CoverDealFX Review Is Cover Deal FX a Scam or Legit Forex Brokerage

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** TheFXView: Forex Journal, Guide and Review Hub – Since 2020 **

TheFXView is your one-stop shop for everything FOREX. We have a genuine passion for the topic and a real desire to educate our readers on finding the best products to use while applying to strategies and NOT FALLING INTO THE MULTITUDE OF SCAMS THIS INDUSTRY HAS TO OFFER.

Our trading guide consisting of well more than 100 mini-guides covering every aspect of trading from beginner to novice, and in addition we have dedicated sections for supplementary topics like trading platforms, social trading, currency transfers, and even a forex regulation global research. Our forte is with reviews, and we take pride in the fact we have composed more than 60 of those. View our top selections below.

Top 10 Forex: Best FX Brokers, Best Money Transfer and Best Social Trading 2020

Broker Name Ranking Service
eToro Social Trading Platform and Forex Trading Broker
Zulutrade Social Trading Platform
XM Forex and CFD Trading Broker
Avatrade Forex and CFD Trading Broker
World First Money Transfer and Corporate FX Broker
AAAFx Forex and CFD Trading Broker
OFX Money Transfer and Corporate FX Broker
Currencies Direct Money Transfer and Corporate FX Broker
Moneycorp Money Transfer and Corporate FX Broker
Markets.com Forex and CFD Trading Broker

Our Top 10 Lists:

Want to browse through all options? View all reviews.

A Little Taste From Our Guide

Top 10 Most Popular:

View how platforms compare:

View our platform reviews:

Social Trading Reviews:

Valid information is What We Stand For

TheFXView’s staff has invested a great deal of effort and resources in order to create a forex portal that will stand out from from the bunch. We wanted to do “more” of everything. More topics covered, more geographic areas covered, more forex broker reviews, more social trading, more trading strategies, and more currency related topics that are not only limited to FX trading… We want to created more in-depth and insightful content than ever before. We know we have a stiff competition from the industry giants, but we have our own secret weapons.

From Traders to Traders

Vast majority of guides and reviews were written by the original creator of the site Ed, who is a trader himself. He actually tried the different platforms upon reviewing them, tested the different strategies and forms of analysis before writing on them, unlike many other websites.

Topical Variety

Many sites in the forex vertical are fixated on a few particular topics. Some would cover strategies and signals in a thorough way, some would review forex brokers, some would have the most current news, but none of them really combines the information like we do.

Covering All Aspects

When we come to write about a certain topic, we really put our hearts and minds into it and try to cover any concern or query our readers may have about it. This results in more than 10 guides on the site boasting more than 4,000 written words. In fact, our entire website boast well over 110,000 written words – that’s more than Mark Twain’s The Adventures of Huck Finn.

Our forex brokerage reviews are well thought and quite elaborated, and even though we have a commercial interest with some of the brokerages, social platforms, and currency transfer companies that we cover, we make sure to explain our ranking and use comparative measures for ranking purposes between dozens of similar companies. Our intent is not to “sell” the companies we work with, but rather to provide enough information about each company for our readers to make a sober choice about whether they want to do business with it. That why we have created our thorough broker comparison charts.

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How Risky Is Forex?

Forex is highly risk and 80% of retail traders lose money. To learn the reasons for that view this article. To better educate yourself and increase your chances of winning read through this fx trading guide and browse through our forex trading broker reviews. We will not be held liable for any lose that may incur from your activity based on the information you read here (read full disclaimer).

We don’t believe forex is gambling per se and you check out our view on this article. We do cover topics which are closely related to gambling such as spread betting and binary options. We also cover gambling concepts like forex and gambler’s ruin. If you are interested in reading about online casinos and other online gambling facilities head over to BestCasinosCanada.com and browse through their reviews and guide.

Our Review Focuses

Credibility, Regulation and Trust

We give a great deal of attention to each FX currency brokerage’s reputation and regulatory status on our reviews. We believe that ultimately, above all other things, it all comes down to reducing the risk of being screwed over by the company you are trading with. We try to calculate that risk for you and embed it into our scoring system.

Best Trading Conditions

We are looking for FX brokers and currency transfer companies which offer the best trading conditions for their clients. Although things are quite individualized in the sense that pricing is very dependent on the client and his trade style and volume, the best and worst forex brokerages stand out one way or the other.

