Forex Trading Reviews 2024 - Avoid Scam Brokers

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Reviews are one of the main tools used to determine a reliable Forex broker. The offered trading conditions, instruments, terminal capabilities, and available investment programs are all vital in the evaluation process. But no general information or statistical data can replace the real assessment of the broker's work by real traders. The reviewing traders are not necessarily experts or third-party specialists but are clients who are working directly with the broker, and who can speak from personal experience.



Forex Trading Reviews 2024

However, the situation in 2024 looks like there are several problems with real Forex reviews. First, no one will see negative reviews about the broker on its official Forex website. The reason is quite obvious, which is, no broker wants a negative review on its website. This results in the broker himself removing negative reviews and replacing them with positive reviews, sometimes written by the manager of the site. Second, the Internet is flooded with positive reviews scripted by or for the targeted website but posted on multiple websites.



The solution is to only check out reviews for brokers posted on the Traders Union website. Only genuine reviews are published here because Traders Union experts verify each review according to several objective criteria to determine their authenticity. And if it turns out that a review has been compromised or is false, it is deleted, and its author loses the opportunity to post future reviews. Traders Union has been collecting real Forex reviews for over ten years and is the most authoritative Forex site on the web. It is simply impossible to place a fraudulent review written for money on the Traders Union website.

The goal of Traders Union

is to supply objective, genuine reviews written by knowledgeable reviewers who are actual clients of the broker.

Latest Forex reviews of brokers in 2024

Current reviews are always more valuable than those that were written even six months ago. Therefore, reviews about a Forex broker in 2024 are preferable to reviews written in 2019 or earlier. This is because brokers improve constantly as they continually develop their platforms, adjust to market and traders' demands, introduce new options, and adapt new trading terms and conditions. Also, the previously successful Forex broker may be facing serious financial problems today, and vice versa.



For example, if a couple of years ago a Forex broker’s conduct raised suspicion as to its reliability, today it may have gained substantial experience in the Forex market place and may now hold a Level 1 brokerage license. That is why we publish only the latest reviews of Forex brokers of 2024 in a separate block. So that Traders Union clients always have access to the newest information about the current standing of all brokers in the Forex market.

Latest Forex reviews of brokers in 2024
accountant889

I have used Conotoxia services for two or three years to conduct payment transactions abroad and to trade on the Forex market. There are many available currencies. For example, I can easily transfer EUR, USD, or GBP via an internal currency wallet. I like that the broker offers floating spreads for Forex and that there are no additional fees. On MT5, spreads for EUR/USD are 0.4-1.6 pips when the market is relatively static. There are no withdrawal fees. Starting with the second deposit, you can fund your account with any amount.

sheedn14

Recently I completed a small experiment to test the performance of eToro and I am happy to share my conclusions. I made sure that the company really operates, quickly executes trades in the market, and withdraws profits. Although the eToro platform is not always perfect, it is still possible to make a profit on it.

daiyaanx

EBSI Forex specializes in the Forex market. This suits me because currency trading is my main source of income. I trade in the MT4 platform since I prefer floating spreads, and I'm used to it. The spreads are not high, but they're not as low as when trading with ECN technology. However, these conditions suit me since there are no additional fees for trades. I withdraw funds from my account at EBSI Forex via bank transfer. Of course, I would prefer faster ways to receive money, but the broker doesn't offer them yet. I contact support by phone. On days when the market is open, service is provided around the clock.

RPmathiasz

I have known Fibo Group for 4 years by recommendation. With the increase in the deposit, execution did not change, and this is a good indicator. Withdrawals and deposits are sometimes delayed, but without any particular complaints. Quotes are real. The execution is satisfactory now and was satisfactory 4 years ago.

