MoneyBull

(Updated April 10th, 2010)

After my somewhat negative Forex Signals reviews, here is a positive one about a broker I like: FxOpen.

Website: FxOpen
Tried for: 8 months, and still using it.
Minimum deposit: Micro Account: $1, Standard: $25
Payments accepted: Webmoney, Liberty Reserve, Wire Transfer, Alertpay (what I use), PerfectMoney, CashU, C-Gold.
Platform: MetaTrader
Swap? Yes, with the choice of not having swap too.
CFTC/NFA Regulated? No.
Fixed spread? Yes.

Also offer ECN trading.
Ratings

Trading environment: out of 8 (6/8)
News trading: out of 8 (6/8)
Easy to use: out of 8 (7/8)
Support: out of 8 (7/8)
Overall: out of 8 (6.5/8)

Review: My experience with FxOpen goes back since July 2009. It was the one of the only broker accepting E-Gold after Marketiva stopped.

Trading with FxOpen is smooth and easy. They offer fixed spreads which is very nice and convenient. News trader will be amazed by how easy it is to trade the news with this platform. If the price moves 50 pips in one second, your order will always be triggered when and where you wanted it to be.

They use the Metatrader platform, which most people like (I do). It is very easy to use and allows you add any kind of indicators you want. They also support using EA.

Deposits and withdrawals are also made very quickly (only tried with E-Gold when they were accepting it at the time) and everything is processed in their “Cabinet” section.

Their support couldn’t be better. They answer their e-mails normally in about 24 to 48 hours, and offer a forum where you can get an ever quicker answer.

The thing that bothers me a bit is that they are not regulated by any association, but it can actually be a good thing.
In overall, the trading conditions and the incredible support offered by FxOpen make them a company of choice, especially for news traders. On the other hand, I wouldn’t feel comfortable putting too much money with them.

Here is my second Forex Signals review: TopForexReview .

Website: TopForexReview
Tried for: About 50 days
Price: Free
Overall result: -$900 (Amount I risked: $1000)

Ratings

Profitability: out of 8
Honesty: out of 8
Easy to use: out of 8
Support: out of 8

Review: Cindy from TopForexReview.com claims to be professional trader since 3 years. Here is the truth:

I tried Cindy’s signals for about a month and a half. Cindy’s trading style is “Swing trading”. She keeps positions for a long period of time and doesn’t open too many trades at the same time. She always uses 10% or less of her margin. Cindy mostly trades at the beginning or during the New York session which was convenient for me. The bad side of it is that you constantly have to check your e-mails. I followed Cindy’s rules exactly without exception during my test. My experience started at the beginning of the summer.

Cindy began by keeping some GBP/JPY Long positions. She was also selling the USD/CAD. After a few weeks, as you may all be aware, during the summer, the GBP/JPY crashed really bad. Every analysts were saying to sell and take your losses but Cindy kept her position. Then the GBP/JPY crashed harder. Cindy advised not to take our losses yet and even took a 6% margin Long (BUY) EUR/JPY trade! I then began to be suspicious of her so-called “experience” because every Forex trader knows that sometimes you have to take a loss when it becomes too dangerous.

In short, she kept her Long (BUY) positions of GBP/JPY and EUR/JPY despite the crash that happened and all the analysts comments. This is when I got a margin call and my $1000 became $100 in less than a month.

Cindy doesn’t know when to take a loss and acts like a margin call is nothing special. She said that these things happen and that she will be more profitable in the future. If you want to make money in the Forex market, please stay away from Cindy’s signals and TopForexReview.