“Testing Brokers”

antonisk

Private, 1st Class
Messages
65
There has to be a post out here similar to this one but since I could not find it I will try to start a new ToDoList for “Testing Brokers”. (If there is a list similar to this please point us to the right direction)
As I do change brokers every now and then trying to benefit from bonus offerings, new Forex products etc. I do try to eliminate my chances of opening an account with a broker that I will end up opening a Scam Investigation with.
My ToDoList is a little bit limited thus the purpose of this post to educate the new users including myself and offer them a guideline in opening new brokerage accounts.
1. Make sure that the broker is has no Scam Investigation pending at FPA
2. Check if it’s a regulated broker
3. Deposit trade (3-4) and then withdraws 50% of my initial deposit. if everything goes well then i do deposit more $.
 

Pharaoh

Colonel
Messages
19,831
Before depositing, play with a demo first. If a demo doesn't work right, you don't want to risk any real money.

Also, test out their support (tech support, not just sales). Ask some real questions and also some clueless newbie questions. If they won't talk to you before you give them your money, they probably will talk less after you give them your money.

"Regulated" needs to be clarified. Some brokers claim regulation when it's just a business registration. Has the regulator ever kicked any broker out (that's all some do)? Has the regulator ever slapped any broker with a big fine (that's what you want to see)?
 

sassysandra

Private
Messages
12
What you should really do I just give them a call. More often than a quality broker will not push you to open an account over the phone, good brokers dont need to sell as a good broker platform will sell itself.

In my opinion call the broker and if the person on the other end seems knowledgeable go with them !
 

dubaiscam

Corporal
Messages
214
Not FSA registered
They won't be registered by the FSA, nor any other Financial Regulator, as they're thieves
FSA Register

Possible fake Regulator
Often the broker will make it very clear that they are regulated, however the Regulator in question will be nothing but a fake website.
So check out when the 'Regulator's' domain name was first registered, under 2 years ago and it inevitably will be a scam.
Whois Lookup & Domain Availability Search | DomainTools
 

Pharaoh

Colonel
Messages
19,831
Good point. I recall some forex scammer in Hong Kong claimed to be regulated. The "regulator" had only one company listed as regulated by them, and had the same owner as the scam website.
 

Klem

Private
Messages
27
Lots of brokers are ok until you start earning serious money. On automatic execution you get less slippage and fast reliable executions.
 

Pharaoh

Colonel
Messages
19,831
Any broker holding your money needs to be watched closely. A good one could turn bad with very little notice.
 

ammar19

Private, 1st Class
Messages
41
its all about starting with demo then moving to micro before the start funding your account well
 

duderex

Private
Messages
29
you can find out the information about the broker from the forums. check it, this will help you to avoid from getting a scam one
 

Klem

Private
Messages
27
I think a good and reliable rating list should exist for the brokers... this would help us a lot.
 
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