Hi RanmanSL and thank you for sharing your experience.
I'm new with Pepperstone, i have the PepperstoneUK account and didn't know any of this.
Could you share your list of trusted brokers, or send a PM with that?
Hello BotTrader,
Once upon a time, without hesitation I would name Pepperstone and a couple more brokers.
BUT, as my experiences with Pepperstone has proven, I am now extremely reluctant to recommend any broker
because a broker can become bad any time and I do not wish to be responsible for your lost when that happens with the broker that I have recommended. There are a number of brokers out there who are pretty reliable & trustworthy, but like I have mentioned, any of them can turned rogue tomorrow.
I have already gone through quite a number of brokers who are regulated by the
Australian Securities and Investments Commission (ASIC), and can say not to trust the Australian brokers too much because they are quite manipulative and complaints to
ASIC usually would not help you much unless you have airtight proofs which, in a fast trading environment like the forex market, are difficult to compile. If you are using their MT4 trading platform, brokers can easily manipulate your trading platform with false none existence spikes, temporarily reducing your leverage, and etc to make you loss money because, contrary to these brokers claiming to be ENC & STP,
in reality they are market makers, meaning they make money when you loss, and they loss money when you make money.
I know you do not like to hear this, but you will just have to do your own research into each broker and decide on the one that you think is sufficiently well regulated and fits your requirements.
Good luck and all the best!