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Good broker hard to find.

CHecking
Oct 25 2015 at 14:54
12 posts
IC Markets is connected to etoro.. not the best reputation to say the least. Just found that out. I was with IC Markets myself and luckily had no problems. You have to do alot of research to find a good broker, and don't rely on broker reviews with faked comments and ratings. To find a good System that works is one thing, to find a good broker that doesn't rip you off or steal your money is the other. Just look at all these white label broker bucketshops in forex. By the way, as far as i researched i can conclude that activetrades is somehow related or part of FXCM.
kieran (snapdragon1970)
Oct 26 2015 at 07:04
1948 posts
If your convinced that a certain broker is ok,safest thing to do is put in the least amount of a deposit ,trade it for awhile then try to take money out of the account.I am starting to use IG for a few reasons,I know some friends who have been using them for awhile,I use their Labs section to download data,I have met some of their trading team,so I know who I'm taking to when I ring up about something.Im experienced and they know that,so I don't get the usual sales pitches.

Be lucky.
"They mistook leverage with genius".
deresel
Dec 15 2015 at 12:20
708 posts
henrosky posted:
If you are trust your life savings with a broker, which broker will you choose?

Well, there are many things that need to be considered when you choose a broker. I found the most detailed info about the forex brokers here: https://www.forexbrokerz.com/forex-brokers.php.
It was really useful to me, because there is information about everything I need, including platforms, deposit, country, regulation and a website.


Good luck! :)
Mulos (mulos)
Dec 15 2015 at 15:06
5 posts
I use 3 brokers iForex, FxPro and InstaForex.
So far I haven't had any problems with them on withdrawals.
FxPro is best with fastest processing time, InstaForex comes second, iForex process the following day unless you do a withdrawal early morning.

Try to avoid depositing using debit/credit cards, use Neteller or Skrill. Skrill SWIFT transfer charges are lower than the standard $20 bank charges.

From what I've seen the fastest way to withdraw from any broker is via Skrill or Neteller, if a broker takes too long to pay into your eWallet account then that is a suspect broker.
dianajs
Dec 27 2015 at 09:03
823 posts
Whatever broker you choose, be careful to make sure that they are the real, licensed thing, not someone who is pretending to be them, like these two pretending to be the legitimately FCA-regulated Atom8 Financial Services, but which were in fact a pair of clone scammers - https://theforexreview.com/2015/12/22/fca-warns-against-atom8-clones/
kieran (snapdragon1970)
Dec 27 2015 at 12:37
1948 posts
@dianajs Good detective work,even with FCA approval they still break the rules,pay a small fine,try some other way to scam their customers until they get caught.I was looking at Dukascopy yesterday,their platform looks impressive,I have to read their terms & conditions.
"They mistook leverage with genius".
kricka
Dec 28 2015 at 01:45
92 posts
Choosing a broker can be a challenge. It also depends on what kind of a broker we want to use. Market maker or ECN or direct access to the liquidity pools. They all have their advantages and disadvantages. Signing up with different brokers and trading on a live account is the way to go. Demo accounts show just half of the picture. In the long run trading live will show the trader if the broker is up to the task of being a good broker. There are many good brokers around however by testing trading a live account it will come clear to the trader which one's are the best to fit his preferences.
" Lock in the profit and minimize the draw down "
nickchar
Dec 28 2015 at 11:05
10 posts
Depending on your minimum deposit there are several good brokers that have been around a while and you can trade care-free with no worries, i.e less than $1k go for Pepperstone, $1K upwards Sensus and $10K upwards you might as well deposit with an MTF like Lmax.

These guys are all regulated and have been in business for a long time with happy clientelle.
HolyGrailPTY
Dec 29 2015 at 11:48
120 posts
nickchar posted:
Depending on your minimum deposit there are several good brokers that have been around a while and you can trade care-free with no worries, i.e less than $1k go for Pepperstone, $1K upwards Sensus and $10K upwards you might as well deposit with an MTF like Lmax.

These guys are all regulated and have been in business for a long time with happy clientelle.
Being regulated won't help you at all when your spread becomes 1000 pips and you are stopped out.
Being regulated won't help you at all when your system allows you to trade with 800 pips in drawdown.

 The reality is people 'fall comfortable' with these regulated brokers, when the reality is, even if they are, you can still be defrauded and no money can be returned to you, unless it is recovered by the regulatory agency.
dianajs
Jan 03 2016 at 13:29
823 posts
I confess I've never seen 1000 pips spread. Generally it's a good idea before you open a live account at any given broker it's to use their demo version services first for a while, just to observe how their platform behaves under different market conditions.

@Kieran Thanks! Don't financial watchdogs like this also put such brokers on some sort of a blacklist so potential clients can check it when they're picking a broker? I mean, in Russia of all places they do, KROUFR recently blacklisted a broker called Rinkost for not paying their clients when they try to withdraw funds and then blocked their accounts when they called the broker asking about their money (https://theforexreview.com/2015/12/04/kroufr-adds-rinkost-to-black-list/)

My point is, when you pick a broker it's a good idea to both watch their platform for a while and check their reputation from trustworthy sources. Unfortunately it's a process that can take considerable amount of time.
fxdiva
Jan 04 2016 at 08:30
11 posts
HolyGrailPTY posted:
nickchar posted:
Depending on your minimum deposit there are several good brokers that have been around a while and you can trade care-free with no worries, i.e less than $1k go for Pepperstone, $1K upwards Sensus and $10K upwards you might as well deposit with an MTF like Lmax.

