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I was going through the list of forex broker reviews and looked at 4-5 star brokers with many reviews (above 100).
Most of them are not regulated in a "normal" authority.
That is very strange to me.
In the forex brokers list here. if you sort them by rating, we are looking for more then 100 reviews, for greater credibility.
if you go from to to bottom:
first we have GLOBALPRIME - ASIC they are ok.
ATC - NFA and the uk regulatot (FCA i think) good
but the you get
fxchoice, tallinex, tikmill (98 reviews but close enough), HOT FOREX with 400+ reviews from mauritius or whatever, nordfx.
now I dont say they are bad broker but they are not properlly regulated for sure.
after that you have some regulated brokers, and specifically ICmarkets.com (a broker that I am looking very closely thees days, thinking about trading with them)
exness from cypress is getting decent reviews with 400+ comments. but big NFA regulated names like OANADA and FXCM are way down the list. xm.com is above them also with 400+ comments (I read they are numer 2 the world), from cypress
How am i supposed to pick a broker then?
Thats the problem. There is a big chance that a bad review reflects bad trader not a bad brokerJust try to look on FPA broker reviews. I believe FPA have the most honest review compared to other paid review websites.