Please don't open any accounts with these brokers

Well mate, even if you ignore the video which I haven’t watched myself, do not forget the fact that CFTC banned FXCM from US market altogether because the broker practically was owning its biggest liquidity provider, thus B-Booking and taking positions against its clients. More info here:
https://www.financemagnates.com/fore...uit-us-market/
Sorry, but I cannot trust such company.

Yes, thats pretty untrustworthy indeed. But I can only speak of my experiences with them. And they haven't been negative.

The Italian regulator CONSOB issued warnings against several brokers - 10brokers, Gallant Finance, Capital Markets Banc, Lockwood and FXTrade777. They aren’t regulated in Italy, some of them claim to be registered with organizations that don’t even exist, but what is more, there are many complaints from clients that they are scams. Frankly, it’s a mess. Stay away from such companies – it’s always better to work with a properly licensed and registered broker, even if sometimes those companies have problems too, as the discussion about FXCM above points out.

So if all brokers are scam, which broker should we as newbies trade with?
Any ideas...
Thanks
Lyn

Read reviews, study scam cases on FPA or here, do your own diligence. A handful parts of trader's losses is due to his own mistakes and ingnorance.
Try to pay attention to reviews of verified successful traders. Broker cheating with losing trader doesn't make sense.

Also try understand how brokers can affect your trading (i.e. with slippage, spreads, bad execution). Remember there is no best choice.

As for me I trade with Hotforex, Tickmill and Oanda. Best choice from me 3+ years of experience.

Lrg,
Not all brokers are scam. Actuallly there a few pretty decent ones. Just take your time and study your broker of choice before jumping onboard.

The Italian regulator CONSOB issued warnings against several more companies – FxIBA, OptionInt, TradersPrime.
FxIBA is registered in an offshore zone but claims to have an office in London without being regulated by the FCA. OptionInt already had a warning issued against it by the same regulator but since then it has apparently switched owners, or at least they claim they have done so. TradersPrime appears to be owned by a company which already owns other scam entities.
Not all brokers in the world are a scam, but there are plenty of scammers and they usually have lax to non-existent regulation.

No Lyn , obviously not all the Brokers are scam...
Member Available , on above post , has already given you good advices. I add that if the Broker is also a bank, this is an extra security for your
money and your trading. Moreover, for me the broker must be an ECN . If you want a name I say Dukascopy .

Do bank offer retail forex services to their clients? Didn't hear about that really.

Then you hear bad .
https://www.dukascopy.com/swiss/english/about/company/
https://www.dukascopy.com/swiss/engl...accounts/link/
https://www.dukascopy.com/swiss/english/about/offices/

I avoid all brokers that sponsors some big name football club.

Why?

Brokers does the sponsorship to impress traders and raise their profile. Which traders will like be impressed by this sponsorship? experience traders or naive traders.?
So it will be mainly beginners and naive traders since they like to think a connection with big name club means the company is reliable. Which means these traders cannot tell if the broker provide a good trading conditions or not. It is likely to be poor trading conditions which experience traders will avoid including virtual trader pluggin.

Look at all the frequently recommended brokers on this site or FPA, you will notice that they do not provide any sponsorship. If you are in the market for a broker, I suggest you start your list this way and narrow down from there.

Brokers with demanding and profitable traders will continue to improve due the feedback or complaints on execution lag/slippage/spread etc if these traders made up the majority of their clientele.

Football fans are the worst traders I guess considering their hot-tempered personality

But man relax, sponshorship and social responsibility is essential part of their marketing efforts. Maybe you don't like basketball while the company you trust already paid for a logo on chicago bulls shorts

A new trader should shortlist a few reputed brokers and trade their demo account for at least six months before finalizing the right broker in my opinion.

Since some of the football fans are the biggest gamblers , no wonder why they make for some of the worst traders. The forex industry is no Casino.

I don't know is FXCM is scam or not, it has representative working in most forums and also get big trader (millions fund) and get fined by regulation often. If you're real scam, how could you keep getting trader time by time?

The financial markets and services providers regulator of Switzerland (FINMA) has warned of two unregulated forex brokers – ECN Capital and Swiss Magnates.
There is little information about the latter, but the former claims to be based in New York city, however there is no regulatory information that there should be, as per the US legal requirements, any forex broker in the country must be registered as a member by the US National Futures Association and is supervised and registered by the governmental Commodity Futures Trading Commission.

Hi Hoang,

As of October 2017, there were over 121,000 active accounts traded at FXCM with $192 billion in customer trading volume for the month. The quality and transparency of our pricing and execution is a significant reason traders choose FXCM in our opinion. Not to mention our dedication to superior customer support, trading platforms, and services.

