In addition, IG holds more regulatory licenses than any other broker we review, helping to boost its trustworthiness. Professional Toptrade purports to offer account types that advertise guaranteed profits – these kinds of claims indicate the potential for a scam. This broker also advertises “80-90% high probability forex trades” without qualification. In fact, the vast majority of forex traders lose money each year (learn more by reading my educational series on forex scams).
Top seven tips for spotting forex scams
I have tried out several brokers over the last few decades. I am already considering moving my robots to Vantage Metatrader5. Thank you Vantage Team.I have several accounts at different brokers which are also trusted but any of them gives daily, weekly account confirmation with an e-mail automatically.
How do I know if a forex broker is regulated?
The good thing is herofx.co and athensmarkets.co are pretty mutch the same in terms of spreads so i am going to switch in to athensmarkets since they lowered the Commissions by 50%. I https://forexhero.info/ hope Herofx.co does this aswell if yes i will trade with herofx again. ACY Securities is a MetaTrader-only broker with a reasonable range of markets and a balanced account offering.
- For example, I found OANDA’s integration of research and trading tools within its desktop and web platforms to be imperfect.
- Often, these brokers focus on cryptocurrency or binary options.
- You expectations will be met beyound your imaginations.
- 73.5% of retail investor accounts lose money when trading CFDs with this provider.
- I want to express my gratitude for the educational services and resources that this broker has.I didn’t make a perfect start.
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As a globally regulated firm, we stand by every trade and do not benefit from financially harming our clients. Our specialists will be happy to assist you with reviewing any trades you feel have been unfairly closed. If you believe a trade was executed improperly, please don’t hesitate to reach out to us so that we can conduct a thorough investigation. We stand behind every trade we execute; if we find that your position was stopped out incorrectly, we will always do our best to reconcile your account. Thank you for trading with us, and we hope we can satisfactorily assist you in resolving these inquiries. Alternatively, please do not hesitate to contact our customer support team for assistance.
Should add more crypto instruments for trading but overall good experience. Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years.
You can use email or phone to contact a customer support representative or use the live chat feature online. The account type you sign up to also determines the trading platforms you can access. You are restricted to MetaTrader platforms as a standard account holder, while raw accounts are available with MT4, MT5 or cTrader. Unlike market makers that use only one source of liquidity, no dealing desk brokers utilise multiple liquidity providers providing you access to the best forex spreads available at any given time.
@dats_luis is a fraud and only makes his money from selling signals and promoting his brokers he’s affiliated with and I have proof because I used to be close with him. IG offers the ultimate comprehensive trading package, featuring excellent trading and research tools, and industry-leading education. Tickmill is a run-of-the-mill MetaTrader broker that offers a limited selection of tradeable securities. CFD stands for “Contract for Difference” and these contracts allow you to speculate whether the prices of currency pairs will rise or fall.
Furthermore, unlike most brokers that offer micro contracts (1,000 units) as the smallest trade size, OANDA allows you to trade as little as 1 unit of currency when trading forex. This makes OANDA a great option for those who want to test a trading strategy with a small deposit and not be constrained by the minimum trade size. A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
FOREX.com does a great job of centralizing its research within the Advanced Trading platform and keeping it organized for easy accessibility. The only downside to FOREX.com’s research offering is the low quantity of available video content, although the amount of available content continues to improve each year. FOREX.com goes above and beyond to provide forex traders with everything they need to trade effectively. FOREX.com’s platform suite has historically been – and continues to be – robust.
This broker advertsies “profitable plans” and a “highly profitable” investment platform along with “Investment Plans” that claim to guarantee an astronomical return on investment. Such extreme, unbalanced claims can indicate that you are dealing with a forex scam. Astrofxoptions lacks regulation and appears on the FCA warning list. We do not recommend opening an account with Astrofxoptions. AffluenceFX advertises “minimum profits” in the tens of thousands of dollars and “98% daily wins” on its platform. Affluence FX also lacks substantial regulation and has been flagged on the FCA’s warning list.
OANDA does rank highly for its ease-of-use factor, making its Trade platform and client dashboard good for beginners, especially when compared to the complex trading software available from other brokers. In addition, OANDA has a decent offering of client education, alongside excellent research. Overall, I’m glad it’s easy for beginners like me to start. Screenshots of unbalanced claims made on Savetrust FX’s website, along with regulator warnings about this specific company. Screenshots of unbalanced claims made on Professional Toptrade’s website, along with regulator warnings about this specific company. Unregulated brokers do not have to report to a governing body and receive little oversight (if any).
Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets.
If a binary options or forex broker promises you big returns on your money, this is a clear sign of a scam. You will not make $100,000 on a mega trade; you will not make a 96% profit in 30 seconds; and you will not win a $40,000 car by depositing $2,000. CMC Markets has the biggest number of currency pairs, with more than 338 pairs on offer with the Next Generation Trading platform and 175 with MetaTrader 4. The broker offers all the major currency pairs and a decent list of minor and exotic pairs on offer. IC Markets also delivered low spreads based on our testing, conducted by our chief of technology, Ross Collins.
As forex and contracts for difference (CFDs) are complex instruments that come with a high risk of losing money, it is vital that retail investor accounts sign up to a trusted, regulated broker. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. Like every forex broker, FOREX.com charges a fee when you trade – either in the form of a commission fee or spread fee.
Forex Trade Platform is not regulated in any reputable regulatory jurisdictions and appears on the FCA’s warning list. We do not recommend opening an account with Forex Trade Platform. bdswiss forex broker review At FOREX.com we always strive to provide our customers with the best trading experience, and it is troubling us to hear that your experience with us did not meet your expectations.