Hello,
I’m Sandra, started with Forex about a month ago , been using demo account to trade.
I plan to open real account next month , started to look for a good broker , but all of them have some bad reviews, like problems withdrawing more money than you deposited.
Or withdrawals gets approved but never show up on your bank account.
Other problems mentioned in reviews that when trades go well, there happen to be technical problems and you can’t close them etc etc , so you end up losing money.
To avoid the cowboy firms that cause problems like those you mentioned, go for a long-established broker based in a strict regulatory jurisdiction such as the UK, EU, US or possibly Australia. Nothing in the Caribbean or Pacific, remember that Northern Cyprus isn’t even a country.
I agree with @tommor. You are UK based, though I would hesitate to make recommendations - IG have always been ok with me and I have used several others. IG have an extremely user friendly platform and are a reputable UK company.
You say you started trading forex on a demo account last month and your ready to move to a real account. I’m interested to know more about your journey as your progression appears to be very quick. Not many traders can become profitable within a month.
If your looking for a broker you just need to do some research for brokers avaliable in your country, also make sure they are regulated. If they’re regulated you shouldn’t get many of the issues you’ve mentioned. I would also advise you to not trade a funded account with any broker until you’ve traded a demo account with them. This will allow you to get used to the way they work etc.
Also, as your aware, around 95% of ‘traders’ (I use that term very loosely) lose money and a lot of those reviews will by these 95% of disgruntled losers. The main reason for them losing is they haven’t bothered to get the correct education before trying trading. Education is the key to a successful trader.
my own preference is Oanda, but that doesn’t matter
what matters is to choose a broker regulated by the FCA, CFTC, NFA or ASIC, as advised above, and make sure your account is regulated by that regulator - it has to be a PROPERLY regulated brokerage, otherwise you think you have some potential protection when you actually have none
that means regulated by the FCA, by ASIC, or by the CFTC or NFA
other regulators in obscure Caribbean, Pacific and other small countries are fake/pretend ones (ok, CySEC in Cyprus isn’t completely horrible, but it’s the only other semi-respectable one) and they’re paid for by the people they “regulate” and they never rule against their paymasters
Hello,
Thank you for taking time to reply.
I use telegram signal service, results been quite good so far,so I thought about opening real account and just trade small .I am also paper trading a system I paid for, some small profit in a month,but will keep it going on paper for few more months to see if it’s any good.
Oh dear, traders don’t use signals from others, especially off a platform like telegram. That is a scam and a one way ticket to losing a ton of cash.
People who use signals are people who don’t know how to trade. Those who sell signals are scammers who don’t know how to trade and don’t care if you win you lose
If you want to be a trader you need to learn to be a trader, there are no short cuts. Following someone else’s signals is a one way ticket to losing money. I can’t express this enough.
If you can’t read the market and make your own signals you shouldn’t be trading the market.
I’m astonished about how many people come here and think trading is easy and will make them rich. It’s the opposite, trading is difficult, very very difficult, and it will not make you rich.
The only way to become a successful trader is to get the right education.
Please don’t get suckered into losing your money from scammer selling signals.
