Best Forex Brokers
Below are the online forex brokers that are highly recommended. Why do we highly
recommend these forex brokers? Well first of all, we don't. The retail forex traders of
the world do. Our opinion plays no role in deciding which brokers make this list. See
our notes below the list for details on how this list was compiled.
There are 10 online forex brokers on this list and we have over 400 brokers identified on
this website. This is therefore, in the collective opinion of the world's retail forex
traders, the cream of the crop, the top 2.5%. Want more choices? Check out our
Recommended Forex Brokers List
Top Rated Online Forex Brokers List
, which currently includes almost 100 online forex brokers along with their independent trader ratings, our
Most Popular Online Forex Brokers List
or for the ultimate in choice, our
Alphabetical List of Brokers
which contains more than 400 forex brokers with links to their sites.
(The number in parenthesis behind the broker name is their independent trader rating)
Criteria for Inclusion on the Best Forex Brokers List
Here is the criteria that is used to determine which brokers make this list -
The forex broker must have an independent trader rating of at least 6.8 (out of 10) based
upon the data we have collected from individual forex traders from numerous websites worldwide.
Please see our
Top Rated Online Forex Brokers
page for a full listing and details of our rating methodology. The broker must also be
one of the 50 most popular online forex brokers per our popularity rankings. You can
see the entire popularity rankings and a detailed explanation of how we determine these
rankings on our
Most Popular Online Forex Brokers
Each forex broker on our
Best Online Forex Brokers
List must show solid evidence of being regulated by at least one legitimate government
regulatory agency overseeing the retail forex trade and must not have been sanctioned
in any way in the past by regulatory agencies. The final requirement is that they must
have provided us with at least the miminum required set of information for the broker
Orlando Law Firm Files Class Action Lawsuits Against FXCM and FXDD
A class action lawsuit was filed in the United States District Court for the Southern
District of New York (Manhattan Division) on February 8, 1011 by the Business Trial
Group of Morgan & Morgan, P.A. against Forex Capital Markets, LLC (FXCM). Another suit
was filed by the same law firm in the same court on February 11, 2011 against
FXDirectDealer, LLC (FXDD).
In both cases the suit alleges fraud, deceptive trade practices, and racketeering and
that both FXCM and FXDD have defrauded thousands of customers with unfair and deceptive
practices with systems designed to systematically defraud customers out of their money
and that they presented their forex trading platforms as fair and transparent when
essentially it was a "rigged game".
The complaints accuse FXCM and FXDD of fraud by misrepresenting their trading platforms,
saying the they were free from dealer intervention or manipulation but that they instead
through their software systems used a number of tricks to interfere with customers'
Among other things, these two very large forex brokerage houses are accused of -
Routing profitable customer trades to slow servers or sending false error messages when
customers tried to close profitable trades.
Lured customers to the trading platform through a demo account which provided true market
pricing but once the customers opened a live account, the true market pricing was no more.
Printed bogus "flash trades" to falsely trigger customers stop orders for given trades.
Manipulated slippage, which is the change in price between the time of a price quote and
when the order is placed. Natural slippage should be roughly 50/50 in whether it
benefited the broker or the trader. The complaint alleges that documented proof of the
great percentage of incidents of slippage that benefited the brokers is proof of price
Many of these practices are not new to experienced forex traders as they have been
practiced by unscrupulous forex brokers for many years. We at Best Online Forex Brokers
applaud the law firm of Morgan & Morgan for bringing these lawsuits. No matter the
outcome, it will be interesting to see these practices be shown in the light of day for
all to see.
This may just be the beginning of more lawsuits to come as Lead Trial Counsel Tucker H.
Byrd said "We are continuing to bring legal action for redress of wrongs that we believe
have occurred to thousands of Forex customers for years by dealers who have been
entrusted with their customers' money. Unfortunately, many Forex dealers engage in
questionable practices, and we intend to pursue any and all of them until we have put
an end to these abuses."
And there is also this - The law firm of Kahn Swick & Foti, LLC ("KSF") and KSF partner,
former Attorney General of Louisiana, Charles C. Foti, Jr. have filed a class action
suit against FXCM. This class action is on behalf of FXCM stockholders and states that
FXCM and the underwriters involved in their IPO, Credit Suisse, CitiGroup and J.P. Morgan,
are each charged with "including or allowing the inclusion of materially false and
misleading statements in the Registration Statement and Prospectus issued in
connection with the IPO, in direct violation of the Securities Act of 1933."
The fact that FXCM and FXDD are the two brokers named in these cases is also really no
surprise given their independent trader ratings of 3.46 and 4.38, respectively. You see,
experienced and profitable traders will pick up on these deceptive practices and bring
their business elsewhere. This is why companies like these advertise so heavily. They
are always in need of new clients because the good traders go elsewhere and the others
lose all their money. So, as a word of caution, trust your fellow traders and stick
with the brokers on this site that have a good independent trader rating. They can be
found on our
Top Rated Online Forex Brokers