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Not all brokers are scammers. If we lose money, it can be the broker's fault. We make mistakes that the Forex market does not forgive, and we end up wasting our money and blaming this mistake on our brokers. Oanda could be a good broker. However, it is becoming increasingly difficult to recommend a broker, even a well-regulated one, as no one knows when they will go bankrupt and stop paying back traders. Many similar cases have been reported, and we wonder if these traders got their money back. The best place to start is by reviewing the broker's online reviews. Many websites can provide traders with real insights about any broker on the market. The second step is to shortlist a few reputable brokers and open a demo account to test them. The broker provides these demo accounts to new traders so they can test how the platform works, so there is no cost to them. Oanda, like LMFX Broker, is one of the brokers that accepts traders from the US, which can be a plus if you are from the US. Other reputable brokers besides Oanda include HotForex, FXCM, and Forex. No matter which broker you want to trade with, remember to check these brokers thoroughly. Because this initial effort will pay off in the long run, always remember that the broker is one of our backbones in the trading world because they are, in fact, the ones who provide us with the technology required to initiate trading in the real market.
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