Which brokers do you use and why? Also, why do you trust them?
Thank you.
I’m still looking for a 100% trustworthy broker. I know, this sounds ridiculous.
I know, there are many great brokers I could use. I have tried some of them. Traded a bit, made small profits then withdrew all my money. No problems so far. These brokers are called XM, IC Markets and IQ Option. I was happy with them. But who knows for how long?
HOWEVER…
When I check FPA and TrustPilot in my free time to browse reviews (for peace of mind), I find so many negative reviews of those brokers that I haven’t had any problems with. I mean seriously no problems. But people write things like they’ve never received their withdrawal, slippage was huge, being stop-loss hunters, spreads widen only for them, manipulate prices and so on… I could go on forever.
I never experienced these things. Am I just lucky??? While other people get scammed? Why is that??? Why would a broker scam SOME people? I don’t get it.
So how can I convince myself that those brokers, I mentioned above, are good enough to work with?
Moreover…
Blueberry Markets and Global Prime (both AU brokers with ASIC regulation) get 99% positive reviews and feedback on FPA and TrustPilot. So technically only these two brokers are trustworthy? Because all the other brokers (I mean all) get less than 4 stars. And the two mentioned above get 5 stars.
In conclusion… should I just stick with those ASIC regulated brokers (e.g. IC Markets) I have tried before and had a positive experience with? Even though they get so many negative reviews on the Internet. I do get worried time to time.
It’s just so confusing. So many people recommend a certain broker WHILE other people say that it’s a scam. It’s SO difficult for a newbie (9 months) to find THAT broker who will not screw me in the long term.
I am with ETX Capital. They were recommended to me when I started out, and several years later I remain very happy with them so have never tried anyone else. No slippage, helpful customer service, easy to withdraw money from my account. No reason to look elsewhere. I’m in the UK.
Some complaints are made by new traders who just don’t understand the system of their broker. And I am sure you are already aware that the overall rating takes many aspects of the broker into account like pairs offered, accounts offered, etc. As long as a broker is regulated by decent, strict regulatory bodies I wouldn’t stress out too much. Of course even the odd trader could pick up suspicious activity being committed by their supposedly regulated broker, in which case it should be reported and resolved
Yes if broker is located in EU or UK and accepts clients from these regions. It’s not easy to be complaint with FCA rules this regulator ensure very good consumer protection as well as prevents fraud.
39 days live at Turnkey, best broker ever, so far 100% and I have had dozens & Dozens, I have live accounts at Global Prime, ICmarkets, but best one is Turnkey by far! Swaps aint the greatest, but the spreads are very tight from .1 pips and the commissions are only 1 to 2 cents on a .01 as opposed to IC Markets and GlobalPrime at 7 or 8 cents, which is effectively +.7 or .8 pips added to the spread.
I tried several ones, but stoped on capital dot com . Nothing bad happened with these guys yet, but it doesn’t calm me down. I opened to myself that good brokers is not the one that doesn’t cause troubles, but th one that could properly react on disasters happening to you. Is let’s see how will capital express itself…
Hello mate I can relate to your situation, went through a bumpy ride searching for the elusive “trusted broker”. I have dealt with multiple brokers, but now its been few months since I am with coinexx and I am actually happy that I found them (here on babypips only). They offer really good trading conditions & more importantly they know how to take care of their clients.
I know where money will go while depositing to ForexTime. They have many licenses from reliable foundations. If you look 100% trustworthy broker. This broker is right choice to you. Also 1:1000 leverage is quite nice even though risky.
Worth trying?