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is alpha markets regulated by the fsca south africa Replied 6 months ago - You wont see their name on the fsca list of licensees because alpha markets is just an appointed juristic representative of another fsca licensed broker. Several unlicensed forex brokers in South Africa are begining to adopt this modus operandi where they just attach themselves to an fsca licensed broker just like renting a license. This is not illegal because the fsca is usually notified before any juristic rep is appointed/terminated but it does have its risks.
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Anyone traded with td markets, what was your experience? Replied 6 months ago - I used to trade with TD Markets because i wanted to patronize a local SA broker but their spreads were really high and there were some cases of slippage i experiened Sometimes their eurusd spreads can go as high as 2.2 pips making the road to profit longer than necessary. Even with the high spreads i expected better services such as a better looking client area where i could change leverage on my own instead of sending them a mail to do it for me, quick withdrawals etc. but that was not the case. I am a regular trader so spreads are a big deal for me, if you dont trade always you can go ahead and try them out.
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My 5 Best Forex Brokers in Nigeria Replied 6 months ago - Trade Nation seems great for Nigeria, they have low spreads, eurusd is 0.6 pips. They also have no minimum depoisit but their minimum withdrawal is 50 EUR.
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Any signs that a forex broker might be a scam? Replied 6 months ago - 1. The broker allows you open an account without submitting your government issued ID cards or they even accept expired ID cards. 2. The broker allows you deposit funds from a third party account (example from your friends account) 3. The broker does not provide a demo account for you to try their services for free 4. The broker is not regulated
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what lessons did you learn from sway markets collapse? Replied 6 months ago - I used them too and i think one red flag was when they stopped offering MT5 and developed their own trading platform (sway charts) which turned out to be very unstable and led to many traders losing money to the platform errors. I even heard people say the sway charts platform would duplicate orders, open orders on its own etc. and sway markets never refunded most of these traders till they folded up. Now, the reason for their folding up remains unclear; some say they were aquired by liquid brokers but liquid brokers only does corporate clients so what happens to retail accounts? I read on finance magnates that sway markets still operates a prop firm which is surprising given that they are yet to unsettle claims of many traders who allegedly traded with them when they were sway markets. For me, i dont trust brokers who dont offer the MetaTrader platform because i beleive that brokers can easilt maipulate platforms they built by themselves. Sometimes when a broker stops offering MetaTrader it could be that MetaTrader has revoked their license for unethical practices.
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why was my forex funds prop firm shut down by U.S. regulators Replied 6 months ago - The case of My Forex Funds only came to light because the regulatory authorities in the United States were sharp and active. Now imagine what these prop firms are doing in countries where the regulatee is ahead of the regulator. 🤦‍♂️
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is prop firm profit split a scam? Replied 6 months ago - Yes. Prop firms are a scam and so the profit split is also a scam. They will go to any lengths to deny payout, and even if a firm is paying out it will not be long before they shut shop. Imagine a casino staying in business if all the patrons start winning. That is why they remove any consistent traders from their books using random clauses from their terms. As a new trader you should get your own capital, learn to trade it and respect it. You will go far.
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is FXPesa legit, how are their services? Replied 6 months ago - Yes, FxPesa are legal in Kenya. They are a CMA licensed non-dealing online forex broker. Are they good or bad, that is another question. I've never traded with them so I don't know. But their spreads are not low. 1.4 pips on eurusd on Standard account. Around 0.7 pips (0 pips plus 7 USD roundturn commission) on Premier account.
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Many prop firms dont encourage EA use, do they want you to fail? Replied 6 months ago - I agree with you. I'll also add that funding challenges is not real trading. The emotions you have when trading a real account with your own money is not the same as when you are trading a demo or a funded account. Most funding challenges are designed to ensure that you lose your challenge fees, that is the business model, make traders lose their challenge fees. If you've read the public data on any so called 'Prop firm' that makes it public (or were forced to), less than 1% of the traders ever make it to funding stage. And a very small percentage of them receive payout. And the prop firm can withhold your payout for whatever reason they deem to be against their terms. It is an unregulated business that is currently making a lot of money, filled with scammers. Be careful. Trading funded accounts or demo trading will not teach you anything about trading with real money. Unless you have money on the line, you will not know how you will behave different on price movements.
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what is the minimum deposit for spreadex in the UK? Replied 6 months ago - Hi Amos, Spreadex minimum deposit is 1 GBP and when it is time to withdraw, Spreadex does not have any minimumm withdrawal. Somethings I noticed during my time trading with Spreadex: They have limited funding methods; they accept mostly cards and bank transfer deposits (no PayPal, no Skrill, no Crypto). You can deposit in GBP, USD or EUR currencies. Deposit time is instant but for their withdrawal it can take up to 2 working days to reach your account. However, they have something called "guaranteed same day payment" where you pay a fee of 25 GBP to guarantee that your withdrawal will reach your account on the same day you initiated it.
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please list some brokers with zar account & nasdaq Replied 6 months ago - HFM, Exness, AvaTrade, Tickmill, FxPro, RCG Markets, Space Markets, XM, Easy Markets, Just Markets, Trade Nation: they all have zar account and nas100 trading. Out of these brokers, Trade Nation & Easy Markets have some of the lowest nas100 spreads.
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What is a Cent Account, which forex brokers have them? Replied 6 months ago - its an account where trading large volumes is forbidded. Lots of people tend to hate on cent accounts because the word "cent" rubs off the wrong way on their ego and on their dreams of becoming millionaires through forex trading 🤣. Hate to break it to such people but you cannot become a millionaire trading forex and yes cent accounts are for you too! A cent account is basically used to try out untested strategies in a live market in such a way that any losses you sustain during the trial will be bearable. This is also the same reason why beginners should use cent accounts.
