How to Select an Honest Broker

[Minetoo 10]

There are lots of ugly secrets in this business. Newbies should know that whomever they choose as their broker, they will initially trade against you (iow, take the opposite side of your trades unless and until you turn profitable - which the majority of traders never do).

[mico 10]

Thanks Jonny.

 

Important conditions for selecting your forex broker are:

 

- Borkers registered with CFTC : Commodity Futures Trading Commission or/and member of NFA : National Futures Assosiation .

 

- Support answer you very very fast

 

- no minimum amount to withdraw

 

- Withdraw between 5 min to 24 hour (online banks)

 

- small minimum deposit like $50 or $100 . (this condition is not very important because there some great brokers that their deposit $5000 minimum)

 

- Logical BONUS

 

- Small spread for majors :haha:

 

 

 

 

Hi Jack,

 

New to this B. Options market Just invest in VaultOptions recently. Why the broker keep asking me to deposit money? because high risk, high return?

 

Logical bonus is given to me. In what conditions, this moeny is belong to me?

Appreciate your sharing experience?

 

thanks

[akonlki231 10]

brokers that don't ripoff clients by placing opposite trades or manipulate spreads and data to take out stop loss values; brokers that don't make their profits and gains from traders losses.

[technicaltrader08 10]

The best advice I can give is don’t trust anyone whose reputation you cannot validate and whose association is not legitimately tied to the actual forex market. This is especially important when selecting your forex broker.

 

The allure of trading forex can be overwhelming. It attracts many eager fx traders willing to gamble away their life’s earnings. Unscrupulous forex brokers, signal providers, fx educators, software peddlers, and forex frauds are waiting, with baited breath, to take your money and turn it into a profit for themselves – all at your expense!I traded under forex-metal and got benefit a lot.

 

There are some qualities that a good broker must have. A good broker is not money money maker. It gives top priority to its client. It is regulated by FSA,NFA, ASIC or FINMA. It must offer low spread. No commission on deposit and withdrawal. Allow all type of deposit and withdrawal method.Should have excellent live support. Very important is no requote problem .

[Landser 10]

This is how I choose a broker.

 

The first and the foremost for me - a broker should be regulated.

Then goes the minimum deposit and the leverage.

Then withdrawal process - it should be fast and without any fuss.

Then the customer service - I'd like to have an 24/7 opportunity to communicate with someone who can help me in solving technical problems.

And the last is the presence of various bonuses and programs.

[avamorcle 10]

It is difficult to choose a best broker.

[tradeforever 10]

My broker should be regulated and no cheat behind my money.

 

I'm working on Internet so I appreciate any brokers always have fas payments.

Trading environment would be my prior, spread, fast execution, no requote would be considered before I invest money to that broker.

 

I'm trading with hotforex and it meet all my needs.

[Ingot54 13]

I can hardly believe all the comments I am reading here, and the reasons people are 'liking" their broker.

 

See how much you like them if you have a very large profit you wish to repatriate back to your control!

 

My advice is to read everything http://www.forexpeacearmy.com/public/forex_broker_reviews at this link and be aware that these sharks used to be 'liked" by those having problems.

 

Further horror stories for bedtime reading here:

http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/index85.html

 

Remember - 85 pages of complaints from people who "liked" their broker so much that they trusted their money to them!

 

Why don't people stick with the larger, well-established brokers with a time-tested reputation for returning your account funds, and don't give these start-ups oxygen??

 

How many people actually KNOW where their broker is registered, where the physical office is, whether they REALLY are regulated, or just another Cypress Internet address?

 

If you are dealing with a broker who is NOT physically registered to a physical street address, in the country YOU live in, governed by the regulations in YOUR country, then the alarm bells should be ringing.

 

Here in Australia we have very strong regulations as far as the broker has to fulfill to operate here.

 

But as the collapses of MFGlobal and PFG BEST showed, "segregated" funds are not "segregated. They certainly are kept separate, but only as far as preservation goes for the "secured" creditors is concerned.

 

I have a trader acquaintance who had AUD$600,000 with MFG when they closed their doors - he is still fighting for it, and looks like getting between 30 and 80 cents in the dollar. And this is under the best regulated rules in the world.

