Best Broker for a Newbie
Apr 09, 2017 at 11:30
The choice of a Newbie can get complicated when they want to learn the difference of MM/STP/ECN and Hybrid model brokers.
I have a very simple suggestion for them that is, choose your account under an FCA broker. And stay focused to your trades rather than broker itself.
Just choose an experienced and profitable trader from MyFxBook if you not confident enough to trade yourself. In that case, you should make sure that your broker has MyFxBook auto trade function e.g. Tickmill.
Happy trading, invest more time into your trades rather than wasting time on other things.
I have a very simple suggestion for them that is, choose your account under an FCA broker. And stay focused to your trades rather than broker itself.
Just choose an experienced and profitable trader from MyFxBook if you not confident enough to trade yourself. In that case, you should make sure that your broker has MyFxBook auto trade function e.g. Tickmill.
Happy trading, invest more time into your trades rather than wasting time on other things.
Helping new traders
Membre depuis Dec 11, 2015
posts 1487
May 15, 2017 at 12:37
When it comes to a newbie picking a new broker I always recommend that they do extensive research into the brokers they are choosing from. Go through their websites, see what they claim for themselves, then double check it with regulators and reviewers. Make sure that the information you have received from the brokers is accurate and that they are licensed and regulated companies. Also, I strongly recommend to pick a broker licensed by a big, respected regulator like the British FCA or the French AMF and the like. I wouldn’t put my trust in a broker licensed in an offshore zone somewhere, because using offshore brokers carries some inherent risks. (https://www.forexbrokerz.com/news/risks-trading-offshore-forex-broker)
Membre depuis Feb 24, 2017
posts 22
Jun 20, 2017 at 06:22
I personally use ITRADER since it fits my criteria. It is important to note that you identify and understand first what kind of broker that suits you best before opening an account with them
Jun 22, 2017 at 13:10
danas76 posted:
90% brokers have licensed in offshore - CySEC, most important is choose STP or ECN Broker. Alpari also have FCA and 2015 bankrupt, later 2016 IronFX and other brokers. I think that most important is broker's honesty and not license.
This is correct. The regulation itself may help you if you have ongoing case with your broker related with execution or funding or anything else. They will contact with you broker also, will request the information and will prepare their own standing, but they cannot protect your funds against broker bankruptcy. This is a task for ICF.
Membre depuis Dec 11, 2015
posts 1487
Jun 23, 2017 at 10:35
Still, it’s better to at least check whether regulators have issued warnings against the company you’re about to work with.
For example, CySEC very recently issued a warning against Airfinance Pro Ltd. – a company which is no longer authorized to provide financial services, as its license was suspended by the commission and later renounced. The company operates several binary options brands, the most popular of which is BuzzTrade. (https://www.forexbrokerz.com/news/CySEC-warns-against-binary-options-broker-BuzzTrade)
CySEC has given BuzzTrade three-month term from the date of termination of license (renounced in November, 2016) to settle all its obligations arising from the investment services provided, but the company has not yet informed the regulator that it has done that.
Without checking, you could end up becoming a client of a company like that.
For example, CySEC very recently issued a warning against Airfinance Pro Ltd. – a company which is no longer authorized to provide financial services, as its license was suspended by the commission and later renounced. The company operates several binary options brands, the most popular of which is BuzzTrade. (https://www.forexbrokerz.com/news/CySEC-warns-against-binary-options-broker-BuzzTrade)
CySEC has given BuzzTrade three-month term from the date of termination of license (renounced in November, 2016) to settle all its obligations arising from the investment services provided, but the company has not yet informed the regulator that it has done that.
Without checking, you could end up becoming a client of a company like that.
Membre depuis Jun 02, 2017
posts 13
Jul 04, 2017 at 09:52
FxMasterGuru posted:how will I know if a broker attached virtual dealer plug-in parasite software?
Under any circumstances I suggest picking an FCA regulated (and automatically FSCS-insured broker) after being robbed by a NZ-''regulated'' (what a joke) broker who took off with $500k+ ''segregated'' client funds in total... Once he had taken all the client funds, the NZ authorities had ''deregulated'' the broker, so they did not have to deal with the mess it had left behind... How ''smart'' it was... Anyway, the same thing can happen with ANY off-shore broker or any broker in general with no capital insurance...
