LOL indeed. and yet, where did we hear more bad stories come from ? the futures world or the wild west of spot FX retail broker-dealers where suddenly a ccy can be priced at whatever price they so choose and give you no choice other than open an account with a broker (not a dealer) who finally gives you real market price?
and what about a broker-dealer like Dukascopy who charges 70/USD per 10 million (10 lots) for account size < $5 000? imagine you make 10 trades in 1 day: you just spent 700/USD in commissions alone!!! in 1 day!!! metals and CFDs are even worse priced if you can believe it: 52.5/USD!!! the exchange fee to trade + commissions, say, on the CME or the CBOT only, comes about the same, but with all the benefits of trading on exchange.
compare that to a discounted CME monthly access fee (when using a respectable broker such as Stage5, for ex) and commission cost at least 1/2 that just mentioned and for some in the range of $0.60-1.20, and you see it can be in fact as expensive to trade Spot Forex and get none of the advantages you get on exchange.
but if that were all. what about your broker knowing everything about all your trades and therefore using its own broker capital to front run you (that's for the clients who have a positive and high probability win/loss ratio), which on exchange in the US the practice is punishable by prison sentences, but of course, in the retail spot FX world, none of that applies and they can therefore basically charge you outrageous fees, and on top of it, you are working for them without even knowing it as they front run your trades, thus making even more money off your back and of course not sharing any of the profit that you so kindly help them make with your correct analysis. does that sound like a great deal to you?
at least, in the futures world, you have a prop firm like TopStepTrader that not only will fund you with their money--so you don't even need to risk your own capital--and they will pay you 80% of the profits YOU make and keep 20% for themselves for providing the trading capital, discounted exchange access and all the other support services that come with working for them.
point is: it is all specified in the clear, black on white , no hiding this or that from the trader. what you see is what you get. that is how business is and should be conducted. conversely, why is there always some fine print or lying by omission when dealing with most spot FX retail broker-dealers that is advantageous to them but not you? exactly.
also, who affords the investor the most protection? an exchange like the CME (or an MTF like LMAX) and all the regulatory framework that comes with it, or your retail dealer in Cyprus or Belize where they have even less of a regulatory framework, and neither incentive to put their clients' interests first nor fear of having any real rules enforced against them?