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Brokers to avoid as a newbie

francmorio · 12 · 2497

francmorio

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on: Dec 29, 2016, 02:47 PM
The list of brokers below have either been blacklisted by FPA or are just out. Kindly check properly before venturing into any business with them

    Trade24- NEW WARNING!!! 22 Sep 2016
    CWM FX
    InstaForex
    Sigma Forex
    Crown Forex
    Forex Macro
    Refco
    Cyber Market group


Whitelion

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Reply #1 on: Apr 13, 2017, 10:08 AM
If you have the money. Go for "managed forex account". It starts with $5000


lakshi

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Reply #2 on: Dec 11, 2018, 05:12 PM
I have not even heard of many of them. Only instaforex is popular, and yes you should avoid them.


okpinoy

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Reply #3 on: Dec 16, 2018, 07:42 AM
thanks, any reference link on this?


moneybanga

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Reply #4 on: Dec 27, 2018, 02:36 AM
The mentioned brokers are really crooks in my opinion. I wonder how instaforex has managed to survive this long. Although the broker is not totally bad. Some traders are actually using the broker.


Melancholy

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Reply #5 on: Dec 27, 2018, 08:21 PM
Looks like this budget is big high as a starter @Whitelion.


lakshi

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Reply #6 on: Jan 06, 2019, 06:33 PM
Does your broker offer managed account?


Jugrel

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Reply #7 on: Mar 27, 2019, 09:51 PM
Most of those brokers are crooks, and though some of them soud a bit familiar, I've heard quite a number of encounters with Instaforex. I can't really say that they should be avoided, since there are traders who use them and are making big profits. I think it all depends on your strategy and how well you adhere to your broker's terms and conditions. Traders should make informed decisions though


lakshi

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Reply #8 on: Apr 27, 2019, 11:49 PM
Most of those brokers are crooks, and though some of them soud a bit familiar, I've heard quite a number of encounters with Instaforex. I can't really say that they should be avoided, since there are traders who use them and are making big profits. I think it all depends on your strategy and how well you adhere to your broker's terms and conditions. Traders should make informed decisions though

Instaforex is a horrible broker, stay far away from those scums.


myfxlife

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Reply #9 on: Apr 28, 2019, 07:14 PM
I've been using Instaforex as a broker for quite some time and  have no issues with them as a broker.....I can easily withdraw my profits and funds...easy deposits too.  :thumbsup2



Coidor

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Reply #10 on: May 22, 2019, 07:22 PM
I have not interacted with most of those broker, but Instaforex is kind of popular for its scams, and I believe every new trader has heard of them, However, I cant rule out that they should be avoided completely, since there are traders who are comfortably using them and making profits. Its all in your strategy and how up your antenna is


Spellstalker

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Reply #11 on: May 22, 2019, 08:56 PM
Every trader should be careful when selecting a broker to deal with. Personally, I recommend that traders only sign up for accounts with regulated brokers who have no withdrawal issues. The best place to know the brokers to avoid or not is the broker review section of Forex Peace Army


 


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