Also choose a broker which is PURE ECN/STP/DMA, i.e. which will not attach virtual dealer plug-in parasite software to your MT4 crippling it to death.
Luckily I have found one just recently which fulfills both requirements and performs much-much better with the same EA than ICM or Pepperstone. I cannot post its name here, but if interested, please PM me for further details.
Membre depuis Jun 02, 2017
posts 13
Jul 04, 2017 at 09:55
FxMasterGuru posted:Hi.. can you tell me what 'until the point'', term means, and why there is nothing wrong with it if the broker is manipulating the spreads?
@Bohdan73
In practice they are the same (i.e. ECN, STP, DMA) using different technologies.
The issue I brought up is that some brokers advertise themselves as providing ''ECN'' accounts - which are actually not real ECN accounts - only their spreads resemble (or not) to real ECN accounts.
In practice they ''B-book'' their clients, so the trades NEVER see the REAL ECN market, instead, the broker takes the other side of the trades ''in-house'' acting as a Casino. There is nothing wrong with that UNTIL THE POINT, when they start manipulating the spreads and other aspects of trade executions using a sophisticated parasite software, called ''VIRTUAL DEALER PLUG-IN''...
Getting back to the previous example: Why would ICM's TrueECN CADCHF spread be 7 pips while at another broker the CADCHF ECN spread - at the same moment - was only 2.5 pips... I let you answer this puzzle...
Membre depuis Jun 02, 2017
posts 13
Jul 04, 2017 at 09:57
hi all, would you recommend the best European broker to your knowledge and share your experience with me? my preferred trading instruments are FX majors, oil, gold.
Membre depuis Nov 08, 2012
posts 5
Jul 20, 2017 at 06:52
If you are just starting XM is quit good for it. They have Micro Account and you can trade starting with 5$. Check by yourself. Always better to trade real money and Micro Account is for it.
XM has long history and it is good for a broker.
XM has long history and it is good for a broker.
Membre depuis Feb 22, 2011
posts 4862
Jul 20, 2017 at 12:24
zbyszek_uczen posted:
If you are just starting XM is quit good for it. They have Micro Account and you can trade starting with 5$. Check by yourself. Always better to trade real money and Micro Account is for it.
XM has long history and it is good for a broker.
Beware. XM sucks the big way as any Russian broker
Membre depuis May 23, 2017
posts 13
Jul 20, 2017 at 12:26
Whatever broker you use, I would avoid MT4. It is too confusing for a newbie
Membre depuis Feb 22, 2011
posts 4862
Jul 21, 2017 at 12:29
BillyBigNose posted:
Whatever broker you use, I would avoid MT4. It is too confusing for a newbie
why confusing? What trader tool is not confusing for you?
Membre depuis Nov 08, 2012
posts 5
Jul 23, 2017 at 14:04
(édité Jul 23, 2017 at 14:04)
BillyBigNose: I use FxPro but they do not have Micro Account, you can check by yourself. I trade by cTrader
vontogr : what broker is good for you?
vontogr : what broker is good for you?
Jul 23, 2017 at 15:37
zbyszek_uczen posted:maybe right, my friend using xm and can withdraw around $20000, dont know the process through...
If you are just starting XM is quit good for it. They have Micro Account and you can trade starting with 5$. Check by yourself. Always better to trade real money and Micro Account is for it.
XM has long history and it is good for a broker.
it seems good, also they will support you with their best support... 🙄
Aug 16, 2017 at 06:37
The best broker for newbie is a broker which at all times make sure best trading environment for acquiring proper trading knowledge by providing exclusive educational facilities that are really supportive to be a knowledgeable trader rapidly. And the best broker doesn’t restrict any kinds of trading techniques with scalping and hedging.
Membre depuis Nov 08, 2012
posts 5
Aug 16, 2017 at 08:03
Admoni, Do you know any?
Membre depuis Feb 22, 2011
posts 4862
Aug 16, 2017 at 10:11
Admoni posted:
The best broker for newbie is a broker which at all times make sure best trading environment for acquiring proper trading knowledge by providing exclusive educational facilities that are really supportive to be a knowledgeable trader rapidly. And the best broker doesn’t restrict any kinds of trading techniques with scalping and hedging.
Nope
Best broker does not care about traders education. That is trader's job.
Best broker will always execute your trades at the best possible conditions, always process your withdrawal on time and the most important best broker does not go broke.
