Forex Brokers – A Brief Warning and Review

Beware of Forex Brokers

If you are a Forex trader – welcome to this blog about trading stocks! You might be interested in these articles:

  1. Forex or Stocks. Which one is better? (blog post)
  2. The Benefits of Using a Forex Mini Account (blog post)

Forex Brokers

I am primarily a stock trader – but I am looking at doing more currency trading. This article documents the results of my due diligence that I am doing to find the most trustworthy Forex broker.

#1 Find a FX broker that is REGULATED

The first thing that started to worry me was that online FX forums are full of people telling horror stories about crooked forex brokers stealing their money! This is quite different from the heavily regulated world of equity trading. Step 1 in finding a forex broker is to ensure that they are regulated, licensed and well known for trustworthiness!

Check out this forum discussing various alleged horror stories of forex broker scams and theft. After reading the information at the forum, I think you will agree that choosing a forex broker that will not rip you off is quite the task!

Disclosure: Please note that some of the links on this page are affiliate links. This means that we may earn a commission, at no cost to you, if you decide to make a purchase after clicking through the link. Please understand that we have experience with these companies, and we recommend them because they are helpful and useful, not because of the small commissions that we may receive if you decide to buy something through our links. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.

Broker Types

There is many different types of forex broker. A full discussion of all the different broker types (STP/ECN/DMA/MM/DD etc) is outside the scope of this short article. Check out this link for a review of some of the main forex broker types that should know about to make an informed decision. Market maker brokers are the most common and not a ‘scam’ as such but they control everything – thus you are always playing a ‘rigged’ game.

Automated Forex Brokers

Here are some of the regulated, trustworthy and automated forex brokers that I have found. These brokers allow you to trade FX 24 hrs per day. I have found that the best automated forex brokers have demo trading so that you can refine your FX trading strategy before you risk real money.

MT4 (METATRADER)

Here is a nice tutorial on the MT4 platform for you to check out. This is a pretty nice informal tutorial that will walk you through the MT Forex platform and help you demo its features. Pretty useful if you are considering opening a FX account and getting started trading!

Forex Scalping Indicator Software

Other software can be useful for helping you to make money trading forex (assuming you have found a forex broker that is not screwing you!). The best scalping software that I have found is called Infinity Scalper.

Infinity Scalper Software is designed to work on the MT4 platform. It is a powerful buy/sell signal scalping indicator software. The software gives you smart signals, that you can use to profit in the market.

INFINITY SCALPER ON SALE HERE LIMITED TIME!!

Check it out – the testimonials are pretty fantastic thus far and it is is currently being offered at a low price as it just launched in June 2017.

Conclusions

Please take care when choosing a forex broker or forex indicator software – good ones are difficult to find! I think I will stick to the nicely regulated markets of the NYSE and NASDAQ for the time being but will continue to blog about any interesting forex topics that I find!

Wesley.

P.S. Check Out How I made $50k Learning to Trade Stocks

What Do You Think Of Forex Brokers?

 

 

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Jason Bond Strategy

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