Best Broker for a Newbie

Jun 30, 2012 at 03:35
16,849 Views
327 Replies
Member Since Jan 14, 2010   556 posts
Jul 17, 2012 at 10:52

lkwong posted:
Have a look at Custodian Bank Services provided at Dukascopy. It seems as the funds are held at banks (your choice of 7 banks) in trust (not segregated accounts). Deposit accounts in Switzerland are insured to CHF100,000. These services are reserved only for larger accounts tho'...

That sounds good, problem is that choosing a broker based on the funds' safety doesn't always coincide with broker choice based on the platform for example. I for one, don't like Dukascopy's java platform at all.
lkwong
forex_trader_77056
Member Since May 10, 2012   71 posts
Jul 18, 2012 at 04:42

James_Bond posted:

lkwong posted:
Have a look at Custodian Bank Services provided at Dukascopy. It seems as the funds are held at banks (your choice of 7 banks) in trust (not segregated accounts). Deposit accounts in Switzerland are insured to CHF100,000. These services are reserved only for larger accounts tho'...

That sounds good, problem is that choosing a broker based on the funds' safety doesn't always coincide with broker choice based on the platform for example. I for one, don't like Dukascopy's java platform at all.

I've never personally used dukascopy, but did like the idea of the custodian service.

Is the java platform really that bad ? I thought I read that they did have some MT4 bridge that allows a copy of the original Metaquotes platform to send orders to their system. Not sure if thats true. Oh well... I can probably find out if / when I get that USD250K to get the service :0)

-LK
Member Since Jul 03, 2012   186 posts
Jul 18, 2012 at 10:34
When it comes to choosing your broker there are a lot of aspects to consider. I only trade forex from the MT4 platform. I have heard good and bad things about Dukascopy. I am very happy where I am right now and do not plan to make any changes. Overall they offer the best all around package and keep adding to their services.
Pax puts the X in Forex.
Member Since Jan 14, 2010   556 posts
Jul 19, 2012 at 10:27

lkwong posted:

James_Bond posted:

lkwong posted:
Have a look at Custodian Bank Services provided at Dukascopy. It seems as the funds are held at banks (your choice of 7 banks) in trust (not segregated accounts). Deposit accounts in Switzerland are insured to CHF100,000. These services are reserved only for larger accounts tho'...

That sounds good, problem is that choosing a broker based on the funds' safety doesn't always coincide with broker choice based on the platform for example. I for one, don't like Dukascopy's java platform at all.

I've never personally used dukascopy, but did like the idea of the custodian service.

Is the java platform really that bad ? I thought I read that they did have some MT4 bridge that allows a copy of the original Metaquotes platform to send orders to their system. Not sure if thats true. Oh well... I can probably find out if / when I get that USD250K to get the service :0)

-LK

They do have an MT4 but I'm not sure if you can use it with live accounts at the moment, or if it works as it should.
As to the platform, it's simply a matter of taste - IMO it doesn't look good as the rest of the retail platforms (trading station, MT4, fxtrade).
Member Since Jan 31, 2012   168 posts
Jul 19, 2012 at 14:14
If you are not from US, I would suggest Armada Markets - offers really tight spreads on low commission.
Member Since Mar 14, 2012   20 posts
Jul 19, 2012 at 19:31 (edited Jul 19, 2012 at 19:32)
I like oanda, for live trading, mt4 demos for analysis.

At the time before you open a position on fxtrade platform, you can see how much margin it will use- and the amount of Profit/Loss you will incur, when the trade hits stop loss or take profit.
"Follow your Highest Excitement;" -Bashar
Member Since Jun 23, 2012   55 posts
Jul 21, 2012 at 01:08
Thanks for all the comments, it has helped me understand the bigger picture on Brokers.
Member Since Jan 14, 2010   2299 posts
Jul 21, 2012 at 22:05 (edited Jul 21, 2012 at 22:06)
Oanda is the best. New trader can trade a little bit while learning without losing bankroll if any.
Oanda has unit based structure which allows to trade even $20 as if it is $100 K
Member Since Jul 03, 2012   186 posts
Jul 23, 2012 at 09:23

skyjack777 posted:
Thanks for all the comments, it has helped me understand the bigger picture on Brokers.

