Comments from a Trader to FelixBastards Commercial

[whipsawfx]

The point being that OANDA is the better place for a newbie to trade than MBT. The simple fact that at OANDA you can trade an account as small as you want ($1 even !) means you can exercise a supreme level of "money management" whilst you learn to trade ... and deposite more funds as you become more profitable over time. Whereas elsewhere you have to contend with minimum deposits and contract sizes.

Good Trading all

[whipsawfx]

Just realised that to a lot of people stumbling onto this video that it wont make much sense ... so here's an overview..

Last year, a scammer called "Dmitri Chavkerov" alias "Felix" posted a youtube promotional video for MBT and his IB program, which falsely suggested that MBT's market was more real than OANDA and other brokers ... There were a lot of inaccuries, and I was alarmed at the fact that newbies may be drawn to an outfit where they would lose their money.. so I posted this response

[nhallmark]

zero pip spreads happen all the time on MB and for the record felix pays commission rebates still. He's just changed his system for doing it.

No, I dont work for MB and Im not felix :-)

[whipsawfx]

Is he not still giving out gift certificates at the end of the year for the rebate?

In anycase, his original advert which this was a reply to was clearly misleading.

Making out zero pip spreads were the real market, when their very presence demonstrates that its an artificial market born from the fact you pay the spread (comission) after the trade ... simply put, a scam the way Felix sold it !!

Amazing EUR/USD in this video 1.3657, thats 16% ago and now its a carry trade, lol

[nhallmark]

yeah he is.

But I agree, its misleading. And I agree MBT is not 100% honest either.

Still, even though he lies in his marketing, he does pay the rebates and he is still an IB for them...

felixforexbroker . com

About MB...I've talked to Justin LeBlang(sp?) from EFX about the negative spreads that will last several minutes during JPY unwinds and he claims they dont exist and you cant deal on them, which is not a real market.

[whipsawfx]

Well, I guess not surprisingly given his involvement immigration scam with his girlfriend, MBT terminated his IB agreement, and voila his promotional video disapears ...

loser

[whipsawfx]

your link 'felixforexbroker . com'

"This server is experiencing technical difficulties.

.

We apologize for any inconvinience. Please check back again later. "

hahaha he even scams the fact he's no longer an ib for mbt ... "Technical Difficulties = MBT told him to get lost ..."

lol, lmfao, loser

[nhallmark]

I finally got word from MB on the situation with Felix. You were right...his IB has been terminated.

I originally defended him because he's been honest in the past, but I guess that's no longer the case.

I apologize.

[forexscamcheck]

This one of my Favorite songs the group is Called: Sneaker Pimps and the song is: spin , spin Sugar

[whipsawfx]

Me two, although the video I have to go with it doesn't make much sense now... as the guy isn't a IB for them any more .. In fact he stopped being one just when he was supposed to pony up the rebates ... wonder if anyone got their ... I thinks not ...

Forex is the wild west for scammers ...

easy money

[robster4ever]

what a freaky music!!

[darevalation]

I have 12 years experience with many brokers.

of course price didnt change for a minute because no one entered a trade for a minute. that's common for low volility times on all platforms. when he EUR/USD it was a couple of seconds TO reflect the market. The banks don't allow them to dilvulge who they are.

[nawkrm]

There're basically 2 types of businesses trying to make money from traders. First are the bucketshops who try to profit on your losses. Second are the eductors who want to sell you some books/tapes/course. I have 2 ultimate questions for them : For the bucketshops, "Name of the banks?", for the educators, "Show me your statement?"

[nawkrm]

If they're really trading through the banks, why can't they just name one bank, just one?

[nawkrm]

To me , all Forex Brokers are considered bucketshops. I won't believe any real market trading unless they can show me documents/proof that they trade through the banks. They keep saying they trade through the banks, and none has been able to even name one bank that they're trading with.

