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Posted by: EF on 2009-08-04, 07:11:47
Some Forex brokers are reliable. On the other hand, some are semi-scams, which may fail to return your money. When evaluating a specific Forex broker, you need to check that: - The company is located in the United States. - It has existed for at least three-four years. - It is registered with National Futures Association (see nfa.futures.org, where you can check it). - There are no (or very few) regulatory actions against it (see the same website). If all these conditions are met, the company is reliable and your money is reasonably safe. Note however that even a reliable company can go bunkrupt, and in this case your money is NOT protected. The government does NOT insure Forex trading companies the way it insures banks and stock brokers. These bankrupties are rare and the related risk is far smaller than the market risk of losing your money due to bad trades, but it may still happen. Some Forex brokers that are known to be reliable are as follows; note that this list is not complete--these are just examples: Oanda.com, InteractiveBrokers.com, FxSolutions.com Some brokers that are none to be scams and should be avoided are as follows; again, the list is not complete: GCITrading.com, Alpari-US.com |
