Comments on: 5 Tips for Picking the Best Online Forex Broker

By: Ralph

Ralph — Wed, 04 Apr 2012 00:57:12 +0000

The first thing to do is to verify the registration number at the registry website. Just because they say they’re regulated, doesn’t mean they’re honest. Whether it’s the CFTC or NFA in America, FSP in New Zealand, ASIC in Australia, etc..

I lost money with Inovatrade. They had a registration number listed on all of their pages, but the number was bogus. They were around for 5 years. Then the owner took everyone’s money and ran. A TON of money. Turns out the owner was an international con-man wanted in a few countries. No one checked the reg number until he was gone. Now it’s the first thing I check.

FinFX is a well known and respected broker in Finland, completely unregulated. I’ll NEVER have an account there.

Anyway, regulations can be a pain, but I feel safer knowing that the broker is accountable for it’s actions.. at least to some degree. I’m not giving my money to just anyone.. anymore. Trading for money is hard enough…

Hope this helps you guys!!

By: Rudolf B

Rudolf B — Fri, 21 Jan 2011 13:05:24 +0000

Excellent post. It would also help if the broker is regulated by their respective regulating body. Although not a guarantee, your funds are typically safer at a regulated broker versus a non-regulated broker.

By: Rapid Forex

Rapid Forex — Mon, 08 Nov 2010 07:52:43 +0000

Thanks Stealth! Stay in touch

By: Stealth Forex Blog

Stealth Forex Blog — Mon, 08 Nov 2010 04:47:43 +0000

I’m looking through the relevance of this site and i read positive comments about you guys.I will take a look of your given list it may add more value to what I’m doing about understanding the whole picture of the concepts.

By: Rapid Forex

Rapid Forex — Mon, 25 Oct 2010 20:07:25 +0000

@Oldfox – I’ve never heard of that happening. I guess when you go with one of the smaller independent brokers it’s possible. The top 5 I listed have all been around a long time. Etoro is relatively new, but they are affiliated with a very reputable broker. Anything is possible, but I personally trust the brokers in this blog post.

By: oldfox

oldfox — Thu, 21 Oct 2010 07:21:19 +0000

Sorry, I meant to say “Interactive Brokers.”

Well, I mean what criteria are you using for recommendation
–Safety, features, reputation, NASD complaints, D & B reports, cease and desist agreements, affiliation with a serious, solid holding company?

And I ask about MetaTrader, because don’t we want brokers who support the most widely used, tested, well-understood software with many systems currently available?

I lost $500 to a Chicago Forex broker before I ever made a trade. He just went bankrupt I learned from the Justice Dept by mail, and then the introducing broker said, “Sorry, we lost too.”

I don’t think IB, TOS, or CitiCorp would want that stain.
What do you think?

Thanks

By: Rapid Forex

Rapid Forex — Tue, 19 Oct 2010 19:05:55 +0000

@Oldfox – at the time I hadn’t checked out etoro. I was sharing a new discovery with the blog. I’ve used Thinkorswim for options trading, but don’t like their forex platform. Perhaps it’s changed. The other brokers you mentioned are good from what I’ve heard & obviously popular. Thanks for adding some to the list

By: oldfox

oldfox — Mon, 18 Oct 2010 03:37:29 +0000

You put a company in the TOP 5 recommended brokers and you haven’t checked them out?!

What about ThinkorSwim? What about International Brokerage? What about CitiProFX?

And what about MetaTrader 4 brokers?

Seriously, dude!

By: Rapid Forex

Rapid Forex — Wed, 09 Jun 2010 20:27:35 +0000

@Hendrik – I haven’t used Marketiva.

By: Hendrik

Hendrik — Tue, 08 Jun 2010 18:36:12 +0000

Hello Brian,
How about Marketiva, thanks for your suggestion.

Hendrik