I am new to forex trading. I have been trading futures and options for a while now but want to explore the world of Forex trading. It seems the more I read about it, the more it scares me. Which broker can you trust and which platform is the best ? I would really like to trade from my Ipad if possible. I have been practicing on the forex trader app and find it easy to use. The broker behind it is forex.com but I have been reading mixed reviews, mostly negative ones. Has anyone had a good experience with a broker and platform that is not manipulated ? Thanks, trader girl
Hi Dear, I looked on forex.com’s website, it seems they are regulated and offer 2 platforms, I wouldn’t base my decision on reviews alone, I’m not saying that they are not important, but one has to look into the details and sometimes they are very subjective, are you trading on MT4 or the Web platform, but most importantly in Forex besides the fact that you need a reliable broker, you have to have a strategy. Do you happen to have an established strategy?
Hi.
Agreed (to a point) with Amale Sara i.e. about not basing your decision on reviews alone. This being said: reviews can (and do) play an important role IF you know “how” to read them or know what to “look” for. You’re “looking” for (sort of) “common threads” among the reviews. Here’s a good example (and based on personal experience too i.e. my first first broker who, unbeknown to me at the time, is, was, and always will be, a “bucketshop”, has since been “proven” to be a “scam artist”, and had I known about this and not been “green”, and read the reviews, knowing what I know now, I could have saved myself a LOT of time, trouble, effort, and money). The broker in question is “infamous” for doing their utmost to ensure that you’re, very seldom, able to close trades that are in profit “at market” i.e. your market order to close a trade out at profit is “put on hold” and will stay “on hold” until the profit has dwindled to almost nothing (or better yet, for them, has turned to a loss) and only then will it be executed. You cannot cancel your market order and you don’t even get re-quoted leaving you “at their mercy”. Stop orders: “slipped to beyond what is reasonable” OR executed when price had been nowhere NEAR your stop order price (and of course: question this and you’ll be told “sorry sir: the spread widened” and there’s not a THING that you can do to disprove this). Limit orders not being executed at all (and in some cases even simply “lost by the system”). The list goes on. Now the broker in question has MANY MANY MANY reviews on quite a few different sites. In their case: I’d go so far as to say that about 80% of the reviews (actually more like “complaints” really) will detail all that I’ve just noted. There’s the “common thread” to which I was referring that you need to “look” for. Oh there’s other reviews (“complaints”) (posted about the same broker) about other things and other “goings on” and, unfortunately, this is also a bit of a “slippery slope” that only serves to confuse more. You have to also bear in mind that sometimes a (new) trader who REALLY doesn’t have a CLUE about what they’re doing or about the way different orders are (supposed to be anyway) executed: will post a bad review about a broker because THEY’VE “mucked up” and “lost their every last cent” (and when that happens: it’s quite common for them to blame the broker and / or anything else and / or anyone else for their failure and loss). But the point is: the “common thread” to which I was referring is still “out there for all to see”. Then (and this also based from experience and from “fielding” reviews or “complaints” for a good many years for a particular broker): there’s brokers that “employ” “virtual broker people” to post bad reviews or “complaints” about another broker (usually from behind proxy servers all over the world in an attempt to “cover their tracks”). “Competition is fierce (among brokers)”!!! Alright: there are also reputable broker ratings and review sites and “others” (same thing as with brokers). Forex Peace Army (possibly the finest example of a reputable broker rating and review site) goes to a LOT of trouble, time, and expense, to ensure that this practice is all but “sidelined”. Unfortunately: one or two of these “virtual” or “pseudo” reviews or “complaints” will “make the headlines” or “slip through”. It cannot, unfortunately, be helped. But they do try. And hard too. Again: this could become a VERY long and detailed post of mine. But I’ll “spare” you!!! LOL!!!
I guess to summarise I’d have to say a) look for a broker that has MANY MANY MANY reviews posted (if a broker is “five star rated” but only has five reviews then its rating is worth nothing really), b) look for a “common thread” or “common complaint” in the reviews, c) look at how the broker has responded (if at all) to any negative reviews or “complaints” (and even if they’ve bothered to respond to GREAT reviews i.e. a “thank you” never hurt anyone).
Let me also be quite frank here: I’m talking about my first broker and when I was new to all of this and had not done my “due diligence” (which brings me to another point i.e. see below). Because of my “stellar” demo trading results (with the very same broker referred to above): I just thought I had a “knack” for this i.e. made a small fortune (demo trading) in a short space of time and thought “hey: this is easy”. No (backtested) strategy. No “homework”. Didn’t even understand risk management let alone implement it (overtrading). The point is: I’d have lost that money ANYWAY. Of THAT I’m FULLY aware. But I’ll tell you this: it would have taken a LOT longer to do it (and who knows: maybe I’d have “wised up” eventually given that I was always losing back then when I started out) WITHOUT the “aid and assistance” of the broker in question!!! And, well, the fact that the demo account in NO way, shape, or form, functioned like the live account (another “bucketshop broker trick” by the way) didn’t help any.
