Let me share our experiences  with Brokers both in USA and Abroad.

 

During 2009 thru 2011, We used many Brokers to accommodate people worldwide as well as those overseas with Islamic Accounts with their special requirements.
  The three issues we had which caused me to shutdown were.

 

 

1.  In Cyprus, Tadawulfx was a good Broker for us until they had a new President with a Criminal History.  Things went sour with them once I was notified of back-end problems with Tadawulfx since New President took over.  I then had everyone close their accounts and had them moved to Gomarkets in Australia which we had been using as well.

 

2. Gomarkets in Australia on a Friday night right before Forex closing, did a huge price movement, first taking out sells, then a huge price movement taking out our buys.   On Friday afternoon, our policy was to Hedge all orders to protect them from any Spikes until we resumed trading Sunday night.

Since our orders were Hedged, They should have never been closed and we lost over a quarter of a Million Dollars in those Accounts.

 

I contacted a Lawyer in Australia and was going to sue them since we had cause to sue.  The Lawyers wanted Several hundred thousand Dollars to pursue the case. 

I agreed, thinking that we would recover some funds from the Punitive Damages I was also seeking.  

To my dismay, Australia does not allow for punitive damages I was told and what we would recover would cover the Atty Fees.

I also contacted The Forex Regulators in Australia,  I sent them everything they asked for to look into my claim.  I was told others had also complained about Gomarkets in Australia.

Soon afterwards Gomarkets was no longer around and I was approached by Andrew, who worked for me in Australia that Pepperstone, a Forex Broker in Australia was available and seeking customers.

 

Needless to say, I vetoed that and said We would never again use any Broker in Australia as long as I ran the ship.
(2026) fast forward to present day and Since I am using Oanda.com to test a small Account and we have used Oanda.com and Forex.com in the past, The only Exception would be Oanda.com in Australia. I have never used Pepperstone and am reluctant to use a New Broker in Australia for obvious reasons.