Product Offering

We favor forex brokers who a) Offer a large diversity of instruments i.e. currency pairs and stock, as well as a variety of trading platforms and social trading platforms b) Have fair trading conditions (for instance: allowing scalping, allowing trailing stops) c) Have mobile-friendly websites and apps d) Connect with the most popular platforms like Zulutrade for Social Trading amd MT4 Platform.

Please note – some Forex brokers may be unavailable in your locale. Some regulatory authorities are making a concise effort to block some or all providers. You can use VPNs such as NordVPN (read the NordVPN review here) to avoid the local blockage.

About Us & Business Model

The FX View is a work in progress at the moment. The website has been originally written by Ed, the previous owner, a seasoned trader with deep market insights, who has been researching the FX vertical for several years. It has a been a well known blog covering a variety of topics and refreshing quickly. The new owners, a company specializing in financial comparison sites, is currently working on shifting it to a review site and a trading guide which puts less focus on news and more focus on friendly user interfaces and quality content.

The way we make money is simple. We receive compensation from brokers upon introducing clients. This is how the vast majority of sites in this vertical operate, and our broker comparison and reviews offer plenty of information, to demonstrate that our choices are data and research-driven, as opposed to a quick way of making money.

Funding: We have used this unsecured small business loan site to help our business grow.

It must be stated TheFXView will not provide any specific financial advice in any regard. There are over 200 articles on the site that should help anyone interested in improving his knowledge on forex trading, or choosing an FX / CFD broker.

Utopian Brokerage – improving the FX deal

Let’s talk about some fundamentals.
Not about fundamentals for trading, but fundamentals about the whole forex industry.
A brief overview of what we all are doing and rethink if it makes sense.

I noticed that there are lots (if not the majority) of scam brokers who take advantage of many tricks to add slippage, widen spreads , re-quoting, and even let you grow your account as much as you want but when you ask for a withdrawal they block your account for many reasons; they bring you back your initial investment if you deposited via credit card but they steal you all your hard-earned profits.

I was meditating seriously about it and I realized that this kind of people will never change this attitude, so I was asking myself if this business is really worth for the average mortgaged guy like you and me. The answer is no. Not at all.
We must start from the point that there’s nothing impossible, but there are the stats. 95% losers vs. 5% winners.

So you have to ask yourself honestly:
Even if right now I’m losing like hell. Do I see in myself the potential to someday become one of them, the chosen profitable ones, probably after years losing money?
Do I really have something special?

I bet many of you will say yes, just like me.
We are programmed to be optimistic about our skills as well as our future, and even looking for faith to become more convinced.
That helped our specie to survive thousands of years.

According to stats, 95% of us will never be consistently profitable taking advantage of the game although it is so simple: buy cheap and sell expensive.

I am convinced that the current stats would not be so dramatic if some key fundamentals of the industry changed.
I don’t think it would ever be close to 50%-50% winners-losers ratio, but I strongly believe this industry has to be driven by us, the people, not the big banks.
It is a matter of freedom, dignity and ethics.

Financial markets should not be over-regulated to allow all of us decide freely how, when and where we invest our goods, not to allow the big banks and their intermediaries make unfair tricks to the small fishes without any kind of liability.

Going back to our probability to become profitable, why do we have so little chances?

Because they want us to think that when we lose money there’s another trader taking it and viceversa.
It’s true but there’s a but, and it makes the difference.

When we assume this idea we instinctively assume that the Forex market is a Zero-sum game, and it is not.
In a Zero-sum game ALL the money you lose goes to the guy who made your opposite trade, but what happens in the real world?
Your beloved brokers will take their little part out of the game.
No matter how tiny it is or how much they deserve it, we are not talking about that.
The key point is that this fact makes the Forex market a Negative-sum game, and our chances to succeed decrease dramatically.

Whether we like it or not, the ideal scenario of a Zero-sum game is just an unrealistic Utopia and we should not look for that, unless we are stupid.

But I do think we have our right to look for a realistic Utopia where we could trade anonimously (when the big banks or our broker know our trades they can trade against us in particular), where they were willing to be as transparent as possible, and where we all could see fair play in the game.

