How to file a complaint against a broker - futures io
futures io



How to file a complaint against a broker


Discussion in Brokers

Updated
      Top Posters
    1. looks_one kingoliver with 1 posts (0 thanks)
    2. looks_two grayfrog with 1 posts (0 thanks)
    3. looks_3 Big Mike with 1 posts (14 thanks)
    4. looks_4 USS Liberty with 1 posts (0 thanks)
    1. trending_up 10,801 views
    2. thumb_up 14 thanks given
    3. group 7 followers
    1. forum 3 posts
    2. attach_file 0 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 150,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

How to file a complaint against a broker

(login for full post details)
  #1 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,182 since Jun 2009
Thanks: 32,681 given, 99,629 received

How to file a complaint against a futures broker:

https://www.nfa.futures.org/complaintnet/complaint.aspx

You can lookup the firms NFA Broker ID from within the complaint form. It will also ask for any details about your complaint, and your contact information.

If you want to additionally file a CFTC complaint:

https://www.cftc.gov/complaint

The CFTC complaint can be done in addition to the NFA complaint.

Why do I share this information? Simple. Many members of our community have run into unfair business practices from their broker. Whether it is lying about all-in commission costs, or conveniently "correcting the problem" with billing you one commission but promising another, or technical issues that result in losses that are their fault, or even mis-management practices such as accepting borderless bank transfers (against KYC or AML one would think) ...

The thing is, when you step back and take a wide-angle view like me, you see a lot of these things repeat themselves frequently. Especially the commissions one. But as an individual trader, you may think "oh, it was an honest mistake and they fixed it now". But if they do it routinely, it is simply a money making endeavor/scam on their part.

Why is it so important? Because you are putting all of your money at risk when you trust an FCM to hold it. There is no insurance when dealing with FCM's. SIPC only applies to equities, and to my knowledge the only futures broker that sweeps excess funds to a SIPC account is IBKR.

Mismanagement of a broker/FCM is crucial. Leadership is from the top, so if multiple problems exist in their ranks, then eventually it can lead to closure of the FCM and loss of all clients money. Having your money in a segregated account is no guarantee, just look at all the past FCM's that went belly up and left their clients with losses.

So please, take the time to file an NFA complaint if you have been wronged by your broker. Let the NFA decide if their is a pattern worthy of action.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 14 users say Thank You to Big Mike for this post:

Can you help answer these questions
from other members on futures io?
Converting 2 RSI Divergence from Tradingview to TOS
ThinkOrSwim
Can multi charts execute code on any MT4/5 based broker …
MultiCharts
TradeStation Order Execution Networks stop server
TradeStation
Daily systems newbie problems
MultiCharts
Humans Orange County- Support Team - Future Fund Partners
Psychology and Money Management
 
Best Threads (Most Thanked)
in the last 7 days on futures io
Anyone interested in me trying the get funded scams?
21 thanks
Considering leaving Ninjatrader behind. Alternatives for …
11 thanks
question to the DAX pro traders
9 thanks
Trading futures over 5G network
7 thanks
Slippage for MCL Futures
5 thanks
 
(login for full post details)
  #2 (permalink)
 grayfrog 
Los Angeles, CA
 
Experience: Advanced
 
Posts: 42 since Nov 2019
Thanks: 42 given, 13 received

I second this. While your claim may be judged dubious it is important to keep the broker/FCM above water in their dealings. If multiple claims get made the regulating body will see the pattern that the individual might not.

Reply With Quote
 
(login for full post details)
  #3 (permalink)
 kingoliver 
Los Angeles, CA
 
Experience: None
 
Posts: 8 since Apr 2014
Thanks: 43 given, 19 received


I have a question. Where would the appropriate venue be to talk about an issue. I have one that I'm sure other have experienced (but is not completely clear who and what is at fault), and think that public knowledge of it, regardless of result, would help not only the community, but hold everyone accountable and bring to light the fuzzy area and line that is walked.

Just knowing how to approach claims and issues, knowing what is and isn't out of each parties control would benefit many people IMO.

BTW, mine has to to with incorrect, provable fills from a data feed and a company that 'evaluates' and creates a 'combine style' to introduce traders to funded accounts from a firm.

Reply With Quote
 
(login for full post details)
  #4 (permalink)
USS Liberty
Pittsburgh PA
 
 
Posts: 37 since Jul 2018
Thanks: 8 given, 7 received

I'm currently transferring my TradeStation futures account to a different broker, and on my latest statement all of the contracts that were transferred were charged the standard TS commission of $1.50 per contract as well as exchange and clearing fees, as well as NFA fees. When I called TradeStation they said it was their company policy to do so.

Here is the page which lists the fees TS charges: https://www.tradestation.com:443/pricing/service-fees/

Reply With Quote


futures io Trading Community Trading Reviews and Vendors Brokers > How to file a complaint against a broker


Last Updated on November 10, 2021


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
     



Copyright © 2022 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts