Forex broker due diligence

Record keeping is an important part of diligent forex trading. You should compare prices between brokers to ensure you are not being taken for granted. We don't want you to think forex brokers are out there to cheat you. However, like every business there might be those that take you for a ride.

Always compare broker offerings and make notes of how close the quotes are and if you see any big gaps enquire and understand how it is possible. There are times when the whole market is moving towards a certain direction.

If your broker widens spreads, changes exchange rates, and execute stops; look around to see if others in the market have also made similar changes.

Record keeping

The easiest way to prove your point is to keep record of all incidents that you are unhappy with and may want to report. Take screenshot (refer wikipedia on how to take one) of it as proof.

Handling disputes

You are just one person and the forex broker has a lot of resources. It would be waste of time and money to go after them as an individual. Instead, speak to the respective regulatory organization. The Commodity Futures Trading Commission (CFTC) or the National Futures Associations (NFA) in the United States are in charge of monitoring all forex broker activities. Below are links to NFA and CFTC for any form of complaint you have with your forex broker.



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