Users' questions

Can I sue my Forex broker?

Can I sue my Forex broker?

In theory, if you have lost money because your broker (or any financial institution) gave you bad advice, mismanaged your investments, misled you in any way or did various other unlawful and ethical things, you can sue for damages. No matter how good the case, the road to financial damages is a rocky one.

Do Forex brokers make money when you lose?

The broker does not make money on the spread; the broker makes money on the losing accounts. This is also why brokers are constantly advertising for new customers. The brokers need “fresh blood” to keep making money, many of the traders in group B will give up on trading or move to another broker.

How do I know if a Forex broker is legit?

How Do I Know if a Forex Broker is a Scam?

  1. Visit the site.
  2. Check the forums.
  3. Look for negative reviews of the broker.
  4. Look out for complaints about not being able to withdraw funds.
  5. Read all the fine print before you open an account.
  6. Try out the broker.

How long can you keep a Forex position open?

As a general rule, there is no limit to how long you can keep a trade open. Some brokers might put limits, but any reputable Forex brokers won’t. As long as there is a market, theoretically, you could keep your trade open forever.

How do I complain about a forex broker?

How to complain to a forex provider?

  1. Lodge the complaint in writing (online/offline) at the consumer care department of the concerned branch of your bank.
  2. If the Bank is unable to resolve the issue you may contact the Grievance Redressal Officer of the concerned Bank.

Can you get rich by forex trading?

Can forex trading make you rich? Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.

Do Forex brokers trade against you?

When trading CFDs and Forex the contract is always between you and the broker. So technically the broker is always trading against you. It is how they manage this risk themselves that makes the difference.

Can you make a living with forex trading?

No doubt that by following the correct strategy, you can earn lots of money with Forex. But in case you are anxious that you might not have an immense amount of money. Then, don’t worry about how to get capital to trade Forex! Even with a small amount of money, you can start your Forex trading.

Which is the Best Forex broker for beginners?

1 Saxo Bank – Best VIP client experience 2 CMC Markets – Best web platform and platform technology 3 IG – Most trusted, great for beginners 4 TD Ameritrade FX – Best desktop platform (US only) 5 FXCM – Well-rounded platform offering

Are there any forex brokers in the UK?

Saxo Bank has operated in the United Kingdom since 2006 through its subsidiary Saxo Capital Markets U.K. Ltd (SCML) and, like many forex brokers, it doesn’t accept U.S. traders. Saxo Capital Markets is for the advanced trader.

Can you use IG as a forex broker?

Unlike most brokers on this list, IG does accept U.S. forex traders, which has been the case since early 2019 when the company re-entered the U.S. market. Globally, IG is for anyone wanting to trade CFDs.

Which is the Best Forex broker for CFDs?

Each year, our team here at spends five months testing the biggest names in foreign exchange and assembles a guide to the best forex brokers for forex and CFDs trading. Here are our findings for 2021. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Which is the Best Forex broker to use?

This fantastic all-around experience makes IG the best overall broker in 2021. Read full review eToro is excellent for social copy trading and cryptocurrency trading, and is our top pick for both categories in 2021.

Unlike most brokers on this list, IG does accept U.S. forex traders, which has been the case since early 2019 when the company re-entered the U.S. market. Globally, IG is for anyone wanting to trade CFDs.

What do you need to know about Forex trading?

When you trade forex, you buy or sell in currency pairs, e.g., “EUR / USD” (Euro / U.S. Dollar). You open an account, deposit funds, then use the broker’s trading platform to buy and sell currency using margin. The forex markets are open 24 hours a day, five days a week.

Why did my Broker Close my forex account?

So, why keep your account growing without control. A simple measure of taking planned withdrawals can save you from troubles. It’s not going to be the case for traders who trade with reputable Forex brokers.