Archive for Broker

eToro Experiences – Reliable or Scam?

eToro is one of the largest Forex broker in the world. And this is also the major reason why you can also find lots of negative reviews about eToro. Because with that many traders there are traders that lost money and think it’s the fault of the FX broker. But is eToro really a scam? We highly doubt that. What makes us say that?

Have you ever written a review about a broker when you were very happy? If so, you’re an exception. Because most traders don’t talk about solid and reliable broker. They just want to find a scapegoat when they lost money. And most traders lose money in the long run. It’s a fact. So if you put these two facts together you already have the reasons why even reliable broker like eToro are called a scam by some people.

In this article we take a look at the experiences other traders made with eToro. Great sites where you can find lots of good reviews are forexpeacearmy and forexrealm. What traders did not like at the beginning was the fact that the eToro platform did not run smoothly and sometimes frooze. These problems should be fixed now. At least nobody complains any more and we were also trading for a few months at eToro without problems.

Our deposits also worked out well (with Skrill). One trader complains that he made a Paypal deposit that never reached his account. We have to assume that this is an exception and there was some technical difficulties. No reason to think that eToro is a scam.

But there are also positive experiences with eToro that are published. As already mentioned, most of these positive experiences stay unpublished. Most positive reviews concern the software that is a big plus. It runs stable and offers more and more features to the trader.

The experience with the eToro support is mixed. Some traders are not happy with the support and others say that the support is fast and competent.

It’s a fact that eToro is a large broker with hundreds of thousand happy traders. eToro would not be able to grow this fast if it’s a scam. Lots of people recommend eToro to their friends and not because of the scam that is taking place.

Xtrade – reliable CFD Broker

The broker Xtrade is one of the best known CFD brokers. The reason for this is the partnership with the footballer Cristiano Ronaldo, which started in 2016. The Xtrade ambassador is a well known face for both men and women. The marketing managers at Xtrade are aiming to use his high profile to attract more traders for Xtrade.
In addition to Cristiano Ronaldo, there are many real reasons to start trading at Xtrade.
The Xtrade platform is outstanding for its usability. The platform can be used perfectly not only on the PC, but also on tablets and smartphones without any problems. With a single login, you can access the webtrader (Chrome, Firefox, Internet Explorer, Edge), or the trading app on your mobile device (iPhone & iPad App, Android App or Windows Phone App).
A further positive aspect of this broker are the extensive payment methods. In addition to bank transfer and credit cards (Visa, Mastercard, American Express), well-known online services such as Paypal, Neteller and Skrill are supported.

With the free demo account you can start trading CFDs on stocks, forex, indices, commodities or ETFs without risk. We recommend to use this offer extensively before you make the first deposit and also to test a couple of strategies without risking real money.

Xtrade manages customer deposits separately so that these funds cannot be used to operate the platform, which increases security for traders. Regulation by several authorities (CySEC, MiFID, ASIC, IFSC and FSB) also argues against the possibility of fraud and for the seriousness of this provider.

Do you already have an account with Xtrade? Then please share your experiences with other visitors of!

ETX Capital – Scam or a reliable Forex and binary options broker?

ETX Capital is a broker we have been observing for quite some time now. We were following forums, discussions, social media and possible scam reports. The good news is that given the size of this broker, the complaint rate is very low. Our team used to trade for two years at ETX Capital and we would recommend their platforms to intermediate traders. It’s not well suited for professional trading but also not the best option for noobs that make their first trades.

This broker is FCA licensed and regulated which is pretty much a must have criteria nowadays. This is only valid for the CFD trading, not for binary options (these are not regulated through the FCA at the moment of this writing). But if binary options is interesting for your trading needs, it really helps to have the opportunity to trade both CFD and binary within the same platform and account balance. Also the client funds are kept separate (believe it or not, this is not the case with every broker even in 2016).

