One question that I get asked a lot by traders is “How to Avoid Getting Ripped Off by a Forex Broker”.
The answer to that is in how do you look for a forex broker and what do you look for? The people who are afraid that their forex broker will make money from having them as a customer are not quite ready to be entrepreneurs but might still be operating from the wrong side of Robert Kiyosaki’s “Cash Flow Quadrant.” You should want to have a high quality forex broker. Choose mainly based on the years established and the financial strength. Of course, you should want them to make money from having you as their customer. It’s just like you would if you hire an attorney, business consultant, marketing agency, or anything else. If you don’t want that, you are not a capitalist. This will create an inner conflict for you. It will defeat the purpose for why you are starting this Forex trading business. It’s funny how many people who are attracted to Forex trading have a huge inner conflict while having the idea of making money.
Next, you might want to check out the type of trading platform and whether they have a good mobile app. Even if you prefer using a platform like MT4, Metaquotes, or Metatrader 4, this is another area of misconception.
Check out this video to find out more on how to avoid getting ripped of by a forex broker:
A few years ago, the well established brokers often had their own proprietary platform while any new fly by night broker could easily license MT4. In a few short years, the Forex industry started to miss the point when it comes to trading platform. The point is that you can use any charts you want and can enter trades on any platform that your broker offers. This misconception about trading platforms and charts is now so widely accepted that people don’t even remember. How only a few years ago some of the best forex brokers were marked by NOT having Mt4. Some had charts that were not much use because the broker was for placing trades while the professional traders used separate charting software like Esignal and Metastock. Whatever happened to those days?
But the most important thing is to ask many people who have been trading successfully for many years. Ask them which forex broker do they prefer. If the forex broker is one that generated their own false data spikes, manipulated the execution price, or has a problem when you try to withdraw money, you will know that won’t be the case if the winning traders has already been using them for a while.
Be sure to check out my other videos for tips on how to trade forex!
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