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why do people knowingly trade with unregulated brokers? Replied 6 months ago - Many people patronize unregulated brokers because these brokers pass through celebrities and social media influencers to sell their brand. Unsuspecting victims usually assume that for their celebrity crush to be supporting a broker then the broker must be regulated, Unfortunately, this is seldom the case as most of the celebrities will support just about anything for a quick buck. I mean I have even read about unregulated scam forex brokers who sponsored premier league clubs like Chelsea so imagine that Chelsea fans were going to trust this broker eben without reconfirming if they were regulated.
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which forex brokers accept bvn & nin number in nigeria? Replied 6 months ago - Exness accepts BVN number when opening your trading account, from your BVN they can extract any other information about you. However, If you have NIN & Drivers License you have to snap and upload it for them to see but for BVN you can supply just the number which is easier.
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what happened to kwakol markets website Replied 7 months ago - Disclaimer!!! This is my personal opinion on Kwakol Markets: Here in Nigeria, the EFCC is going after suspected ponzi scheme operators especially after the CBEX scam that embarassed the nations law enformcement agencies because people accused them of allowing scams to happen under their nose. Kwakol Markets is not a regulated broker(their ASIC license has expired) but they have been allegedly operating in Nigeria using influencers on social media for marketing and recruiting new traders. Today i checked and realized Kwakol Markets website has disappeared and they dont have a mobile app listed on google playstore or apple store so there may be no way for traders to withdraw their funds. In my opinion, i think the kwakol markets website shutdown may not be unconnected with the EFCC clampdown on suspected/alleged ponzi schemes. Kwakol Markets claim to have an office in Abuja so anyone in abuja can visit their office and share their findings on this thread. Let us know if their office is still open. Their office address as seen online is CONTACT US. Mall 169, Adetokunbo Ademola Crescent, Wuse ll, Abuja, Nigeria. [email protected].
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can you recommend best leverage trading platforms in australia Replied 7 months ago - IG Australia - suitable for beginners because of its comprehensive education and variety of markets IC Markets Australia - suitable for experienced traders & algo forex trading because of its low spread and MT4 upgrade kit. These are the ones i have used and can recommend, they are both ASIC regulated.
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is mitrade legit, why dont they offer metatrader? Replied 7 months ago - Looks legit to me, I checked and they are actually regulated by the Australian Securities & Investment Commission (ASIC) who dont mess around when it comes to regulating brokers. I also noticed that in Australia, Mitrade has undergone some name changes from Forex Central Trading in 2011, to You Trade Capital Markets in 2014, to Golden Sky Australia LTD in 2015, to Australian Foreign Exchange Services LTd in 2016, to Imperium Forex in 2018, to IGlobal LTD in 2018. For their choice of trading platform it is indeed suspect why they do not offer MT4 or MT5. Personally i do not like it when brokers dont offer MetaTrader because broker proprietary trading platforms like the one Mitrade offers can be manipulated.
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how do i buy shares on commsec without paying fees? Replied 7 months ago - Your first 10 trades on Commsec are free of charge so you do not pay any brokerage fees to Commsec, but you still pay stock exchange fees (this does not go to Commsec). After your 10th trade, Commsec will start charging you brokerage fees from as low as $5 to as high as $30. To buy shares using the Commsec platform, you may open an Australian Share Investing Account (this is for investing in local shares listed on the ASX) or you could open an International Share Investing Account (this is for investing in US & EU shares only). As you open any of these share investing accounts, Commsec will automatically open a CDIA account for you for clearing purposes.
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is commsec good for buying shares, are they ASIC regulated? Replied 7 months ago - Commsec is regulated by the ASIC in Australia and they offer you five ways to invest: 1. Open an Australian Shares Account: here you are limited to just buying and owning shares & ETFs of companies listed on the Australian Stock Exchange (you cannot buy international shares) and you can invest using the local AUD currency. 2. Open an International Shares Account: here, you are forbidden from investing in shares of Australian companies but you are allowed to invest in international shares, ETFs, fractional shares, recurring investments and you can invest using the local AUD currency. 3. Open a Margin Loan Shares Account: here you can use a line of credit to buy shares but you are limited to buy only shares & ETFS listed on the Australian Stock Exchange and you can invest using the local AUD currency. You cannot buy international shares, you cannot buy fractional shares, and you cannot participate in recurring investment programs. 4. Open an Options Account: here you can only invest in options of stocks that are listed on the Australian Stock Exchange and you can invest using the local AUD currency. You cannot invest in options of international stock, fractional shares, and you cannot participate in recurring investment programs. 5. Open A Trust Account For Your Kids: here you are restricted to only investing in shares & ETFs of companies listed on the Australian Stock Exchange and you cannot do international shares or fractional shares or participate in recurring investment programs. You are free to invest using the local AUD currency.
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what is commsec pocket used for? Replied 7 months ago - Commsec pocket is a product offered by commsec stockbrokers and it is tailored for beginner investors to help them invest small amounts as little as $50. Commsec pocket also has a mobile app which you can download to your phone for easy access to your investment portfolio. On Commsec pocket, investing is simplified by creating themed investment portfolios so you can easily select the one you want with the click of a button. You do not need to be an expert stock picker to use commsec pocket so this makes it suitable for beginners. For example you can invest in ETFs of Australian companies by clicking on the "Aussie Top 200" icon, you can narrow down your investment to only Australian companies that pay dividends by clicking on the "Aussie Dividends" icon etc. This simplified investing approach is what differentiates commsec pocket from the regular commsec platform which you are used to.
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