Morning Forex Update 4/23 – FAPTurbo & Forex MegaDroid
I got busy and forgot to post my moring update.
Yesterday morning I added ForexMeta to the list of demo accounts. I figure that since both FAPTurbo and Forex MegaDroid pushi this broker it would be interesting to see how it preforms. Some of you have commented that it has not preformed any better than others and in some cases worse.
As for the update….no trades. Four demo accounts, one live account, no trades for either FAPTurbo or MegaDroid on any.
(Sigh) Dissapointing but at leaset there were no losses.
Let us know how you are doing with these robots or others.
Thanks for your time,
The Forex Noob
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April 23rd, 2009 at 4:13 pm
Hey Noob,
“ForexMeta” is not a broker — it is nothing more than a rebate tracking program set up by FXDD — FXDD has tried to make it appear as if “ForexMeta” is an independent broker, but that is a deception — the reality is that ForexMeta functions more like an “introducing broker” program — it is just a way for FXDD to know who to send the spread rebates to — when you open an account with “ForexMeta” you are actually opening an account with FXDD, and FXDD will kick back a portion of the spread you pay (on every trade) to the entity that ‘introduced” you to the “ForexMeta” program. If the FAPTurbo guys introduced you to ForexMeta, they are the ones who will be receiving the spread kickbacks on your trades — you noticed that the MegaDroid guys “recommend” ForexMeta as well — but it you already have a “ForexMeta” account, and you simply add the MegaDroid EA to it, all of the spread rebates will go to the FAPTurbo guys because it was via them that you originally opened your “ForexMeta” account. This would be true no matter how many robots you load up on that account or how many manual trades you place on that account — the entity you originally opened the account through will be the one FXDD will pay the spread rebates to.
Happy trading!
Rick Shalvoy
April 23rd, 2009 at 4:21 pm
So it’s like an affiliate program? All of these “brokers” who clear through FXDD or another company are not real brokers?
One more reason to investigate very thoroughly who you work with.
Thanks for the info.