Discussion in 'Forex Brokers' started by clambill, Jan 28, 2010.
Do you think that is a legitimate request because you're in a certain country?
Possibly sure. Eastern Europe is known for identity and credit card theft. Offer to give them everything but the 2 of the digits. Maybe they are thieves?
If you are not paying for a brokerplatform or datefeed with the creditcard then I would decline.
Legitimate, if the broker has an interest in the credit card - like the fees mentioned, or if you are charging your account with a credit card (more a bucket shop then, not a real broker).
Otherwise - tell them to stuff their request where the sun does not shine. Seriously. Unless they have a valid interest in the card (and then ONLY front OR back - never both, because then they have all data for online order) per se, they should better get a copy of your ID card to identify you.
yes. It is legitimate in any country. Credit card numbers have been stolen and sold to a very high degree. Even the post office has been requesting to see my credit card after scanning in for a purchase.
Think of it this way. If someone opened an account in your name or emptied your account, wouldn't you be screaming at them that they should have done more verification?
If you're concerned about the broker knowing the entire number, ask if you can block out the first 12 digits to where they only see the last 4, plus the name and expiration to confirm the card.
I had to give a photocopy of my passport, never heard about credit cards, as people have said if you're concerned just ask them about blocking some numbers or something. If they demand the whole anyway then they're probably out to scam you.
Who's the broker?
Yeah who's the broker??
What to do when choosing a broker:
Investors should always do extensive research when looking for a broker. If the broker is in the United States a he should be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a NFA member. The CFTC and NFA are there protect the public against fraud, manipulation, and abusive trade practices.
Anyone can verify a Commodity Futures Trading Commission (CFTC) registration and NFA membership status of a particular broker and check their disciplinary history by phoning NFA at (800) 621-3570 or by checking the broker/firm information section (BASIC) of NFA's Web site at www.nfa.futures.org/basicnet/. (We think itâs a must do procedure regardless).
Investors should stay away from non regulated firms (could be very risky). When looking at the registered firms, look for those with clean regulatory records and solid financials.
Over the NFA has increased their efforts in educating investors about retail forex trading. The NFA has created a brochure fit for a Pulitzer Prize called, "Trading in the Retail Off-Exchange Foreign Currency Marketâ, and they recommend that investors read it before choosing to trade Retail Off- Exchange.
The NFA has also developed a Forex Online Learning Program. This is an interactive self-directed program that explains how retail forex contracts are traded, the risks in forex trading and steps individuals should take before opening a forex account. The NFA will provide these services at no cost to anyone who asks for them.
1.Low minimum account openings
Forex accounts can be opened by anyone who has a little risk capital to trade. Traders are able to open a micro trading account with only $50 (we recommend at least $2,000) is a great feature for new traders.
Low spreads are crucial to in Forex trading, because large spread will take a bite out of your account.
3.Instant automatic execution of your orders
In this modern age of speed, choosing the Forex broker with the fastest execution, and someone who does not re-quote or has slippage.
4.Free charting and technical analysis
Unless you want to pay for a separate charting provider, you must find a broker that gives you access to the best charting and technical analysis available to active traders. Look for a broker that provides free professional charting services and allows traders to trade directly on the charts.
Leverage is a double edge sword, which can either make you rich or broke. When starting off trading it is important not to take too much leverage. A good rule of thumb is to not use more than 50:1 leverage for Standard (100k) accounts and 100:1 for Mini (10k) accounts.
Rollover charges play a significant part in Forex trading. The charges are calculated by taking the difference between the interest rate of the country of the base currency and the interest rates of the other country. The greater the interest rate differential between the two currencies in the currency pair, the greater the rollover charge will be. For example, when trading AUD/USD, if the Aussie Dollar has the greater interest differential with the U.S. dollar, then the rollover charge for holding Aussie Dollar positions would be the most expensive. On the other hand, if the EURO were to have the smallest interest differential to the U.S. dollar, then overnight charges for EUR/USD would be the least expensive of the currency pairs.
FXClub. I participated in their trading contest and since they have a $10 minimum and qualified for a $20 bonus because I was profitable during the contest, I figured I would go ahead and just open a secondary account I could later use as a higher risk account. If it blows out, it wouldn't be that bad if it was just a secondary account.
In any case, right now the application process kind of stalled because they told me to go ahead and change my address after logging on to their website. However, when I log on, I get a message I have to upload a copy of a document (I guess any) to prove my identity. Problem is, I already did that, and they sent me an email saying I should clarify my address. Anyway, I just sent them another email saying I can't really modify my address when I log on and asking them which document they really want. Or WHAT they want. I'm losing my patience with them so I'm not totally sure I want to have an account there or not.
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