Are there ANY good brokers?!

[UncleSteve]

Hey gals & guys

I am as new as you can get, having heard of the FX market in June 2013.

I'm 36 with a good job, self taught in various industrial arts (IE no college), earning all I could ask (over a full lot per year) but motivated by freedom and the ability to support causes I believe in meaningfully.

Here is my dilemma.

I am looking for brokers. I have looked at many and have demo accounts all over the place and I have come to the following conclusions:

- 90% are scammers

of the rest:

- 90% are unregulated in uncertain jurisdictions renowned for scams

of the rest:

- 90% are regulated with ridiculous rules.

I have only just flirted with this opportunity, but already I have found several things to bug me. And a lot of scams.

To make a long story short, has anyone found a broker they really like?

And please don't bother advertising your brokerage. One of the main reasons I HAVEN'T signed up with several is that I am employed to do due diligence for other people already; so doing it for myself is pretty easy.

In this field though I am new; so if you have done well with a broker and withdrawn funds easily and have not had excessive slippage issues or other usual crap. please let me know!

UncleSteve

 

[Michael "Grimweird" Tan]

Umm... I can't say that I have any real trading experience with them as of yet since I'm still studying Forex and experimenting with their demo account, but I think HotForex is an okay broker. I don't think they've had any major unresolved issues or complaints associated with them, if they have, I haven't found them, and I'm usually quite thorough and persistent while searching. That's the main reason I decided to go with them. Other than that all I have is the usual advice, check to see if they are regulated, deposit only minimum amounts at first, make a withdrawal soon after to test them, etc. Sorry I can't help more, but right now, that's all I got.

Best of luck to you man.
Mike.

 

[navyseal]

I'm trading with HotForex and it's regulated. I have no trading issues with them so far. I think it's a good broker to try.

 

[Rambo35]

Yes there are, they may be hard to find but there are some really good brokers out there. Take your time selecting the right one and your first choice may not be your last one. Don't listen to others when it comes to brokers as one trader may like one broker while the other one dislikes them. Pick one that is right for you and not right for others.

 

[Timmi]

UncleSteve, I've come to the same conclusion as you!
Anyone can register here and pose as a client of their scam-shop and leave a positive comment (perhaps even one of the replies above, who knows right? and why wouldn't they - they need time to build up their client base before they disappear with everyone's money).
I finally decided to do a duckduckgo.com search today for forex brokers... and although I haven't gone too deep into details yet, I have found a few of interest.
Because anyone can say anything, I'll refrain from mentioning names, because my intent isn't to plug anyone.
But let me say this - most of the "brokers" on here don't even list their board of directors, let alone their regulatory registration number for verification. And when I saw a couple of brokers that actually do this, I thought "oh yeah, that's what a real corporate website actually looks like".
Start your research with their website, and investigate from there. If the website lists a "Dr. Alex K." with no last name, no board of directors or pedigrees, ask yourself if you would send your money with a blind shot in the dark to anywhere... anywhere that you don't even know where (or to whom).

 

[Pharaoh]

I agree that brokers who refuse to disclose information about their directors, location, etc. should be avoided.

You should also avoid any "wow, this broker is great" advice from members who join solely to endorse a broker. On the other hand, there are people who've been members of the FPA for many years who do share the names of their brokers. (Not me - when my bucketshop finally gets hauled before the NFA and is shut down, I don't want to feel responsible for leading any other innocent traders to their doom.)

 

[UncleSteve]

I don't want to feel responsible for leading any other innocent traders to their doom.

I agree but that's a tough one, because in this game, what can you really go on but referrals? If you stick to local fully-regulated brokers you're swimming upstream IMO

 

[Pharaoh]

At least with fully regulated brokers, if something goes wrong, you either get repaid or someone goes to jail.

 

[navyseal]

I think even the CEO of broker goes to jail do not make me happy when I lose my money . It's better to get back my money

 

[RahmanSL]

If we all did not take that first step, we would still be on someone's back being "burped" or in a wheelchair to get around.