Who's the real broker here?

i need help, im very new to the forex market, and thank god i found how useful this babypips is. it has enlighten me somehow. i have got useful info i couldn’t get them anywhere else since i started trading.

im currently trading with a broker known as Fxunited, anybody out here knows this broker? can i rely on this broker? personally with little knowledge and my experience trading with him, i do have few important stuff that makes me worried, most of them are highlighted in the brokers stories and lessons in here.

At the same im thinking to open an account with an other company call instaforex, how about this guy? anybody knows him?
how can we verify thier licens? anyweb to check this?
Which one from the two is more reliable?

tq guy

in general all you can hear here is “hear saying”. its har to find a good broker. look for the spreads they offer and take care yourself. in general id only choose brokers that are based in regulated country like USA o United kingdom which both have high standards for trading stocks etc etc.the legal location is more important then most people think as it is the standard upon these brokers have to operate on otherwise theire beeing closed down or punished. youll hear good and bad about every broker from every corner, everyone has his/her own opinion etc.

instaforex is based in the carribean on a island that is legaly bound to the United Kingdom as a colony. but the financial services are not regulated by London, instead they are beeing regulated by some sort of local financial institution called “British Virgin Islands Financial Services Commission” - that organisation is not government base even thou it sounds like it is, it is run and observed by people working without any mandate for the clients of brokers but with mandate from brokers itself.

so You judge yourself if this is ok or not.

it aswell means that if you want to sue them out of whatever reason youd have to do that on the brittish virgin islands

The best way to test a broker is to open a live account with it without your own investments. Why don’t you use no deposit bonus like $1000 no deposit from FreshForex? You trade on live account using the broker’s money and even cam withdraw your profit.

I have never heard of Fxunited, to be honest. There are an awful lot of brokers out there, it’s impossible to know them all. I think the best way to discover whether a broker is legitimate or not is to make sure they are licensed and regulated by a big, trusted regulator, like the FCA for example. They usually have the regulated brokers listed on their website, and they give warnings when a company turns out to be untrustworthy or worse.

I agree, it’s best to go to the source of such information and check there. That said, once one has checked whether a broker is licensed or not it’s also good to still look for online reviews by clients of that broker and generally do an extensive research about what said broker is like. That’s really the safest approach to picking a new broker.

Why newbies come across with bucketshops in the first place rather than reliable brokers??
IMO, both two looks like bucketshops and I’m sure offer bucketshop services, especially Instaforex. Check their FPA page to understand what I’m talking about. I’d advice you to try Hotforex or FXCM, these two are in favor with majority of Pro traders…

Hi, tqvm for the info, but instaforex isn’t a Russian company?

Hopefully FPA Review can enlighten your eyes again, check the broker you want with FPA. Don’t hear anyone say, you must try by yourself.

Yeah agree, FPA reviews should throw the light on broker you’re going to trade and hint you the pros and cons even before you test them yourself. As trading is concerned with money, avoiding making mistakes of other traders is one of the most important thing you need to learn to do.
Try to look for brokers which has a lot of reviews (200-300). For example my broker Hotforex has 200+ reviews. It means the broker were tested by many traders and more drawback and advantages were mentioned in reviews. In other words, the more reviews the easier is to form impartial and objective opinion on them.
Good luck

This floor is the first time I’ve heard of. I just tell you one thing: scam floor grows now like mushrooms (so the floor does not have any information of many friends you should stay away from).
and I noticed that new bie are always being chased into brokers whose broker staff called for strategic advice >>> it’s a fairly high scamer

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Yes, For secure and reliable Forex Broker, regulated broker is essential.

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the real broker doesnt restrict any kinds of trading strategy with scalping and heeding.

The broker that you said was strange and I searched through google with little information. I suggest you try www.icmarkets.com with low spread.
Other brokers have:
www.octafx.com,offshore license, recommend choosing Ctrader account.
www.fxpro.com, have an FCA license, recommend choosing an mt5 or Ctrader account.
www.hotforex.com,have an FCA license, recommend zero account.
www.forex4you.com,FSC license, recommend pro stp account.

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Yes all these brokers are best Forex brokerage firm. Another trusted brokers are www.baazex.com and FXCM.com.

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Why don’t look for trusted brokers here?
“Going offshore to escape CFTC”
People keep on updating the thread; you can rely on personal experience there. I personally chose my broker (coinexx) from this thread itself.