Is your forex broker a scam?


A forex broker since , Interactive Brokers' Traders’ University offers of a glossary, webinars (live or recorded), unmonitored discussion forums to .

This is not a regulated broker However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity such as churning , attempt to have our questions answered and if all else fails, report the person to the SEC, FINRA or another regulatory body that could enforce action against them.

Account Types:

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.

But comparing costs is tricky in forex trading: While some brokers charge a commission, many advertise no commissions, earning money in the bid-ask spread — the difference between the price a broker or dealer is paying for the currency the bid and the price at which a broker or dealer is selling a currency the ask.

Brokers essentially roll their fees into that spread, widening it and pocketing the excess. Another is that there are a variety of brokers out there, many of them unregulated or only regulated in countries outside of the U. For our list of best currency trading brokers, we considered only those that are regulated by the National Futures Association and the Commodity Futures Trading Commission.

Thinking you want to dive out instead? All of these brokers offer free demo accounts so you can test the market with virtual dollars. Dip a toe in with some play money before you dive in with your own cash. These brokers combine reasonable costs with strong trading platforms and a large selection of currency pairs. None Get started Commission: Spread markup Maximum leverage: Each broker offers multiple trading platforms, including the popular MetaTrader 4.

The brokers also offer Sunday-to-Friday customer support, with Forex. In many respects OandA and Forex. Its recent addition of commission pricing should be more customer-friendly, too. On its side, Forex. These brokers stand out for their educational resources and trader support.

Most forex brokers offer hour trader support five days a week, Sunday at 5 p. Eastern time through Friday at 5 p. Costs may be slightly higher here — Forex.

Ally uses a spread markup, and its spreads were consistently above those of Forex. TD Ameritrade offers a choice of high-quality trade platforms and advanced tools. TD Ameritrade is hard to beat with its much-loved thinkorswim trading platform, which allows users to trade not just currency, but also a range of other investment products.

The appealing website is extremely easy to use and simple to navigate and it offers some of the best and most highly-regarded trading platforms in the industry. It offers traders more than 50 currency pairs to choose from including majors, minors and exotics with flexible leverage up to 1: They also trade in spot metals, CFDs and energies.

There are no fees for deposits or withdrawals. Forex Broker Inc has just officially launched the highly praised Sirix Station platform which traders can now download to all PC types.

The Sirix Station provides a solution for those traders who prefer trading and monitoring their trades on a downloadable platform. It can be completely synchronized with the other Sirix trading platforms so traders can create one account with multiple platforms. Traders with this type of account must deposit with Bank Wire in order to benefit from the great VIP program.

Although the bonuses are lesser than those of the VIP, they are still highly attractive. Along with these promotions are the exciting tournaments and raffles.