Preethi

Equilor Trader’s spreads are higher than those of other brokers, but they are fixed for a certain trading volume. When trading with small amounts, a fee of $10 is charged. If your trading volume increases, spreads also increase, however, there is no additional fee. Such a pricing model differs from those brokers I have worked with before, but I got used to it quickly. Equilor Trader is a reliable broker with an excellent choice of currency pairs, which is important for me. It is very easy to work with orders on its trading platform, since analytical capabilities are good and execution speed is ok. Withdrawals aren’t blocked and requests are processed quite fast as for bank transfers. However, fees are charged for withdrawing any currency, even forints.

coolsafran

Through RIDE, you cannot trade cryptocurrency derivatives or CFDs on ETFs. Among over-the-counter assets, it mainly offers currencies and indices, with a limited selection of CFDs on stocks. For example, you cannot trade CFDs on the stocks of Chinese companies. As for Forex, pairs with 24 currencies are available with fixed minimum fees. When the trading platform freezes, you can call the broker directly, but this is a paid service. Monetary transactions are processed within 1-3 days. Only once did I have to wait for a deposit to be credited for about 4 days, but the reason for this was understandable — I transferred the money on Friday evening.

black

I trade slowly at the broker FXGT.com, spreads are minimal, trading conditions are good. I checked the withdrawal, there were no delays. At the moment I am satisfied with everything.

RIZQY

I've acquainted myself with AmazingTick about 3 months ago. Before that, I dabbled in trading on various platforms, but it was more of a hobby. Now, I'm seriously considering making trading my primary source of income. What I like about this broker are the transparent terms and reasonable costs. Sure, there are companies with lower spreads and trading fees, but AmazingTick doesn't charge withdrawal fees, allows any trading strategy, and offers protection against negative balances. Moreover, they provide all major deposit and withdrawal options in four currencies (others are converted at market rates). It's a shame there are no joint accounts, only copy trading and a partner program which personally doesn't interest me. The technical support is a bit debatable too because while they provide knowledgeable advice, the response time tends to be quite long.

ramsi

Phillip Capital Turkey provides access to various markets worldwide. I like the broker because I can diversify my portfolio. The company is regulated and supervised by CMB, which is very important for trading and withdrawals. Technical support is professional and responsive and provides adequate assistance and answers to relevant questions. I mainly invest in U.S. stocks, since the forecast is easier on them and the fee is only $0.99. Indeed, there are additional fees, but overall I’m satisfied with the Phillip Capital Turkey pricing policy.

dimuthu48

I was looking for a broker that has been on the market for a long time, is regulated, and provides good trading conditions. Gaitame Finest meets all the above requirements. I opened the MT5 account since MetaTrader 5 has been the best platform for me over the last 3 years. Spreads are floating and really tight, and trades are executed without delays. All necessary currency pairs are available. I would like to have the opportunity to use other assets to diversify risks more. But there are none. Also, the disadvantage for me is that technical support isn’t available 24/7. I had questions when registering my user account, but since it was a weekend, I had to figure everything out myself. Currency reports are very useful, I check them regularly. The lack of additional analytical tools is the broker’s weak point. In fact, there is only the economic calendar. In general, this is a broker with obvious advantages and disadvantages. For now, I am satisfied with everything as is.

ehsan55

Just2Trade is a good broker, where you can safely make profits with minimal risks. I have my own strategy, developed over the years. Here you have everything for trading. There are no manipulations. Even large profits can be easily withdrawn. If they hadn’t withdrawn my funds, I would have already ran to another broker. There are no strict restrictions; you can trade either manually or with the help of advisors. Think for yourself what broker to choose.

DanielBaig

I've been trading with Roboforex for over 2 years now, and I can't say anything bad about the broker. Their trading conditions are better than those of larger companies. The spreads on ECN accounts are minimal; it's a pleasure to scalp on the EUR/USD pair. Yes, during increased volatility, spreads may widen, but I don't trade the news, so it's not essential for me. Also, I take advantage of Roboforex's free VPS for automated trading. I recommend this company

ruwanrasvida

I have been seeing post everywhere and a lot of people keep saying reach out to them and eventually I did and it turned out to be legit. now my lost bitcoin is recovered, they have the best bitcoin trading and funds recovery software, Thank you victimsrecoveryeducation@cyberservices.com

