After years of trading on stocks, my uncle wants switch to forex to put 1 million$ on forex broker. But he doesnt know how can he trust them not to walk away with his money. Anyone know more information about this?
when time to invest a vast amount in any broker its more appropriate to check all review that explained real traders , i mostly prefer FPA where all traders express their views about their trading platforms.
Oh no ! Not forexpeacearmy again.
Peter why are you still advising newbies to look at forexpeacearmy reviews ?
They are Russian Mafia - their reviews are fake.
Are they paying you to keep promoting them here on Babypips ? Because you have been doing so since 2017,
It would seem strange for your uncle to suddenly jump into forex with such a large amount of money. However it’s not for me to advise what he should or shouldn’t do with his money. There are many good regulated brokers for him to choose from, just make sure that they are regulated and please don’t trust anything on FPA.
To be a bit more constructive, these brokers might be worth looking at depending’ perhaps where he is in the world.
I know that a lot of brokers get their feeds off LMAX and that they only deal with larger accounts ie minimum deposit $10k
Hope this helps good luck
Go for an established regulated broker to begin with. Look at the volume of transactions that the broker has on an average, and its reputation in terms of liquidity. Another thing I would do in your position is look at the withdrawals history of the broker. Some decent brokers I can think of are XTB, Pepperstone and Fxview. They are versatile with their payment methods. For instance, I use a credit card to fund my Fxview account. Not many brokers accept credit card payments as they consider it a risk. But for me, ARP charges of credit cards are more suited, so I prefer using them for trading transactions.
Firstly, the choice of broker would really depend on where your Uncle is located and accordingly you can check for the brokers regulated by the legal body in his country. Secondly, your uncle doesn’t have to invest the whole of $1 Million all at once. He can start with a small amount and check if the selected broker is trusty worthy.
FPA has done nothing wrong. Stop hating. When you cannot bribe the system you find a way to tarnish its image.
Forex Peace Army is a scam. It’s full of fake reviews paid for by the brokers themselves. That’s why it’s usually the least reputable unregulated brokers which have the best reviews on that sham site.
“Let them alone: they be blind leaders of the blind. And if the blind lead the blind, both shall fall into the ditch.” - Matthew 15:14
First, your uncle need to identify whether he would like to go regulated broker in his own country or offshore broker which these brokers offer different campaign and different way of business concept. If your uncle is based in UK/Australia/US, he may use the broker with local regulation such as FCA/ASIC/NFA. or else offshore broker could be use as well.
Split the money into 3 places and deposit it into three top brokers according to your well performed research.
You can compare the services of different brokers and check if they are regulated. Their reputation, service, volume of transactions and withdrawal history will give you an idea about their authenticity. Good luck.
Any reason to why is he switching to forex? It might take years to learn the mistakes and make money, and the worst part is even some of experience traders fail.
Either way, that is such a huge amount. So, I think it is smart to diversify them into multiple brokers, but do look into IFC registered broker like Fxview, IC Markets, Pepperstone, etc. to ensure you’ll get the compensation if the broker goes south.
If I were you, I would step back and give time to learning, probably 10% of idle cash to start live after months of demo, and make a good research of filtered brokers. If monthly performance goes consistent, I would gradually adding into account. Rather than few mistakes that blow up the big account.
I would absolutely spread that among a few brokers to lessen the risk. Some of the above are good recommendations but why does he need to invest so much? He could invest a tenth of it with a broker and still make decent returns on it in time.