It's time to name and shame the bad brokers we've dealt with and brokers who have made the news for all the wrong reasons.
Please contribute your experiences here so we can help other traders steer clear from those dodgy firms.
If you'd like to remain anonymous please send us a PM and we'll update the list from there.
The list has now been updated for 2021 and those brokers who have had their websites shut down are now removed from the list.
The brokers you need to stay away from are:
- FXCM - Price Manipulation, Fraudulent misrepresentation (Fined $7 Million by CFTC).
- Axitrader - Price Manipulation, restricting access to funds, poor client service.
- LMAX Exchange - Restricting access to funds. Poor excecution speed.
- FX Merchants - Not authorized to provide investment services. This broker provides no information on trading conditions, nor free testing service, and live account registrants are redirected to another website.
- Berndale Capital Securities - ASIC has cancelled the licence of this broker. This broker restricts clients' access to their own funds, refuses withdrawals and never answers the calls. A prime example of a dud broker.
- FP Markets - Hiring freelancers to "Spam" financial forums (including this one) with fake testimonials, reviews, recommendations and promotions for FP Markets. Would you trust a broker who hires phony people to sign up to forums using fake names, e-mails and credentials just to try to persuade others to use their services?
- Hankotrade - Another spammy broker who hires people to slowly spam forums with fake testimonials and reviews. Again, would you trust a shady broker who hires people to sign up and pollute forums and site's comment boxes using fake names, and e-mails to persuade others to use their never-heard-of services?