chandana

I've been trading with Connoisseur Investments for over two years. I opened a Standard account and a PAMM account. What initially attracted me were the narrow spreads, absence of trading commissions, and bonus offers for new clients. Currently, the broker is not running promotions. Spreads starting from $10 are excellent. Yes, some companies may offer lower spreads, even as low as $0, but there's usually a commission, often a substantial one. Here, there are no commissions, not even for withdrawals. This significantly reduces overall costs. On the flip side, you can only withdraw funds via bank transfer or Neteller. There are other limitations, such as trading exclusively through MetaTrader 4. I understand it's the most popular, but there are other platforms available. In general, there are a few minor drawbacks, but overall, the broker suits me.

philip526

I was looking for a universal broker to trade both securities and Forex for several months. İş Yatırım seemed a suitable option. First, it is really a reliable broker. Second, the trading platform to trade CFDs is based on MetaTrader 5, which features I know and like. Demo account is available, so I started with it. All trading fees for currency pairs and indices are included in spreads. Spreads for major pairs in a calm market are 2-4 pips. There is a TRY 7.5 fee for deposits and withdrawals.

How to properly analyze Forex brokerage reviews

Fraudulent reviews can be positive or negative because, in the highly competitive Forex market, one company or trader may post negative reviews about other companies to disparage them in bad faith. Such posts are unreliable and therefore confusing to unsuspecting traders.

Traders Union participants can distinguish real reviews from fraudulent ones with maximum accuracy by relying on our experts who only post reviews on our web portal that have been meticulously verified as accurate, true, and posted by a real trader who has actually worked with the brokerage firm. You should be on the lookout for the following

  • Slang

    Slang


    Slang is not a sign of expertise, and real traders write in easy-to-understand language because their goal is not to persuade a reader one way or the other but to simply share information;

  • Emotional

    Emotional


    Emotional or strongly-worded reviews are to be avoided because they are most likely written by the broker himself. When self-promoting their website, whatever the content of the review, the brokerage firm will be inclined to overstate and exaggerate the conditions of its platform;

  • Broker reputation

    Broker reputation


    Suspicions about the reputation of a broker may also be confirmed if there are, say, 100 very positive reviews and only one mildly negative review. Then, most likely all 101 reviews were probably written by the broker-owner, and are therefore not reliable;

  • Moments described in the review

    Moments described in the review


    The issues described in a review should be very specific and should discuss in detail the workings of the website. So, if the language of the review is written in very general language like “everything is cool, I recommend it”, then that review is most likely fraudulently composed, and should not be relied upon;

  • The ratio of negative and positive

    The ratio of negative and positive


    If the review of the broker is not too critical and not too complimentary, then it is probably genuine and written by a real trader who is associated with that broker because it represents impartiality and fairness toward the broker's work.

Real reviews about Forex brokers for 2024 can be a double-edged sword. Just as it is impossible to evaluate the work of a broker using pallid statistics, it is also impossible to assess it based on reviews alone. You have to correlate all the available information and compare and analyze it. It is the only way to make the correct choice. We use this approach when evaluating brokers when applying our proprietary methodology. And, as a result, we produce the most objective rating of Forex brokers in the Forex industry. We have produced these quality results every month for over ten years.

Signs of fake Forex reviews

Sometimes brokerages don't invite copywriters to write customized reviews for a fee, but they assign the task to their employees. This makes sense because their traders may know the real (negative) truth. Here are several criteria that will indicate whether a review is genuine or fabricated by the broker’s employee.

  • Brevity without specifics.

    Brevity without specifics.


    Reviews like "Excellent broker, I withdraw money without problems, fast customer support!" are hardly credible. Compare: "In 2 weeks from $300 I raised $54. I decided to withdraw my profit, and it was promptly deposited on my Visa card the next day." In the latter example, the review is also small in volume, but it is clear from specific figures why the trader is satisfied with the work of the broker.

  • Baseless arguments.

    Baseless arguments.


