VolumeFX Review is Volume FX a Scam or Should I Invest

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VolumeFX Review – is it scam or safe?

Trading Accounts and Conditions

Trading account Min. deposit* Min. trade size Max. leverage Spread
Standard $50 0.01 1:500 from 0.6

*Depends on the payment method – $200 via Bank wire, $1 via Cryptocurrency.

VolumeFX is an offshore forex and CFD broker lounched in 2020. It offers trading in wide range of assets on the MetaTrader 4 platform and does not seem to have different account types.

Read the full review to see both the strong and weak sides of this broker and why we ultimately gave them this relatively low score, although the broker seems to have a lot of advantages.

VolumeFX Advantages

Trading on the MT4

If a broker allows you to access the global financial markets via the highly praised MetaTrader4 (MT4), this is definitely a strong selling point.

VolumeFX’s demo MT4. Click to zoom in.

The MT4 provides all a trader needs: top-notch charting, a wide selection of built in technical analysis indicators, support for automated trading via the so called Expert Advisors (EAs), as well as the change to create indicators and EAs of your own.

Seemingly attractive trading conditions

First of all, VolumeFX offers high leverage levels, reaching 1:500. While this may actually be a negative for unexperienced traders, some professional ones like having the ability to use high leverage ratios.

Second, the cost of trading with this broker seems low: the minimum initial deposit required is not high (in case you don’t use bank wire), and the spreads are really good, starting from 0.6 pips on EUR/USD. That being said, you should keep in mind that the cost of trading is not the most important factor when choosing a forex broker. Instead, it is the broker’s reliability, which means a license issued by a reputable financial regulator.

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Wide range of CFDs, cryptos included

Apart from a good selection of forex pairs, including exotic currencies, clients of VolumeFX can also trade in a variety of CFDs. The CFD line-up of this broker includes stocks, indices, precious metals, commodities, as well as major cryptocurrencies like Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Dash, Ripple, EOS, Zcash, Monero, OmiseGO, NEO, IOTA, and more.

VolumeFX Disadvantages

The most serious disadvantage of VolumeFX is the lack of financial regulation. The broker is operated by VolumeFX LTD., a company registered in St. Vincent and The Grenadines, an offshore zone where financial services providers are not licensed, nor overseen by any financial agency.

This means that clients of VolumeFX have no guarantee for the safety of their investment. It is dependent solely on the good will of the people operating the broker. Given the fact that many offshore brokers are in fact running investment scams and that VolumeFX is a newly-launched venue, potential clients of this brokerage may be open to substantial risk.

Limited payment methods

This is not a significant flaw, but nonetheless some traders will surely miss the option or deposit or withdraw via credit/debit card, Skrill or PayPal, all of which are not available with VolumeFX. Instead, the broker uses bank wire, cryptocurrencies, as well as vLoad & UPay as payment methods.

Also, keep in mind that Cryptocurrency withdrawals are charged a 0.5% fee and those with Bank Wire: -$35 USD.

Conclusion

Had this been a regulated broker, we would have had a very different opinion on VolumeFX. Its website is nice and all trading conditions and costs are clearly presented and seem good, which is not very common among offshore brokers.

Not that the fully regulated brokers are always entirely honest, but it is always better to do business with brokers authorized by reputable financial regulators such as UK’s FCA or the ASIC in Australia. Even if the licensed companies are dishonest, there are a lot of mechanisms in place that would protect their clients’ interests and money. Besides, there is also the consolation that these brokers will be punished.

Let’s sum up the positive and negative sides of VolumeFX:

Wide range of CFDs, cryptos included

Pros Cons
Trading on the MT4 Registered offshore
Seemingly attractive trading conditions Limited payment methods
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

VolumeFX Review – 5 things you should know about volumefx.com

Beware! VolumeFX is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

VolumeFX is an offshore forex and CFD broker offering over 60 currency pairs and plenty of crypto CFDs on the MetaTrader4 platform with leverage as high as 500:1.

