With the rapid growth of the internet in
recent times, more and more people are discovering the potential benefits of
trading currencies on the Forex market. Particularly with the development of
commercially available Forex
software, trading has made real financial gains possible for everyday
people. However, be warned. Navigating the Forex market can be risky business,
particularly when not all Forex brokers offer the same support and customer
satisfaction as you would hope for when investing your hard earned money.
Are There Bad Guys?
Of course there can be no such thing as a
categorically 'perfect' or 'best' broker per se, but with many complaints about
Forex scams, there are certainly some warning signs that will tell you whether
or not your broker has your best interests at heart. On of the most common
complaints relating to major broker FXCM is that everything works incredibly
smoothly, provided you lose. Once you start trading profitably however, strange
things happen; they may close positions or even your account with no real
justification. Is seems their customer support is fairly non-existent as well.
Similarly, well known broker Plus500,
though popular, does not seem entirely legit. To start with, it's not even
properly registered at the International Financial Services Commission, nor is
it regulated, which should ring alarm bells for anyone from the start. But
there are plenty of issues surrounding the misuse of credit card information
and claims that the spread is always one pip higher than it's supposed to be due
to Plus500 closing the position one pip lower than the platform actually shows.
Whilst these issues are not all-encompassing for the brokers concerned, its
does not instil potential new traders with a great deal of confidence.
Are There Good Guys?
Unfortunately, ever broker seems to have
their pros and cons. And regardless of how high customer satisfaction is for
one broker, there will always be instances in which complaints of scamming and
poor customer service tarnish their image. Of course, in some instances poor
reviews may very well come from rival brokers, so there is no real way of
telling the true from the false. For now at least the only broker who does seem
to be making the effort and openly delivering the closest thing to total
customer satisfaction in a transparent way is Alpari.
Tread Carefully
Whilst trading on the Forex market can be
highly profitable and very accessible, it is also a bit of a minefield. So be
very careful and do your research before selecting a broker.
