Well guys, it didn’t take up too much time to fag away at this writing, but I believe it will be helpful for newcomers who just start their trading journey. First of all I would like to thank you for visiting this page and reading my article. Your fair evaluation will be much appreciated.
Pursuing your own ends is a good thing, but if you have knowledge or idea - I think it is better to make it common property. Especially when your contribution can help others to save money. Broker pick is a really crucial issue today, actually I swallowed two baits and was robbed for around 3K $, before I turned on my brain and start to make my own research.
My idea is easy as a pie (followed the rule “Genial is simple”). Asvlong as there is only internet at your hand you can make use of (yeah not much tools for a research) the point is that you have to use those resources which really work. “Work” means helping to resolve traders issues, giving a chance to stand up for their rights in such non-transparent space as Internet. After reviewing about 100 sites devoted to trading, I took a stock of the resource called FPA (forexpeacearmy.com). Just look at their scam folder and court – a lot of issues were resolved in traders favor. It means that members there make serious investigations where real money is involved. It is not a pointless chatting about how good is forex, why forex is a business, blah blah blah, etc. Sound convincing enough, huh… There is really up to no spam, which is a sore point for heaps of forex websites. Unbiased information was the aim of my research and it seems that FPA perfectly met my requirement…But you can use babypips or ff instead these forums are quite solid too ;)
My next step was investigating FPA Review Pages of different brokers. I had my raw list I prepared beforehand, where I included next brokers (based on a brief research of their regulations, trading conditions, period of service):
- Fxpro
- Fxcm
- Avatrade
- Oanda
- Alpari
- Xm
- Hotforex
- Octafx
- Armada Markets
I had a thought that FxPro and FXCM and Avatrade really have a drop on their competitors but BOOM:
FXCM | Online Forex Brokers Reviews | Forex Peace Army
Fx Pro | Online Forex Brokers Review | ForexPeaceArmy
Ava Trade | Ava FX Brokers Reviews | Forex Peace Army
FXCM was fined by their regulators (obvious signal to stay away) and at FxPro page we see big warning sign of lots of fake reviews as well as at Avatrade page. FPA doesn’t recommend to trade with them. Really don’t expect that… Overall rates are below 3. Well there is no other option but to strike them off…:34:
Next on the list Oanda and Alpari and XM.
OANDA | Oanda.com reviews and ratings by Forex Peace Army
Alpari UK | Online Forex Broker Reviews | Forex Peace Army
Well, Oanda has no warnings from FPA but too many bad reviews there and overall rate is below 3.
Alpari got a penalty from regulator. Seems company has serious violations in their operation…, not good for traders at all. XM seems to be quite good with reviews and overall rate but presence of old websites puts me on my guard. It means if something will go wrong with XM, they will just change the website… I think I will try them only if it comes to a pinch.
Next in turn are Hotforex, OctaFx and Armada Markets.
Hot Forex | Forex Brokers Reviews | Forex Peace Army
Armada Markets | Forex Brokers Reviews | Forex Peace Army
Octa FX | Forex Brokers Reviews | Forex Peace Army
Hotforex… well company gives pleasing effect, overall rating is 4. Considering 323 reviews left it inspires confidence, no warnings from FPA. However some bad reviews there as well, need to examine them more closely to see how serious are their problems… regarding OctaFX and Armada Markets – again lots of fake reviews, FPA make a warning about that…
Resuming my research: As we can see some brokers often resort to posting fake reviews , but FPA with their sharp-sight quickly bring them out into the open. There are only two brokers left in my list: Oanda and Hotforex. Tend to use HF at first but still not sure, going to check them with some hundreds bucks to see spreads, execution, etc.
Hope this article will help you to stay away from swindlers and keep up your trading career in safe. Bye for now.