Among the forex pairs on the trading platform we came across a good selection of exotic currencies including Czech Krona, Danish Krone, Hong Kong Dollar, Hungarian Forint, Mexican Peso, Norwegian Krone, Polish Zloty, Swedish Krona, Turkish Lira, South African Rand, Singapore Dollar, Chinese Yuan, Israeli Shekel, Russian Ruble and Thai Baht.

On top of that VolumeFX offers a variety of crypto CFDs with major coins like Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Zcahs, Monero, OmiseGO, Santiment Network Token, NEO, IOTA, Metaverse, Eidoo, Dash, Ripple, EOS and Tron.

The rest of the trading instruments include CFDs on stocks, indices, precious metals like platinum, palladium, silver and gold, as well as copper, natural gas and oil.

As tested with a demo account the bench mark EURUSD spread floated around 0,4 pips, which is pretty good especially when there is no minimum deposit requirement, as is the case with VolumeFX. That, however, only counts if you are funding your account with crypo coins. Otherwise the minimum deposit is set at 200 USD.

VolumeFX regulation & safety of funds

VolumeFX is owned and operated by VolumeFX Ltd – a company based on St. Vincent & the Grenadines.

Our main issue with VolumeFX, however, is that the broker does not hold a legit license to offer its services on regulated markets like the European Union, the US, Australia or Japan.

Brokers, with valid licenses from well respected regulators like the Financial Conduct Authority (FCA) in the UK , the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) are completely reliable as they are required to follow a very strict set of fiscal and ethical rules, among which to provide a negative balance protection to their clients, to keep their money in a segregated account, to file regular reports, to allow external audits, to maintain a certain minimum capital adequacy ratio, to refrain form offering trading bonuses and in some cases even to insure traders money.

Thus, if you are with a FCA broker your trading account will be insured for up to 50 000 GBP, while with a CySEC broker you will not have to worry for the first 20 000 EUR.

VolumeFX deposit/withdrawal methods and fees

At VolumeFX you can fund your account either with a bank transfer or with cryto coins like Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, Ripple, Monero, NEO and NEM. And while if choose to use crypto coins there is no minimum deposit requirement, with a wire transfer you will have to deposit at least 200 USD.

Also, we miss some major e-wallets like Skrill, which recently adopted a new anti scam policy according which all brokers, that want to use its services, should present a valid forex license.

How does the scam work?

Be aware of any promises of risk free and easy money, because exactly that is the offer you will hear if you happen to stumble upon one of the so called robo scam web sites like Crypto Revolt and Bitcoin Evolution. But if you get tempted and fill the small registration form, leaving your e-mail and phone, you will instantly be transferred to the website of a unregulated, offshore broker, where you will be asked to invest your first 250 USD. And if you start trading, do not be surprised by how successful your first trades will be. Actually your account will probably double in no time.

That however, will happen not because of your trading skills, but simply because your account will be manipulated, so that you will be more easily convinced to invest a larger amount. And that is when you will receive a phone call as well. It will be your “senior account manager”, who will professionally advice you to invest at least 10 000 USD, if you want to start making some real money.

And chances are you will invest those money as well and will not know you have been scammed until the very moment you decide to withdraw some of your funds. Than it will suddenly turn out you can not withdraw, because of some minimum trade volume requirement possibly linked to the welcoming bonus you have so carelessly accepted in the first place. The pretext might surely be different but the end result will be the same – you will not be allowed to withdraw anything.

What to do if scammed?

Now, if you have lost money to scammers immediately file for a charge back with your credit card provider. The good news here is that you will be able to do that within 540 days as this is the new ant-scam policy of both VISA and MasterCard.

If scammers have managed to trick you to give them your credit card number and online banking password immediately change your password and block your credit card.

And one last final warning – do not trust the services of the so called recovery agencies. They will simply charge you some upfront money without rendering you any service.

Is Your Forex Broker a Scam?

If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.

When you’re looking to trade forex, it’s important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker.

Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.

