I, like many of us, have been looking for honest forex brokers who do not toy with spreads, conduct slippage, etc. Thanks to recent US legislation, getting into foreign firms with reputable standing seems impossible.
Furthermore, it seems that nearly all (except CitiFX) US forex brokers scam their clients in one way or another. Either that or have had significant penalties levied against them by the NFA within the last 2-3 for fraudulent practices. This includes the US larger firms frequently mentioned throughout the community.
I would like to find a consistent, honest forex broker who accepts American citizens and is soundly regulated by the US, EU, AU, or NZ. I’m not willing / terrified to deal with a South American or Eastern European broker. (I’ve heard horror stories of firms closing up shop and dashing with client funds).
Any wisdom or suggestions would be greatly appreciated.
Solidus
PS: Not too much into scalping, maybe a couple of trades a day, but certainly not several per minute or hour.