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“Testing Brokers”

Discussion in 'General Forex Talk' started by antonisk, Jun 14, 2012.

  1. antonisk

    antonisk Private, 1st Class

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    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 $.
     
  2. Pharaoh

    Pharaoh Colonel

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    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)?
     
  3. sassysandra

    sassysandra Private

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    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 !
     
  4. dubaiscam

    dubaiscam Corporal

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    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
     
  5. Pharaoh

    Pharaoh Colonel

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    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.
     
  6. Klem

    Klem Private

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

    Pharaoh Colonel

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    Any broker holding your money needs to be watched closely. A good one could turn bad with very little notice.
     
  8. ammar19

    ammar19 Private, 1st Class

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    its all about starting with demo then moving to micro before the start funding your account well
     
  9. duderex

    duderex Private

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    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
     
  10. Klem

    Klem Private

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

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