How to avoid being ripped off by forex brokers

[SapereFX]

Nice video.

[BodyBuildingGo]

Excellent video, and very nice tips! I have been living a very happy life doing forex trading, I learnt most of the stuff from ForexWi.com, but still your videos give good reminders too. Keep up the good work.

[tradeartist]

@irrah77

The ECN myth is not such an issue to me. That was a marketing propaganda. I don't know what brokers to recommend until it is confirmed whether or not there are any overseas brokers that U.S. citezens can still use. Meanwhile, I recommend becoming a citizen of another country.

[gizmobozz]

I'm using FXCM, on the first week it seems to be very good, after I ran a 140 pips profits in 2 days (USD/JPY) my account started to get serious losses... I think they are cheating... BTW I'm in Japan and I have a fiber optics connection very fast...

My strategies works but I think they are cheating...

[tradeartist]

@gizmobozz

check to see the entry price that you entered. Then check to see the price you exited.  If brokers are cheating have they caused the market to move in the wrong direction only on your charts alone? Price is documented as historical fact on all charts throughout the world. It is not possible for one broker to have a completely different price at any given time than all other brokers and banks.

[tradeartist]

@gizmobozz

Chances are the problem was the trading decision did not work out but if the problem is that your charts have unique prices different from the rest of the world you should use a different broker. Right now there are many students in our community uisng FXCM and multiplying their capital without broker problems.

[georgemargaris]

please can you elaborate what you think is wrong with oanda?

[tradeartist]

@georgemargaris

Regarding Oanda, there is nothing specific about that broker. It is just personal preference and seems that they are the epitome of a mainstream retail "video game" type of broker. but many people seem to like them

[samjones747]

@georgemargaris oanda is a bucket shop, simple as that it is a market maker, u do not get your trade out of the sandbox, that is my 2 cent on it.,

[mrhowardb]

Wow. someone honest with straightforward advice in this industry. Thank you for the video and keep them coming.

[sysopkc]

I have been appoached by factoryclick a division of bancard financial. I was wondering if anyone is familiar with them

[tradeartist]

Generally if you have to ask if anyone has every heard of a company it is a good sign that they might not be the best choice for investing your capital. How many Forex brokers have gone out of business in the last 2 years? Why are people attracted to brokers that no one has ever heard of?

[blackberryjuice1]

What's your opinion of FX Solutions?

[tradeartist]

@blackberryjuice1 FX Solutions seems to be a solid company from what I hear. They are good for beginners because of their high leverage and low minimum accounts. But their interest rates are over twice as high on the negative side as the positive. I think they are not bad but prefer brokers outside U.S. FX Solutions is opening in UK I hear

[toddg999]

I'm curious why wouldn't you do business with Oanda?

[birchmanllc]

Thanks for the list of recommended brokers.