Key Takeaways

  • If your broker does not respond to you, it may be a red flag that he or she is not looking out for your best interests.
  • To make sure you’re not being duped by a shady broker, do your research, make sure there are no complaints, and read through all the fine print on documents.
  • Try opening a mini account with a small balance first, and make trades for a month before attempting a withdrawal.
  • If you see buy and sell trades for securities that don’t fit your objectives, your broker may be churning.
  • If you are stuck with a bad broker, review all your documents and discuss your course of action before taking more drastic measures.

Separating Forex Fact From Fiction

When researching a potential forex broker, traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit. The traders that fail to make profits then post content online that blames the broker (or some other outside influence) for their own failed strategies.

One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, “As soon as I placed the trade, the direction of the market reversed” or “The broker stop hunted my positions,” and “I always had slippage on my orders, and never in my favor.” These types of experiences are common among traders and it is quite possible that the broker is not at fault.

Rookie Traders

It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.g., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct.

When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits. Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.

Broker Failures

On occasion, losses are the broker’s fault. This can occur when a broker attempts to rack up trading commissions at the client’s expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers’ rates have not moved to that price.

Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game, and brokers primarily make commissions with increased trading volumes. Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit.

Behavioral Trading

The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key.

In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage. The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not.

Even in more transparent markets, slippage happens, markets move, and we don’t always get the price we want.

Communication Is Key

Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader’s questions, these are common red flags that a broker may not be looking out for the client’s best interest.

Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader’s inability to withdraw money from an account.

Broker Research Protects You

Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:

  • Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious. A good supplement to this type of search is BrokerCheck from the Financial Industry Regulatory Authority (FINRA), which indicates whether there are outstanding legal actions against the broker. And if appropriate, gain a clearer understanding of the U.S. regulations for forex brokers.
  • Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.
  • Read through all the fine print of the documents when opening an account. Incentives to open an account can often be used against the trader when attempting to withdraw funds. For instance, if a trader deposits $10,000 and gets a $2,000 bonus, and then the trader loses money and attempts to withdraw some remaining funds, the broker may say they cannot withdraw the bonus funds. Reading the fine print will help make sure you understand all contingencies in these types of instances.
  • If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds. If you have problems, attempt to discuss them with the broker. If that fails, move on and post a detailed account of your experience online so others can learn from your experience.

It should be pointed out that a broker’s size cannot be used to determine the level of risk involved. While larger brokers grow by providing a certain standard of service, the 2008-2009 financial crisis taught us that a big or popular firm isn’t always safe.

The Temptation to Churn

Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning—a term coined by the Securities and Exchange Commission (SEC) that denotes when a broker places trades for a purpose other than to benefit the client. Those who are found guilty of this can face fines, reprimands, suspension, dismissal, disbarment, or even criminal sanctions in some cases.

SEC Defines Churning

The SEC defines churning in the following manner:

Churning occurs when a broker engages in excessive buying and selling of securities in a customer’s account chiefly to generate commissions that benefit the broker. For churning to occur, the broker must exercise control over the investment decisions in the customer’s account, such as through a formal written discretionary agreement. Frequent in-and-out purchases and sales of securities that don’t appear necessary to fulfill the customer’s investment goals may be evidence of churning. Churning is illegal and unethical. It can violate SEC Rule 15c1-7 and other securities laws.

The key to remember here is that the trades that are placed are not increasing your account value. If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time.

Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why. If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning.

Evaluate Your Trades

One of the clearest signs of churning can be when you see buy and sell trades for securities that don’t fit your investment objectives. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds.

Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives. But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently.

How Regulators Evaluate Churning

An arbitration panel will consider several factors when they conduct hearings to determine whether a broker has been churning an account. They will examine the trades that were placed in light of the client’s level of education, experience, and sophistication as well as the nature of the client’s relationship with the broker. They will also weigh the number of solicited versus unsolicited trades and the dollar amount of commissions that have been generated as compared to the client’s gains or losses as a result of these trades.

