If you’re looking for a good Forex broker for the first time, you have to be extremely careful. As the Forex market isn’t regulated there are plenty of Forex broker scams.
The horror stories continue to appear every day. And until the Forex market starts to be a regulated market like stocks or futures markets, you need to do a solid research on any broker, before you send them any money.
There are several things that you should look at in order to avoid opening an account with the wrong broker.
Some Forex brokers trade against their clients. So, when you’re buying for example EUR/USD the broker is taking the other side of the trade (they are selling EUR/USD). As a result, these kinds of brokers tend to manipulate prices in order to scare you out of your trade. In some worse case scenarios I’ve seen traders complaining that some brokers didn’t fill their orders when they were in a winning trade. When they were losing money, the broker executed their trades in a matter of seconds.
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