Best Broker for a Newbie

@Jits2020 as vontogr said, it is much more important not the platform but the execution. I agree on this point. Best broker has nothing to hide from the traders about the execution.

The best broker has a wide range of educational facilities which is very supportive to be a knowledgeable trader rapidly.

According to me, the best Forex broker is a broker which for all time ensures security of funds at any kinds of investments with a wide range of trading technologies. And they don’t restrict any kinds of trading techniques with scalping and hedging.

Mohammadi posted:
According to me, the best Forex broker is a broker which for all time ensures security of funds at any kinds of investments with a wide range of trading technologies. And they don’t restrict any kinds of trading techniques with scalping and hedging.

Security of funds is important
but it is not so easy to determine if the funds are really secure
as every broker's website ensure you that funds are secure and next day broker is bankrupt and your funds done.
So you need to verify broker's regulation as well.

it depend on your trading stile...scalping, news, manual ect etc...
The only advice can i give you if i don't know your trading style is that it must be:
1) Regulated (cysec, fca etc etc) - NOT VANATU ETC ETC
2) Check on fpa if it's not a scammer and if withdrawal are ok (or it doesn't cancel profit)

fxste posted:
it depend on your trading stile...scalping, news, manual ect etc...
The only advice can i give you if i don't know your trading style is that it must be:
1) Regulated (cysec, fca etc etc) - NOT VANATU ETC ETC
2) Check on fpa if it's not a scammer and if withdrawal are ok (or it doesn't cancel profit)

Surprisingly Vanuatu is still better than New Zealand

Obviously, everyone has to check whether the broker is regulated or not, whether the broker supports your trading style or not etc.

But 2 additional important things I will point out here:

1.Never deposit a large amount of money to a broker account at first without going through a complete cycle. I mean first deposit a small amount which you are okay in loosing, then trade with small lots and then, withdraw the entire amount and monitor how fast and easily the entire process goes on from which you can get an overall idea of the broker's operation in back end. If they are hesitant in the withdrawal process or delays the process etc, then there must be some suspicion which you need to check again.

2.Watch each and every trade carefully you place manually or by EA to check whether there operate your account in A-Book or B-Book or do they have only B-Book that's how generally the market maker brokers operate. But 99% of brokers operate in both A-Book and B-Book and switching between them based on your initial deposit and trading performance.

So don't struggle to make money in a broker by any system if your account is in B-Book, there is no way you can make money in long run if your account is in B-Book using any EA or manual system and you will never know that as well until you closely observe the execution of each and every trade during entry and exit. So find a broker where you are sure that all your orders are directly sent to the liquidity providers.

What is B-Book ?

TheWatcher posted:
What is B-Book ?

It is a practice used by brokers.
They pretend to execute your trades on market while they dont.
They assume your trade would not be profitable so they earn money this way.

TheWatcher posted:
What is B-Book ?

They execute the trade in-house, taking the other side of the trade, not sending the trade to the market, as vontogr said.

Before choosing a broker we the trades have to make sure their reviews and Forex Forum can be a great sources for that where the real trader express their own experience about their trading. and we have to choose the broker that is more appropriate to the concept of trading that will be used . it would be great for us to lead a comfortable trading life with certainly.

TheWatcher posted:
What is B-Book ?

Yes, both the above comments are correct regarding B-Book.

In addition, I would like to point out few more things about B-Book brokers:
1. B-Book Broker simply means the broker doesn't want you to make profit. The more loss you make the more profit the broker will make.

2.In my experience, 99% of the so called popular brokers maintain both A-Book and B-Book and switch the accounts between one another based on your account balance and your trading performance. It is done automatically or manually in the broker back end.

3.If your account is under B-Book, then it is very difficult to figure out this until you observe each trade carefully. When you notice that the broker is freezing the platform frequently while closing the profitable trades or your account getting disconnected from broker server while opening trades, then these are the signs that your account might be probably in B-Book.

4.So in B-Book accounts it is impossible to make profit using any EA or manual trading system.

togr posted:

fxste posted:
it depend on your trading stile...scalping, news, manual ect etc...
The only advice can i give you if i don't know your trading style is that it must be:
1) Regulated (cysec, fca etc etc) - NOT VANATU ETC ETC
2) Check on fpa if it's not a scammer and if withdrawal are ok (or it doesn't cancel profit)

Surprisingly Vanuatu is still better than New Zealand

I am not sure whether Vanuatu can be considered better than New Zealand. The capital requirement the Vanuatu regulator has for new brokers is just $2000. (https://www.forexbrokerz.com/news/risks-trading-offshore-forex-broker)
What kind of a company can be run on that kind of money and what kind of security can it provide to its clients?

New zeland for me is good if is FCA regulated
Vanatu - belize etc etc = BAD

mlawson71 posted:

togr posted:

fxste posted:
it depend on your trading stile...scalping, news, manual ect etc...
The only advice can i give you if i don't know your trading style is that it must be:
1) Regulated (cysec, fca etc etc) - NOT VANATU ETC ETC
2) Check on fpa if it's not a scammer and if withdrawal are ok (or it doesn't cancel profit)

Surprisingly Vanuatu is still better than New Zealand

I am not sure whether Vanuatu can be considered better than New Zealand. The capital requirement the Vanuatu regulator has for new brokers is just $2000. (https://www.forexbrokerz.com/news/risks-trading-offshore-forex-broker)
What kind of a company can be run on that kind of money and what kind of security can it provide to its clients?

https://link.springer.com/article/10.1057%2Fjbr.2014.23

fxste posted:
New zeland for me is good if is FCA regulated
Vanatu - belize etc etc = BAD

I was under same impression
But I found out that NZ regulation sucks the big way

Yes, sometimes is possibile to have problem with cysec and fca broker but choosing Nz (not fca) etc etc... you can't sleep quietely...

For a newbie I recommend Metaquotes

The best Australian Broker is ICMarkets.com
TO get the lowest spreads and fills open an ECN Account only.