You are welcome, if you have any questions feel free to pm me.
Pax puts the X in Forex.
Member Since Jul 03, 2012   186 posts
Jul 23, 2012 at 09:24

Chikot posted:
Oanda is the best. New trader can trade a little bit while learning without losing bankroll if any.
Oanda has unit based structure which allows to trade even $20 as if it is $100 K

Bankroll? Trading is not gambling...
Pax puts the X in Forex.
Member Since Jan 14, 2010   556 posts
Jul 23, 2012 at 14:12

TheLastBear posted:

Bankroll? Trading is not gambling...

It's not too far in between... 😉

stevewalker
forex_trader_79941
Member Since Jun 06, 2012   1439 posts
Jul 23, 2012 at 22:04
it is a type of gambling which way you trade.
technical,
grid
martingale
.............


James_Bond posted:

TheLastBear posted:

Bankroll? Trading is not gambling...

It's not too far in between... 😉


Member Since Jul 03, 2012   186 posts
Jul 24, 2012 at 09:39
I assume that you are not the most successful trader with that point of view. We can agree to disagree, but to me it is far from gambling.
Pax puts the X in Forex.
Member Since Jan 14, 2010   556 posts
Jul 25, 2012 at 10:57

TheLastBear posted:
I assume that you are not the most successful trader with that point of view. We can agree to disagree, but to me it is far from gambling.

I don't think it's related. There are professional gamblers who make good money. Gambling isn't necessarily a bad word.
In my point of view, when you gamble, you have a 50:50 chance to win, which is the same as with trading, until you find your edge.
Member Since Jul 03, 2012   186 posts
Jul 26, 2012 at 08:45

James_Bond posted:

TheLastBear posted:
I assume that you are not the most successful trader with that point of view. We can agree to disagree, but to me it is far from gambling.

I don't think it's related. There are professional gamblers who make good money. Gambling isn't necessarily a bad word.
In my point of view, when you gamble, you have a 50:50 chance to win, which is the same as with trading, until you find your edge.

If you trade with a 50-50 success rate you are doing something wrong and in that case you gamble. Trading has nothing to do with gambling. As I said, we can agree to disagree here :)
Pax puts the X in Forex.
Member Since Jan 14, 2010   2299 posts
Jul 26, 2012 at 10:08

TheLastBear posted:

Chikot posted:
Oanda is the best. New trader can trade a little bit while learning without losing bankroll if any.
Oanda has unit based structure which allows to trade even $20 as if it is $100 K

Bankroll? Trading is not gambling...

it is.
Member Since Jan 14, 2010   2299 posts
Jul 26, 2012 at 10:10
whatever view you hold you are still gambling on your view. It is just that you are amking educational gamble according to some method. There is pro gamblers who play black jack for a living too.
Member Since Jul 03, 2012   186 posts
Jul 28, 2012 at 11:31
Well, we can agree to disagree on that topic.
Pax puts the X in Forex.
spoteuro
forex_trader_8455
Member Since Mar 10, 2010   4 posts
Jul 30, 2012 at 17:54
Looks like a lot of good choices have been listed here...

Just to throw our two cents, I'd look up the brokers in the US, then look up the CFTC info to find ones with good excelss net capital

(https://www.cftc.gov/MarketReports/FinancialDataforFCMs/index.htm)

then look to see if they operate in Australia.

I would agree from the lists that IBFX AU is good, though my experience has been w/ them in the States. Also, I'd check to see if Oanda operates in AU as well as Forex.com

Cheers,
Member Since Jan 14, 2010   556 posts
Aug 01, 2012 at 08:54
I think Oanda operates only in US and Canada, however you can just go with the US branch. I think they have the best reputation out there and is definitely an excellent broker to start (and stay 😄) with.

Not sure if the the CFTC list is of any good - there were brokers listed there which still went belly up, although it does give some kind of reassurance that your money is in a safe place.
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