Forex(scam) vs. Futures

quasi

Recruit
Messages
9
Greetings to all traders,
I have been following the site's invaluable inputs from people around the world for quite some time. All in an effort to find a broker as someone new that wants to enter the forex trading arena. I believe I had managed to spot some fake positives along with the horror stories and did all the due dilligence to the best of my abilities.
All in all I had found !1! broker that seemed to tick most if not all boxes of trust.

Very recently there have been raised some issues regarding this broker and the response of the Broker regarding certain shady figures involved in a multitude of companies surrounding this broker was inadequate if not completely absent. If I said that the result was disheartening it would be an understatement.

Just as I am about to quit this endeavour and leave the forum since I'm in no mood to lose my sleep over the period I place my money anywhere, nor would I be willing to test myriads of brokers with 500$ or less.

My question is this; to the best of your knowledge, is futures trading (or any other through an exchange) technically, the only scam-free way of trading? or are there are other scamming techniques employed by futures brokers similar to what I 've seen flooding this forum?

Thank you for reading
Best regards
 
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Pharaoh

Colonel
Messages
20,114

Pheniox123

Sergeant
Messages
160
Greetings to all traders,
I have been following the site's invaluable inputs from people around the world for quite some time. All in an effort to find a broker as someone new that wants to enter the forex trading arena. I believe I had managed to spot some fake positives along with the horror stories and did all the due dilligence to the best of my abilities.
All in all I had found !1! broker that seemed to tick most if not all boxes of trust.

Very recently there have been raised some issues regarding this broker and the response of the Broker regarding certain shady figures involved in a multitude of companies surrounding this broker was inadequate if not completely absent. If I said that the result was disheartening it would be an understatement.

Just as I am about to quit this endeavour and leave the forum since I'm in no mood to lose my sleep over the period I place my money anywhere, nor would I be willing to test myriads of brokers with 500$ or less.

My question is this; to the best of your knowledge, is futures trading (or any other through an exchange) technically, the only scam-free way of trading? or are there are other scamming techniques employed by futures brokers similar to what I 've seen flooding this forum?

Thank you for reading
Best regards

Hi there,

Welcome to the forum.

Please don’t get disheartened by the shady brokers; as there are good brokers out there. They are rare but there are some.

You will find that majority of brokers will not bother you until a certain capital threshold is hit.

All I will say is be extra careful if you’re going to be trading with big capital; as that’s when even the semi-OK brokers become shady.

best of luck with what ever direction you take (forex /futures).

thanks
 

quasi

Recruit
Messages
9
Extremely interesting link Pharaoh and very informative. I remember reading it but it has been some time ago. Certainly of benefit to read it again carefully, so thank you for this and for your reply!

Thanks a lot for the warm welcome Pheniox123. To be frank I believe they are extremely rare, if we are talking numbers there may be 1 or hardly 2 and them as well with their grey areas.

The better I am informed about Forex, the more I see that due to its structural flaw (in being decentralized) and not being adequately regulated (most are laughable, indifferent, offshore/or not regulatory bodies), infinite scamming opportunities arise from the blunt to the very sophisticated. Seems like reviews here and elsewhere is the only "threat" they face, which they frequently offset with some fake positive ones.

In the latter (sophisticated) category we can safely put the 1 or 2 "good ones" and that is for me a risk I cannot take. That is, doing business with someone who is in essence completely unregulated and that I can only hope for his integrity.

All I wanted was a brokerage to pass me a feed and execute my orders, but I guess this is too much to ask in Forex. :)

Sorry for the long post,
Best of luck to both of you and many thanks again.

Let me conclude this with a quote from the link that Pharaoh suggested for anyone reading this in the future.

"Commander in Pips: Well, personally, I like the futures market. Yes it has its own difficulties compared to spot FOREX, but it also has a great advantage – higher safety and relatively low trading expenses. If you like to trade currencies – you may trade on spot market first, but when you’ll get solid profit and your assets are becoming greater, I think that the best way to continue trading is to shift into currency futures. That’s my conclusion on the comparison of these two markets."

P.S.
As a last resort, If you would be willing to send me some suggestions over pm. I would be more than happy to check them out, though unlikely that I haven't already.
 
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Pharaoh

Colonel
Messages
20,114
I never recommend brokers. If I did, the broker would either go out of business or get caught in some huge scandal the next day. Plus, not all broker offerings are taylored to the needs of all clients.

For a futures broker, start with licensed and regulated brokers in your own country. If something does go wrong, you'll be in a much better position to fight for your rights.

If there aren't any in your country, then you want ones regulated in a major country. Also check to see if the exchange they trade on has the currencies you want to trade.

Good luck!
 
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