Geopolitical Forex Brokers

Some of the local traders I have contacted have a built-in bias when choosing for a broker. Most of them prefer to deal with a local; they conclude that local brokers are easier to get in touch with as well as go after should they go rogue.

Littles does my local trader friends know, local or foreign, once they declare bankrupcy, no money can be received.

American based brokers seems to be the most widely used in the world - perhaps because americans and europeans prefer to deal with them. This implies that these popular brokers would have deviced tricks and hidden rules to counter trader's money earning strategies...

I personally have/had accounts with FXCM, NorthFinance, GFT and IBFX. 3 of these are US based and have screwed me with their hidden rules. NorthFinance is the most humane in my experience and I am most profitable with too.

My mentor told me to deal ONLY with CFT, NFA and the other alphabet organizations registered brokers. Fine Ok. Guess what, FXCM, GFT and IBFX are members of these org and are the only ones that have been screwing me with their dirty hidden rules (IBFX recently removed/deleted a winning trade because I deleted it 30 seconds after it should have closed on its own???)

Surely it is too early to judge other US based brokers. But now I have build a fear on dealing with any of them. As far as I am concern, US, European, Russian brokers - are all foreign to me and the most frustations were experienced from US based brokers.

Of course it is too early to embrace non-US brokers and I'd like to hear your story about them. My single nonUS based broker does not generalize the others and your experience are most welcome to add info/knowledge/light to the subject.

I thought that you mentioned that North Finance froze their platform at news time? Is that correct?
Can you tell us of your experience with this broker and why you think they are more 'humane'. Just interested as i am always on the lookout for a good broker.

I'm actually agree what the burger king say about broker. For those beginner in forex trading beware before you trade using a live account. So many broker now offer their service but majority all of them is SCAM. Broker based in America always have hidden rule like burger king say. I have three account now one with FXCM, northfinance and another one from switzealand. So for now I suggest for my friends and all traders if you have problem with your broker just to change a another broker but not based in America, try to find a good broker from another country and firstly try a demo account with them. If you trade during news announcement make sure your broker not slippage like FXCM.From my exprience with them, always slippage happen during news announcement and now they has been blocked trader to trade news with blocked market order 10 minutes before news announcement.So if you trading using technical analysis you can continue but for who trade during news announcement better change a another broker. Northfinance.com actually is good broker but some their rule I can't accept.They have small spread margin but will increase one or 2 pips during news announcement.For now this a challenge to forex trader not just to win pips but to choose a good broker suitable with your strategy and I hope we can make more pips without a problem from broker company. TQ

Indeed that they froze the platform.
I had a straddle set; the long was entered and their system froze. I had no control but this LONG went up further for a win. Then it reversed touching my short before proceeding up for a loss.

I complained to NF saying that the short should not be honored as their platform was frozen. They responded positively in my favor and refunded the loss.

GFT, FXCM never listened and instead claim that it is part of their HIDDEN rules that changes to suit their benefit.

IBFX same thing. Deleting my winning order claiming I deleted/removed it 30-40 seconds after it had supposedly closed by TP.

Tell me if NorthFinance was humane or evil. You be the judge.

Zaid, does FXCM really block market orders before news announcement?
Can you tell us more about this FXCM policy?

Depending on the type of news coming out, they will widen the entry price by 500 pips; ie:
if the current EURUSD is 1.2750, you are allowed to place orders at 1.3250, 1.2250.

And if you want to do a market order, you will be asked to buy/sell at 1.3250,1.2250; naturally as these are way off the market, you'd get a requote.

It sometimes can be as early as 15 minutes or as late as 5 minutes.

I havent seen FXCM freezing; but the above is just the same.

Thank you, BK

Congratulations on your new site!

I prefer Burger King to McDonalds and NorthFinance to others...