That’s right. Stay away from unscrupulous brokers. There are so many scams out there. Makes trading pretty risky. Especially for newbies.I always recommend to check broker reviews here or on FPA.
What I do is I list out brokers into a category of weak and strong brokers. I read it somewhere about this method. This allows me to keep a check on the activities of some brokers that look suspicious. I have been scammed in the beginning of my forex career and I can’t risk that happening again.
The correct decision is to protect yourself and calculate all the risks that may arise in order not to be deceived again.
That’s too bad. I haven’t seen a trader that wasn’t scammed and I have been too a lot of times. When I was taking some courses, I was advised to be careful with brokers and after some extensive research, I found these 3 brokers that were legit. Not only in terms of regulations but transparency as well. I’m trading with City index, FP Markets, Fxview. Good luck!
But demos don’t really ensure safety, do they? If a broker is a scammer, testing their demos will not prove that. It is very risky to go with a broker these days. I usually look at some trustworthy forums like elitetrader, babypips and look for recommendations. I’m using Oanda these days for some major pairs and looking to set up my ECN account with Fxview. They have very low spreads, which would work well for my strategy.