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Is Online Forex Trading Reliable?

February 7th, 2010 admin Leave a comment Go to comments
Osama asked:


Hello people,
I am new to the online forex trading and wanted to know some info on it. Irrespective to the experience and knowledge of trading, is it reliable to trade with the online brokers such as forex.com, efxnow.com, and so on…
I mean to say is that is it ok to invest or is it like one day I wake up and see the company fled with my money.
Thank You..

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  1. EF
    February 11th, 2010 at 00:31 | #1
    Reply | Quote

    Some Forex brokers are reliable. On the other hand, some are semi-scams, which may fail to return your money. When evaluating a specific Forex broker, you need to check that:

    - The company is located in the United States.
    - It has existed for at least three-four years.
    - It is registered with National Futures Association (see, where you can check it).
    - There are no (or very few) regulatory actions against it (see the same website).

    If all these conditions are met, the company is reliable and your money is reasonably safe. Note however that even a reliable company can go bunkrupt, and in this case your money is NOT protected. The government does NOT insure Forex trading companies the way it insures banks and stock brokers. These bankrupties are rare and the related risk is far smaller than the market risk of losing your money due to bad trades, but it may still happen.

    Some Forex brokers that are known to be reliable are as follows; note that this list is not complete–these are just examples:

    Oanda.com, InteractiveBrokers.com, FxSolutions.com

    Some brokers that are none to be scams and should be avoided are as follows; again, the list is not complete:

    GCITrading.com, Alpari-US.com

  2. msc
    February 12th, 2010 at 02:12 | #2
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    I highly recommend InterbankFX.com, as they’re one of the best Forex brokers in the US. Any broker that is an NFA member should be pretty safe, but they vary greatly in terms of quality.

  3. Invest Wisely
    February 13th, 2010 at 17:49 | #3
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    You can look for myfxfunds in google/yahoo search engine

    My managed account has grown to 40% in 3 months.
    No one is able to withdraw/deposit your account because the account purely belong to you and traders only trade your account through POA agreement.

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