 

Good luck with your little Cyprus-based broker. Have you ever been to Cyprus?

 

If you don't deal at home ... you're alone!

 

Your own Government will not get involved in these little disputes.

Edited April 1, 2013 by Ingot54

[Ingot54 13]

I'm trading with hotforex and it meet all my needs.

 

Tradeforever - this is nothing personal towards you - just something for everyone to consider.

 

Today, for $1 you can get someone to make several forum posts for you.

 

And you can, for $5, get someone to make several posts per day, for several weeks.

 

Guest Blogging, Blog Mentions | Fiverr

Chrisredwood will post positive comments on up to 5 blogs, web sites or forums for $5, only on fiverr.com

 

So you see what we are up against when we read "positive" reviews!

 

Here we are, attempting to find someone honest and reliable to trade with, and there are people out there, who will for a few dollars, sell their soul and lie to you about how great a service is, when they have no idea at all what they are recommending!

 

I am mentioning this, so that when people read positive reviews, they simply place those aside, and look for the negative reviews, and then make a decision based on the bad experiences people have had with the broker.

 

How sad is the world we live in, when I have to recommend to people to disregard "good" things said, and concentrate on the "bad" things!

 

So, regarding hot forex dot com please be aware, first of all that they are NOT in Mauritious, but in Cyprus, and that someone on their payroll has attempted to place a positive review here on http://www.forexpeacearmy.com/public/review/www.hotforex.com

 

After browsing this list for a few minutes, you soon form the opinion that this is NOT registered with the "FSC" whoever they are, even though they claim they are.

 

Look for the posts of:

 

Adriana (states Lithuania - really Cyprus) - caught scamming - lied about locality

drew deltoro, USA - they kept his money - eventually refunded 3 weeks later

P of Italy - Unable to get money due to scam bonus clauses

Uzair of Pakistan - scammed with wide spread

Usman Arshad of South Africa - found customer service collapsed. has proof of price not touching SL

alfredo of Philippines - set TP and this was not acted on. There were more than one of these complaints.

Bogdan of Poland - frozen account, complains of "no certification"

Ahmed Nawaz of Pakistan - unable to locate registration with FSC

IMAD from Algeria; (can not offer proof of registration with regulator)

Carlos Alvarez of Mexico - unable to close a position

Adriana of Cyprus - second time, same post, same employee of this broker!

Trader X of USA - denied news trading, reports platform freezing

Gary of Zimbabwe - had margin call after bonus was withdrawn by HF

 

You have to decide if enough of these complaints are genuine to keep you interested.

 

For me - one word rings the alarm bells ... C-Y-P-R-U-S ... meaning scam brokers paradise = not regulated = unable to get money back in any dispute = tricky clauses in "contracts" to inhibit using account normally, and accessing and getting funds/profits/balances returned.

 

Devang Surti, India, India

Rating:

Date of Post: 2012-05-30

Review: FPA Members and HF MARKETS LTD,

 

I already inform all traders here that Online Forex Brokers - HotForex - will face tough

time in INDIA.

Please refer my thread on 21-05-2012 Alarming Thread for INDIAN traders and http://www.hotforex.com.

 

I filled a public petition in INDIA and today honorable courts pass a verdict to stop

Online Forex Brokers - HotForex - to operate in INDIA and instruct them to give

balance back to Indian Citizen by 15-06-2012.After mention date, company cannot

operate in India and not authorize to open any kind of account of Indian citizen in

future.

 

Nutshell of the verdict “Hotforex websites and its all software will not available for trade

in India after 15-06-2012.

 

Hope in this case none of Indian traders lost their money and wish that Online Forex

Brokers - HotForex - allow them to withdraw money without any prejudice.

 

But ... rather than going to all the trouble to find out if a broker is good/bad/coated in buttersalt and sugar sprinkles ... why not simply trade with one of the large, best-known and long-term brokers around? The spreads are better, the funds are ;

safer, the service is high quality, and the regulators have their number ... and they have your back!

 

It is not my place to be recommending any specific broker, so do your own homework.

 

Anyone who is dealing with tiny brokers in overseas domains, who can not prove their regulatory status with the FSC, is really not trying very hard to protect their money.

Edited April 2, 2013 by Ingot54