I have read many reviews saying that loyalforex.com is a great broker, but when I go to their website and download the demo or try to make an account, it looks like I am dealing with prime 4x which does not have such good reviews. So which is it?
There is absolutely no reason to go with a shady broker such as this one. You have nothing to gain, and everything to lose.
Stick to the major forex brokers and you won’t have a problem. Go here Forex Broker Comparison: Compare Currency Trading Brokers Information and choose one of those brokers. They are all legitimate.
Hey guys. First of all, I’m new to the forex game and am still working through the school of pipsology. I’ve been reading reviews on many different brokers, trying to find one that would be right for me.
I read a lot of reviews about loyalforex being affiliated with prime4x, and it seems that in 2010 they went it on their own. Can anyone tell me if this is true? I downloaded their demo and am going to give it a try. At this stage I am impressed with tadawulfx and fxcm, they both have good platforms and both are regulated by financial bodies here in the EU.
Any advice at all would be greatly appreciated. Thanks for the amazing site, and keep up the good work! 
You can google the lawsuit on the internet that the CFTC has brought against Prime4X (try: cftc sues 14 forex brokers).
ES
Thanks ES. I also see that loyalfx are now affiliated with a different company. I think I will probably go with fxcm or tadawulfx, they seem the best and most reliable.
Remember that Tadawul has a funky minimum lotsize (0.05) like AskoBid has which may or may not affect your EA’s…(if you use MT4 EA’s)
ES
Yeah I am defo leaning towards Tadawul. Been using the demo a few days now and I making steady pips, and it’s very easy to use. Are you familiar with Tadawul ES? I don’t think I am going to go with the EAs, have read a bit about people having problems with them not triggering when they should, especially during busy market times. Besides I’ll be far more comfy managing my money in real time and being in control regularly. You have any advice for a newbie to the forex world?
Andre,
I demoed them, but as you know I am located in the USA. I have decided just to trade with 50:1 and not use hedging. So I do not need Taduwul or any offshore dealers. It was hard to abandon some of my EA’s but the environment for traders from the USA is not good for Forex trading overseas and I would always worry about my money…so far away…
ES