Forex Broker Reviews

Recommended Forex Broker:

Mine & Members Independent Forex Broker Reviews Can Be Found Here:

I get dozens of emails every week asking me for advice. Can I recommend a good Forex Broker? Do I know anything about this Forex Broker or that broker etc? It's very difficult to comment sometimes because for every good review you read on-line there is a bad one. Sometimes you have to read the reviews very carefully.

Bad Forex Broker Tactics

What is apparent to me is that there are dodgy Forex Brokers who play all sorts of dirty tricks. Lets face it you have to be very careful placing any money with them, because the way that forex works is that they act like a bookmaker. They win if you lose.

There are all sorts of horror stories; sudden spikes, failure to get filled at news times, stop hunting, of slippage (you try enter or especially exit a trade at say 1.6200 and can't close a winning trade that then becomes a loser).

Forex Broker Tricks

  • Because they may trade against you, a forex broker can present a clear conflict of interest in order execution.

  • They may display worse bid/ask prices than what you could get from another market maker or ECN.

  • It is possible for a forex broker to manipulate currency prices to run their customers' stops or not let customers' trades reach profit objectives.

  • A huge amount of slippage can occur when news is released. Market makers' quote display and order placing systems may (& do) also "freeze" during times of high market volatility. GFT used to do it EVERYTIME to me & lots of my colleagues.

  • Many forex brokers frown on scalping practices/forex robots and have a tendency to put scalpers on "manual execution", which means their orders may not get filled at the prices they want.

On the other hand many, many people lose a lot of money at forex. Money that they really can't afford to lose. In a traumatic time of their lives they take out their anger and frustration on the one who has "taken" their money, the broker. So how do you find a good reliable Forex Broker ?

How to Find a Good Forex Broker

  • The best thing is obviously personal recommendation

  • Be wary of Companies with registered offices and addresses in strange exotic out of the way places.

  • If its a USA broker or UK look for NFA/FSA accreditation. Most central European countries also have strict financial rules. Any where else make sure that they have some kind of government bond

  • Talk to them.

  • Maybe try a smaller micro or mini account first before moving all your account to them

Our Recommended Forex Brokers:

  • Dukascopy, Swiss Forex Broker/Ecn
    Recognised as one of the best in the world. I have been using for 3 years. Recently lowered account opening entry level to $5000 (was $50.000). No spread, low commission.
  • Alpari UK. UK Forex Broker registered with the FSA
    I have been trialling a mini account for 9 months. No problems. Entry level $200- But can't accept USA or Canadian residents. The US arm of the company does NOT have such a good reputation
  • Tadawulfx
    Swiss/Cypriot Company Had lots of positive member comments over the years. Now registered with the UK Government, FSA act. Gives more confidence.

In our free forum we have lots of reviews & recommendations of good & bad forex brokers. Click here to see our up to date list:

LINK TO FORUM: http://www.forex-fxtrader.com/forum/forex-broker-services-reviews/

If you have a specific problem email me:marc@forex-fxtrader.com