To me, this should already be a well known practice that every researcher on broker should do. But well, it doesn’t hurt to remind everyone again.
Do not (and I repeat DO NOT) blindly read the forums with someone claiming a particular broker how great it is without first understanding their credibility.
One easy way to lessen the chance of being scam by them is to have a practice of referring to their post count. I’ve read lots of good reviews here on specific brokers and most (perhaps even 100%) of them have a low post count of 1. I feel very disgusted by these broker’s action, having creating a “clone” account just by acting as if they were a customer and promote their own service. In actual fact, I’d thanks them for doing this so as I am being warned not to get near them.
Afterall, who would actually go all the way to create an account just to post a positive feedback on a particular broker? If a particular broker is good, you will see good reviews from more credible persona.
If only Babypips could control this situation and protect us members…till then I will still be continuing searching for one that doesn’t scam my hard earned money off.
PS: Yeah me too, I have a low post count but hell 'ya I’m not promoting any broker and I’m a newbie wanting to trade Forex with a good broker.
Since you are still looking for a broker, may I suggest you take a look at GFT Dealbook 360.
They are my broker, and like many other people with experience on this forum, I strongly recommend them for integrity, excellent service and the best charting platform in the business.
So far no problem with Oanda either but I admit there charts are terrible. You would need a demo with a broker that uses MT4 (IBFX) and do your charting there then make your orders with Oanda.
Got used to it.
Agree, they are good too but at the time I could not set a Long order with TP and SL
AND
a Short order with TP and SL, either one or the other. Don’t know if they changed that now.
With Oanda never a problem.
As far as spread, in the overnight Oanda goes up to about the same as IBFX 3~4 pips. In main trading hours Oanda has less spread on some currency’s. EU .9.
Define what you mean by your broker “scamming your hard earned money off”
There are quite a few legit brokers out there, that aren’t going to run off with your money… IBFX, OANDA, FXCM to name just a few… BUT depending what you call scamming and I call spread manipulation scamming, those 3 will do that to you…
GFT is good, I use ODL personally, most I’ve seen thier spreads widen is 2 pips compared to 40 with FXCM…
Do you research, make sure the broker you chose is a member of the regulatory body in the country it resides in.
