I have looked at top fx brokers and the less known ones. All of them seem to be reviewed poorly. I found complaints including:
Unable to withdraw money
Poor customer service / no response from broker regarding complaints/issues
Changing spreads (sometimes charging more than supposed to)
Stop loss not working, leading to loss of balance
I found several such complaints for almost all top brokers. It’s so discouraging especially when you still need to beat the odds in the forex market and make profit only to realize that your broker wont let you get away with your profits easily.
I found the same problem with stock market. All brokers i checked out have issues, so it makes me wonder if we the little guys are being openly ripped off.
Do you know a good broker from which you had no issues, withdrawn your money from frequently
Are there reliable brokers? Recently the French financial watchdog AMF published a report that French citizens have lost 4 BILLION Euro for the past six years, mostly by investing in fraudulent Forex and Binary Options brokers. That is a lot of money, to put it mildly. The AMF receives well over 1000 complaints about Forex scams in a year. So to answer the question, yes, there are reliable Forex brokers out there, but they are few and far between and you need to be very careful until you find one.
Yes - myself and hundreds of other professional independent and ex-institutional traders who know what they’re doing, and understand the difference between a genuine broker who wants their clients to win, and a counterparty market-maker who has a direct incentive for them to lose.
We’re all “lucky for now”. Funny, that.
Yes - there are some complaints about IB, just as there are about every long-establshed successful brokerage in the world.
There are also occasionally people who drop dead from a heart attack while shopping in Marks and Spencer, but that doesn’t make Marks and Spencer a cardiac health hazard - it just makes them a company with millions of shoppers.
It’s important to appreciate the difference between causation and correlation - in assessing brokerages just as in trading.
“You pays your money and you takes your choice”, as the saying goes.
People who are actually [I]making a living[/I] from their trading tend to use genuine brokers such as IB and AMP, rather than counterparty market-makers pretending to be brokers.
That’s why there are so many more successful clients’ forex accounts held by IB than by the counterparty market-makers, as is [I]regularly and reliably[/I] proved whenever independently audited proportions of the winning/losing forex accounts at each are sometimes published by regulatory authorities.
Yes there are a lot of reliable forex brokers that you can find online. Just when you are searching for a broker try to visit their websites first.
Also there are a lot of websites that provide with forex brokers details and reviews. Before you go and open an account first have a look at their reviews, comments and details.
I concur with the recommendations for Interactive Brokers for stocks, ETFs, stock options, etc. For Forex, it appeared to me they are a market maker. I’ve had an active stock account with IB for several years. They do not provide hand holding to clients. If you are new to trading, IB is probably not your best choice. There is a learning curve for their trading platform and other resources. For stability, safety of funds and broker professionalism, IB is a good choice.
Look at it this way, 90% of newbies don’t understand how the markets work and loose money, they are not going to except responsibility for their own ignorance so they are going to blame the broker. If you read reviews from the 10% who made money, those reviews would be mostly positive
i’ve traded with a couple of brokers and i had the above problems especially the poor customer service. i was using for a while FxNet’s Demo account and i had no problems so i’ve opened a real one. I suggest to check it out maybe you are interested.
So, I like to know which broker you think is the best suited for beginner? I am working out with Tradewisefx company at the moment, I tried various companies like Octafx, Freshforex and many more, but it just not makes me comfortable with many things, I hope my experience remains positive with TWF, but still I like to hear which broker you work with or like? Also, do you think TWF is reliable? So far I am really enjoying with them.
for beginners, you need to find one you can make 0.01 lot, and with good supports, you can try fxpro uk or thinkforex uk, fxcm is good too for beginners, I know nothing about the brokers you listed, they are out of my list
IB platform is way to complicated for normal retail trader and their customer service sucks!!! I currently use ASIC regulated broker Vantage FX, which I think is one of the best MT4 brokers for retails clients.
