I am new to forex trading, one of my friends suggested that I join BForex to do trading. Is this broker reliable?
Don’t mind but I am not sure if he is your FRIEND or ENEMY, it is c-grade broker and he is suggesting you that? Wow, I am unlucky (lucky) to NOT have such friend. Anyhow, now on serious note, I believe you need broker which are properly REGULATED and have some sort of reputation not some street walker. But, it’s your own money and your own choice, I already made my point. Hope it helps…
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I suggest you Google “Forex Brokers which are regulated in US” and a list will come up. Your friend’s suggestion of BForex is not listed in the list that comes up under Investopidia. Is he an active trader? How long has he been trading? There are a lot of people who WILL suggest things but you really should do your own research to come to a decision that is best for you. Like you I am looking for a Forex Broker since FXCM is gone from the US landscape.
If I live in Europe, why would need to look for a broker that is regulated in US? :rolleyes:
Name sounds unprofessional and very ridiculous probably these guys are not going to establish long-term relationships but once again blame the name of forex trading. I would advise you to avoid even signing up demo account with them to avoid revealing your personal information. Check for CySEC or FCA regulations there are many brokers operating under these watchdogs like tickmill, exness, hotforex, etc.
Perhaps you should ask your friend why he/she is recommending this broker and search for reviews in the web. If you trust your friend you can open first a demo account to test it and if it meets your needs then go for it. But make sure that this broker is regulated (extremely important condition). But do not open any type of account (demo/live) with them if you don’t think that they will not be reliable or if there are too many negative reviews because you will just waste your time.
Pick the broker that a trader have successfully traded and withdrawn. That should be the relieable one but not sure if it’s suitable with you.
Even if your friend suggested it, it’s not a bad idea to do some research for yourself. Me personally never heard of this broker