Hi DrFX, any Forex Broker that is legal to recommend for invest ??? Is there any fund manager to follow just like IGOFX ??

Thanks for advice.

Btw, I've reviewed few forex broker that offers PAMM investment system, such as Alpari, FXTM, FXOPEN.

DrFX, appreciate your kind advice on these 3 PAMM.

Hi Dr.FX,

Do you have any idea on this XM Forex? Cause I can't find it in any of your list here.
Your advise are very much appreciate, thank you.

We are waiting for regulator investigation result concerning the recent case in China.

Hi DrFx,

Is FXTM safe for trade ? I was thinking to invest with its strategy manager.

FXTM regulations:
ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Services Board (FSB) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475 and has an established branch in the UK.

FT Global Limited (www.forextime.com) is regulated by the International Financial Services Commission of Belize with License numbers IFSC/60/345/TS and IFSC/60/345/APM.

Above is what I saw from its company regulations profile.

Kindly advice whether it is well regulated & safe for trading ?

Thanks & appreciate very much

We are waiting for regulator investigation result concerning the recent case in China.

Sigh, I really need to comment on this. Dr Fx, that's why i said you are not in the market. They are actually attacked by competitors in China.

I'll just use your common due diligence checking - google XM China, then you'll find the updates.

Well i just post this for you guys:- http://www.financemagnates.com/forex/broke...se-police-raid/
XM is one of the old brand regulated in CYSEC. Eventhough CYSEC is tier 2 regulation ,they are part of MIFID, considered a strong European license.

Sigh, I really need to comment on this. Dr Fx, that's why i said you are not in the market. They are actually attacked by competitors in China.

I'll just use your common due diligence checking - google XM China, then you'll find the updates.

Well i just post this for you guys:- http://www.financemagnates.com/forex/broke...se-police-raid/
XM is one of the old brand regulated in CYSEC. Eventhough CYSEC is tier 2 regulation ,they are part of MIFID, considered a strong European license.

Hi DrFx,

Is FXTM safe for trade ? I was thinking to invest with its strategy manager.

FXTM regulations:
ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Services Board (FSB) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475 and has an established branch in the UK.

FT Global Limited (www.forextime.com) is regulated by the International Financial Services Commission of Belize with License numbers IFSC/60/345/TS and IFSC/60/345/APM.

Above is what I saw from its company regulations profile.

Kindly advice whether it is well regulated & safe for trading ?

Thanks & appreciate very much

Dear Sifu(s),

Hi everyone 

Any one know about .....

1) Odin Management Pty Limited , they claim they are having ASIC license. Is safe to invest ? They are IB or forex broker ?

2) What is the maximum lot size per trade can be accepted by broker ? any maximum lot size ? they have few millions fund under management ?

Thank you very much 

Hi lowlaywei87,

Make sure the strategy is trading under Cysec FXTM with at least 2-3 years trading track records, it should not under other regulations.

How To Check Is the Forex Broker Genuine :thumbsup:  Or Scam

What sort of trader would not like the assistance of a broker that he can rely on? Most new traders struggle to find a genuine forex broker who is transparent and provides a great forex trading experience. There are several reasons for this, but one of the major reasons is the mindset of the traders themselves. As most new traders are lured into the forex game through a fake forex broker as an easy way to make money, they have a wrong image about the forex market and hence do not know how to get long term success. Most of us know that forex is one of the most volatile markets in the world, and due to its floating nature, the prices of the currencies cannot be predicted. But the question of how to identify weather a forex broker is genuine or not depends on several factors. You can also check the various internet websites like forexstars and other to get reviews about the various forex brokers. Here are some ways how you can check the authenticity of a forex broker.
MAKE SURE THE FOREX BROKER IS WELL REGULATED
Only trade or invest with top tier licensed brokers/banks who are under tier 1 and 2 licenses for highest protection. For example, in the event of a Swiss broker/bank bankruptcy, traders and investors are given up to CHF100k capital protection.

Tier 1 licenses under: US NFA, UK FCA, SWISS FINMA, JAPAN FSA, SINGAPORE MAS.
Tier 2 licenses under: European financial regulators, Australia ASIC, Canada IIROC.

AVOID UNREGULATED BROKERS OR OFFSHORE REGULATED BROKERS (Vanuatu, Seychelles, St. Vincent, Belize, Indonesia etc)

Traders and investors can check with their corresponding regulatory agencies that check the credibility of the forex brokers. They include the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) in the United States, Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in the United Kingdom, Australian Securities and Investment Commission (ASIC), Swiss Federal Banking Commission (SFBC) and FINMA, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN) in Germany and Autorité des Marchés Financiers (AMF) in France.
Analyze the Website
We all know that in this age of peerless internet technology, coming across fake content is totally possible and one must first check the website first for a clear picture of the reviews. Some websites are meant not for the viewers but an organization’s attempt at getting more affiliates. In such cases you have to judge for yourself whether the reviews are real or are posted through automated software to get more viewers.

Check the Comment Box
Some sites are highly moderated along with the viewer’s comments that appear on the website due to the fear of spam. If a website allows regular users to comment on their posts that is a great sign of openness. But if your comment doesn’t appear immediately on the website and is stuck in the moderation phase forever, you certainly do not want to waste a lot of time reading your reviews on such a website. Several times unanswered comment boxes also indicate the website’s poor activity.

Only Promote Genuine Reviews
There are several websites that post a review and also refer the viewer to a broker’s website as several broker’s pay the sites to promote themselves. While there is nothing wrong in referrals, the viewers must also use their full discretion when it comes to judging whether the reviews are genuine or not. Try to avoid websites that also provide a referral link in a review that also redirects the user to the broker’s webpage.

