Good evening everyone. I have been trading maybe for six months now and my problem is to find a good broker. I have been trading with those which was giving bonus and most of all I have been trading with fbs untill they were able to clean my account. I began being more profitable after. I mostly trade the news and would like some suggestion for broker which are good for trading the news. I have tried again fbs but it’s impossible: the position remain loosing wherever the price goes - apart from slippage - i refer to situation where the price move too slow for such slippages … I have been trading the news with other brokers too …
100% always go with regulated, with an office you can call in your home country will your deposits kept in your home country.
Unregulated brokers are not a sham, I have traded with regulated ones and they also kill their clients… So as off offer cfd and leverage they are not a bad bet. As per my experience I would recommend you turnkey forex, the broker has decent trading conditions and worth to try. I have been with them since a long time.
Errm no one here said they were a sham… BUT i’ve met a lot of clients that have lost everything from sham overseas brokers.
They deposit into their trading accounts, make some money with an account manager but when it comes to withdraw time, suddenly you cant get hold of anyone and you have no legal support. Just to avoid all of that, go with regulated in your home country… simple. If you cant visit their office or meet the team, then dont sign up these tons of brokers out there that are 100% legit and regulated
Everyone of us will have different preference for different brokers. You should choose broker with reliability, good customer service and minimum deposit & withdrawal timings. As such, the concept of being regulated or unregulated in not of much importance.
Hard to recommend brokers as every broker will have someone who hates them and will pick holes in them. I prefer to use a couple of offshore brokers to spread my risk around. As above I looked into trading conditions, customer service, deposit and withdrawal options and timings and also tested the water with a demo account before funding a live account with them.
@CrewBear is the only one talking sense here
I wouldn’t say that all unregulated brokers are not to be trusted but for me I get a sense of security when I know my broker’s got the required licenses. A good case in point being Mitrade, not regulated but I can tell from what I hear that they are good. But like I said, only a licensed broker can rock my boat. Using Fxview, not been giving me much slippage issues, so I think it can be a good broker for news trading. I am into swing trading and have been able to make good returns. Try their demo account and see.
Most of the brokers offer the fundamental type of analysis, so it
s not that hard to find one. Its true that is a good idea to look for a regulated one, just to extra sure. I am trading with forex24 for some time now, and I haven`t had a problem.
But the point is are you making money with the regulated ones? It is certainly more easier with the offshore’s trading conditions. I agree with @cashisking86
JUST READ WHAT @CREWBEAR SAID AGAIN !
Do you want to risk everything, because you are an unsuccessful trader ?
There is risk in trading Forex. Just know how much risk you are willing to make. I know two offshore brokers that have been good for the past 10 years, but I don’t know about their platform in support of news trading. I use Forexchief to trade the news; its been around for 5 years running and services still good. So, Just as there are bad uptown brokers, not all offshore brokers can be trusted. Just read the reviews or follow a recommendation by a trusted fellow.
Perhaps you should do some research into Forexchief ?
I don’t post here anymore but saw the comment.
To give some perspective, I’ve traded professional in a prop firm, I’ve worked as a broker for retail traders, such as yourselves. I’ve seen the good, the bad and the ugly.
There’s things going on in the back office that are designed to work against you, impossible to prove but have you ever experienced slippage or a spike with a wick just reaching your stop loss yet on no other brokers platforms you see it? If the brokers data feed says the price reached X even if no other platform reached that price then they are fully coverage. You have zero recourse. That’s one example of many.
Let me ask you this. Would you opened a bank account tomorrow in the Virgin Islands knowing there is no legal recourse if the bank goes bust or your funds go missing, get hacked etc. But the interest is better than the banks in Australia, USA, UK etc… would you do it?
If not why are you opening a brokerage account in the same environment with the same risks? There’s plenty of onshore western brokers that are decent, there’s still a few bucket shops too but the risk is less.
A great point.
This is why it matters if a broker is regulated.
For example, in the U.S., if you’re suspicious about suffering slippage or a “stop hunt” for a particular executed transaction, you can request a transaction report. The retail forex broker, which is actually a retail foreign exchange dealer (RFED), must provide the customer, within 30 minutes of the customer’s request, with the following transaction data for the 15 forex transactions that occur immediately before and after in the same currency pair of the customer’s transaction.
Try asking this from an offshore broker operating with weak (or no) regulatory oversight.
Such a regulatory requirement acts as a deterrent from manipulating quotes that aren’t anywhere close to prevailing market rates.
With unregulated brokers, good luck trying to dispute trades that were executed on questionable quotes.
For any good broker, I don’t think that the attributed of being regulated and unregulated is not of much importance, it is about how quick they process withdrawals and deposits along with the spreads they offer and their reliability. These things are the major concerns for me.
You wouldn’t have any of these “major concerns” if the broker has tip toed away with your funds.
I strongly agree with you, I have traded with some regulated brokers before but my experience in terms of withdrawal and customer service wasn’t good. Moreover, they charge more commission as compared to the regulated ones. I have opened an account with Hugos way and coinexx currently.
Trading is like a business and you gotta risk things while doing business in order to earn something good. Moreover, these days there are some brokers that approve withdrawals within 24 hours. Thus one can make quick withdrawals if they have too much safety concerns.You just gotta do it nicely, that’s all.
Oh I see. How much commission are you paying now?