Apart from that there are a few things that are considered negative: There’s no live chat support. The real spreads are very different to the “typical” spreads mentioned on the website. This depends on the market of course but it looks like “typical” is like the all time low. There are currently no complaints going on but traders sometimes have trouble closing trades even with stop-loss. This is more like a typical liquidity issue you need to be aware of. So pay attention to that.

We would love to hear your thoughts. What do you think about ETX Capital personally? What are your experiences?

Other Forex Brokers that may scam traders

If there are any other forex brokers that may scam traders please don’t hesitate to add a comment here. This is meant to be a warning that traders should be cautious. It’s not evident of course. But when fellow traders got scammed and have reasonable explanations for it, it’s their duty to warn other traders to avoid the same mistakes. Thanks for sharing your experiences.

These are the brokers that may be scamming traders. We received warnings from visitors with accusations that justify an official warning. Please be cautious:

Traders reported to not receive withdrawals. Support is silent since the cashout request.


“I have been through your website , and I haven’t seen the broker I work with listed in the website.
However I’d like to share with you my trading experience with a company named trade24, they’re are by far one of the top scammers, cause they are real scam artists professionals
When I first started trading with them their account manager took so many positions for me which caused a loss in my account a drawdown of about 50 % uue to his trades against the market trend , when I started taking my own trades he used to close them for me too even thou they were mostly in the right direction
however they compensated for me in a bonus ” a very manipulative way of freezing the traders account ” and refusing withdrawals for the trader and for every 1000 usd the trader apparently needs to trade an amount of 200 lots so for several thousands it will be quite impossible to get to that point .
I have went through several forums and apparently the issue isn’t only happening with me many people were scammed before and people are still getting scammed.
Apparently clients can’t reach them directly their employees disappear sometimes no one to talk to or call . And they were even trying to scam me further by asking me to send more money so that they can help me with losses
Note that I have managed to recover my original amount of balance but they have declined my with withdrawal request under the excuse that I have a bonus obligation to full fill
I wonder if there is any legal action that I can take against them , I suspect their address isn’t even real and so on.”

Even Forex – Trading with Mr. Tamil

Shual says:
“Forex Tamil is he scam fund manager?
Looks like he makes more money in ?
How it is possible? Let find out
The secret behind is Forex Tamil and Even Forex broker both are friends more over even forex broker marketing head and Mr.Forex Tamil both are from same place (India-TamilNadu) Even Forex is not regulated Forex broker so whatever Mr. Forex Tamil trade will tell to the Even Forex broker to manipulate it. At the end of the day i.e Saturday and Sunday clients can view his trade while looking at it even forex broker was manipulated according to profit system. Some trades you can see less losses and more profit
What is the befit for Mr. Forex Tamil?
Every time when he refers a client to even Forex broker he will get 20% of the deposit.
Is there any else?
Because of the profitable trade history will advertise or post it in social media such as Facebook to cover online training and some time will work as fund manager..
How much he cost for online training?
Around $2000!
In some case when the client requests a view/investor password he will provide to the client? In the mt4 manger he can identify whether any client view his account? When there is no viewer on the mt4 account, evenforex broker will manipulate into profit trades, that’s the secret. and both are scam and fraudulent people don’t waste money”

Sunderasan replies:
“Hi Shual

Thanks for sharing your thoughts MrShaul
. its a scam fund manger . looted many people , he have shown me the broker user id and view only password, i have paid $2000 for training eventhough i am already experienced trader Mr.Forex Tamil told me that will explore the forex market will make a rich with 6months , after 1 month i have followed the same technical what he been told but i never made any profit but he said he done the same trading with he shows profit, after i seen your posting now i understand how he makes such kind of profit .

Guys be aware of Mr.Forex Tamil is a scam fund manger/ forex trainer.

[email protected] (can any one mail me regarding Mr.Forex Tamil i’m honor to reply.”

Is Instaforex a scam?