[danbez13579]

Hmmm, interestingly one sided. I agree one should be careful of everything with regard to your money, but this seems like a dig at felix and forexbastards. felix clearly states that he is an introducing agent for mbtrading, just as efx group is an intro broker for mbtrading, just as market traders institute {mti} is an intro broker for fxcm. what is the difference? every introducing broker makes money on referral, so what? what is so funny about that?

[whipsawfx]

Thanks for the comment Dan, its one sided because its a response to his deceptive commercial. Nowhere in his commercial did he say he was an Introducing Broker for MBT, neither did he state that he gets a commission for every trade you make at MBT.

[whipsawfx]

To answer your question, the difference is that FelixBastard runs a website which is supposed to give the lowdown on broker scams, and unbiased reviews .... well he's a Introducing broker, he's impartial and I would suggest he's scamming traders with this deceptive commercial. He deleted the fist one in which I demonstrated his offer in CAD/JPY was below the Interbank bid. His only interest is to make money out of traders.

[whipsawfx]

Dan you raise a good point with respect to Introducing Brokers. Did you know that the origin of the quote that "95% of traders lose money" was from an NFA audit of an Introducing Broker for FXCM ?

FelixBastard is in good company.

[whipsawfx]

GIBRALTAR MONETARY CORP INC, were Introducing Brokers for FXCM back around 2003. They had earned around $800,000 in commissions from FXCM, whilst the NFA found that nearly 95% of clients lost most if not all of their money!!

I wouldn't trade with any outfit which paid an IB's. Its madness. . . It simply takes away the edge, that can make a winning trader a losing trader. Thats why I trade at OANDA, the best capitalised, the best (and consistent) spreads, the best platform.

[Thetruth613]

Thanks!

[whipsawfx]

$100k the is minimum size on interbank !! The fact that MBT allows you to trade mini-lots ($10k) occassionally at zero pip spreads on eur/usd (1.37pip+ including commissions as demonstrated in the video) suggests that they are making markets (the zero pip spreads are probably the interbank rates + commissions) just like any other bucket shop, as FelixBastard likes the term them.

[marcpvka03]

I have seen the spread being "0" on my account ? I think that everyone had bad experiences with brokers, and it worthes to know what kind of game they can play. I would have myself put more video on lines because i was cheated. My personnal interest to see here more videos ? Well, at least people would start going elsewhere. Then may be they would clean up their shop. (Why did you compare Oanda with BMT ? I do not understand, so far i ignored that Felix refered to Oanda).

[whipsawfx]

Thanks for the comment marc. The comparison was to highlite the fact that contary to felixbastards commercial, the prices at MBT do not reflect the real market as he suggests, any more so than the 'bucket shops' as he terms them. I refered to OANDA, as I trade there, and he calls them a bucket shop on his website.

[whipsawfx]

If you open a demo at both and compare, you will find the prices change more frequently at OANDA, and the spreads on offer are more stable than at MBT. Remember, that you have to add 1-2 pips at MBT to cover the commission you pay. Infact, the fact that MBT has zero pip spreads, and you can trade mini-lots ($10k) demonstrates that they are just as much a bucket shop as any other Market Maker.

[nawkrm]

Maybe Oanda is a better broker than MB, with better spreads and all that, but that still doen't mean Oanda is not a bucketshop. Can they tell us which bank(s) they're trading through? I guess not.

[HickysBoy]

I've been happy with MBT/EFX. I don't think they do any market-making - but I am a client and not an employee. There are banks, etc that will take <100k lots and bundle them. There is quite a bit of volume <100k so a small markup or cost to take them should be attractive somewhere down the pipe. Their total costs are a tad high compared to HotspotFX and DukasCopy.

[guns2roses]

Yes fellow, you are quite right why don't Felix involve any other ECN BROKER I have used MBT but it's ok. And yes i guess Felix forgot that stressing so much on onething will ignite some double thoughts!

Keep up the good work!

cheers