    For instance, "I have been working with a broker for a long time, so I recommend it to everyone." The fact that a trader has been working with a broker for a long time does not necessarily mean that the quality of the service is outstanding. Here the trader's arguments have a specific justification: "I have been working with this broker for four months already. Withdrawals to Visa and WM require 3-4 days. Technical support responds in 1-2 hours on average, never a full day. So far, I am very satisfied."

  • The dominance of slang.

    The dominance of slang.


    For instance, "We will trade here, bud, until the cows come home." This is how traders sometimes communicate with each other, but this is not how they write reviews. Because the purpose of the review is to simply and precisely convey the impression of the working conditions of a broker. Don’t confuse novice traders by inserting control words like "I'm happy with everything, I wholeheartedly recommend this broker" at the end of the text.

These are the main signs of contrived reviews about Forex brokers. On the other hand, everything is not always unambiguous, so below, we will consider another list of criteria that will allow you to recognize legitimate reviews.

How to identify real reviews for Forex brokers

First, make sure you understand what a real (e.g., legitimate) review is. A real review is written by a real trader who has actually used a broker’s platform for a reasonable time and writes about the conditions of the site honestly and without ulterior motives (such as to defame or demonize the broker for personal or competitive reasons). The review should reflect the actual state of affairs currently — not 2 or 3 years ago. If for example, a trader writes about a spread of EUR/USD 0.4 but today the spread is very much larger or smaller, in the context of the fact that earlier the spreads of this broker were wider, then the review is not of significant value to you as a reader, even though the statement is true. Hence, here are some criteria for useful and truthful reviews:

How to identify real reviews for Forex brokers

applies to a real situation;

the information is relevant and timely (today or very recent);

the information is specific;

there is no ill-purpose to the review, such as to impress or to demean.

applies to a real situation

applies to a real situation;

the information is relevant and timely (today or very recent)

the information is relevant and timely (today or very recent);

the information is specific

the information is specific;

there is no ill-purpose to the review, such as to impress or to demean

there is no ill-purpose to the review, such as to impress or to demean.

The last point is especially important. A real review of a Forex broker is not tasked with producing a specific attitude in others towards the brokerage. As we have already said, reviews are written without emotions, and their goal is to convey the author's state of mind at a given moment, i.e., what he is pleased about or what he does not like about the platform. But this does not mean that such a review will necessarily be brief. It may be well-deployed.

Any site that claims independence is obliged to check the reviews posted at the expert level

Note!


Any site that claims independence is obliged to check the reviews posted at the expert level. Therefore, all the reviews that traders leave on the Traders Union website are carefully moderated and verified. If necessary, the experts of the Union will conduct a full-fledged investigation of the situation reflected in the essay. Only this approach can ensure that the review is real and useful. And given the fact that reviews of traders affect the rating of Forex brokers, verification of their validity is given particular importance.

Reviews at the Traders Union forum

You can find and read genuine and verified reviews about Forex brokers on our Traders Union website. Thousands of traders each day share the most useful and relevant information about the Forex market. Of course, traders also regularly exchange opinions about the work of brokers on the forum. So, you can find the most unbiased information from those who are cooperating with some broker right now.



Another advantage of the Traders Union forum is the casual communication among visitors and traders. Here traders do not hesitate to ask each other for help. And this is important because sometimes a trader can leave a negative review about a broker because the trader did not properly understand how a certain service or trading tool works. And on the forum, other traders will give comprehensive and understandable explanations to help avoid ambiguity. Here you can find answers to almost any question, although, of course, the forum does not replace the broker's technical support.

Advantages of the Traders Union forum:

  • an international platform uniting thousands of traders

    an international platform uniting thousands of traders;

  • both beginners and professionals communicate on the forum

    both beginners and professionals communicate on the forum;

  • a friendly atmosphere of colleagues, not competitors

    a friendly atmosphere of colleagues, not competitors;

  • many real reviews about Forex brokers

    many real reviews about Forex brokers;

  • the ability to find an answer to any trading question

    the ability to find an answer to any trading question;

  • separate forum threads are devoted to investing, cryptocurrencies, etc

    separate forum threads are devoted to investing, cryptocurrencies, etc;

  • discussion of special topics like binary options

    discussion of special topics like binary options;

  • discussion of strategies, platforms, tools, and news

    discussion of strategies, platforms, tools, and news.

