question about brokers

[upwards]

hi ash and everyone

i'm new to forex, and have been doing a little reading on my own over the internet.

although i havent opend a live account yet, what i keep hearing is how brokers behave very bad to their client??

basically i just wanna know are these stories true? because it worries me i hand over my money to someone who i cant trust.

please advise. thanks.

[~fade~]

I've seen a number of horror stories out there. Much of it comes down to lack of regulation & oversight I believe. I don't have any input about specific brokers either good or bad.

As with most things, it's up to the individual to safeguard his/her own wealth. Proper money management, use stops, and make regular profit withdrawls from your broker.

-Dave

[upwards]

thanks fade.

could i ask, which broker do you trade with?

[noblehobo]

hi upwards,

you should check out the broker section that Ash has set up. I know that a few of us have posted our thoughts and experiences with various brokers and you may find some of it interesting / helpful.

[tomo1]

hello
I agree
always check about the broker you are going to work with
forums can help you,
I know most of them,
let me know if you need more advises.
U need to know what services suit you the best too!

[waybeck]

u also need to check if they have there own in house trading desk

[jason]

your approach to choosing a Forex brokers should be somewhere similar to the process of choosing the right bank to trust your money to: reputation, transparency, convenience of carrying operations with money, good customer support.

As practice shows, many Forex brokers may forget to update their websites according to newly changed trading conditions, e.g. show 1 pip spread while in reality it is already 2 pips, allow scalping, while in reality - don't. If you don't read Client Agreement, but instead simply put a check box "I agree" in front of Terms and Conditions while applying for an account, you're doing yourself no favor.

[jason]

One of the best ways to choose a forex broker is to check if the broker is registered by the National Futures Association (NFA). Because the forex market is largely unregulated, forex brokers do not have to be members of the NFA, but they can register if they want to. If they are members of the NFA, then the firm can be checked out by using NFA’s Background Affiliation Status Information Center (BASIC). Here you can find out about the firm, its main principals, and about any regulatory actions against the firm and their resolutions. It is highly recommended that you do not do any business with any broker who is not a member of the NFA.

[goldie123]

a) if a broker has been in the industry for more than a decade - it tells you that the company knows a lot about doing Forex business and caring about clients, otherwise it won't be here today.

b) if a broker is regulated by a major regulatory body in its country - it tells you that a broker is serious about its business and making necessary efforts to align with rules and requirements imposed by the supervising bodies.

c) if a broker offers more that one trading product, e.g. besides Forex also has Futures, Stocks, Options, Commodities, CFDs etc - it tells you that a broker runs a larger business, carries more responsibilities and has more clients trading with them.

[Tradinger]

Originally Posted by goldie123

a) if a broker has been in the industry for more than a decade - it tells you that the company knows a lot about doing Forex business and caring about clients, otherwise it won't be here today.

b) if a broker is regulated by a major regulatory body in its country - it tells you that a broker is serious about its business and making necessary efforts to align with rules and requirements imposed by the supervising bodies.

c) if a broker offers more that one trading product, e.g. besides Forex also has Futures, Stocks, Options, Commodities, CFDs etc - it tells you that a broker runs a larger business, carries more responsibilities and has more clients trading with them.

I can agree with everything but b) is definitely problematic. There are a lot of regulators and some of them are just fake.

[GracefulPips]

Originally Posted by Tradinger

I can agree with everything but b) is definitely problematic. There are a lot of regulators and some of them are just fake. If you read some [COLOR="Black"]broker reviews[/COLOR] you find out that a regulator looks great and reliable etc. but was only made to legitimate a scamming broker.

I agree. Regulators are good but it's not a guarantee that your broker is a reliable one. And for traders regulators can be bad too. E.g. the U.S. regulators. Don't think that they are really good for traders. Too many restrictions.

[fmfx]

Restrictions are such nuisance. But then again, even with such bad side of regulators, they are useful sometimes. Although it doesn't guarantee the reliability of a broker, it does give some faith though.

[pipsqueak]

Originally Posted by fmfx

Restrictions are such nuisance. But then again, even with such bad side of regulators, they are useful sometimes. Although it doesn't guarantee the reliability of a broker, it does give some faith though.

Regulations are simply there for recourse, but brokers that are dishonest will do what they want regardless of whether they are regulated or not. I rather go with brokers who stay in touch personally

[flogger]

Brokers are the only winners on this game. They design it so it will be in their favor.

