So Many Forex Brokers, Which One To Choose?
What is the best forex broker to choose? How do I pick one? Will my money be safe?
These were the questions running through my mind. But that itself was not the real problem as I found out.
The real problem was going to forex brokers review websites and reading those reviews. The good reviews made me excited, thinking that I was finally going to pick the best forex broker. Until I started reading the first negative review, and that scared the living daylights out of me. And the more negative reviews I read, the more indecisive I became.
Well, you’ll have a customer praising a forex broker and giving a 5 star rating and then another customer giving a bad review even to the point of calling that forex broker a “scam forex broker.”
Now, when the word scam gets thrown around in a forex brokers review website, it actually puts off a lot of new traders from opening up live forex trading accounts with that particular forex broker.
Nobody wants to lose money to a scam forex broker! That’s why!
In this article, I will share my experiences in finding my first forex broker and the do’s and the don’t s of choosing a forex broker. Since then, I have had the experience of opening at 3 live trading accounts, with 3 different forex brokers in different countries, and never really had any major issues with them in terms of depositing funds and withdrawing funds from my forex trading accounts.
And that is because I used a 8 steps process on how to choose a forex broker.
What Forex Brokers Review Sites Don’t Mention
When you are a new forex trader, the first thing you’d do when you decide to start trading forex with live money is to go to Google and type: [name of forex broker] reviews.
And once you press the enter button, there will be a massive list of websites that will have forex brokers reviews written about them.
I got bad news for you! If you are going to use forex brokers reviews websites to find your forex broker, you’ll never find an “angel” broker.
Simply because everyone has a different opinion or experiences. Here’s the one thing that kinda sucks about forex broker review websites: they don’t tell you the complete truth about a particular forex broker.
Well, lets say that a forex broker review website is just there to get experiences or opinions of traders about forex brokers, then guess what?
There will be those that love the forex broker and those that hate it.
With so many different reviews about a forex broker, you will be left utterly confused, and it would seem as every forex broker is a scam.
How I Chose A “Scam” Forex Broker
Yes, my first forex broker was a so-called scam forex broker. But my experience was…well…different!
So, here’s what I did:
- Being a forex newbie, I combed through the forex brokers review sites to see if I could find the best forex brokers and choose one to open my live forex trading account with.
- I saw reviews about reputable forex brokers that made me nervous.
- The forex broker that I eventually chose was even called a “scam” forex broker . I’m not going to mention names here but, it averaged a 3.5 star rating on the forex broker review site.
- To make it worse, that forex broker was registered in another country. Which meant that I had to send money overseas to fund my live account.
To tell you that I was nervous sending money for the first time overseas to a forex broker that I did not know is an understatement: I was freaked out!
- Will that money show up in my forex trading account?
- What if this forex broker is truly a scam as they said in the review? That will mean that I’ll never see my money again?
These types of questions came popping in my mind. But regardless, I had to do it and find out for myself. It was now or never!
You can imagine the surprise I had when that money (US$3,000) showed up in my forex trading account when I opened up my MT4 trading platform 2 days later! (That was because I used international money transfer through my bank).
If I had used credit or debit card, it would show up instantly on the forex trading account. I placed my first trade. Wow! How excited I was. I started trading for real.
Since then, I’ve had the experience of depositing and withdrawing money from my forex trading account with that particular forex broker without any issues at all. And the surprising thing was that, “this” forex broker was labeled a scam forex broker in a forex brokers review website.
So who do you really trust when you want to choose a forex broker?
A forex broker review website?
Or you can do the same thing I did… which is follow the exact same steps I used to choose a forex broker.