Update 2016:
Read our traders comments below. We receive complaints about Instaforex on a daily basis. What we also receive is fake positive comments from Instaforex employees trying to improve their reputation. We are reviewing each comment but reviewing our rating system is not possible. So please be certain that it is biased (to the positive). And dear Instaforex employees: we understand that traders complaints aren’t good for your reputation but trying to fake customer reviews makes it even worse. Your fakes are so obvious that it is fairly easy for us to filter them.

After we added this message they changed their strategy a bit and at least try to disguise they are employees writing positively about their company. The comments are still just embarassing and so obvious fakes that it hurts. They sound like “Instaforex is the best Forex company out there. I made huge profits with them. Support was always helpful and their bonus is so amazing. I can’t thank you enough Instaforex!”.

Please stop that immediately. With these fake comments you make it even less likely that a real positive comment from a real customer will get approved by us.

Another update:
We will deactivate the commenting section for Instaforex for a while. Reason is that their team is not stopping their spam and it’s annoying to filter their comments out. We have asked you to stop it and have not activated one single comment from you. This should be reason enough for you to give up on it but it seems you are not going to learn.

To all the real traders out there who want to share their experience. There’s an email address in the right sidebar. Feel free to get in touch and share your story.

More than 300.000 costumers trade with Instaforex and this makes Instaforex one of the larger brokers around. Overall Instaforex is very popular but nevertheless you have to ask if Instaforex is reliable or not. Just because it’s big doesn’t make it trustworthy.

There are scam complaints with every Forex broker and Instaforex is no exception. A lot of complaints come from trader that tried to abuse the Instaforex bonus program and got their account locked. This is a good reason and the broker has the right to do so. There’s no need to worry and you won’t have any issues if you don’t abuse their bonus program.

Some trader don’t like the fact that the Instaforex server seem to be a bit slowly if you try to scalpe. These are technical difficulties that occur rarely and not every trader experiences these problems. So no need to call Instaforex a scam.

There was a dispute between Instaforex and the Forexpeacearmy. You can read about here. Instaforex is not the only broker that rages against Forexpeacearmy and criticizes its behaviour. You have to judge it on your own what to think about this dispute.

Is FXCM reliable or a scam?

FXCM is a very big Forex broker with plenty of thousand traders and with a high trafficked website. But you don’t hear only good things about FXCM. Quite the reverse: You hear a lot of bad things. Of course there are complaints about any (!) Forex broker but in the case of FXCM it does not look very good. We collected the trader opinions and experiences for you that you can judge whether FXCM is a scam or not.

One of the most common complaints is that everything works smoothly with FXCM as long as you lose. But if you’re trading profitably the story begins. They close positions or even your account for no real reasons. This is the most common way for a broker to cheat on its traders. Closing your trades is not possible for the following reasons: “Data not found”, “Waiting for Dealer”, “Your order didn’t execute because price moved”.

There are also complaints about the bad costumer support. They seem not to act in the traders favor and sometimes don’t even care about costumer complaints.

Of course there are traders that are happy with FXCM but there are not many of them. There was also a law suite against FXCM a few years ago.

Although it seems that there was no result that does not mean that FXCM is reliable. The complaints are very serious. Also it seems that there are differences between hourly and daily charts which is pretty strange. It seems that short term charts look different to “help” traders making the wrong decision.

Traders also talk about margin calls that should not be executed.

If you take a look at the websites of the NFA you can see that FXCM already had to pay a serious fine. You can read more about it here.

You can’t really prove that FXCM is a scam but you can say that there are a lot of strange things going on and it is not a reliable Forex broker at all.

Experiences with FXCM

Let’s take a look at other traders experiences with FXCM.

I opened a position and placed a stop loss. I left my PC afterwards for half an hour. After coming back the stop loss was executed although the chart did not even touch my stop loss. I tried to talk to their costumer support and they said that I closed the position myself a few minutes after openening it. Another employee told me to take a look at it but he never came back to me.

They changed my stop loss without any action from my part.

FXCM is a good and reliable broker. I’m trading every day and I’m earning every day.

My experiences with FXCM are good so far.

