Newbie question - is forex really a scam?

[exirsc]

Hi,

Is forex really a scam as many on this website claim it to be? I am already paper trading with fxpro but after reading all the complaints i have just lost confidence in trading. I saw one guy posting two snapshots of a chart from different accounts, one showing huge gap on a chart.

Any suggestions would be greatly appreciated.

I am in Aus. Is there a broker you would recommend?

Thanks

 

[MYFXPT]

Hi exlrsc, there are lots of good brokers around, and you will find one suited to you if you just keep doing what you are doing now...asking questions and seeking answers. FPA is always my starting point when considering a broker, so you are definitely in the right place. Question: You are located in Australia, so why not start locally? Pepperstone, XM.COM, IC Markets, Easy Markets, Direct FX, and so on. All are regulated by ASIC, and their client feedback and reputation can be confirmed at FPA. Right now I am using XM.COM, and would not have an issue recommending them to you. Good luck and good trading!

 

[exirsc]

Hi exlrsc, there are lots of good brokers around, and you will find one suited to you if you just keep doing what you are doing now...asking questions and seeking answers. FPA is always my starting point when considering a broker, so you are definitely in the right place. Question: You are located in Australia, so why not start locally? Pepperstone, XM.COM, IC Markets, Easy Markets, Direct FX, and so on. All are regulated by ASIC, and their client feedback and reputation can be confirmed at FPA. Right now I am using XM.COM, and would not have an issue recommending them to you. Good luck and good trading!

Thanks heaps for your recommendations

 

[Pharaoh]

All large companies will have unhappy clients. That's why individuals can scream SCAM! all day, but the FPA has clear steps to take before a company is officially labelled as a scam.

You need to learn to check and evaluate complaints carefully. Some people will scream about scam if a withdrawal is 1 day late. On the other hand, a withdrawal over a month late with the broker continuously changing excuses is a major red flag.

 

[rex1024]

In Forex, a lot of money and weak control of justice, because there are many scammers.
In this area, only professionals earn.Here it is very difficult for a newcomer.
Almost 100% lose money, it looks like a lottery.

 

[Pharaoh]

Even on a regulated exchange (which retail forex isn't), most new traders end up losing. People need to learn to trade and learn about risk management before placing 1 cent into a live account.

 

[2+2=4]

The very idea of Forex is very simple and innocent.But the intermediaries with whom we work often want to fool us)