My other point:
You need to LEARN about the markets and specifics about order execution (as but one “primo” example) etc. before even LOOKING for a broker or looking at broker reviews and ratings. If you don’t do this: you’re not going to know what to be “looking out for” when reading broker reviews and ratings IN THE FIRST PLACE!!! FAR too many people simply “jump in” with NO “work” from their side and expect to “make a killing” (and here, I’m afraid, most brokers are to blame too i.e. a LARGE portion of broker advertisements promise “instant wealth” and “riches in days”). This business is no different to ANY other business (or “profession”) i.e. it requires knowledge, capital, passion, commitment, self-control, PATIENCE (IS a virtue), and a WHOLE lot more (and a “half decent”, “tried and tested”, technical trading system does help too)!!! LOL!!!
Regards,
Dale.
Ill make it short and sweet for you…Forex.com (GAIN Capital) is the only broker I used since I started trading for almost 2 years now. I don’t have problems with them. I do use my iPhone to trade and I don’t have problems using it. I like the platform Mt4 that I use. The customer service via chat are very helpful when I needed help and when I have questions though I dont need it as much then before. When I first started, I use to listen to their webinars and that had help me a little bit as well.
If I were you, try it on demo first and see how it is. If you don’t like it, find something else. I am actually currently looking for other broker to test out to open a second account…
Good luck!
Dale,
I realize that many of the reviews are because the people trading don’t have a clue what they are doing and lost money. So now they blame the brokers or trading system. I am not new to trading, just the forex. My commodities broker is not familiar with forex either so he is not sure if forex is regulated by the exchange like futures is. After reading some reviews from people that seem to have a handle on trading, it seems that if you go through a trading desk, your account can be manipulated very easily from my understanding. Do you mind me asking which broker you use now and are you happy with them ?
I do have a strategy and have been trading for a while now doing futures. I am using the forex trader app for the ipad. It is very easy to use. I can’t get the MT4 on my ipad but I have a Mac book air coming in a week that I will try out other platforms.
Which platform and broker do you use ?
I am considering using either forex.com or FXCM. They both seem to be well established companies. What kind of strategies or indicators do you use in your trading ? I have a Mac book air coming in a week so I will try out the MT4 platform. Do you use that platform on your iPhone ? I can’t seem to get it on my ipad.
Hello.
Don’t get me wrong here i.e. I’d say that very few of the bad reviews and ratings afforded a broker are from new traders who don’t really know what they’re doing (well: a RELATIVELY few anyway). So I’m not blaming new traders at all i.e. just mentioning that new traders should know what they’re doing before reading through broker reviews and ratings and choosing a broker otherwise they’re not really going to have a clue as to what to be on the lookout for. The broker in question (in my previous post) is STILL soliciting clients in a BIG way IN SPITE of the fact that they were “kicked out” of Belize (of all places), have numerous complaints against them (mainly all because of the “moves” that they “pull” constantly as detailed in my previous post (so there’s the “common theme” to which I was referring), and have a relatively large number of ratings and reviews posted. This tells me (actually) that people are not even bothering to check reviews and ratings (if the truth be told) but should be.
I can tell you “right off the bat” that FOREX is not regulated (well to be more precise: it’s not trade “on exchange” as you are used to). The closest you’re going to come to something like that is to trade FOREX Futures. For this very reason: your choice of broker (and where they’re registered and regulated) is something that you have to consider VERY carefully.
I’m afraid that I cannot tell you which broker I’m currently trading with given that I’m busy getting an entirely new “concept” or “project” going (301 Moved Permanently) and cannot, at this stage, be seen to be favoring any one broker over another for fear of “shooting myself in the foot”. The best advice I (myself) can give you is to look for the most “popular” brokers around HERE (for FOREX that is). I’m sorry: I know that doesn’t really help you much.
Regards,
Dale.
Hi,
So far I’m trading with JForex platform on my Mac. It’s from Everest Markets. I would recommend it since have been trading with it for quite awhile.
For Technical, I use S/R, pin bar, fib sometimes. I tried to make it as simple as possible. The only Indicator that I use is Stochastic just to see the momentum on the chart on higher time frame such as 4 hr, daily, weekly, monthly. I also include fundamental analysis news releases/ events. So I do a little bit of both. When I get bored staring at chart I read lol… By any means, I am not an expert… I am progressing 
I use my iPhone to trade. I downloaded the Mt4 on my phone. Since I am an intraday trader, I won’t be able to trade in that moment and keep up of what was going on in the market without it especially if I am waiting on something. It takes a while to get use to it but it can be done…
Hello again.
Already answered (in part anyway).