These guys are all regulated and have been in business for a long time with happy clientelle.
Being regulated won't help you at all when your spread becomes 1000 pips and you are stopped out.
Being regulated won't help you at all when your system allows you to trade with 800 pips in drawdown.

 The reality is people 'fall comfortable' with these regulated brokers, when the reality is, even if they are, you can still be defrauded and no money can be returned to you, unless it is recovered by the regulatory agency.

Very true. I was just looking into a regulated broker outside of the US and there were many complaints from people who requested a withdrawal. Weeks had gone by and all that received were excuses. I had an incident with one of my secondary brokers increasing my spread to 100 pips during the US to Tokyo rollover. I had 31 active positions and they wiped out my account. I posted this in the broker review section about Trader's Way a few months ago. I asked them to address the issue and have yet to receive a single response.
fxdiva
Jan 04 2016 at 08:32
11 posts
dianajs posted:
I confess I've never seen 1000 pips spread. Generally it's a good idea before you open a live account at any given broker it's to use their demo version services first for a while, just to observe how their platform behaves under different market conditions.

@Kieran Thanks! Don't financial watchdogs like this also put such brokers on some sort of a blacklist so potential clients can check it when they're picking a broker? I mean, in Russia of all places they do, KROUFR recently blacklisted a broker called Rinkost for not paying their clients when they try to withdraw funds and then blocked their accounts when they called the broker asking about their money (https://theforexreview.com/2015/12/04/kroufr-adds-rinkost-to-black-list/)

My point is, when you pick a broker it's a good idea to both watch their platform for a while and check their reputation from trustworthy sources. Unfortunately it's a process that can take considerable amount of time.

I agree that it would be ideal if things worked this way. However, the issue is that a broker can increase the spread for a specific trader to a ridiculous amount without affecting other traders. It happened to me a few months ago and recently happened to someone else that I know. The broker was referred to me by someone who has been in the forex trading industry for decades and had a history with the broker. I also read every review that I could find on the broker and there were no similar complaints. Had I not taken a screenshot of the spread I am sure that the spread increase would have been denied. A broker is never going to show their true colors by doing something like this to a trader on a demo account.
kieran (snapdragon1970)
Jan 04 2016 at 15:22
1948 posts
The watchdogs will only take notice if there are a lot of complaints or if a substantial amount of money is involved,plus companies change names and set up new companies so its difficult to keep track.Also a lot of the reviews you see on posts are written by employees or those with a vested interest so be weary.You can review can view some cases that were taken up by the regulator but this is information is becoming more difficult to obtain.
"They mistook leverage with genius".
Graham (garyryan)
Jan 06 2016 at 14:52
3 posts
I've had a few different brokers in my time, usually dependent on what sort of spreads I can get on the majors. Currently with Silicon Markets (0.6 fixed spread on the majors I'm trading) who have been alright so far. FCA regulated as well which is a bit comforting I suppose.
Darren72
Feb 03 2017 at 12:00
12 posts
Finding a good broker is similar to finding a good dentist. You would need to spend your time and energy for a few weeks and trust them. You can only decide if the chemistry works or not.

In Forex market, there are a lot of brokers who press “hard time” for your business. So you can make it clear from the beginning (“not bad, thanks, how are you?”) that you are spending your time to talk to several brokers and haven’t decided yet. Never have any fears to call back if you have any questions that you would have forgotten. Please bear in your mind that you can ask as many basic questions as possible.

If they respond back positively, then only it will tell you a lot about the broker. If they don’t have time to look into your opportunities & have time to answer, how much attention would you get after you have turned over your money?

Most brokers will advise you on which stocks to choose and get fixed return. So your investment grows & thus, their fees. However, they might also get extra fees paid to steer you to invest more. (You don't want that: you want someone who picks the best investment -- regardless of where it's coming from.)
MicTic
Feb 05 2017 at 08:07
10 posts
Most ECN brokers are pretty solid. The myfxbook spreads page helps pick the ones with good spreads.
PriceAction13
Feb 08 2017 at 13:43
58 posts
henrosky posted:
If you are trust your life savings with a broker, which broker will you choose?

Understanding the trading and also choosing a broker is an important issue now a days and if you are trading well but the broker conditions are conflicting with your trading styles then it is very difficult to make some good profit out of the market. Currently i am trading with LQDFX and all my trading styles like scalping and making good profit never been an issue here. I loved working here with this broker and without any issue with profit withdrawals and execution i can say it is quite homely and comfortable to trade with LQDFX.
To change your trading result, just change your thinking.
Dustin Duchesneau (ZBestTrading)
Feb 09 2017 at 07:50
1 posts
MichaelWhite1
Feb 09 2017 at 12:37
7 posts
henrosky posted:
If you are trust your life savings with a broker, which broker will you choose?

Ideal broker is the broker that is regulated and when you search for online reviews you cannot find any bad ones.

I would recon you check www.bdswiss.com and you can ask for Michael White Mitsingas

A free education will be provided to you and assistance in trading.

You can have a Forex/Binary Option account for quick market access and to use any desired trading technique.

Free education upon account activation.

Feel free to email me at [email protected] in case you have any further questions or you need any further assistance.
Baldo (BaldoN)
Feb 13 2017 at 09:14
522 posts
Hello, I do not believe in existing of ideal brokers where by searching not be able to find any bad comments. This does not mean the broker is not good - not at all, but as per my perspective a given broker might be good in terms of execution (for one and not so good for other), in terms of withdrawal funds request (someone may get his funds quickly rather then someone else ) and etc.
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