And you don’t have to take our word for it, we release metrics on our pricing and execution:

Historical Spreads

In Quarter 1 of 2017, EUR/USD and USD/JPY each had an average spread of 0.2 and 0.3 pips respectively and a trading cost of $0.11 and $0.13 during peak hours: 70% of EUR/USD and 61% of USD/JPY volume occurred during peak hours.



This report compiles forex trading data from FXCM’s Standard accounts for Q1 2017. The data reflects average spreads made available to FXCM clients during peak and non‐peak trading hours. The full report can be found in the attached PDF.

Recent historical spreads can be found in the spreads widget on our website where you can view our average spread down to the minute https://www.fxcm.com/uk/why-fxcm/exe...rical-spreads/

Positive / Negative Slippage

With FXCM's forex execution models, you can potentially receive price improvements on all orders as all orders fill with FXCM's best available price. From January 1, 2017 through May 31, 2017, more than 12 million orders were filled with positive slippage.



*The data above comes from various order types that executed through FXCM Group from January 1, 2017, to May 31, 2017. Certain non‐direct clients are excluded from the data. The full report can be found in the attached PDF.

Execution Data

FXCM completed a study that examined the quality of execution for FXCM LTD client orders versus the three largest FX trading venues globally, venues widely considered to represent the benchmark for reliable FX pricing. The results of this study show FXCM LTD retail client order prices to be better than the Futures Market and Interbank Market prices for FX (3). The results show FXCM's execution of orders provide customers significant advantages for FX.

FXCM LTD was equal to or better than the quoted futures price 81.34% of the time compared to the spot equivalent quoted futures prices on the CME leading to potential savings of $42,529,156 for FXCM LTD clients



FXCM LTD was equal to or better than the quoted interbank market price 94.84% of the time compared to the spot equivalent quoted interbank market price leading to potential savings of $114,588,455 for FXCM LTD clients.



This is but a very small portion of the very detailed execution study presentation and FAQ you should read through.

We are constantly working to improve our execution and pricing for our traders.

Jason

*The information provided is historical in nature and does not imply that FXCM maintains a particular capacity or performance level. Past results are not indicative of future performance. The price at which an order is executed does not negate the high level of risk involved with forex trading. Trading could result in losses regardless of the pricing quality of opening or closing transactions. Spreads Data comes from all available liquidity providers – liquidity providers subject to change.
*Trading foreign exchange and/or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds.
(1) An Active Account represents an account that has traded at least once in the previous twelve months and represents total trading accounts for both retail and institutional.
(2) Volume that FXCM customers traded in period is translated into US dollars.
(3) The study does not in away way attempt to represent that FXCM maintains a particular capacity or performance level. The figures in this study are provided for information purposes only, and are not intended for trading purposes or advice. FXCM is not liable for any information errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. Past results are not indicative of future performance.
Material Assumptions
FXCMs Retail Clients are defined as individual, joint, and corporate accounts trading on our retail price stream.
The comparison to each of the Futures and Interbank data is made at the time that the FXCM client order is executed. Normal market slippage and slippage due to rejections by liquidity providers are already included by the time the FXCM client order is executed. However, there is an assumption that there is no slippage on the Futures or Interbank market data.
In order to maintain consistency, Futures Market data and Interbank data used the same acceptable ranges in market trades. The summary of findings is based on the assumption that the maximum acceptable difference between the FXCM price and the Interbank/Futures market price is 5 pips in either direction.
Fees that a participant would pay on the Futures or Interbank market, such as CME Exchange Fees, FCM Fees, Clearing Fees, and other commissions, were excluded from the study. Similarly, FXCM Commissions are excluded from the study.

The UK regulator FCA just issued another warning about a clone broker – the broker NBLFX and its owner Niru Bala/Numex Foreign Exchange Corporation (UK) Ltd is a clone of an FCA-regulated company.
Said FCA-regulated broker is NumexFX, which is apparently inactive at the moment. I guess the people behind the clone company thought it would be easier to impersonate it and its FCA license, especially considering they are mixing real and fake information to confuse and mislead clients.

Regulators are certainly good, but it takes too much time in proceedings. It would be nice if we created a guild of traders, which looked at some situations (it would be beneficial to a bona fide broker as a trader).

Jason Rogers is a marketing profile for FXCM. Snake oil seller in its purest form.... cheated retail forex traders with hiding their B - Book at a fully controlled main liquidity provider to circumvent regulation. Lied in this forum over and over again. If you believe that FXCM is a one trick pony in regards to how to extract money from retail traders.... well, you will be wiser soon.

Never ever trust such a company again. They deploy dozens of millions in marketing money a year to rebuild their reputation.
Let that money be spent worthlessly and avoid them at all costs.