I can’t recommend FXCM. Rollover fees are way too high. You can’t execute a trade all the time when it does not work in the broker’s favor.

FXCM is a solid broker with a good platform.

FXOpen – reliable or scam?

Another large Forex broker that also offers an ECN account and thus fits the needs of more professional traders is called FXOpen. FXOpen is pretty large and you can find a lot of feedback online. We already tested FXOpen here: FXOpen review and we made nothing but good experiences with this broker. It’s not even close to a scam, we can already say so.

But there are also bad opinions on FXOpen. Not everybody is happy with them. Although there’s no Forex broker that everybody likes but you also have to take a look at negative experiences to stay objective.

A few traders compalin that trades go in the wrong direction immediately after opening a position or that you get scammed when you make profit. At brokers like FXCM or you will hear this rather often but pretty rarely about FXOpen. It’s pretty interesting that the traders that say so only make short reviews without any evidence. Complaints that FXOpen is not regulated and not a real company are simply not true.

FXOpen offers an open forum for traders. Obviously we can’t prove it but the forum looks pretty objective and there’s not a lot censorship going on. This makes FXOpen more reliable.

In summary you will also find negative experiences with FXOpen but it’s pretty evident that most of them come from competitors. The nicknames and the way they write are pretty similar. The Internet offers this opportunity. You just don’t have to pay too much attention to reviews that look suspicious.

Easy-Forex – Scam or Not?

Easy-Forex is one of the larger Forex broker and its vision is to make FX trading as simple as possible for slightly intermediates and intermediate traders.

There’s a pretty famous dispute between an unsatisfied trader and Easy-Forex. The trader created a website to make others aware of ” Easy-Forex scam”. This can happen to every broker because every broker has traders that think the broker scams and if one of them wants to create a website there’s nothing you can do. Well, Easy-Forex thought there’s something they could do. A user at Forexpeacearmy (FPA) was linking to this website and Easy-Forex wanted them to take down the link. The made FPA responsible for this and threatened to sue them. This is a pretty stupid step by Easy-Forex and it doesn’t make them look good in this spot.

But let’s stick with the facts. Easy-Forex is regulated by IFSC which is a pretty good sign and not the case with Plus500 for example. Forexrealm doesn’t categorize Easy-Forex as scam but the experiences are pretty mixed (which is the case with every single broker).

Some traders have not been happy with the Easy-Forex trading platform and losts were refunded and the initial deposit went back to the origins. This is pretty good and makes Easy-Forex look reliable. You can’t find this service with every other broker out there. There were also cases where a stop loss did not work and the broker made a refund. But it is a bit strange that spreads vary a lot. Other brokers are more constant when it comes to spreads.

Some traders don’t like the Easy-Forex support. These are some negative experiences but it’s not close to scam. Overall you can say that there are no reasons to call Easy-Forex a scam. Although there are some traders that don’t recommend Easy-Forex but that’s the case with ever single FX broker. If you pay too much attention to individual traders that call a broker a scam you can’t trade Forex anywhere. You have to go with the majority and it says that this broker is not a scam.

Experiences with Plus500 – Scam or Not?

Plus500 is a well known CFD broker that attracts traders with an unlimited demo account.

Plus500 has not been the top broker a couple of years ago but they really worked hard on becoming one of the top addresses. Plus500UK Ltd authorized & regulated by the FCA (#509909), which operates under strict rules, and is listed in the London stock exchange. That alone makes this broker more secure than 99% of all other brokers. You cannot just scam your customers when being a publicly listed company.

Forexpeacearmy doesn’t call Plus500 a scam and there are some larger sites that promote Plus500. Considering the size of this broker, you will find relatively few negative reviews across the web. There will be a few somewhere but this is true for every single broker.

Anyways, if we had to make a choice to recommend you three reliable brokers where it is least likely you get scammed, then Plus500 is on top of the list. You can sign up there immediately through this link. Let us know how your experiences have been.

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