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Broker choice
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Eightbitpwny

Member Since Jul 20, 2014  8 posts Eightbitpwny Jul 20 2014 at 11:57
I am new to the fx market and want to start testing my ideas. As I want the demo accounts to be as close to the real thing as possible I would like to chose a broker first to start testing with it. I am playing around on the stock market since about 5 years and I use a local broker here in switzerland for that. If I compare the spreads they offer in the fx market however, i see that there are brokers that offer a much lower spread. When comparing the actual quotes of a certain currency pair though the prices some times dont differe a whole lot or even the broker with the lower spreads is worse than the one with the higher spreads.

All in all I would like to know if you have any input on how to chose the right broker. Obviously I am interested in the best trade prices and reliability in terms of withdrawl and trading quality.

Or is it smarter to stick with my swiss broker, eventhough in terms of spread it seems to be 3-4 times as expensive as other brokers out there?

Thank you for reading and helping

savantfx

Member Since Jun 13, 2014  72 posts savantfx Jul 21 2014 at 06:51
Eightbitpwny posted:
I am new to the fx market and want to start testing my ideas. As I want the demo accounts to be as close to the real thing as possible I would like to chose a broker first to start testing with it. I am playing around on the stock market since about 5 years and I use a local broker here in switzerland for that. If I compare the spreads they offer in the fx market however, i see that there are brokers that offer a much lower spread. When comparing the actual quotes of a certain currency pair though the prices some times dont differe a whole lot or even the broker with the lower spreads is worse than the one with the higher spreads.

All in all I would like to know if you have any input on how to chose the right broker. Obviously I am interested in the best trade prices and reliability in terms of withdrawl and trading quality.

Or is it smarter to stick with my swiss broker, eventhough in terms of spread it seems to be 3-4 times as expensive as other brokers out there?

Thank you for reading and helping


Go to donnaforex broker section and you will see see many traders discussing about brokers. First, choose a reputable broker with regulation.

I am using armadamarkets because the company is transparent about who they are and they have the best trading condition for a retail broker.

Never Give Up!
jotekfinance

Member Since Jun 09, 2014  138 posts jotekfinance Jul 22 2014 at 06:28
Yeah, make sure you check them out thoroughly before you get in bed with them. You can get burned badly. But no reason to stick with something 3-4 times as expensive either.

Eightbitpwny

Member Since Jul 20, 2014  8 posts Eightbitpwny Jul 22 2014 at 12:53
I went to donnaforex and checked out their broker discussion as you suggested savantfx and it was very helpful. I am sure using the myfxbook price comparison and the feedback about brokers from donnaforex will let me find a good broker or 2 to start investing.

I will try my best to be thorough on my broker evaluation jotekfinance, if you have any more tips on what to look for specifically I would appreciate it. For now I figured I will use those that are on the market for 10 years or more and have positive feedback on the donnaforex page. I see that some brokers are regulated and some are not, Im not sure whats better there though?

Thank you

savantfx

Member Since Jun 13, 2014  72 posts savantfx Jul 22 2014 at 13:40
Eightbitpwny posted:
I went to donnaforex and checked out their broker discussion as you suggested savantfx and it was very helpful. I am sure using the myfxbook price comparison and the feedback about brokers from donnaforex will let me find a good broker or 2 to start investing.

I will try my best to be thorough on my broker evaluation jotekfinance, if you have any more tips on what to look for specifically I would appreciate it. For now I figured I will use those that are on the market for 10 years or more and have positive feedback on the donnaforex page. I see that some brokers are regulated and some are not, Im not sure whats better there though?

Thank you


The best is for a broker's CEO to be transparent or known to the public. The logic of this is, if the ceo is known to the public then he will think many times before he decides to syphon clients' money because he will be an interpol target.

As for which broker is the best, it depends on your trading style. All the best!

Never Give Up!
jotekfinance

Member Since Jun 09, 2014  138 posts jotekfinance Jul 22 2014 at 17:43
I would say also check whatever website for the country you are looking in for something like the Better Business Bureau (u.s.) If there are a lot of complaints.... well, speaks for itself. Your idea seems sound, 10+ years and positive feedback is a good start. I prefer regulated myself, but it isn't mandatory imho. If you begin to narrow it down, to say 4 or 5, then search those particular firms with your google-fu, such as (Samplebroker problems; sampnlebroker scam; samplebroker success) etc. It could give you a better opinion. I would also not ivest too much money with them at first until you are certain of them.
Just my 2 cents :)

jotekfinance

Member Since Jun 09, 2014  138 posts jotekfinance Aug 06 2014 at 09:52
Who did you end up choosing?

Greifell

Member Since Aug 06, 2014  2 posts Greifell Aug 06 2014 at 10:53
I'm also new and I've started with YoutradeFX which was the biggest mistake I've ever done in my life, AVOID them. Now I'm using Alpari and I'm quite happy, so far no major problems. Hope it helps!

Eightbitpwny

Member Since Jul 20, 2014  8 posts Eightbitpwny Aug 06 2014 at 19:15
Im still uncertain.. its a tough choice, I hate it.. since I want to be playing around with big amounts (300'000ish) I heared I should chose brokers that are not accessable for people who invest smaller due to better performance. and that I should not chose other brokers because with big lot sizes slippage can kill me.. very very hard to make the right choice imo..

Isnt there some super broker for forex like Eurex is for warrants? So I am trading at the source and not over some middle man?

mariav

Member Since Aug 08, 2014  115 posts mariav Aug 08 2014 at 19:11
I am also kind of new to the Forex, but I already have my own list of good and bad brokers and my own ideas how to start... First of all I don't feel like demo accounts are good idea at all. It is not the real one that is why you can not feel the 'smell' of real trade. cool That is why I've chosen for myself cent accounts, the main purpose of which is a safe study of trading in real market conditions. Minimum entry threshold and reduced risks are the main advantages of the cent accounts and this allow you to abandon the use of demo accounts. That is why I was searching only for brokers who could provide this option. I also was kind of freaked out because of the stories that I had read in a few forums about 'black' brokers and about scam. eek confused roll But eventually I found one which is good for me at least for now (NAS Broker, NAS BROKERAGE House). The problem is there is some problem with their main website, the only language which is available for now is Russian but the Personal account is ok. I suppose they will figure it out soon. So I wish a very good luck to all who are still searching their ideal Forex brokers. smiley

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