Can we trust forex Brokers?

[yellowfloyd]

Hi everybody!

Suppose one becomes extremely successfull trading currencies and lets say he becomes a millionaire. How will the broker react? Will the trader come in the broker' s radar, and the broker start manipulating the trading platform against the trader. Will the trader be able to withdraw large amount of money?
Our loss is their gain so how can we trust them?

Hi mate,

If the broker is fully regulated then you would like to think that there would be no foul play on their part. Remember for every one successful trader there are probably tens of unsuccessful traders that would offset any losses should the broker be taking the other side of the bet. Again there should be no reason that you cannot take large sums of money out although the usual 3 day bank transfer rules would probably apply. Some brokers may have a daily limit of how much you can withdraw on a daily basis, but you would need to investigate more at the time.

If you deal with un regulated companies then you are setting yourself up to the possibility of instances like below occurring.

Moral of the story – stick to regulated brokers and you shouldn’t go too far wrong. Although you should also keep your wits about you and if you see something untoward going on report it.

Enjoy spending your millions!!

 

[melaniehamilton]

While there are dishonest brokers where never to trust the least, there are brokers who daily strive to provide quality service, it is true that you can not live with good intentions, but should also be assessed when a company has deal for the sake of their customers.

 

[rrayne20009]

Hi mate,

If the broker is fully regulated then you would like to think that there would be no foul play on their part. Remember for every one successful trader there are probably tens of unsuccessful traders that would offset any losses should the broker be taking the other side of the bet. Again there should be no reason that you cannot take large sums of money out although the usual 3 day bank transfer rules would probably apply. Some brokers may have a daily limit of how much you can withdraw on a daily basis, but you would need to investigate more at the time.

If you deal with un regulated companies then you are setting yourself up to the possibility of instances like below occurring.

Moral of the story – stick to regulated brokers and you shouldn’t go too far wrong. Although you should also keep your wits about you and if you see something untoward going on report it.

Enjoy spending your millions!!

I do agree.At least when you are dealing with a regulated broker,you feel safe that a regulatory body which is linked to the Government usually oversees their actitivies and has the power penalize them or investigate if there is a major complaint about them.

 

[mdarif]

Absolutely right ...They are good...

 

[rrayne20009]

Nowadays there are many Brokers and the concept of forex trading is gaining popularity. There are scam brokers that are hurting many people. I am happy with my current Broker as they are "Registered Company in New Zealand". We just have to make a little research about the origin of a Broker and then we can trust them.

I do agree that we should have thorough research about the broker of our choice.Origin of the broker is very important and its regulatory body. Regulated forex brokers are under supervision of a trustworthy regulatory authority. The strictest broker regulations exist in Northern America, Europe, Australia,New Zealand and Japan.
Right now I am with Gdmfx,also a registered company from New Zealand just as yours.

 

[neil]

That is a good suggestion. But nowadays the forex world is kinda corrupt to the extent that unregulated brokers are claiming to regulated while some regulated brokers are not offering the superb services required from them. Traders should just be careful with the kind of broker they are trading with.

Yeah -and some trading system Vendors trade micro accounts and expect people to buy their "systems".............'kin amazing !

(You are aware you sport a Trading System VENDOR badge Fizzy?)

 

[fx turtle]

I have been with my broker for almost a year now and I would say that I can trust them. There is no "Perfect" broker, I got slippage up to the tune of -20 pips during high impact news, but I also get positive slippage up to +20.

Do they stopped hunt? Maybe. It's part of the game. But I think they do not do it deliberately, there are times that I get stopped at by a mere 1 pip and the price goes back to the direction of my trade. There are also times that my trade survived by .5 pip to my stop loss and ended over +200 pips.

Bottom line, just look for a broker that you're comfortable doing business with.

Cheers,
FxTurtle

 

[bigmistake]

I have been trading with hotforex for over 1 year and I think I can trust this broker since no big issues happened so far. Even a perfect broker can also make a mistake or do something that you discontented. But if you still make profit, and thousand of trader all over the world are making profit so I think we can trust on forex broker.

 

[LiquidGenius]

If you're looking for faults you'll probably find them. I've been generally happy with mine. No big mistakes on their end. As far as slippage and spreads go I see it more as a cost/risk of playing the game rather than someone on the other side trying to get me

 

[daytrader221]

Some brokers are clearly much better than others when it comes to the speed of trade execution, support and conditions but whenever I got the market right I made money, no problems.

I mainly trade with FXPro and I will probably stay with them because I am confident in their name. Deposits and withdrawals processed normally. More recently I tried XGlobal Markets who I had never heard of before but they had good conditions and I was very pleased with their service. They don't have the the products you get with FXPro but the MT4, execution and support is first class.

 

[tansonnhi]

yeah. i must find some broker we trust. because you can lose money in bad broker. be sure about your broker before you deposit your money

 

[bigmistake]

How do we find a broker we can trust? It's really a hard question.

 

[fxways]

I am using several brokers. The best deal was joining under the IB of a large trader and getting his fee schedule.

 

[fxmade2trade]

Trust me at http://https://www.collective2.com/system87908820

 

[ph_trader]

Trust me at http://https://www.collective2.com/system87908820

I dont get it, and i dont think that this reply is any relevant to the topic above

 

[Trevor1975]

Yes you can trust Forex broker like 1BillionForex. 1BillionForex offers you the highest standard in trading forex and metals. With thousands of clients and the fastest execution in the financial trading world.

Yes, with a name like 1BillionForex, how could you not trust them??? sounds legit to me

 

[jamesuk]

Trust needs to be earned, therefore trust is built through your experience with the broker you can read all about them on the internet but in the end if you dont try them you will never find out

 

[ph_trader]

i do agree trust is not such an easy thing to give, it comes with wise decisions and thinking ahead.

 

[Pro Trade FX]

i do agree trust is not such an easy thing to give, it comes with wise decisions and thinking ahead.

As for us, trust came along years of experience trading with a broker.
We have tried many brokers before, FCA regulated, Cysec, etc...The broker we are using now proved enough for us. We dont have problem with spikes, slippage, payouts...I can only recomend them after 4 years.

 

[Fred Titmus]

So far I do not trust any broker but you can’t say about future.