Most brokers are trustworthy if they are regulated by some government. But, standard trustworthiness doesn't include the standard understanding of what trustworthiness is all about. Here's what I mean.
Brokers usually have a charting system wherein you watch the market and place your orders online. Most brokers offer a demo package so that you can practice before you actually invest money. Metaquotes MT4 and MT5 are good charting package examples.
The problem with this is that demo charting doesn't act the same as live charting.
Some fees that demo charting might not apply, so that you demo will act way more profitably than your live activity:
1. Spread;
2. Hidden broker fees;
3. Interest against your open trades when you leave them open too long;
4. Penalties when you don't follow some of the brokerage rules.
And there are more.
Most of these things are talked about in the "Terms and Conditions," especially in the fine print. So, you can't say that you didn't know about them. But the important point is that they usually aren't incorporated in the demo chart trading. So, you make a profit in demo trading that you would never make in live trading.
A broker might never, ever, ever, even think of stealing your money outright. But he might also never think of clearly expressing, straight out in the open, the differences between demo and live charting. You have to find
that out the hard way. And, of course, the broker makes money off your finding out.
Does something like this make brokers untrustworthy? You have to decide. Does seem a little shady, though, even if they would never outright run off with your money.
All that being said, check here for brokers -
https://www.earnforex.com/forex-brokers-us-traders/.