In summary, the Traders Union forum provides an opportunity to get real reviews about Forex brokers, without the risk of stumbling upon a fabricated review or a review written by an employee of a brokerage company. It is a universal platform for communication between traders working with dozens of different brokers from all over the world. Our database contains gigabytes of personal experience and social interaction based on trading and investing in Forex. Our site has no analogs.

How to leave feedback about the work of your broker

To leave a comment, a trader has three options:

  • through your Personal account after registering with Traders Union

    through your Personal account after registering with Traders Union;

  • by logging in through your Facebook account

    by logging in through your Facebook account;

  • by signing up and writing directly on the forum

    by signing up and writing directly on the forum.

Leaving feedback using your FB account is the easiest option. If you want to leave reviews on the main Traders Union forum directly, you must first register on our website. Otherwise, the algorithm is the same:

  • 1

    go to the Traders Union Forex brokers ratings page;

  • 2

    choose the broker you want to write a review about;

  • 3

    by clicking on the broker's logo, you will be sent to his profile;

  • 4

    in the profile you can study all the reviews about the broker;

  • 5

    you can also leave your review in the broker's profile.

As you can see, everyone can leave a review of a Forex broker at Traders Union. But be careful, do not leave false or fabricated reviews, our experts check all the information and quickly identify fakes, and those reviewers may be banned from the forum. Besides, we try to publish mainly reviews of those who add accounts to Traders Union and work with brokers through us. So we know 100% and instantly whether a particular trader works with the broker he left a review about.

Expert opinion on how Forex reviews help you to choose a reliable broker

Real reviews about Forex brokers are a must-see for a novice trader when choosing a broker. For an experienced trader, this is also important if he decides to change brokers. In summary, the need to study reviews about Forex brokers is determined by the following scenarios:

  • real reviews allow us to evaluate the level of the broker and the quality of his work — from
                        available trading instruments to technical support

    real reviews allow us to evaluate the level of the broker and the quality of his work — from available trading instruments to technical support;

  • reviews will give an unambiguous answer to the question of how comfortable it will be for you to
                        work with a particular broker and whether there will be problems with the withdrawal of
                        funds

    reviews will give an unambiguous answer to the question of how comfortable it will be for you to work with a particular broker and whether there will be problems with the withdrawal of funds;

  • in combination with official information

    in combination with official information, reviews allow you to form a comprehensive impression of a broker and make a decision on cooperation;

  • real reviews ensure that a trader does not start working with an unreliable broker or
                        scammer

    real reviews ensure that a trader does not start working with an unreliable broker or scammer.

Reviews are also a guarantee of protection for a trader from Forex bucket shops, financial pyramids, dishonest brokers who deceive customers and offer conditions that differ from what their official terms and conditions contain for their official website. The main thing is that the reviews should not be conjured and must be relevant (within 2024). But these questions are not even raised if you use the Traders Union website and forum.

Anton Kharitonov, Traders Union Analyst

FAQs

How useful is it to study reviews about Forex brokers?

Reviews are one of the main tools for determining the reliability of a broker because it allows you to evaluate the work of a company with an open mind, without official, hard to understand language, while using the examples of real people and situations.

What is essential to consider when studying Forex reviews?

Two points are important. First, the reviews should be real, that is, written by traders, and not “written to order” or by the broker or his employees. The second point is that reviews must be current (at least with 2024).

How to distinguish real reviews from paid-for reviews?

If you are not an expert and/or a professional trader, then this is quite difficult to do. It is necessary to evaluate the context, the emotionalism, and the language of the review, then compare it with other information about the broker.

Why is it more logical to look for reviews on the Traders Union website?

Because the experts at Traders Union analyze each review in detail. There cannot be paid or fake reviews because all claims are checked thoroughly and independently.