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Latest Reviews
Valentine
It’s impossible to make money here, the entry threshold is high, and they also add commissions. Some dubious payment systems, additionally they steal money. Scam!
Read moreValery
A suspicious company, I think it’s better not to register here, you’ll only lose money.
Read moreHleb
We couldn’t make money, they constantly called and asked for money, when they stopped replenishing the account, they immediately canceled everything and disappeared. There is no connection with them.
Read moreArtem
It's strange that this sharaga hasn't been blocked yet. It’s obvious that it’s a scam, without documents yet.
Read moreVictoria
Sharaga is ordinary! Only people are deceived and blackmailed. How have they not been blocked yet!?
Read moreGeorgiy
It’s good that they blocked them, otherwise they would have cheated a lot of people out of money.
Read moreWant to check a Forex broker for reliability? Learn about the risks of investing
How to Choose a Forex Broker
Who are Forex brokers? These are companies licensed to provide broker or dealer services in the “Forex” market. They have private, institutional, and corporate clients. Their task is to provide access to trading derivatives:
- Currency pairs
- Contracts for Difference (CFDs)
Forex brokers include:
- Intermediaries between the client and liquidity providers.
- Dealers who execute client orders using internal liquidity (their own funds, counter orders from other clients).
With whom can you work? With both, but only if they have strict regulation.
Every trader should understand that all Forex brokers in Russia are dealers. They don’t close positions externally. You can only trade currency pairs with them. Attention: CFDs are prohibited in Russia.
There are also “bucket shops.” These are dealers without licenses. They lack financial regulation. In other words, no one oversees their operations. Therefore, they can drain deposits with impunity.
“Bucket shops” don’t charge commissions. These scammers pretend to be real brokers, leading traders to downfall. They tarnish the reputation of retail Forex.
The term “binary options brokers” is circulating online. These are bookmakers accepting bets on price changes. In 2022, they are banned in many countries worldwide. However, not all have disappeared. The most resilient are still attempting to pose as Forex brokers.
Attention: genuine binary options operate only on two U.S. exchanges. They are unrelated to the price change bets scammers promote.
Reliable brokers are needed. How to find them?
A trader’s profit depends heavily on the choice of intermediary. For every legitimate Forex broker, there are hundreds of persuasive scammers selling fraud.
Where to look for reliable brokers:
- Registration
- License
- Start date of operations
- Service conditions
Wondering which broker is better than others? Check its reputation. Online reviews don’t always reflect the real situation, but ignoring them isn’t advisable either.
Seeing too many fake reviews about a broker? It’s a 100% scam. The profit will only be on paper, and withdrawal won’t happen.
Registration
An honest intermediary should be registered in a country with strict regulation. Good examples include:
- Japan
- Australia
- New Zealand
- UK
- USA
- Most EU countries
Registration in an offshore jurisdiction increases the risk of downfall. If there’s no registration at all, it’s definitely a scam.
License
Real registration is good, but it’s not enough. A broker should have a broker (dealer) license. In case of fraud, you can hold the intermediary accountable through the regulator.
Where should the broker be regulated? According to its registration location and in every country where it operates with traders. Attention: offshore regulator licenses are worthless. They aren’t recognized.
Start Date of Operations
The older the broker, the more reliable it tends to be. However, there are exceptions. Some “bucket shops” have survived for 10-20 years. They operate legally but drain traders through quote manipulations and fake trades.
Service Conditions
The broker’s leverage should comply with the laws of its registered country. Essential information on its official website includes:
- Spreads
- Swaps
- Commissions
A good broker offers positions starting from 0.1 lot or higher. Are they offering 0.01 lot? It’s a “bucket shop.” Don’t extend your entry ticket.
Funding and Withdrawal
Why does a trader open an account with a broker? To deposit and then withdraw money. When you visit a broker’s official website, the first thing to check is the bank account details for the legal entity. The account number should be indicated along with the bank where it’s held.
It’s crucial that the financial institution is reputable and reliable. This minimizes non-market risks and withdrawal problems from the broker.
If the bank account details for the legal entity are absent, you can safely close it. The trade will end in a scam. The money will vanish into thin air, making it very difficult to recover.
All good Forex brokers in 2022 strictly adhere to AML and KYC regulations. This means they thoroughly screen every new client and only accept entry tickets from legal sources.
Brokers that allow immediate account opening without verification? It’s a scam. They don’t care where the trader got the funds to start trading. They’ll steal everything regardless.
Legitimate brokers only use a limited set of payment methods to receive money transfers:
- Bank transfers
- Transactions from bank cards
That’s it.
Some intermediaries work with major payment systems like Skrill or PayPal. If a broker suggests funding through lesser-known platforms or those that support anonymity, don’t bother. If you proceed, you won’t see your money again.
Does the broker accept cryptocurrency? No need to look for reviews. It’s already a 100% proof of deception.
How to Choose a Reliable Forex Broker
Our website provides an honest, independent broker rating. It’s continuously updated and accurate. The rating for each intermediary is fully justified. Trade with those who help you profit.
