I think that is generally good advice. The same goes for Optionetics, Monex, no-money-down real estate advisors and all of the other "financial" groups that you see advertising on late-night tv. Just stay away and you'll be all set...
Yes, I feel like many traders really don't understand that though. Then they get burned by one bad bucketshop and label the whole industry bad. I wish everyone would just pick their brokers by very simple criteria: are they regulated in the US? If no - DON'T open an account there. Secondly, what do their financials say on the NFA site? If their net excess capital requirement is low, again, DON'T go there. If their net excess capital requirement is small (like $5 million) how big could their clients be? And if they do have large clients, what happens if they try to withdraw. Scary, very very scary.
This has been bothering me for a while as well. From newspaper and television ads to radio commercials, forex scams seem to be popping up all over the place. I don't know why they are proliferating so openly, but the CFTC certainly seems unable to stop them. "I wish everyone would just pick their brokers by very simple criteria: are they regulated in the US? If no - DON'T open an account there. Secondly, what do their financials say on the NFA site? If their net excess capital requirement is low, again, DON'T go there. If their net excess capital requirement is small (like $5 million) how big could their clients be? And if they do have large clients, what happens if they try to withdraw. Scary, very very scary." Amen, brother. Sometimes, things could be fixed with just a little common sense.
Right-on brother. These clowns think they can fool the ET folks with multiple handles talking to each other and spamming a sorry little website for "click-counts"
You can find real stories of people getting ripped off by these criminals here http://forexbastards.com/public/forex_broker_reviews
http://www.felixbastard.com/ http://www.talkgold.com/forum/r104801-.html http://www.forexnews.com/fxforum/forum/forum_posts.asp?TID=1248&PN=1 and etc
I never said I love FXCM. I said I trade with them and I am happy. I am sure others have had different experiences but that is their issue and not mine. I was asked who I trade with and I explained. Nothing wrong with that. At least I don't wait for random threads to post negative comments on. You probably work for a competitor. And btw, notice how none of the good brokers on forexbastards.com have good rankings. FXDD should be labelled a scam - they're not even regulated but they are given 2 stars out of 4. If we want to talk about the real scam it is that site...