[ddeeen]

Originally Posted by upwards

hi ash and everyone

i'm new to forex, and have been doing a little reading on my own over the internet.

although i havent opend a live account yet, what i keep hearing is how brokers behave very bad to their client??

basically i just wanna know are these stories true? because it worries me i hand over my money to someone who i cant trust.

please advise. thanks.

Which broker do you trade with??.
I suggest you to join in lite forex broker, they are very fair and honest broker guys..
I've trade there since 2009, so far there are no problems...
I can gain $73 per weeks there...very nice result!!:D

[pipsqueak]

Hot forex is also a good one, I have been with them a few years now and never had issues with withdrawals and so forth

[baldwinbarrett]

No any brokers behave very bad to their client, If client do not have patience then problem come.

[Gerski]

Originally Posted by goldie123

a) if a broker has been in the industry for more than a decade - it tells you that the company knows a lot about doing Forex business and caring about clients, otherwise it won't be here today.

b) if a broker is regulated by a major regulatory body in its country - it tells you that a broker is serious about its business and making necessary efforts to align with rules and requirements imposed by the supervising bodies.

c) if a broker offers more that one trading product, e.g. besides Forex also has Futures, Stocks, Options, Commodities, CFDs etc - it tells you that a broker runs a larger business, carries more responsibilities and has more clients trading with them.

Very useful post,but do you agree that at b) There are a lot of regulators and some of them are just fake.?

[leebelisar]

Originally Posted by pipsqueak

Hot forex is also a good one, I have been with them a few years now and never had issues with withdrawals and so forth

I also would like to suggest gdmfx. It might not be as good as yours but its competitive. It has a heart that speaks for traders who trade with them. This is per my experience. This is a newbie like me sees this broker.

[Gerski]

Originally Posted by leebelisar

I also would like to suggest gdmfx. It might not be as good as yours but its competitive. It has a heart that speaks for traders who trade with them. This is per my experience. This is a newbie like me sees this broker.

Being competitive in the market is also one factor that we are considering in choosing our broker.And its nice to hear that your broker has a heart that speaks to their clients.

[rrayne20009]

Originally Posted by leebelisar

I also would like to suggest gdmfx. It might not be as good as yours but its competitive. It has a heart that speaks for traders who trade with them. This is per my experience. This is a newbie like me sees this broker.

There are lot of good brokers out there and still regulated brokers are better than those who are not.Just choose a broker with a good regulating body like FSA,ASIC,FCA among others.Gdmfx,on the other side is registered as FSP of New Zealand.

[unclegober]

Which Broker do you want to join.

I like a scalping so need a broker with lowest spread and fastest execution. Now some broker offer a low spread but i like from the Armada Markets offer.

[Gerski]

I also heard and had read some of bad sories or feedbacks of some traders from their chosen broker.Choosing a right broker is really important thou brokers can be find right away since their are a lots of them.Its our job as traders to do our part to have a background check to know well our going to choose broker.One of the place where we can start is forex forums so we can have the chance to know the trading experienced of other traders for such broker.

[orni308]

choosing a right broker is very important for your trading experience as well as your capital invested....

[ddeeen]

Just be careful for choosing a broker guys, there are so many new broker that offer many huge prize. But they are really scam broker.

[Knaz]

I have question to other traders who has problems with instaforex. How do you trade there?? Was your trade account restored after blocking?

[dangtrader]

Originally Posted by Knaz

I have question to other traders who has problems with instaforex. How do you trade there?? Was your trade account restored after blocking?

Instaforex is a confirmed scam broker. You can check reviews on forexpeacearmy, forexfactory or other reputable forums. After negative experience with them two years ago (my withdrawals were not processed) I switched to Hotforex.

[vmusci87]

I also was scammed by a local broker, they edit history (f*ck them) and removed all my profit. Then I switched to hotforex and no issues so far.

[PapiaKhatunAsha]

We should be careful with how we go about doing things. I always feel it’s comfortable to work with a broker that’s reliable and comfortable. This is where I find it super easy with TP Global FX, it’s one of the best and helps with performance in a major way.

[dangtrader]

Originally Posted by Knaz

I have question to other traders who has problems with instaforex. How do you trade there?? Was your trade account restored after blocking?

I traded before with this broker, but their disappointed me with their withdrawal speed and attempts to incline me to continue trading when I wanted to fix profit. That's why I made a decision to move my trading to Hotforex and I don't regret about that.