Hi guys,
i’ve started some comparison on popular brokers, such as IBFX, Alpari, ect and i’ve found this site forex peace army…
it seems like in all the reviews of all the brokers i’ve researched there are a lot of raging people about strange things:
Platforms freeze "just when they need to damage you"
huge spreads “just when i was at my take profit level” (hard to understand this)
They froze my account just when i have started to take profits for “investigation on my trades” (says a scalper talking about Oanda)
Requotes all around…@_@
I’ve read a lot of “cool story bro” posts about all those famous brokers.
Is that really a pain in the a$$ Wherever you go or is just a bunch of Noob-Rage on this network?
There will always be negative comments about brokers. I recommend you to live personally these experiences, perhaps with a small account. I use OANDA and I never had any problems so far… people are just angry because they lose their money, few people have a good reason to complain… for the others it’s just anger.
Good luck
I disagree. From what I have seen, brokers do a good job of having their shills write favorable reviews on broker review sites. Also, stop hunting is a proven phenomenon, and I imagine that most, if not all market makers do it. So, the OP is justified in being suspicious. As for me, I am going to look for an ECN soon, as market makers have an inherent interest to trade against you.
While some brokers leave a lot to be desired in the ‘[I]ethics[/I]’ department, many bad reviews are indeed written by so-called traders who have lost their funds because they treat the forex market like a roulette table.
Do your due diligence and settle for a properly regulated broker in the US, Europe or Australia, and you’ll be fine.
A well-established broker will not risk their good reputation by scamming you for a few hundred (or a few thousand) bucks.
There still might be issues of a technical nature, such as freezing or delayed order execution, from time to time … but this doesn’t necessarily mean that the broker is fleecing you.
Now, I am a relative newbie around here, so I defer to your greater experience in this area, O., but I still disagree with the statement that an established broker would not stop hunt. At least one such large broker has been discussed and screenshots shown of blatant price manipulation, and what’s more, they refused to refund trades affected by this. Therefore, I think that placing trust in a broker whose interests conflict with the interests of the traders is foolhardy.
You’re absolutely right … my bad, I phrased that poorly.
I guess you refer to FXCM and Gain.
I phrased the sentence the way I did because I considered ECN brokers only … I’d never work with a market maker.
Even with an ECN broker there is no being sure 100% … which is why due diligence is all the more important.
Ah, ok thanks for clarifying O. Yes, I actually got burned with one market maker just a few days ago, but I am learning fast. Would you know any true ECNs that take US traders, O.? I only have a couple thousand dollars to work with right now, and I gather my options might be limited?
The only ECN that comes to mind spontaneously is MB Trading’s [I]EXN Account[/I] (thus called because the term ‘ECN’ has been prohibited for retail use in the US).
You might also want to have a look at the thread ‘[I]Going Offshore to escape the CFTC[/I]’ (located in Newbie Island, I think). It lists non-US brokers who still accept US clients.
