I read a lot of reviews about many top brokers found many common problems people face with them
Same brokers register in different countries for example Pepperstone head office is under Australian regulation but Bahamas registered company is on virtual address with only one person appointed. Now as I am from India I cannot register to their Australia company but only Bahamas is the option ( almost all brokers have like this only) and rules are different in Bahamas and SVG regulated companies
Many reviews on trustpilot (1star) mention. How brokers close your account if you make too much positive trades without any explanation and eating all your investment and Profits
Problem with Withdrawals as a broker delay intentionally in withdrawal ( All Brokers will say 3-5 days ) and verification on every withdrawal on the name money laundering prevention
Hanging of servers and intentional Slippage to make profit
They are many more points but can anyone tell me is there any broker out there to trust or we are just trading to loose our money even after making good profits ?
The worst brokers to open an account with are not brokers at all. That is, they accept your money and send you some profits, but they don’t actually carry out any trading. They simply send money to clients which they say is from a trade but which is really just some capital which they got from another client as deposited funds. They hope that if they send a client some money and call it trading profits, they can persuade the client to deposit even more money into their account.
These are Ponsi schemes, they’re not real brokers. Watch out for “brokers” on social media who offer to manage your trading for you and suggest they might be able to make 10% profit for you per day. This is impossible.
Yes, they are never making any trades in the financial markets, they take money in, they send a little out as “bait” to bring in some more.
Eventually clients find they are locked out of their account and they suddenly can’t contact the firm. That’s because they have shut down their office and disappeared with all the money.
can you name some of them?
please tell me it dont happen with regulated broker? i find a new one and my friend works with them for months they are regulated and it is like they are fine
and is it about high leeverags? i mean when they offer high leverage they are scam?
As mentioned in my 1st point Even regulated brokers like Pepperstone, AXI etc have headquarters in Australia but for people other than Australia and new Zealand they will register you in Bahamas registered companies where they are not much regulated like in Australia and UK
I think it has 2 reasons, 1st one is trusting not regulated brokers but the 2nd one is people who do illegal trades and lose their account will come to the internet and name brokers scam (I SAW IT ON REDDIT SO MANY TIMES) so it is not enough to trust reviews on websites.
You can still put accounts in Australia through those brokers, but they don’t put you there by default. Australia changed laws a few years back and they moved all non Australians to Cyprus unless you requested not. But as a non Australian, your protection is much smaller. The fact that Pepperstone and IC Markets are so big makes them a much safer bet.
I had talked on call with Pepperstone about this they clearly told me that’s not possible not even in UK Pepperstone or Dubai one, only Bahamas one is the option for me.
High leverage just suggests the firm is located in a weakly regulated jurisdiction. So it’s probably a legit broker but beware of “brokerages” with very short histories and sky-high profit levels and young lads sitting on the bonnets of supercars.
Td 365 is Bahamas regulated for outside UK people. Just look at their office on address on Google map in Bahamas you will find out how much safe it is.
Seriously, can you please be a bit more creative? I mean, you’re promoting TD365 left and right, no matter what the topic is. If someone showed up here talking about their friend’s battle with cancer, I can already imagine you saying, “Hey, why not trade with TD365 and everything will be rainbows and unicorns!” Ugh!!!
TD365 is used by trader Tom who makes a living from forex. There’s loads of people on here who keep asking about brokers with high leverage and there’s a few big companies with good reputations that are not going to screw you just because they’re not in a heavily regulated place.
The reason most people use these is because they want high leverage. Which means they’ll probably blow their account in no time and then cry foul because they did something stupid.
If for some reason you can’t use an FCA regulated broker, then td365 or icmarkets or pepperstone would be good choices
High leverage just suggests the firm is located in a weakly regulated jurisdiction. So it’s probably a legit broker but they won’t be obliged by their regulator to offer you full protection for your money, such as if the firm goes bankrupt.
Thanks for explaining that, broker going bankrupt is my least worried thing. Getting close my account after making continuous profit is my biggest fear.
I understand that. Weakly regulated brokers are said to sometimes apply unexpected heavy charges so that clients have to pay to withdraw cash.
But most problems experienced during withdrawals has to do with the client trying to withdraw cash into a different account to the one the funds came from. This is a big No-No under anti-money laundering laws, which are tough.
Hmm, not very supportive If an experienced trader gave me a choice of five brokers he used, I would have to say he was indecisive. When someone has used the same broker over and over again, he tends to recommend that one. Why fix it if it is not broken? Asking an experienced trader to be more creative is an inward reflection of a person’s own thoughts that they wish someone else to make a decision they are themselves unable to make. Please re-read your post and pretend to be a casual observer. we are all friends on here wanting to learn from each other. Can we keep it balanced, and not vindictive, please?
blah blah blah nobody trades in real or doesn’t want to say something about the broker they work with
Apart from Td 365, for which if you do a simple search on trust pilot and read the latest reviews, at least for me it says that they are scammers.
I’ve been struggling for more than 2 months to find a broker that I can trust and I still haven’t found one. Everywhere at least 10% negative feedback, besides trustpilot I haven’t found another credible place for reviews.
Everyone beats the drum on the fact that the problem is with the payment in the same place where the money came from, but most brokers reject the idea of paypal and then the client wakes up that his card has expired and the broker demonstrates that he has another card and so on.
I had an account on Oanda, a group of crooks, you weren’t allowed to hedging, spread on the news and at 10 pm London deleted all your SL thieves on the highway
Moreover, the rules on Europe and even the USA defy insensitivity, not only does it not protect you leverage 1:30 Europe or 1:50 USA even reduce your chances of winning by 70% in Europe or 50% USA
It’s like when you go to the Casino and to roulette, your bet amount is limited, only that there is a Casino, and here the real market should pay you the winnings, not another party that would lose money because whether we want it or not, someone would a bank could enjoy a convenient parity in real thanks to the forex trader’s bet
If an experienced trader gave me a choice of five brokers he used, I would have to say he was indecisive. When someone has used the same broker over and over again, he tends to recommend that one. Why fix it if it is not broken? Asking an experienced trader to be more creative is an inward reflection of a person’s own thoughts that they wish someone else to make a decision they are themselves unable to make. Please re-read your post and pretend to be a casual observer. we are all friends on here wanting to learn from each other. Can we keep it balanced, and not vindictive, please? 