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I still have no idea what broker to trust

Discussion in 'Forex Company Comparisons' started by G_Man, Feb 28, 2019.

  1. G_Man

    G_Man Recruit

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    After browsing this site for hours, I don't know what to believe anymore. Brokers I thought were solid and established sound terrible, random small brokers have elevated reviews and sound perfect, but then I see a complex thread about withdrawal issues for one individual (and the broker themselves clearly discussing the issue in a way that I do not like).

    I have been trading risky cfds for a while, and have plenty of experience trading forex through these. But I need to get in for the long term so that as my account grows, I can feel safer in the fact that I'm in the real forex market and I'm dealing with real money etc.

    For now I'm looking at FXChoice and OctaFX. It sounds like OctaFX won't be able to handle high volume trading though...

    When I look at really nice looking, regulated, established, "safe" brokers. They only offer leverage of 20x or so, which does not work for me as I generally have stop loss at 5-10 pips so I would be trading my entire account on one trade with that leverage.


    But honestly, this is a sea of misinformation and scammy stuff, how can I use this site better and what brokers do professional, successful traders use and can vouch for (with evidence if needed)?

    Thanks!
     
  2. FxMaster

    FxMaster Lt. Colonel

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    Whichever you choose, don't forget to check their reviews here https://www.forexpeacearmy.com/forex-reviews
     
  3. G_Man

    G_Man Recruit

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    Thanks, I have been checking indeed. I am confused as to why I should trust this site over others, although I'm starting to get the picture a little, the site is kind of hard to navigate and understand at times l :)

    Also I realised that the only reason I started taking octafx and fxchoice seriously was because I searched in the review section and they appeared at the top. However now I realise those are ads!

    The reviews are good too ofc.... But octafx is now unregulated, and I read one story of someone having trouble withdrawing and the support stating in the thread a limit of 5-10k Euro a week I think? (this was for him specifically, he had a balance of around 100k I think). That's a bit of a warning sign. I have spoken to another trader who says 2 years no problems with them.

    FXchoice was recommended to me on tradeview by a trader there, and reviews are good. Again regulation is iffy, but they have great reviews and track record, and they have 200x leverage and BTC accounts which both attract me.

    However I guess I'm trying to find that sweet spot of a broker that has "enough" regulation, but not regulated to the point where they won't offer me the leverage that I need for 5-10 pip stops... Not to mention trust and spread and all that stuff. Trust is the number one for me as I'm coming from dodgy cfd brokers that I find very hard to trust, and if I'm going to move from them I want it to be closer to sure as I can be.
     
  4. G_Man

    G_Man Recruit

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    OK so I went through the reviews systematically from the top and found GlobalPrime. The reviews are ridiculously good, but consistent and varied, long history, a good number, and chatting with the support also leaves me feeling comfortable.

    Regulated enough, but to enforce silly 30x leverage restrictions that cripple professional day trader/scalpers. I'll probably go with them, and feel lucky to have found them, if the reviews and what they seem like are all true ;)

    I'll probably test FXChoice, who have the bare minimum of regulation but also good leverage, they have some trust and good reviews, and offer BTC denominated accounts which should be good to trade up a balance when the next bullrun is on ;)


    Feeling a bit more clear now, took a while but...! maybe found some solutions in the seas of misinformation and scams ;)
     
  5. jemook

    jemook GlobalPrime.com.au Representative

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    Hi G_Man,

    I responded to some of your queries in the Global Prime forum. Good luck with your search!

    Cheers
    Jeremy
     

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