Hesitating to even really start

About a month ago I started and finished the baby pips school. I did demo�s at oanda and ac-markets, and i did well in both. I think I have a hang of how it all works, and my knowledge of how to look at trends and to read the news is the least of my worries. My main worry right now is that I cannot find a site that is reputable. I have been trying to do research, and sites like currencysecrets and forexbastards have scared me a little bit. I have no choice but to use sites like Oanda because of the platform (I use a mac). Although reading reviews on some of these sites I see that some of these companies post fake reviews, and some people say they have a hard time getting their money back and being ripped of with unstable spreads and so on. Can anyone recommend a site that has a platform i can use on a mac, what do you think of oanda?

I think Oanda is fine. You have people on those sites like “forexbastards” and most just ***** and complain. 95% of people lose right, so when they are upset, naturally they will blame it on the broker that they lost. There are two sides to the story but you will only hear one of them. Anyways just make sure they are a registered broker, and all should be fine. Trying to find a good review of a known broker is hard since everyone seems to win in demo and then lose in real. Naturally it’s the broker’s fault. Anyways best to ya, eh!

I love the simplicity of Oanda’s platform. They could improve on their charting features and add a 4hour chart but it’s not bad for a java based provider. Combine it with an awesome program like Metatrader for charting and you have everything you need.


So far, I like Oanda. I’m currently trading a small amount of money with them to make sure things go the way I expect them to. I haven’t finished my test trading yet, but a friend of mine (the man who got me interested in Forex) says he hasn’t had any problems with them.

We’re swing traders, though. I think a lot of the complaints you see are from scalpers (very, [B]very[/B] short term traders). Some brokers take measures against scalping, so… your mileage on that may vary.

By the way, Oanda’s spreads do change sometimes, especially (I think) around news time. They tell you that up front, so you probably already know, but I don’t see it as a rip off if they let you know that’s how they do business.

Happy trading!

You are right to be skeptical. Forex, like many other “opportunities”, is full of charlatans and snake oil salesmen. I think the others that have replied are fairly accurate in their assessment of the common complaints you see on “broker review forums.” It’s also helpful to know who supports the forum and if the comments are censored to favor certain dealers or services.

Here are a couple interesting pieces posted by two different dealers. They are obviously biased toward their own business models, but there is some useful information on choosing a dealer.

FX Solutions Company Profile

and here:

Questions for Forex Brokers about Spreads

IMHO, for forex trading: Do not deposit more than you can easily afford lose. Deposit only [U]risk capital[/U]. That means money that could disappear from your wallet and you wouldn’t miss it. Regularly withdraw profits and place them in a safe account outside your dealer account. If you do trade forex, it should represent only a small percentage of your overall investment and trading portfolio. Best of luck with your trading