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Best Broker for a Newbie

skyjack777
Jun 30 2012 at 03:35
posts 55
Hi All,
       Have just been to the reviews on Brokers. I'll ask the question here. For someone in Australia, with a micro account between $250 to $500 dealing with .01 lots, is there any Brokers that come to mine. Thanks Bruce

gareenk
Jul 02 2012 at 01:26
posts 13
there are several discussion about brokers here, there are some that had better score than others, just choose any of them which is easier for you to deposit and withdraw your money

LK Wong
lkwong
Jul 02 2012 at 19:18
posts 71
I personally use IBFX AU, and they've been quite reliable thus far. I would recommend them, but I'm not sure if your trading methods are similar to mine. What I can say is that execution is reliable (haven't had any requotes), customer service is pretty good, but some matter would require them to email you a reolution ('Liveperson' System). Withdrawal and deposits have happened in a timely manner. They are pretty stict with the sign-up process, but I guess that a one off.

-LK

P/s : Thought I'd mention I'm a Money Manager there, and also an IB, but I'm not suggesting you should sign up through me. You can do so directly from their website.

skyjack777
Jul 02 2012 at 23:21
posts 55
Thanks for all the comments. I'm currently usng IBFX AU, FxPro and Vertue in demo mode. I'm finding I like IBFX best now just need to know all the costs. Bruce

TheLastBear
Jul 09 2012 at 10:42
posts 186
You may want to check out PaxForex as well. I have been with them for a bit and so far I am very pleased with them. They offer three different trading accounts and their customer service is top of the line, at least that has been my experience. I slowly moved my funds over there and for now they won the battle for my prime FX Broker. They handle deposits/withdrawals very fast and I feel my funds are safe with them. What got me interested was their $200 No Deposit Bonus, but that is just me.

I can only recommend them, not sure if others have traded with them from this community. In case you do, please let me know what you think as it is always better to have multiple opinions.

Pax puts the X in Forex.
skyjack777
Jul 09 2012 at 13:12
posts 55
Thanks for that The Last Bear. In the end I may run with up to 3 small accounts from different Brokers. The robots will go on one and I'll trial Wallstreet Forex Robot on one with the last running for my attempts. I've read alot of blogs on the WFR with a long way to go before outlaying any more cash. Bought an Ipad 3 yesterday so I'll be able to read a lot more on the subject away from home.
Thanks for your comments. Bruce

TheLastBear
Jul 10 2012 at 09:49
posts 186
You are welcome Bruce. I have found that feeling that your funds are safe is very important. I think three different brokers is a good start. It is also a good idea to initially fund your accounts with little cash and see how it goes. I have only came across one broker who took my money and ran. They are closed now, but I only had $20 with them to start and they already acted strange about minor accounting issues. They even asked why I don't fund it with more cash and after I told them I am testing them they developed an attitude rather fast. I asked them to close my account and send my money back to me. They responded that the minimum withdrawal is $25. I told them to keep it, they have been shut down. I assume they scammed a lot of people, but as a rule of thumb:

If a broker does not respect your small deposits, they are not worth your large deposits.

Pax puts the X in Forex.
skyjack777
Jul 10 2012 at 12:56
posts 55
It's always good to know when to cut your loses and run. Cheap lessons don't come by to often,

TheLastBear
Jul 11 2012 at 09:30
posts 186
That is very true, but as long as you learn from your mistakes your financial loss will turn into an investment for the future.

Pax puts the X in Forex.
James_Bond
Jul 11 2012 at 09:50
posts 556
I don't think there is a 'better' broker for newbies - a broker which is best for experienced traders should be excellent for newbies also. The first one which comes to mind is Oanda, although I'm sure there are others.

I would avoid though the ones offering bonuses as the best brokers don't offer those.

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