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List of Partners vendors. If you do an internet search on forex broker scams , the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business. When you're looking to trade forex, it's important to identify brokers who are reliable and viable, and to avoid the ones that are not.

In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker. Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible. When researching a potential forex broker , traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit.

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The traders that fail to make profits then post content online that blames the broker or some other outside influence for their own failed strategies. One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, "As soon as I placed the trade, the direction of the market reversed" or "The broker stop hunted my positions," and "I always had slippage on my orders, and never in my favor.

It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology e.

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When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits.

Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.

• Why Pepperstone?;
• how much money do you need to start investing in forex.
• Why use Compare Forex Brokers before forex trading?.

On occasion, losses are the broker's fault. This can occur when a broker attempts to rack up trading commissions at the client's expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers' rates have not moved to that price. Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game , and brokers primarily make commissions with increased trading volumes.

Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit. The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key. In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage.

The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not. Even in more transparent markets, slippage happens, markets move, and we don't always get the price we want.

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Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader's questions, these are common red flags that a broker may not be looking out for the client's best interest. Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations.

One of the most detrimental issues that may arise between a broker and a trader is the trader's inability to withdraw money from an account. Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:. It should be pointed out that a broker's size cannot be used to determine the level of risk involved.

While larger brokers grow by providing a certain standard of service, the financial crisis taught us that a big or popular firm isn't always safe. Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning —a term coined by the Securities and Exchange Commission SEC that denotes when a broker places trades for a purpose other than to benefit the client.

The SEC defines churning in the following manner:. The key to remember here is that the trades that are placed are not increasing your account value.

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If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time. Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why.

If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds. Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives.

But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently. The regulations set by the regulatory authorities of US have become stricter so finding a Forex broker who is willing to accept U. S regulations and policies is not easy.

Forex Broker Inc is one of a handful of brokers that have taken upon themselves the strict scrutiny of U. In addition, there are many good features at Forex Broker. The choice of four different accounts is beneficial and the bonuses are one of the highest in the industry.

The two platforms, Sirix and MetaTrader 4 are the most popular platforms in the market and are easily navigated. A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

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