Checking out a new broker

Hello! :blush: I’ve been constantly trying to refresh my forex trading journey and the other day, I decided to join a Facebook group for Filipino traders. :open_mouth: There, I saw a lot of people using XM as their broker but I’ve seen some threads here saying XM is a scam. :open_mouth: Is there anyone here who still currently trades with them? How is it? And have you been able to withdraw your money smoothly? :thinking: Also, apart from, Oanda, and XM, do you have suggestions for brokers that take in FIlipino clients? Thank youuu!

the people saying that have (like many others) opened accounts with XM that were NOT regulated by a proper regulator

like many spot forex brokers, XM make a big deal out of being well regulated, as they claim, but you need to be VERY careful, if/when you open an account with them, that YOUR ACCOUNT is regulated by a proper regulator and only send them funds if that is so

if it isn’t regulated either by the FCA or by CySec (very much second choice), PLEASE don’t even think about it, @ria_rose : you have had enough financial accidents for this year, and we care and don’t want you having any more!!!

DON’T make the mistake of being influenced by that! if a thousand people who have FCA-regulated accounts with XM have no problems at all withdrawing funds, but your account ISN’T FCA-regulated (or CySec-regulated as a worse second-best) that won’t help YOU!

come on, ria_rose - you know this really??? :slight_smile:

please don’t lose sight of the ONE thing that matters! :wink:

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I’d stick to these two. I can at least vouch for I’d like to open one with Oanda though! Who are you going with?

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I KNOW HUHUHU But this Facebook group had really convincing comments and reviews from fellow Filipinos, that’s why I got a bit shaken. The reviews were very compelling and I tried to talk to some people there and they were very friendly. I got swayed. :sweat_smile: But thanks for your wake up call! :blush: I’ve decided to stay with :smiley:

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I’d probably just stick with :smiley: Tried and tested. :blush:

I think they run out of Australia too.

Yeah these are good brokers, I would also suggest to try Hotforex if you look for cheaper options. Make sure you compare average spreads before making a decision.

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Hellooo! :smiley: Which broker are you referring to? :smiley: and Oanda or XM?

Oooh. :open_mouth: I haven’t really seen much about Hotforex. But it looks like they’re regulated by the FCA. :smiley:

At least Oanda and XM. Not sure about

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Oh yeah! :smiley: Just checked and looks like also runs in Australia. :smiley: But just to clarify, I’m not from Australia! Hahaha. :smiley:

Yea, it was more about XM being regulated in a couple of jurisdictions with decent reputations, and not only some Caribbean or small-country regulators.

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Lots of new brokers are entering the market however there is no point to switch from reliable to something less risky since it is unlikely that they will offer something super cheap or some true innovation. That’s why iI stick to Hotforex, after several attempts to trade with other brokers I realized that I simply waste my time.

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They’ll offer free money to noobs who don’t know any better or are willing to risk it with less regulation. It probably happens all the time. Why else would brokers still do that. It’s really all they have if noobs don’t care about reputation.

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Nice! :smiley: I’ve tried opening an account with them as well (just cause it was super easy). :sweat_smile: But I have no plans of depositing funds there for now. :sweat_smile: But thanks for clarifying! Appreciate it. :blush:

Ooh. I somehow agree with your point. But if you don’t mind, what do you think is the best thing about Hotforex and why not a big broker like Oanda or :blush: Just curious! :open_mouth:

Yeah! :sweat_smile: Haha. Some of the people on the FB group I joined talked about how they got 100% bonus or something when they signed up. :sweat_smile: Although for me, that was somehow a red flag. :sweat_smile:

that’s because you have good judgement (which we already knew) - it’s a big red flag :sunglasses:

I don’t think a bonus on it’s own is a red flag. I think the broker offering the bonus us more the issue. But that’s why you ask, right? I think the US brokers can’t call it a bonus, or they have special rules about what kind of deals they offer. But I got live accounts with and Oanda, both times they offered me free money. gave me $30 I think it was to open a live account and all I had to do was make a trade in a certain amount of time. I couldn’t withdraw the “bonus”, obviously. Oanda matched my deposit up to like $250, after being with them for so many weeks and trading so many units. Maybe 30K units?

So yea, I didn’t have issues with either broker.

Can’t speak for offshore or unregulated brokers. And again, Oanda in your part of the world could operate differently to than the Oanda I’m using here in the US.

Also, sometimes you need to read the fine print. Like it could be X bonus but then there’s a trading volume requirement or maybe a minimum deposit.

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