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A lot of forex brokers run a wire transfer scam

A lot of forex brokers run a wire transfer scam

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Old Jul 27th 2009, 4:22 pm
  #46  
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Default Re: A lot of forex brokers run a wire transfer scam

1.58 JDR, you must have moved yours two years ago, the pound wasn't anywhere near that high since August 2007.

??

http://fx.sauder.ubc.ca/cgi/fxplot?b...g&a=lin&m=0&x=
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Old Jul 27th 2009, 10:37 pm
  #47  
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Default Re: A lot of forex brokers run a wire transfer scam

Originally Posted by SteveandGalina View Post
Wow, interesting, and which company do you use? Whenever I transfer money (and I have made several transfers around the globe this year) the first question Travelex ask me is how much!

Maybe it's a bit like a regular monthly savings plan, if you agree to make transfers every month then they give you a better rate?
I use Currency Direct.
In the past I have used ITT Moneycorp and HIFX, but these were for large amounts. I have used Travalex, but only for holiday money as its easier
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Old Jul 28th 2009, 8:37 am
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Default Re: A lot of forex brokers run a wire transfer scam

Generally, the reason why you get a better rate for doing a monthly direct debit rather than small lump sums is beacuse you are actually commiting to buy a whole years worth of currency. ie do a 12month regular payments on a dd basis actually means that you are buying £12k, not £1k each month
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Old Jul 29th 2009, 7:23 am
  #49  
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Default Re: A lot of forex brokers run a wire transfer scam

I hate to ask but in this case what would happen if you simply cancelled the agreement after say four months - I don't want to suggest anything devious here but presumably if you cancel your direct debit the currency company can't do much about it except blacklist you?

Or do they make you guarantee the payment in some way - I remember having a direct debit with Sky years ago which I ultimately cancelled (amicably!) because I moved abroad and then found that I couldn't cancel my payment through the bank because they told me that the cancellation had to come from Sky!

At the time I thought that this must be a violation of the banking laws if I wasn't actually in control of my account!
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Old Jul 29th 2009, 3:30 pm
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Default Re: A lot of forex brokers run a wire transfer scam

Originally Posted by SteveandGalina View Post
I hate to ask but in this case what would happen if you simply cancelled the agreement after say four months - I don't want to suggest anything devious here but presumably if you cancel your direct debit the currency company can't do much about it except blacklist you?

Or do they make you guarantee the payment in some way - I remember having a direct debit with Sky years ago which I ultimately cancelled (amicably!) because I moved abroad and then found that I couldn't cancel my payment through the bank because they told me that the cancellation had to come from Sky!

At the time I thought that this must be a violation of the banking laws if I wasn't actually in control of my account!
As far as i know, when you commit to a years fixed rate deal you will pay a deposit of 1 months payment which the broker has as their margin for exactly that reason. If you cancelled the deal then the losses made by the FX broker are taken out of your deposit, then the rest of it is given to you.
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Old Jul 30th 2009, 10:21 pm
  #51  
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Default Re: A lot of forex brokers run a wire transfer scam

Originally Posted by SteveandGalina View Post
I hate to ask but in this case what would happen if you simply cancelled the agreement after say four months - I don't want to suggest anything devious here but presumably if you cancel your direct debit the currency company can't do much about it except blacklist you?

Or do they make you guarantee the payment in some way - I remember having a direct debit with Sky years ago which I ultimately cancelled (amicably!) because I moved abroad and then found that I couldn't cancel my payment through the bank because they told me that the cancellation had to come from Sky!

At the time I thought that this must be a violation of the banking laws if I wasn't actually in control of my account!
I have no committment, I can cancel whenever I want. I have not bought forward with this system, although I have done in the past for larger amounts to protect my property purchase
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Old Aug 3rd 2009, 10:44 am
  #52  
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Default Re: A lot of forex brokers run a wire transfer scam

Originally Posted by Mitzyboy View Post
I have no committment, I can cancel whenever I want. I have not bought forward with this system, although I have done in the past for larger amounts to protect my property purchase
I agree, you are only tied in if you fix the rate, if you do it on a floating exchange rate then you can cancel or fix whener you want
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