The Importance of Choosing a Good Forex Broker
The reason why I wrote this post is because I have recently received an email from one of my students sharing with me his past experience with a forex broker.
I will not be mentioning the broker name here but I just want you guys to be careful when searching for a broker to use and if you ever came across something like those discuss below, please stay away from the broker.
Below is the extract from the email I have received from a student
Very impressed with your course and the fact that you are sharing!
I will tell you my situation based on who you are as a person. I was encouraged to deposit 70,000.00 into xxxx broker with the promise that I would have at least 320k by January 1, 2016. I’m embarrassed to tell you that I believed this broker.
I first gave them 10k THEY made all the trades returned 13 k Actually had it deposited back in my U.S. bank account, in less than 2 weeks. So I gave them 70k thinking things were legitimate. On July 31st of this year no return calls or e-mails from my broke.
Realized that xxxx broker was not taking anymore American traders. The person who was my broker is no longer with the firm. Today I have 22k in my account and it isn’t even my money! I can’t withdraw because of the sign on bonus 30 times agreement I signed. Not knowing what they were.
Finally contacted xxxx they are not much help. The money I have left is bonus money. I can’t withdraw it until my 30 times bonus agreement is reached!
In fact, he is the second person who told me about this broker. I have another students who face the same problem as him.
Ultimately, the most important thing to consider when looking for a broker is reputation. First of all, I will always stay away from those weird name broker and those that are not so popular ones.
I will only start an account with those big company broker even though they may provide lesser perks compared to other small brokers. The most important thing here for us traders is to be able to withdraw our winning and our capital.
If you have problem withdrawing your money from your broker, then no amount of perks can compensate for that.
Therefore I will advice all of you guys to start an account with those big company brokers and do not be tempted by those bonus.
Secondly, it is always better for you guys to trade for yourself as no one cares for your money more than you.
I hope that this post provides you with a better decision in choosing your forex broker to use. Do feel free to share your encounter with your brokers so that we can share with readers of my blog.
For those of you who do not have a broker or is looking for a reliable broker, below is the link to the broker I have been using all these while.