11:22 am..Michael Greenberg said:
well, it’s the old debate whether to sell knives or not. at the end people make their choices and these are just tools which can be turned against traders or not
.
This is finally coming into light. It is laughable to see in fact as the platform was built to rip people off.
No doubt, many more firms will pay out.