The FINEXO forex broker lacks stars in the ranking, but feedback shows that traders actually try to cooperate with this dealing center. It is really strange, because it seems that FINEXO does not work with residents from the majority of CIS countries! The company mentions nothing about it on its official website, but we can tell you about it in this review.

What draws traders’ attention to OpenFX in the first place is the name of the dealing center itself. The broker mirrors the name of another market player, FxOpen. One may think that this is a coincidence, and no attempt is made to capitalize on the name of a more renowned broker. But is that so? Despite the alphabetical similarity, there are differences in reputation and customer-mindedness.

As it happens, a stylish, bold and energetic broker’s self-description on its website usually hides a far uglier truth. Another vivid example of a turncoat Forex broker is a company named Fortrade.

Nowadays, quick-witted brokers seem to know about psychology even more than psychologists do. Official websites of intermediary companies contain plenty of catchy words and phrases like “bonuses”, “promotional offers”, and “zero commission”. These words attract gullible and inexperienced traders. Dozens of them are tricked by scam brokers.

According to Autorité des Marchés Financiers, about 80% of traders lose sizeable amounts of money to bucket shops.

They withdrew $100 for me that I needed for my son’s birthday… But around the middle of December I LOGGED IN AND THERE WAS 0 on the balance!!!

When it’s raining, it’s buckets, not bucks. Money doesn’t grow on trees, either. It is to be earned, and Forex is no exception.

How to find a reliable broker and what to pay attention to while choosing?

Before starting to trade on the forex market, investors should choose a reliable broker. This is a very important step as brokerage companies with high work standards will ensure a fast deposit to the trading account as well as quick withdrawals. Therefore, investors are sure to make a big profit cooperating with such brokers. However, trading conditions and a license to provide brokerage services are also important factors to consider while picking a broker. Traders need to be sure that they trust their funds to a reliable and professional intermediary between them and the financial market.

Nowadays, traders usually make a profit trading on Forex as it is viewed as one of the best markets to invest in. However, most speculators often lose their money and thus suffer big losses. Does it happen due to their constant mistakes? Do they not learn from them? Unlikely. The fact is that traders often lose their capital because of fraudulent schemes woven by the broker they chose to cooperate with. According to data provided by Autorité des Marchés Financiers, 80% of traders lose their money due to dishonest brokers.

In mid-summer 2020, the license of Forex CT was revoked by the Australian Securities and Investments Commission.

The popularity of trading companies has been growing rapidly in recent years. It goes without saying that a reliable broker is a key element of successful trading.