Which Dealing Firm I Can Trust?

Hi, I'm new to Forex. Does anybody know how to choose a broker. I had account with one of them and I can't trust that firm. May be anyone where I should look to understand if it's not scams again.
Thanks.

U.S. broker must be registered at CFTC and NFA.

1. Look for their records on websites of the organizations: http://www.nfa.futures.org/basicnet/.

2.Then look for their net capital on: http://www.cftc.gov/marketreports/fi...fcms/index.htm


Dont trade with some offshore or unregulated companies. There are some brokers regulated by UK and Swiss organizations but I dont know anything about them...

When I started trading the Forex in 2003, I did backgrounds on the firms I was interested in, then narrowed my search down to companies whose trading station was comfortable for me to use. I then ran demo accounts on several platforms. I switched companies this year after my broker since 2003 started having "server problems." I currently use FX Solutions. While they have had the occasional connection problem, my trading has not been affected (they have improved their trading platform since I first looked at them in 2003.) They are US based and I have not experienced any of the "character flaws" you find in some of the other companies.

Good luck with your search, and welcome to the Forex market.

I trade with CMC Markets and they seem to be really good.

Never tried MBTrading but they have a very good reputation among traders. They have high rankings in terms of reliability... Check them out....

Hi I trade with FXCM, their charts package is limited but you can operate their trades through MT4. to date i have not had any issues with them and unlike others they concentrate on providing a good platform for trading and worry less about charts as there are a number of good chart packages that can work along side there platform.

They also have very good financial backing and well exceed the new requirements that are currently giving others issues.

hope this helps.

GFT Forex has been my broker for years. Solid.

I have been with Oanda for 3 years, there have been a few ups and downs but things have always been resolved, so I am quite content to stay with them.....

I personally prefer UK Brokers that are regulated by the FSA. The FSA are more strict than the US NFA. I don't trust most US brokers at all, especially the smaller ones. There are a few brokers who were regulated by the FSA and went bankrupt and traders lost their funds.

Did you mean NFA instead of "a few brokers regulated by the FSA" ?

Whichever broker you are going to choose, please NEVER get yourself involve with Northfinance. I funded an account a month ago which until 2 days ago they acknowledge the fund is in their account (their banker had confirmed the money is in their account since 2nd August!!!). Now, I yet to receive their confirmation on my fund return as I wish to close that account with them...

Take care..

that is just appaling - so in other words, you have no idea whether they have your monies??? anybody have any thoughts on Oanda: i hear bad things about their trading platform, problems logging in etc. is their customer service any good?

Can anyone recommend MT4 platform broker that accepts US$500 opening account, have high leverage like 400:1 or 500:1 and wherein you can trade in small lots like .1lot?

Yea I'm looking for someone that does the same !!!

I am using MGforex, they have been around since 1992, they have a clean record with NFA, and they have fixed spreads. That is why I been trading with MG and never left them.

Have a look at the following link:
http://www.mymetafx.com/

Please note that I am not affiliated with the above link as it is posted for
information only.

Cka6c & Mr. H - Thanks!

Hi, I also deal with MG.
I like the company.
Reliable and free charts...
What do you think
of the new proposed capital regulations?

This post is from the Oanda forums http://www2.oanda.com/cgi-bin/msgboa...519;p=9#000120

NorthFinance Alert

While I'm on the subject of unregulated foreign firms I think it important that traders be aware of a firm called NorthFinance, which is not in any way regulated. And judging by the embarrassing grammatical errors prominently displayed on their website I'm guessing this is one rinky dink operation: http://www.northfinance.com/eng/forex-broker/

quote:We have been trading on the foreign currency exchange market since 2001, going from strength to strength. North Finance is registered in Belize. Its operate within the financial market in accordance with The Memorandum of Association and Articles of Association, which was given to the company by Belize International Business Companies Act. Our success is attributed to the value we place in our customers and the trust they place in us in return. Foreign currency trading with us is simple, safe and open to every trader and investor. Opening an account is fast and ready to activate within ten minutes from any continent. Open a FOREX account with us today to enjoy the benefits so many have already experienced.

Northfinance is apparently registered in Belize and does its operations out of Cyprus? This bizarre choice of geographic jurisdictions alone should dissuade anyone from seriously considering opening an account with these guys. But if you need something more here are two statements from two government bodies from the two respective jurisdictions Northfinance calls home:

Statement One: From the International Financial Services Commission of Belize
http://www.ifsc.gov.bz/notices.html
International Financial Services Commission,
New Administration Building,
Belmopan,
Belize, C.A.
4 August 2006
WARNING NOTICE
NORTH FINANCE COMPANY LTD
It is notified for general information that NORTH FINANCE COMPANY LTD is not licensed by any competent authority in Belize to engage in foreign exchange transactions, or to engage in any other international financial services.
All persons are asked to take note and exercise caution.

GIAN C. GANDHI
DIRECTOR GENERAL
International Financial Services Commission

Statement Two: from SEC of Cyprus
http://www.naftemporiki.gr/news/story.asp?id=1405795
http://www.forexfactory.com/showpost...12&postcount=1 (Translation of Greek News Story)

With an announcement today, the SEC of Cyprus informed the investing public that North Finance Ltd:

-Has no License from the committee to provide investing services.
-Is not a bank registered in Cyprus, with a license from the Central Bank of Cyprus, permitting to provide investment or similar services.
-Is not established in Cyprus or provide services according to the Articles 24-30 of the law for Investment services companies."


When a government agency warns the trading public ?to take note and exercise caution? about a firm it has singled out for being unregulated the trading public should indeed "take note and exercise caution." And while you're at it you should probably double check your neighborhood to see if NorthFinance has opened a new branch office in a van down by the river () now that the firm has been called out in Belize, Cyprus and who knows where next...

We prefer MG for strong server and beautiful chart. Well, I also use Oanda due to diversification of risk though, we are delighted to learn that MG's adjusted net capital increased from $3.5 million to $5.1 million.