I’m no great fan of mobile devices (not for trading purposes anyway) (but then again: I’m “old”)!!! LOL!!! This being said: I’ve had the “pleasure” of using MT4 on an iPad and I have to say it wasn’t too bad at all i.e. not TOO dissimilar from “the real thing” (MT4 on a decent desktop) (at least not the latest release or version of MT4 for mobile). This being said though: it still lacks certain functionality and (again in my experience) the same could be said for (most???) ALL mobile trading platforms. The biggest drawback is that you’re pretty much “stuck” with the “standard indicators” i.e. you cannot go and code your own indicators or trading systems. That’s been my experience anyway. If there’s a mobile trading platform out there that “remotely resembles” its desktop counterpart and allows for you to create (and SAVE) your own code then maybe here’s a good place for somebody to post about it???
Regards,
Dale.
P.S. No idea why you cannot get MT4 to work on your iPad i.e. the “standard” MT4 mobile app (from MetaQuotes) should download and install no problem i.e. all you have to do is select your broker (and the correct server) from the dropdown list provided (unless, of course, your broker is not listed in such dropdown list in which case you’ll probably find that your broker is not a “true” MT4 broker or MetaQuotes Client and is using a “turnkey solution” provided by the likes of “Leverate” or “Boston Technologies” to name but two “turnkey solution” providers).
I’m not going to even ASK about the Avatar!!! LOL!!!
Look: if you’re using “stock standard” MT4 indicators then no problem. Same thing if you’re using S/R and price action. There’s one or two “stock standard” MT4 indicators whose calculations are “questionable” (Wilder’s ADX being one of them and being the “local Wilder junkie / expert” around these parts I’ve always had issues with this). And my main trading system is Wilder’s Swing Index System (CODED CORRECTLY “by the book”). So for me: mobile trading is “out”. But “that’s just me”.
As for using an iPhone??? I cannot even make a darn phone call on those things let alone even ATTEMPT to take a look at a chart on one of them!!! But again: “that’s just me”.
For what it’s worth: one of the locally registered (although International) and regulated brokers here intimated to me, about three weeks ago, that about 30% of their client base is using mobile devices to trade. I was “taken aback” to be honest. NO idea what I’m going to do when we no longer have nice big flat screens and “proper” keyboards and mouses anymore!!! LOL!!!
Regards,
Dale.
Oh Mr. Dale…Why? Whats wrong with my Avatar? I have been using my pictures on here but no one complaints about it lol well maybe one…maybe I should put back my sparkling purple high heels shoes as my avatar…LOL
Well it depends what type of trader you are and how many trade/s you hold during the day and if you are trading manually or mechanically. Since I am doing it manually and I do hold a trade 1 or 2 position at a time, using my iphone is good enough for me. I am not looking for the big pips either. I wanted to take advantage of the oppotunities that it presents during the day even I am at work and during work meetings so I don’t have an excuse not to trade because I work… excuses are for losers LOL 
Yea, big flat screen TV are so overated…lol ONLY good watching footballs or maybe Oprah shows lol
LOL!!!
Nobody is complaining about your avatar I assure you. But over the years MORE than one person has been “caught” (for want of a better word) by “good looking avatar pictures”!!! LOL!!! Anybody remember “Jessica”??? ROFLMAO!!! LOL!!!
Regards,
Dale.
No I don’t know " Jessica" maybe he/ she was here before my time…
It’s funny because most if not all assumes that women are all looking for a " better life" but what a better life means to them? Just lots of money? Not all of them Sir… If you read all my post on here you’ll know. Haha … I think I should keep my pic/avatar just for fun! So everyone assumes that is what I am here for… Oh and I was accused of being a scammer! This is going to be great… I should signed up for acting classes soon maybe I can be in Hollywood someday and meet up with my long lost Kardasian sisters LOL…
LOL!!!
Nah. Nobody’s making any assumptions here. “Jessica” “popped up” here once or twice (some years back over the Christmas period if memory serves me correctly) and because of her avatar picture she had just about every male member here “falling over their feet” to “befriend” her is all!!! LOL!!! It was quite comical at the time (and I have to say I contributed my “fair share” to the “entertainment” at the time)!!! LOL!!! Needless to say: “Jessica” has never “shown up” again!!! LOL!!!
Regards,
Dale.
I see… Does she trade at all or she just come here for a " visit"?
Hello again (you DO realize of course that the thread starter is going to “kill us both” for going “off topic” here)!!! LOL!!!
Here you go: 301 Moved Permanently
Nah. Just another “virtual broker person” that was trying to get their post count up I’ll bet!!! LOL!!! But she “had us going there” (back then) for a while!!! LOL!!!
Regards,
Dale.
I am sure Ms. Trading Girl don’t mind 
Yea, it looks like she just came here for a " visit" but the one who sticks around was/ is in it for trading business
Definitelly, there is a certain boom in the appearance of new trading Apps. Particularly, I like Mobile trading Apps because some of them can display a level of operation almost similar to what you can see on a desktop computer, but much easier to use and more comfortable.
In my opinion and experience, FBS Trader App have a really good interface that allows us to edit your order and account settings in a few clicks.
I feel this App much simpler than Metatrader but with the same power. I’ve been able to handle deposits and withdrawals with just a few clicks.