In fact, the best way right now to make money in Forex is to be a broker and not to be a trader. It is not easy to become profitable when we are dealing with costly commissions.
They get their spread commission, maybe just one pip per trade, it doesn’t matter. It is a safe pip many times a day and they will never take a loss on the trades.
So it is a risk-free pip unlike our pips so hard to get under our own risk.

Under certain conditions there could be real slippage or re-quotes, what I don’t like is when they take advantage of the route a trade makes through several servers to add negative slippage to the screen price or carrying re-quotes (artificially) on every step of the route of our trade, I don’t like when they hedge against the client, when they reject unprofitable trades for them or any kind of excessively greedy behavior or simply criminal.

At the beginning of my trading I was just losing money due to inexperience, but since a few months ago I started to make profit but suddenly losing money again.
Then I tried a different broker and I was profitable again, but one month later started losing money.
Then tried another broker being profitable from the very beginning and a couple of weeks later I was just losing money again. There was something that did not make sense and I started to take a further look.
My shameful surprise was that they were widening my spreads or adding slippage deliberately and maybe other tricks I didn’t realize. It happened over and over with no exception for all 7 brokers I tried as I was ruining their market making party.

That being said, I would like to hear your experiences, opinions and recommendations.

I would like to define with you how the best ever Forex brokerage must be.
The worst thing that could happen is that we bring some ideas to the current brokerages who are willing to improve.
So. why not?

I will make a list of the best conditions it should have according to my opinion and your additions.
The purpose should not be to make money blindly. We should be able to sleep with peace of mind.
It should be a profitable business based on having many satisfied clients, not by screwing a few ones.

The best possible Forex Broker should be:

1. Non-Dealing Desk.
2. Raw spreads from 0 pips and small commission.
3. Based in a regulated country. (Preferably the UK, Australia and Cyprus)
4. Additionally supervised by extra regulators in other countries to increase reputation. (Optional)
5. Withdrawals in less than 48h with all methods possible, also instant methods such as e-wallets and equity-linked debit cards.
6. No software to add artificial re-quotes or slippage.
7. STP/ECN.
8. Clients should not lose more money than what they invested.
9. VPS available cross-connected to the server for free.
10. All trading styles welcome.
11. EAs and scalping friendly.
12. Live chat available 24/5.
13. At least MT4 Platform and ECN platform like cTrader available.
14. Customizable leverage from 1:1 to 1:500 (Maybe 1:1000).
15. Segregated accounts.
16. Deposit bonus. Bad idea, it would probably be financed with extra costs for the trader.
17. No fees on deposits or withdrawals.
18. Investor’s funds protected by insurance.
19. Transparent release of company profits and Board Members’ info accessible to everybody.
20. No conflict of interest.
21. Small deposits available.
22. Ability to create many accounts for the same client, even if they hold different currencies. (Optional)
23. Exchange of funds between two accounts in different currencies at raw spread rate plus flat commission. (Optional)
24. PAMM/MAMM accounts available. (Optional)
25. Zulutrade and Myfxbook available. (Optional)
26. No software to artificially modify swaps.
27. Free tools available for using in MT4 such as scripts, trailing stops, etc.
28. Share 30% commissions with IBs.
29. Share 50% commissions with account managers only for profitable trades. (No-commission penalty for managers on every losing trade)
30. Employees should sign a “Declaration of Principles” and accept future penalties if they act in bad faith against the client.

Who wants to join?
Any good ideas you say in the comments will be added to the list.
If you want to comment you are welcome but please respect and try to be constructive.

The future belongs to the few of us still willing to get our hands dirty.

Is forex trading real or a scam?

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I’am just back from one of these Greg Secker “Learntotrade” events as I really had to see for myself what the fuss was about, since Iam ramping up providing education at request and finding this offering increasingly quoted in conversation from time to time. Hmm..

After 45 minutes, I decided to leave.

I wouldn’t say what he is doing is a scam per se, hes quite direct about what he is offering too but to any market participant of worth or well educated person of self-worth it is absolutely intellectually dishonest nonsense. Trying to offer a package that allows you to “sit back and reap the pr.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Broker!
    Best Choice For Beginners!
    Free Trading Education!
    Free Demo Account!
    Big Sign-up Bonus!

  • BINOMO
    BINOMO

    Perfect For Experienced Traders!

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