Opening real trading account

george112

Recruit
Messages
1
Why do brokers have all this verification process, copy of id, copy of utility bill etc. Is all that really necessary? Could not verification be done some other way than sending your documents to someone you've never seen?
 
That's because for preventing money laundering and fraud. You have to follow that to complete the verification process. Actually I think the broker or payment processor have to verify you are the people opening the account with same information and there is no cost-saving ways and convenient to do the verification process. I'm trading with HotForex, in the early, I don't need to verify my account because it require trader have to fill a withdrawal form to withdraw money. The, the broker improve with automated payment system and I have to verify to automatically withdraw money from it with some clicks.
 
This is another reason to stick to well regulated brokers. Some cheap bucketshops don't exactly do the best job safeguarding client data.

Any broker that claims that documents aren't needed is either run by crazy people or scammers.
 
Hi,

Sorry to bother you, i've been trading with a small account for approx. 9 months but about to start a fx course and would like to change to a meta4 platform, can u possibly give me the name of a broker in the UK which in your opinion is not a scam! every broker large or small has negative reviews on most review sites which makes it very difficult to actually choose one!!

Many Thanks

Ben
 
Asking for broker recommendation is like inviting the devil to give you good advice:p...you will get all sort or broker's rep and IB crawling out of the woodwork singing love song about their two-bits broker.


For such info, I use 100FroexBrokers site....click on "FSA UK (FCA UK) brokers" (left hand side of web page) and there you will find a list of FSA regulated & registered brokers.

Keep your choice to the FSA regulated brokers because those registered ones are not subjected to FSA regulations and do not provide you the same degree of FSA regulated protection.

For a full explanation on the difference between "FSA UK regulated brokers (Authorised)" and "FSA UK registered brokers (EEA Authorised)" read that up at 100ForexBrokers site.

Check out each brokers carefully and make your selection based on what you want for a broker.
 
Hi,

Sorry to bother you, i've been trading with a small account for approx. 9 months but about to start a fx course and would like to change to a meta4 platform, can u possibly give me the name of a broker in the UK which in your opinion is not a scam! every broker large or small has negative reviews on most review sites which makes it very difficult to actually choose one!!

Many Thanks

Ben

If you are changing platforms and starting a course, you REALLY need to begin with demo, no matter what your skill level is. You don't want to throw away money by pressing the wrong button or misreading an instruction in your class, do you?

For a demo, just pick any large broker not labelled as a scam. Give a fake phone number and set up a separate email address for requesting demo accounts. Otherwise, you'll have them calling and emailing trying to get you to deposit.
 
the relationship between a trader and a good broker is somewhat give and take, and part of it is presenting the required documents, which maybe used in the future for verification, comparison and safety and so on, at least thats how i see it, I guess its fine as long as the broker is good, regarding bad reviews, i guess all brokers encounter a bad review or comment there is not escaping it, but what i love about forexpeacearmy, i like to see how brokers follow up the allegations, and there are some good stories in the scam section :)
 
"...what i love about forexpeacearmy, i like to see how brokers follow up the allegations, and there are some good stories in the scam section".


...And there are a few traders who used illegal means to trade and, when got caught out, come in here to the FPA and try to extract payment from the broker with a potential scam findings.

...And then there are those impatient "hotshot newbie traders", after making humongous profits from a demo account with a bucketshop broker, start a real live account without even bothering to find out broker's background, and then come crying here at the FPA that they have been scam....and expecting the FPA to act like a local police station and to "go down the road" to arrest the bucketshop broker registered somewhere in Timbuktu.
In such cases, though it may sound harsh, these "hotshot newbie trader" need to learn the hard facts of life in the forex world.

The all time favorite is: "The broker representative forced me to deposit money into the account and I felt so scared that I do what he/she asked."....yup, the internet world is a scary place indeed!:p


Since we have "Scam broker of the year award" and others, perhaps Assistant Moderator would consider "Most ridiculous scam report of the year award", or something to that effect!
 
Since we have "Scam broker of the year award" and others, perhaps Assistant Moderator would consider "Most ridiculous scam report of the year award", or something to that effect!

Good idea. There would be a lot of candidates. :)

One guy filed a Trader's Court case a few months back. When he found out that the FPA wouldn't file reports with regulators for him and magically force repayment of his money right away, he asked "What good is the FPA?" When I explained how the process worked, how it may or many not result in money being returned, but how any valid complaint could help protect other traders, he logged in long enough to read it, logged out, and never posted again. Too bad, he had a good case.

I guess that one would need to go under "Most pathetic attitude of the year".
 
Im pretty sure there are insane stories in here, makes me wana read some more, but yeah it would be a nice idea having an award for most wierd or most extreme, or most bizarre story or issue, and another one for the top "scam broker of the year" LOL. but seriously forexpeacearmy helps alot in the circle of forex, not as to getting traders money back from scam brokers, but as an eye opener for what to avoid, where to go and how to do it.
 
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