There are times when it may seem like your broker may be churning your account, but this may not necessarily be the case. If you have questions about this and feel uneasy about what your advisor is doing with your money, then don’t hesitate to consult a securities attorney or file a complaint on the SEC’s website.

Already Stuck With a Bad Broker?

Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.

Next, discuss the course of action you will take if the broker does not adequately answer your questions or provide a withdrawal. Steps may include posting comments online or reporting the broker to FINRA or the appropriate regulatory body in your country.

The Bottom Line

While traders may blame brokers for their losses, there are times when brokers really are at fault. A trader needs to be thorough and conduct research on a broker before opening an account and if the research turns up positive for the broker, then a small deposit should be made, followed by a few trades and then a withdrawal. If this goes well, then a larger deposit can be made.

However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity (such as churning), attempt to have your questions answered, and if all else fails, and/or report the person to the SEC, FINRA, or another regulatory body that could enforce action against them.

How to Avoid Forex Trading Scams

The foreign exchange (forex) market is huge, with an average daily trading volume of more than $5 trillion, including currency futures and options. It’s also not very well regulated. That means the opportunity still exists for many forex scams that promise quick fortunes through “secret trading formulas,” algorithm-based “proprietary” trading methodologies, or “forex robots” that do the trading for you.

Before getting involved in forex trading, perform your own due diligence by visiting the Background Affiliation Status Information Center (BASIC) website created by the National Futures Association (NFA), the futures and options industry’s self-regulatory organization, to learn how to choose a reputable broker and avoid scams. Before dealing with the public, every company or person who wants to conduct off-exchange forex business is required to become a member of the NFA and to register with the Commodity Futures Trading Commission, the government agency that oversees futures and options trading. You can search BASIC to find out what regulatory actions, if any, have been taken against a particular individual or firm.

Signal Sellers

One of the challenges a rookie forex investor faces is determining which operators to trust in the forex market and which to avoid. Signal sellers are one group of operators to consider carefully.

A signal seller basically offers a system that purports to identify favorable times for buying or selling a currency pair. The system may be manual, in which case the user must enter trading info, or it may be automated to put through a trade when a signal occurs.

Some systems rely on technical analysis, others rely on breaking news, and many employ some combination of the two. But they all purport to provide information that leads to favorable trading opportunities. Signal sellers usually charge a daily, weekly, or monthly fee for their services.

A frequent criticism of signal sellers is that if it were really possible to use their system to beat the market, why would the individual or firm that has this information make it widely available? Wouldn’t it make more sense to use this incredible signaling system to make huge profits for themselves?

Other analysts distinguish between known scammers and more reputable sources of market information that offer a well-thought-out signaling service.

Behind these opposing views lies a larger difference of opinion about whether anyone can predict the next move in a trading market. This fundamental disagreement won’t be settled any time soon.

Nobel Prize-winning economist Eugene Fama proposes in his well-regarded efficient market hypothesis that finding these kinds of momentary market advantages really isn’t possible.

His economist colleague Robert Shiller, who’s also a Nobel Prize winner, believes differently, citing evidence that investor sentiment creates booms and busts that can provide trading opportunities.

The best way to determine if a signal seller can benefit you is to open a trading account with one of the better-known forex brokers and enter practice trades that don’t involve real money based on the signals. Be patient, and with time, you’ll determine whether predictive signaling works for you or doesn’t.

Phony Forex Investment Management Funds

In the past few years, forex management funds have proliferated. Most of these are scams. They offer investors the “opportunity” to have their forex trades carried out by highly-skilled forex traders who can offer outstanding market returns in exchange for a share of the profits.

The problem is, this “management” offer requires the investors to give up control over their money and to hand it over to someone they know little about other than the hyped-up and often completely false record of success available on the scammers’ website and brochures.

Investors often end up with nothing, while the scammers use investors’ funds to live high on the hog.

