Hi guys,
I need some help researching a broker. I have searched NFA and FSA.
-not registered with NFA.
-Could not find in FSA site because of some maintenance error.
It is not a US/UK broker. It is Estonian. As far as I know. they do not have any offices in UK/US which probably makes sites like NFA and FSA useless. However they did say that they are part of the "FSA Estonia".
My concern here is the integrity of the "Estonian FSA". I've never heard of one and I do not know if it is trustworthy or not. I tried navigating their website but was unable to find a link to search out their members. The link I found is this:
http://www.fi.ee/index.php
I'm doing this research because a friend of mine approached me to join his brokerage. Apparently this broker is doing a sort of ponzi scheme where you get 20% from your downlines' spread.
Eg:
-A has downline X
-Downline X trades 1 lot of EURUSD and the spread is 4pips at that time. Assuming 1 pip is 1USD, you will make 20% of 4USD.
I personally don't think it is a scam. It is the broker's choice to introduce incentives. In a way they are making 80% off spreads and giving 20% away. Many other huge legitimate brokers offer money incentives to drive their agenda so I am not surprised that something like this exists.
However, what I am very worried about is the legitimacy of the broker. Hence this thread. The broker in question is Admiral Markets Ltd.
If you have anything constructive to aid my research, please post here. I am not particularly interested in any form of bashing or glorifying. I prefer sound evidence and not just a comment about "how I felt cheated/how awesome they are". Things such as regulatory numbers or websites that I can call on would be the best choice.
Regards
I need some help researching a broker. I have searched NFA and FSA.
-not registered with NFA.
-Could not find in FSA site because of some maintenance error.
It is not a US/UK broker. It is Estonian. As far as I know. they do not have any offices in UK/US which probably makes sites like NFA and FSA useless. However they did say that they are part of the "FSA Estonia".
My concern here is the integrity of the "Estonian FSA". I've never heard of one and I do not know if it is trustworthy or not. I tried navigating their website but was unable to find a link to search out their members. The link I found is this:
http://www.fi.ee/index.php
I'm doing this research because a friend of mine approached me to join his brokerage. Apparently this broker is doing a sort of ponzi scheme where you get 20% from your downlines' spread.
Eg:
-A has downline X
-Downline X trades 1 lot of EURUSD and the spread is 4pips at that time. Assuming 1 pip is 1USD, you will make 20% of 4USD.
I personally don't think it is a scam. It is the broker's choice to introduce incentives. In a way they are making 80% off spreads and giving 20% away. Many other huge legitimate brokers offer money incentives to drive their agenda so I am not surprised that something like this exists.
However, what I am very worried about is the legitimacy of the broker. Hence this thread. The broker in question is Admiral Markets Ltd.
If you have anything constructive to aid my research, please post here. I am not particularly interested in any form of bashing or glorifying. I prefer sound evidence and not just a comment about "how I felt cheated/how awesome they are". Things such as regulatory numbers or websites that I can call on would be the best choice.
Regards