Best Broker for a Newbie

Alexander654 posted:
What are spreads like? Are they regulated ? I have not heard of fxbrew before? Sounds more like a brand of beer

Spreads are very tight, low as .1 on majors sometimes. And no they are offshore brokers. You must’ve not heard about them because they are only a year old I think. I like to test new brokers and add good ones to my list, which is when I came across them, good broker.

skyjack777 posted:
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

IC Markets is the best broker in Australia

IC Markets.. choose CTrader Trading tool platforms

if you want to find a right broker, you have to move Forex Pace Army where people share their own trading experience. And EarnForex and Babypips can be a great source to find a right broker nowadays.

spoteuro posted:
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)

(https://www.forexing.com/forex-broker-reviews)

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,

I would agree from the lists that IBFX AU is good

I have been using turnkey forex for a while, one of the good broker out there. Being a newbie, it is better to go live with small capital and there, you can open a micro account with minimum deposit of $5.

i have seen In spite of a profitable trading policy scalping cannot use in a reputed trading broker due to many restrictions. So, we the scalpers have to choose the broker which permits scalping including lowest trading spreads.

Mohammadi posted:
i have seen In spite of a profitable trading policy scalping cannot use in a reputed trading broker due to many restrictions. So, we the scalpers have to choose the broker which permits scalping including lowest trading spreads.

True! one of the best part of trading with an offshore is that they don’t impose any sort of restrictions on you, like with my current broker turnkey forex I can trade in almost all styles. And their spreads and commissions are really low as compared to regulated ones.

There's soooooo many brokers out there.... the 'best'really depends on what you are looking for...... I have accounts with IC Markets and Eagle FX. Both of which have been great for me! Just my 2 cents...
Cheers

so offshore ok?

Madalyn posted:
so offshore ok?

Offshore is OK as long as you do not need to withdraw your money :)

at Madalyn what platform do you invest with?

togr posted:

Madalyn posted:
so offshore ok?

Offshore is OK as long as you do not need to withdraw your money :)

lol. I do trade in offshore (with turnkeyforex, lmfx, fxchoice in hands) and can recommend the same, but if he's very new to forex and non-US, then I don’t see the need to go offshore.

Offshore is fine if you do your homework

if you want to find a right broker, you have to move Forex Pace Army where people share their own trading experience. And EarnForex and Babypips can be a great source to find a right broker nowadays.

I am a newbie - been trading for around a year now. I was using Pepperstone for some time and then I switched to LQDFX

I was running two small accounts on both with the same AI and LQDFX is performing better. On top of that they have a better refferal program than Pepperstone where you receive a percentage of the generated commission of the traders you reffered.

In the end I switched completely from Pepperstone to LQDFX and for now I am a happy trader.

Imamul posted:
 if you want to find a right broker, you have to move Forex Pace Army where people share their own trading experience. And EarnForex and Babypips can be a great source to find a right broker nowadays.

I agree, this is the best method to find the reliable offshore broker. I was so dependent on broker list in babypips. According to that popular offshore broker thread, the 5 trusted brokers are:

LMFX
Turnkey Forex
Trader’s Way
FX Choice
Coinexx

https://forums.babypips.com/t/going-offshore-to-escape-the-cftc/35612

According to me, If you love scalping should choose the broker which allows trading concept such as this. Actually scalping success on the lowest trading spreads currency pair. So we the scalpers have to choose the currency pair which has lowest trading spreads. Otherwise that’s not possible at all to make profit with certainly by scalping.

Generally speaking, for a newbie is best to choose a broker with a low minimum deposit so you could trade with real funds while not risking too much. All other respects by according to which you should choose a broker are very similar to what advanced traders are looking for. Opinions on the best brokers for newbies vary, look for a solid trading educational portals like https://brokerchooser.com/, https://tradingbeasts.com/, https://www.investopedia.com/. Each of them recommends different companies, but I believe they are all solid options so check out some reviews and see what company you like the most.