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Broker choice
Member Since Jul 20, 2014
8 posts
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
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
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!
Member Since Jun 09, 2014
134 posts
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.
Member Since Jul 20, 2014
8 posts
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
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
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!
Member Since Jun 09, 2014
134 posts
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 :)
Just my 2 cents :)
Member Since Jun 09, 2014
134 posts
Aug 06, 2014 at 09:52
Who did you end up choosing?
Member Since Jul 20, 2014
8 posts
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?
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?
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. 😎 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. 😲 😕 🙄 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. 😄
Aug 08, 2014 at 19:11
Greifell posted:
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!
why it was a mistake? I heard they are not bad 🙃
Aug 09, 2014 at 07:56
Ha ha.. Where did you hear it?? Now they've confirmed them as scam. I'm glad that I've opened an account with only U$$1000 with them... I've tried to withdrawal as soon I read some bad reviews but I guess was too late. I've request the withdrawal 2 months ago and still nothing. Now they don't reply my e-mails and Skype also. I've reported them to ASIC and they are taking further investigations, but if you have a look at forexpeacearmy website there is hundreds and hundreds of people in the same situation. So my advice is to keep away from them. ;)
Member Since Jun 09, 2014
134 posts
Aug 09, 2014 at 08:00
Yeah, tell us Greifell
Sep 08, 2014 at 11:42
Greifell posted:
Ha ha.. Where did you hear it?? Now they've confirmed them as scam. I'm glad that I've opened an account with only U$$1000 with them... I've tried to withdrawal as soon I read some bad reviews but I guess was too late. I've request the withdrawal 2 months ago and still nothing. Now they don't reply my e-mails and Skype also. I've reported them to ASIC and they are taking further investigations, but if you have a look at forexpeacearmy website there is hundreds and hundreds of people in the same situation. So my advice is to keep away from them. ;)
I've read about them in some forum. Actually on each broker you may find as bad reviews as a good one. Not all brokers who have bad reviews are scammers since they may have competitors as well as not all who have good one - are really good since they may have SMM managers. That is why I am not always trust to reviews and would like to know real peoples position. Now I know that I do not want to deposit with them. Thank you for your honest explanation.😄
Jan 11, 2017 at 08:23
Eightbitpwny posted:
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.
Thank you for reading and helping
Hello, you can check these links for a brokers.
http://best10fxbrokers.dk/?sosuid=377821cd-4ef4-4891-9e81-ae4dde87f9f6
http://www.best10cfdbrokers.com/itrader-cfd-broker-review/?f=280&pl=2
https://www.fxempire.com/brokers/itrader/review
And I am with ITRADER.com for now.
Jan 11, 2017 at 14:56
Go to Reviews -> Brokers
Make sure to read the broker trading T's & C's when you go live, that is what catches most people when withdrawing funds (eg. scalping at broker where scalping is not allowed, arbitrage trading where it's not allowed, etc)... the platform allows it, but when it comes time to withdraw an audit on your account is done first, if you breached the terms (even once), it's an uphill battle.
Make sure to read the broker trading T's & C's when you go live, that is what catches most people when withdrawing funds (eg. scalping at broker where scalping is not allowed, arbitrage trading where it's not allowed, etc)... the platform allows it, but when it comes time to withdraw an audit on your account is done first, if you breached the terms (even once), it's an uphill battle.
For every loss there should be at least an equal and opposite profit.
Jan 13, 2017 at 09:07
Hi, before committing more serious amounts of money to a broker, I usually start small, and then make some small withdrawels to see if the withdrawel process is running smoothly. It is no guarantee, but apart from reading about brokers and exchanging experiences, I'm not sure what I can do more to choose a broker. I don't necessarily look for the lowest spread etc.., trustworthyness is more important to me.
Member Since Dec 11, 2015
1462 posts
Jan 16, 2017 at 11:17
When you’re picking a new broker you have to be exceedingly careful about making sure they’re legitimate. Always check warnings from regulators about them (https://smnweekly.com/warnings/). Always double-check any information the broker gives you about themselves from other sources, especially regulators. Never trust blindly.
Jan 22, 2017 at 07:47
Remember that regulation is one thing but the permission it grants is another. Would you like to trade against your broker (if a broker is allowed to deal on own desk)? If you have that big amount, maybe test the waters first with some small investment. The due diligence is your responsibility after all.
Member Since Dec 11, 2015
1462 posts
Jan 31, 2017 at 11:20
If you’re going to work with FCA or CySEC-regulated brokers keep in mind that they will be changing their default leverage to 1:50 due to ESMA’s guidelines (published in October 2016) that aim to maintain an environment of trust and security in the forex and binary options industries by increasing client protection. Some CySEC brokers have already begun doing that. (https://www.forexbrokerz.com/news/Exness-and-Leverate%E2%80%99s-VinciCM-set-default-leverage-to-1:50-in-line-with-CySEC%E2%80%99s-requirements ) I am assuming others will do as well.
