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Forex Brokers
What You May Not Know About Forex Brokers
Please Note:
Effective 6-1-2024, Profit Splits Percentages Have Changed.
New Percentages Are 60/40.
60% For Samuel J Sarullo,
40% For Live Users,
SalesRep / Finder's Percentage Will Stay At 10%,
Sales Managers Overrides Percentage Will Stay At 5%.
*** Effective 6-11-24 ***
After several discussions, I have reconsidered and I am open to using Pepperstone Broker in Australia
and taking on Partners, SalesReps/Finders and Sales Managers in Australia again.
The Truth About Forex Brokers
Let me share our experiences with Brokers both in USA and Abroad.
During 2009 thru 2011, We used many Brokers to accommodate people worldwide as well as those with Islamic Accounts. The three issues we had which caused me to shutdown were.
1. Dodd-Frank Bill in 2010 in USA. We all know what happened there.
2. In Cyprus, Tadawulfx was a good Broker for us until they had a new President with a Criminal History. Things went sour with them once I was notified of back-end problems with Tadawulfx since New President took over. I then had everyone close their accounts and had them moved to Gomarkets in Australia which we had been using as well.
3. Gomarkets in Australia on a Friday night right before Forex closing, did a huge price movement, first taking out sells, then a huge price movement taking out our buys. On Friday afternoon, our policy was to Hedge all orders to protect them from any Spikes until we resumed trading Sunday night.
Since our orders were Hedged, They should have never been closed and we lost over a quarter of a Million Dollars in those Accounts.
I contacted a Lawyer in Australia and was going to sue them since we had cause to sue. The Lawyers wanted Several hundred thousand Dollars to pursue the case.
I agreed, thinking that we would recover some funds from the Punitive Damages I was also seeking.
To my dismay, Australia does not allow for punitive damages I was told and what we would recover would cover the Atty Fees.
I also contacted The Forex Regulators in Australia, I sent them everything they asked for to look into my claim. I was told others had also complained about Gomarkets in Australia.
Soon afterwards Gomarkets was no longer around and I was approached by Andrew, who worked for me in Australia that Pepperstone, a Forex Broker in Australia was available and seeking customers.
Needless to say, I vetoed that and said We would never again use any Broker in Australia as long as I ran the ship.
*** Effective 06-11-24 That is no longer true. After several discussions, I have reconsidered and I am open to using Pepperstone in Australia and taking on Partners, SalesReps/Finders and Sales Managers in Australia again. ***
The three U.S.A Brokers we used were.. Interbankfx, Forex.com and Oanda in Canada.
Forex.com branch in London was used since we were able to get 1:200 Leverage there. Every Live User (People Leasing my Software) Account had 1:400 Leverage or 1:200 Leverage till Dodd-Frank Bill passed and we all know what happened here since.
I decided to shut things down as I pondered what to do next and how. Meanwhile, one of my Brothers was dying of Cancer so I devoted my time as much as possible to Him.