A good rule of thumb in the forex market, as with other areas of investment, is that if it sounds too good to be true, such as annual returns of more than 100 percent, for example, it’s almost certainly a scam.

Dishonest Brokers

Although the forex market is not entirely unregulated, it has no single, central regulating authority. The forex spot market, however, which accounts for the majority of trades, is completely unregulated. Unsurprisingly, some forex brokers do not deal fairly with their customers and, in some instances, defraud them.

Aside from searching the BASIC website, you can help yourself avoid a bad broker by dealing with one that also handles stock market trades and so is regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). While the forex trade itself may be unregulated, a broker subject to SEC and FINRA oversight probably wouldn’t risk its license for other securities by defrauding its forex customers.

The Balance does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

Forex Brokers to Avoid

If you trade forex, you need to make sure that your brokers are legitimate and above board – and that you can trust them to help you out. While most forex brokers are decent and honest, not all are. It pays to be able to defend yourself against less scrupulous brokers. Avoiding broker fraud ought to be a priority for people who trade foreign exchange pairs, then – and that’s where we can help. Below is a list of brokers who we have deemed to not be trustworthy for a variety of reasons.

And if you are concerned about a particular broker, contact us with details to alert us with the potential broker fraud going on. From there, we can go ahead and research and review the broker in question and help prevent other users from falling victim to any dodgy practices. And we’ll use this information to keep the list as updated as possible – so check back here for all the latest updates when you can.

Investigated Brokers

The sad reality of the foreign exchange trading world is that there are people who are out to make a fraudulent buck from innocent traders trying to build their portfolios. Whether it’s insider trading or some other manipulation of the international markets, trading fraud can take many guises – and it can even have links to the wider stock markets as well. As a result, it’s wise to keep yourself fully informed about what the brokers you are considering are up to – and make decisions to avoid those who don’t offer the level of safety and security you require.

Below is an up to date list of the brokers which we strongly advise traders to choose to avoid. There are plenty of other brokers out there who are trustworthy – and with these traders below exhibiting behaviours like copying websites of others, receiving warnings from regulators and more, it’s well worth avoiding them as you choose your own preferred provider.

Various global institutions have criticised the range of brokers included on this list. Whether it’s the Australian Securities and Investments Commission or the regulators of nations such as Cyprus, there are organisations on here which have faced the wrath of some of the world’s leading oversight bodies. But, we’ve gone even further and responded to intelligence from our users in order to bring you an up to date list of brokers which, in our opinion, ought to be avoided. (See the full list at the bottom of this page).

Latest added forex brokers to avoid

  • OT Capital. They have gotten a warning from ASIC.
  • EU Capital. They ask you to deposit over and over again. They even try to get you to login to your bank account over a shared screen.
  • MultiplyMarket is a clone of Trading Technologies.
  • BlueTrading have an FCA warning for claiming to be FCA regulated when they in fact are not.
  • Facebook Group Investment/Profits, FBO Trading Signals & Bitcoin investments – They don’t allow withdrawals and block you as soon as you ask for a withdrawal.
  • ECN Capital. They claim to be CySEC regulated but are not.
  • GBCFX – Unregulated broker having issues handling withdrawals.
  • Forex365Options – they make you pay fees that aren’t even in any terms and conditions. Website hardly works either.
  • Toptrades.co – Not regulated so should be avoided.
  • fx-premium. They are copying the website of JFD Brokers so should be avoided!

Most Trusted Forex Brokers

But despite the fact that there are clearly some untrustworthy web brokers out there in the forex world, it’s also the case that some brokers are more worthy of your trust. Many legitimate forex brokers have taken steps to gain the trust of their users, whether that’s by implementing rules against money laundering or simply by segregating client funds away from the operational funds of the broker’s business.

It’s not always possible to identify the legitimate foreign exchange brokers from first glance – but that’s where we can help. The list below is based on reviews which assess everything from the apps offered by particular forex brokers to the reputations they have among users for fairness.

To see a full list of our trusted foreign exchange brokers, why not check out this table?

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