Hi everyone, beginner here trying to navigate the tricky waters of forex brokers.
I wrote a similar post but it was 4am GMT (another 7 hour night of research) and wasn’t very specific.
I have looked into a few forex brokers such as , XTB, City Index, London capital group, Pepperstone, Oanda, Forex.com and fxPro.
After reading reviews I found many people complaining about the same thing (always worrying) mainly, market execution, major problems withdrawing funds and selling data (random phone calls).
As I have no experience trading a live account with these services, having tried 3-4 demo services, I would like to know if anyone has had personal experience with any of these companies.
I’m mainly concerned about withdrawals and selling data. I know a large % of traders lose money so there will be unhappy people for sure leaving reviews, I need to hear from you guys. It’s night and day how specific you guys are compared to trustpilot ect.
I tried city index few years ago. No problem with depositing or withdrawing money but I didnt like their platform so left them. Very easy to set up and close. Customer service was good too. At the time i checked they were fca regulated for trading. You’d have to check it again.
I noticed ig index are not on the list. Can I ask why not?I’ve been using them for 6 or 7 years and have been down to the offices too.
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Thanks for the reply man, very much appreciated.
Its crazy because my demo account is with city index and it seems okay (I prefer MT4 demo, only because I like mt4, City index’s platform demo is probably great I just don’t know). Problem is I just double checked the FCA register. City index is under gain capital, which is fca registered (if this means regulated then yeah but I’m not sure). On the FCA page it states ’ There has been disciplinary or regulatory action involving this firm’. Not sure what happened but yeah, also they have a 1 1/2* review on FPA, but its weird because the latest review is from 2018. XTB has reviews from this year, surely someone’s left a review on city index in space of 3 years but I guess not?
That being said thank you for the response, just getting into the community, a lot of smart people , feeling good.
Only reason I haven’t included IG is because I don’t qualify for a spread betting account. It’s either due to my credit (not good, mad stupid mistakes young) , lack of experience or both. I’m actually trying to build up to the point I can use it, even more convinced now you pointed that out.
Really drained with this broker search, almost all have bad reviews in some form. I’m trying to remember 71-95% of people lose money trading so there will be a lot of mad people, but this is crazy…
I would rule city index out then for now. The most important thing you need to do is make sure it is regulated by the fca. So you can check the fca register and as a safety net, what I do is email the fca and say I’m looking to trade forex with them, are they regulated for this and make sure they are part of the compensation scheme so your money is ringfenced and protected. I’ve heard some people use saxobank too which might be one to research.
Stay with it. Keeping your moneys safe is the most important part. Once you know your money is safe then give the broker a chance and see how it goes. You can even open an account with 2 brokers and see the difference in spread or slippage or execution.
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