Transparency Is A Must
The best way to know whether your forex broker is a fake one or not, is to look for his list of clients. While several fake brokers might tell you that it is against the law to disclose such information, the reality is the total opposite and no genuine broker would be afraid to share the list of his clients. Genuine brokers use their network of traders more as their work portfolio and you can always judge the authenticity of a broker through the profiles of the various clients and traders that he deals with. More transparency in a broker’s activities will instill more faith in the clients.

Look At How The Broker Works
While this would be like judging a book from its cover, forex brokers can be judged based on how they deal with their clients. If the forex broker holds each client’s funds in a segregated account approved by the traders, then it is quiet likely that you’re working with a genuine broker. Make sure that the broker has a valid proof of operating under a government regulation.

Check the Broker’s Portfolio
After you have checked how the broker works and the long list of his client’s, you still need to see if the clients are earning regular profits or not. Doing a short background check on how the various traders are performing with a particular broker is one of the best ways to know a broker’s authenticity. Forex is a highly fluctuating market and to ensure profits one requires having a really keen eye and a really honest forex broker.

Forex trading is a risky business and requires a lot of experience and skills, to earn profits over a long term period. Hence it is highly important that the new traders must check the genuineness of a broker to experience a non-stressful forex trading environment.

Indication of SCAMs:
1. FIX RETURN (SCAM)
2. Unregulated or offshore regulated brokers (Potential SCAM)
3. Lucrative upfront commission (SCAM)
4. No live trading view via platform (Potential SCAM)
5. Fix exchange rate for deposit and withdrawal (SCAM)
6. Cash payment or local deposit (SCAM) unless through regulated payment gateway.
7. Lock up period (Potential SCAM)

Any FX companies matched at least 2 of above indications, it is a potential SCAM. If matched 3 of the above indications, then it is definitely a SCAM!
List of Genuine Forex Brokers
1. Forex.com (Gain Capital)
2. FXpro
3. Swissquote Bank
4. Oanda
5. Interactive Brokers
6. Dukascopy
7. LCG
8. LMAX
9. FXCM
10. Saxobank
11. Admiral Markets
12. ThinkMarkets
13. EasyForex
14. HY Markets
15. ADS Securities
16. FXDD
17. ATC Brokers
18. City Index
19. ActivTrades
20. IC Markets
21. Synergy FX
22. IG
23. CMS Forex
24. AxiTrader
25. Aetos
26. NicoFX
27. Tickmill
28. AVATRADE
29. Exness
30. eToro
31. Plus500
32. Pepperstone
33. Global Prime
34. FXTM
35.
36.

List of SCAM Forex Brokers !ALERT!
1. LiteForex
2. GSM Financial Group
3. RCFX
4. Maxim Trader
5. ODFX
6. GM Trader (TriumphFX)
7. WFX
8. Eu Trading Group EUTG (NewTradeFX)
9. IBS
10. FXUnited
11. YouTradeFX (EUTG)
12. UFXMarkets
13. GVF
14. TP Eagles
15. Efzinitus
16. IGOFX
17. Vortex Assets and VFX Premium (Eu Trading Group)
18. KBFX
19. JJPTR
20. SFX Markets
21. FXMAC
22. Nordhill Capital
23. Otex World
24. ikoFX
25. FXcoliseum
26. FXCitizen
27. Capital Foster Advisor
28. IIB International Broker
29. PTFX
30. Falconaire
31. HotForex
32. Xtrade
33. iiinvestments
34. Exia International Group
35. MYS CAPITAL (SFX Markets)
36. Zurich Prime
37. VenusFX
38. WMS Capital
39. MXC Forex
40. ECM
41. Sentratama Investor Future
42.
43.

List of Suspicious Forex Companies (Potential SCAM!)

1.
2.
3.

In case you have invested or trading with any of the scam brokers above, try your very best to withdraw your money back ASAP. If you can't take out your money, file a report or complaint to your local regulator. In most cases, it does not help as scam brokers do not hold any licenses and end up regulators unable to trace them.

Feel free to share your experiences with any other brokers and allow us to add on to above lists.

Based on all the information we provided, i hope it helps new FX investors or traders to differentiate and identify real/scam FX.

We welcome everyone who required due diligence or advise to check the genuineness of a FX brokers. After all, it's FOC.

Moderator, please do not move this topic to join with general Forex spread as it will served as a WARNING to those new to Forex. Thank you.

DrFx,

Just have a long telco with the support, it stated the Strategy Manager / Pamm investor program is protected under International Financial Services Commission of Belize with License numbers IFSC/60/345/TS and IFSC/60/345/APM.

According to him, company by FT Global Limited (www.forextime.com), sub company of ForexTime Limited (www.forextime.com/eu) which is regulated by the Cyprus Securities and Exchange Commission

So, I wonder is this legit and safe to invest DrFx ?? Pretty much appreciate your advice. Thanks man.

i have a friend who joined Midasama and told me about it. im a bit skeptical about it. it is a copy trade basis and also give a certain fix ROI every month. how much i duno, didnt ask further. minimum fund in is 1k usd.

https://www.midasama.com/

the myfxbook result from midasama.
http://www.myfxbook.com/members/midasama/m...rader-1/1735552
http://www.myfxbook.com/members/midasama/m...rader-2/2054435

they trade with Pruton Capital, Indonesia

I came across TP Eagles recently and learned that its investments are very much diversified, not only on FX.  Why is it on the scam forex brokers list?  Why is the Belize license insignificant?