What is a good forex broker?
Bored W asked:
There are hundreds of reviews online for hundreds of brokers. Some say the broker is a scam, while others say it isn’t. Some say to go with an ECN, while others say that an ECN has much higher spreads.
There are hundreds of reviews online for hundreds of brokers. Some say the broker is a scam, while others say it isn’t. Some say to go with an ECN, while others say that an ECN has much higher spreads.
Who do you listen to? I’m not about to drop $10,000 into an account where there is a possibility of being scammed. But then again I’m trying to make money to support my family and searching for a “decent” broker is taking me weeks.
Too bad forex isn’t like the stock market, where there are actual REGULATIONS!
Any help would be appreciated. Thank you.
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I’ve had good experiences with Oanda.com and GFTforex.com. Both are headquartered in the US, and both are as regulated as current law allows.
As for the regulations in the stock market, they didn’t stop Enron or WorldComm from happening, did they. Those same US regulators didn’t stop Madoff from defrauding people of $50 billion either. The stock market is anything but transparent, so don’t put too much blind faith in those regulations.
Back to the subject at hand, Oanda allows up to 50:1 leverage, while GFT allows up to 400:1 leverage. I’ve seen some brokerages that allow up to 700:1 leverage, but that’s too scary for me.
Ultimately, if your trading system is sound, then the spreads that these brokerages charge become negligible in the long run.
Good luck to you. I hope you become wealthy, and then have to good sense to use it well.
hi Bored,
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With Online brokers its hard to find out about their validity/registration.That said, where does it leave shareholders of the AIG, Walmart and presently GM? The risk is everywhere.
The solution is that while we do trade through a broker, we are constantly and actively aware and “manage our accounts” and finance on our own.
I have been trading forex and stock for close to four years now.
Hi, just wanted to say great website, I have added it to my saved list. I was wondering if anyone else as tried different settings with fapturbo and are there any other robots that are better?