Hi guys my name is Ian I would like to start forex trading but While deciding which broker to open an account with I had decided to look up reviews on them and the top two on my list both had some very bad reviews these are a couple of quotes from reviews I read:
“virtually all forex brokers are bucketshops.They don’t really buy or
sell the currencies for you when you place orders.
They just keep your money, and simulate trades (bucketing), since most
traders lose money, they make every dollar their clients lose.”
“I have requested withdrawl $4000- 1 month ago. But not receive it.
I have contacted many times. They said” you will receieved tomorow “. This campany is scam. Unbelievable.”
I wonder if some of you might recommend a broker you have had good experience with that I might open an account with ?
US, UK, other?
Go with an ECN or regulated broker.
There are many good ones - a lot of bad reviews are written by people who ahve lost trades through their own negligence. Having said that, you will occasionally get some bad brokers out there.
Google best forex brokers.
Thanls for replying San Miguel I am a UK citizen currently resident in the US I did google best forex traders and came across some sites which strongly recommended certain brokers so I then google reviews of those same brokers and read about them on other sites to find there was a lot of complaints about them so either the sites that recommend them are only doing so because they are their sponsors, or did the people that gave them so many bad reviews did so because of sour grapes ? Its hard to tell. Here is an example:
on that page they give a broker called ForexYard 5 stars call it their top choice.
some members give the same broker a tirade of horrendous reviews which accuse them of cheating, providing false data on their trading platform to make sure you lose, of not really placing the trades, but holding onto your money so when you lose they can pocket it, refusing to pay their clients when they request a withdrawl etc etc.
This is why I thought maybe some experienced traders on babypips.com forums might be able to recommend a good trustworthy broker.
I think mostly it is sour grapes. Any UK broker should be registered with the FSA and you can very soon compare their charts with that of the market, you will never see more than a few pips difference. Not only that, your money is protected up to 50k with UK companies.
Just to name a few, Etrade, IG, CMC, GFT, FXCM, Alpari, ODL - most have US based operations also. I have personally used 3 of the above and never had any issues. However, when I have a losing trade, I do not blame the broker.
I do not think you can spread bet or use CFDs while resident in the US so you will need to use spot forex.
ALso, duskacopy (swiss) maybe worth a look.
Depends on whether you want metatrader based or other platforms also?