*confused* New to forex but which broker to choose?

quix

Recruit
Messages
4
Hi All,

First of all, respect to the FPA for their work to protect people from scamers!

I'm new to forex trading and started to read a lot in the past few weeks. I also tried 1 broker and opened an account at a 2nd but never deposited after reading here.

I really appreciate all the feedback to brokers. Unfortunately I'm so confused after reading since 2 days reviews about brokers. Almost all of them getting accused of manipulation and scam. I couldn't find one broker who not get accused. And after all I'm really insecure now cause it sounds like all of the brokers are scam and you can't do anything and will lose your money anyway. :confused:

Would be great if someone could enlighten me a bit. :confused:


Cheers
 

alanrox

Corporal
Messages
177
Hi All,

First of all, respect to the FPA for their work to protect people from scamers!

I'm new to forex trading and started to read a lot in the past few weeks. I also tried 1 broker and opened an account at a 2nd but never deposited after reading here.

I really appreciate all the feedback to brokers. Unfortunately I'm so confused after reading since 2 days reviews about brokers. Almost all of them getting accused of manipulation and scam. I couldn't find one broker who not get accused. And after all I'm really insecure now cause it sounds like all of the brokers are scam and you can't do anything and will lose your money anyway. :confused:

Would be great if someone could enlighten me a bit. :confused:


Cheers
Don't get confused and don't go into much detail. Otherwise you won't find any broker. Just get the above average scored broker with the number of posts. I am using this method. Lets say if you got a broker with above 3.5 ratings and more than 20 - 50 + postivie posts then we can assume that the broker is a good one. Remember this is my method. Those posts are based on their past services and may change any time.
 

itkraze

Private, 1st Class
Messages
200
Hey you should not only conclude by seeing these reviews and ratings because many of them are fake. You must ask a broker about their execution. The execution must be quick and the broker should be a regulated one.
 

Red Herring

Corporal
Messages
388
There have been a lot of discussion regarding choosing a broker....actually a combination of some variables:
1. Regulation (regulator's site will have to be checked whether the regulator fined any broker or not!) and how many regulator they have!
2. Withdrawal method
3. Not offering anything free
4. Min. deposit ($100-$500) and one should try to withdraw within few days of starting trade with this min. deposit to see how actually he/she gets return! If satisfactory then go for next deposit!

Review doesn't important to me since this can be fake and arranged for sure!
 

quix

Recruit
Messages
4
Hey guys,

Thanks much for your reply. I created an account now and will test the broker. Cross the fingers that it is a reliable one! :)
 

Pharaoh

Colonel
Messages
19,691
Asking for broker advice in Beginner's Bootcamp is a bad idea. You're likely to get a bunch of "I have the perfect broker for you!" answers from brand new accounts that were created only to recommend a broker. Then AsstModerator will unleash Spam Cat on those people.

I have some bad news for you. There is no "best broker for you" without you providing a lot more information. Finding a good broker that fulfills all of your trading requirements is going to take a little bit of work on your part.

Read this: http://www.forexpeacearmy.com/forex-forum/beginners-bootcamp/12903-best-forex-broker.html

As for what itkraze wrote, there's a reason why the FPA moderates reviews. If the FPA didn't, the assertion that most reviews are fake would be true. Since the reviews are carefully screened, I'm confident that most are from real clients.

The real issue with the reviews is that many are written by inexperienced traders. If they make money on their first few trades, they leave 5 stars. If they blow their accounts due to not understanding the concepts of risk management and margic call policies, they blame the broker. Reading enough reviews carefully will enable you to develop a sense regarding which ones are from experienced traders and which are from newbies who don't fully understand what's going on.

For example - "1 star My withdrawal is 2 days overdue and no one was on livechat on Saturday" is far less worrisome than "2 stars. I've been given 3 different excuses in the last 3 weeks why my withdrawal hasn't been processed."
 

itkraze

Private, 1st Class
Messages
200
Pharaoh , What you suggest if a Broker is not processing your funds. I mean I have funds in a broker and I tried to withdraw via LR but they said to request via Moneybookers as they have some problem with LR. Now the moneybooker option has vanished. What should I do? They are not regulated.
 

Pharaoh

Colonel
Messages
19,691
Open a thread on them in Scam Alerts. Then send them an invitation to the thread. Go ahead and leave a review while you're at it.
 

Rambo35

Corporal
Messages
280
When it comes to selecting your broker you should ignore what others say. Ignore reviews etc and due your own research and due diligence. Know what you are looking for and find that. You will never know until you try out a broker.
 
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