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New Brokers

Broker
Status
Vote Rating
Year
Reviews
Reliability Rating
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41%
59%
2015
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Latest Reviews

Yura

My brothers, I’m unlucky, I always end up scammed like this. What doesn’t save me is the fact that they are tailor-made. Don't do like me or you won't make any money. Don't mess with Smart rVid.

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Arkady

I was an idiot and thought that this was a normal broker with whom I could make good money if I didn’t take too much risk, plus they promised me consultations so that I would feel confident. Therefore, I opened an account with $1000 at once to get wider leverage and better conditions. It turned out that there is nothing good there; the spreads are very wide, and at the moment of transactions there are hidden commissions that turn the profit into dust. In the end, I got tired and I submitted a withdrawal; it turned out that they were not going to give me the money until I paid the insurance of $500. Of course, I refused and they immediately gave me a ban.

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Vladislav

This is a very bad broker and you can’t trust him, he lures you in, I know from experience. He started calling me about a week ago and actively forced me to open an account with him, and this continued for 2 days until I agreed. They immediately demanded insurance fees from me, I refused to pay them and received an account ban, that is, the scammers simply stole my money for themselves and did not give anything back. I already contacted the prosecutor’s office and they said that these swindlers are sitting somewhere in another country.

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Grisha

The last time I trust a broker from the Internet is simply no good anymore. If others were simply cutting off my profit, this particular idiot didn’t even want to return the deposit. Not only did he constantly put a spoke in the wheels with his jumps in spreads, but then he also canceled withdrawal requests one after another without explaining the reasons. I tried to contact them in different ways, but apparently they no longer need what they have, they have already gotten through the roof.

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Andrey

I was seduced by registration in three countries and a solid website, everything at first glance looks very convincing. Therefore, I topped up the deposit. I was hoping to make good money, but it turned out that I donated my earned money to the afirists. When he received the first thousand from me, he immediately wanted more and began persuading me to give him more, without giving any objective reasons. They just demanded and that’s all, I naturally refused and put everything on the line, but I failed to take anything away.

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Arthur

I never managed to register even though I was really excited about it. I was very interested in what this swindler was offering there. As I understand it, the promo code is given only to those who are definitely ready for a replenishment. I just spilled it and lost my memory.

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New Brokers: Who Is the Most Reliable in the Forex Market?

The age of a broker is a key indicator of its reliability. Generally, the longer the experience, the lower the risk of fraud. However, there can be exceptions. There are forex scammers who have managed to stay afloat for decades by employing their own tricks. They offer traders high leverage and manipulate quotes, leading traders to deplete their accounts themselves.

Experienced brokers come with both advantages and disadvantages. Many of them have a large client base, which can slow down customer support response times. Customer support may even ignore traders with modest deposits, prioritizing those with substantial capital.

Experienced brokers can also be associated with outdated trading platforms and technology. They tend to lag behind the innovations of newer brokers.

For traders with significant capital, experienced brokers with a good reputation can be a suitable choice. However, newcomers taking their first steps might face difficulties. Established brokers often charge higher commissions as a fee for their reliability, which can make it harder for smaller traders to turn a profit.

Advantages of New Brokers

The category of new brokers includes those with 2-3 years of experience. They may not have a large client base yet, but they are generally more flexible compared to their more seasoned counterparts. Newcomers often go out of their way to accommodate traders.

The major advantage of new forex brokers is their eagerness to expand their client base. To achieve this, they offer favorable service conditions compared to more established brokers. This includes lower commissions, spreads, special promotions, and affiliate programs.

Most new brokers offer modern trading terminals that are well-suited for algorithmic trading strategies. These platforms are more adaptive and can accommodate new trading approaches and technologies.

While many experienced brokers still offer trading on the outdated MT4 platform, new entrants to the market often provide access to MT5. Despite being over a decade old, MT5 remains versatile and adaptive, allowing traders to participate in various markets.

Communication and Accessibility

New brokers often offer a wide range of communication options, including phone, email, chat, messengers, and social media platforms.

In contrast to experienced brokers, who may demand larger deposits, new forex brokers in 2022 are more lenient with deposit sizes. They are willing to accommodate traders who do not have thousands of dollars to invest.

These brokers are sometimes referred to as dealing desk brokers. They do not execute trades on the open market. While some view dealing desk execution negatively, it can still be reliable if the broker is licensed and well-regulated.

Our rating of new brokers is designed to help identify legitimate candidates and avoid scams. The list is continually updated and adjusted to provide a smoother trading experience.

Selecting a New Broker

There’s always a risk that a newcomer might falter. For instance, they might struggle with strong competition, fail to maintain quality customer support, worsen trading conditions, or engage in fraudulent activities. This is why it’s essential to start with a minimum deposit. This approach significantly reduces the associated risks.

Does the new broker offer a demo account? Make sure to test it thoroughly. If everything checks out, you can open a real account. Experiment with different strategies using a minimal deposit. This will help you understand the best liquidity and acceptable spreads in various market conditions.

Keep in mind that new brokers might face issues with market depth during significant price movements, causing spreads to widen. This could trigger stop-loss orders. Thus, it’s crucial to test the broker’s performance during large market movements.