[Yoda_Glenn]

I introduced a friend of mine to the Forex recently, and like a lot of Forex newbies, he got lucky on his first demo trade with a particular FX broker. This broker aggressively called my friend up to get him to sign up for a real account, but my friend new barely anything about the Forex. I warned my friend not to use real money anytime soon. Luckily for my friend, he nearly wiped out his demo account one morning. Only then did he realize where I was coming from.

So the whole thing got me thinking about brokers, and how they court new FX traders. All brokers should definitely maintain some type of contact with their new clients to offer help, but when a broker knows that they are dealing with a newbie, they should really encourage that newbie to hold out from starting a live account for as long as possible.

New FX traders should beware of this.

[Ricardo.]

There's one particular broker, a very aggressive one that gives you a free demo trial for something like 30 days and then they start to email you very often, don't worry if you don't answer their emails...they will call you home several times!!! hehe. It's one of the biggest retail brokers, and I have the impression that it's the same broker Yoda_Glenn is talking about

I remember one time when they called me like a year ago, part of the conversation was something like this:

[Ricardo]: - No thanks, I don't want to open a real account.
[FXretailbroker]: - why's that?
[Ricardo]: - I only wanted to see what your platform was like, but I'm not really intesrested in opening a real account with you.
[FXretailbroker]: - Do you know that our platform is the award winning etc etc...?
[Ricardo]: - That doesn't make any difference, plus I really don't have any money right now. (I thought this was going to be the end of the conversation, but he didn't gave up)
[FXretailbroker]: - But the minimum deposit with us is only xxx dollars...
[Ricardo]: - Look, I don't have any money and I'm not opening a real account any time soon, maybe in the future...
[FXretailbroker]: - In the future? OK, should I call you next week then..?

[shrike]

Let me guess - was it saxo? When i was new to FX, i made the mistake on entering my real telephone number on their demo registration. Those people would call me like once per day at least.

[mike999]

c'mon...give us the names of these brokers

[Moe]

i know forex.com is one of them they harass me to death.

[Ricardo.]

I was talking about GFT...but it seems like this is common practice among these retail brokers...

[Yoda_Glenn]

Yeah, GFT And MGForex as well.

My current broker, IBFX, never did this.

[mrumen]

Guys dont give out any real information when you get a demo account... i have had like 30 at least and i always have a demo running but i have never gave out my real info... because of those practices...

[ecTrade]

Originally Posted by Ricardo.

I was talking about GFT...but it seems like this is common practice among these retail brokers...

Yeah, the same thing happened to me. It's too bad I gave out my telephone number (except I think it was required). It was a quick way to part with 2,500 bucks.

[alyehoud]

My email is always no@anon.com (made up) and my phone always 5555555555. Works everytime, except one broker sent a confirmation code to my email, so i redid it and used a real email. I never get bothered.