To receive new articles instantly Subscribe to updates.
Babatunde’s Quest for a Forex Broker
Written by: PaxForex analytics dept - Friday, 08 June 2018 0 comments
Good day readers, my name is Babatunde and I am now trading in the forex market, happily, for five years this August. I decided to share my story with all of you as I believe others have had a similar experience. A lot of new traders are joining the global forex trader’s community and have to deal with plenty of good and bad information regarding the topic. I know it took me a while to sort through the bad news and get to the quality information which described to me whatforex trading is and not what I wanted it to be.
You will see a lot of material which talks about trading strategies, how to analyze forex charts with technical indicators and how to look at fundamental data in order to find profitable forex trades. Risk management is also a heavily written about topic and there are countless discussions about how to trade forex for a profit. My story attacks forex trading from another side. Let me ask you this my friends: What do you need in order to be able to trade forex?
The need of Forex Broker
You need three very important things and without any of those you will never even start. First you need to have a computer with an internet connection. You need to have money to trade with. Most importantly you need a forex broker where you can trade. I want to talk about my third point, the forex broker. There are many out there and often they offer a very similar product. All of them have the MT4 Trading Platform, they offer many currency pairs and you can find good spreads.
A new trader could be forgiven for thinking that this means all forex brokers are more or less the same. I made the same mistake. I opened my first trading account, attracted by a big deposit bonus. I had only $400, but with the bonus my account had $1,000 in it. I was happy. The forex broker had plenty of positive reviews and I was confident in my research. I started trading, cautiously, and things went well for me. Maybe I had beginner’s luck, but I made $200 in my first month and after three months I earned $550.
Why all Brokers are not the same?
When I requested a withdrawal of $400, things went bad. Myforex broker refused me. They had excuses ranging from technical issues which they are working on to
clauses in the bonus agreement. They were both wrong. The agreement stated I could withdraw my profits at any time and I only asked for my profits. I didn’t want my initial deposit. After almost six months I managed to get me initial deposit back and the forex broker kept all my profits. A lesson learned for me and it could have been worse.
I took a break from trading and the following year decided to get into it again, new forex broker, more research and plenty of questions asked from my side to their support. I still had my $400, I made a deposit and didn’t want a bonus. No more restrictions, just clean and simple. I lost $200 in my first week, but it went uphill from that point. Six months later I had $700 and trading was good. So was the experience with my broker. Until one day, as I was looking at charts to find my next trade, I saw that trades were disappearing in front of my own eyes. My account balance was reduced to $0 in a matter of minutes.
I immediately contacted support, without success. No live support was available, e-mails were not responded and nobody answered the phones anymore. I was shocked as I had a very goodtrading experience with this broker for over six months. I didn’t know what to do and frankly there was nothing I could do. I gave up on forex trading as it was me believe it is impossible to trade without a reliable and trustworthy partner. I trusted online reviews and regulators, but when it mattered they are just fake and incompetent.
It took almost two years and two very close friends to get me back to forex trading. They started a PAMM service and asked me to join. I was hesitant and they knew about my forex broker nightmares. They asked me to give it one final try and see for myself that not all brokers are the same. They were running their PAMM operations at PaxForex. I never heard about this broker, but trusted my friends and their experience. I am glad I did as I have been now trading together with them for over five years at PaxForex. They are serving clients from everywhere and PaxForex has been a great help in our business.