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Best Broker for a Newbie

James_Bond
Jul 17 2012 at 10:52
556帖子

lkwong posted:
Have a look at Custodian Bank Services provided at Dukascopy. It seems as the funds are held at banks (your choice of 7 banks) in trust (not segregated accounts). Deposit accounts in Switzerland are insured to CHF100,000. These services are reserved only for larger accounts tho'...

That sounds good, problem is that choosing a broker based on the funds' safety doesn't always coincide with broker choice based on the platform for example. I for one, don't like Dukascopy's java platform at all.
LK Wong
lkwong
Jul 18 2012 at 04:42
71帖子

James_Bond posted:

lkwong posted:
Have a look at Custodian Bank Services provided at Dukascopy. It seems as the funds are held at banks (your choice of 7 banks) in trust (not segregated accounts). Deposit accounts in Switzerland are insured to CHF100,000. These services are reserved only for larger accounts tho'...

That sounds good, problem is that choosing a broker based on the funds' safety doesn't always coincide with broker choice based on the platform for example. I for one, don't like Dukascopy's java platform at all.

I've never personally used dukascopy, but did like the idea of the custodian service.

Is the java platform really that bad ? I thought I read that they did have some MT4 bridge that allows a copy of the original Metaquotes platform to send orders to their system. Not sure if thats true. Oh well... I can probably find out if / when I get that USD250K to get the service :0)

-LK
TheLastBear
Jul 18 2012 at 10:34
186帖子
When it comes to choosing your broker there are a lot of aspects to consider. I only trade forex from the MT4 platform. I have heard good and bad things about Dukascopy. I am very happy where I am right now and do not plan to make any changes. Overall they offer the best all around package and keep adding to their services.
Pax puts the X in Forex.
James_Bond
Jul 19 2012 at 10:27
556帖子

lkwong posted:

James_Bond posted:

lkwong posted:
Have a look at Custodian Bank Services provided at Dukascopy. It seems as the funds are held at banks (your choice of 7 banks) in trust (not segregated accounts). Deposit accounts in Switzerland are insured to CHF100,000. These services are reserved only for larger accounts tho'...

That sounds good, problem is that choosing a broker based on the funds' safety doesn't always coincide with broker choice based on the platform for example. I for one, don't like Dukascopy's java platform at all.

I've never personally used dukascopy, but did like the idea of the custodian service.

Is the java platform really that bad ? I thought I read that they did have some MT4 bridge that allows a copy of the original Metaquotes platform to send orders to their system. Not sure if thats true. Oh well... I can probably find out if / when I get that USD250K to get the service :0)

-LK

They do have an MT4 but I'm not sure if you can use it with live accounts at the moment, or if it works as it should.
As to the platform, it's simply a matter of taste - IMO it doesn't look good as the rest of the retail platforms (trading station, MT4, fxtrade).
Moreno Rodrigez (MRodrigez)
Jul 19 2012 at 14:14
168帖子
If you are not from US, I would suggest Armada Markets - offers really tight spreads on low commission.
sandelchayes
Jul 19 2012 at 19:31
20帖子
I like oanda, for live trading, mt4 demos for analysis.

At the time before you open a position on fxtrade platform, you can see how much margin it will use- and the amount of Profit/Loss you will incur, when the trade hits stop loss or take profit.
"Follow your Highest Excitement;" -Bashar
skyjack777
Jul 21 2012 at 01:08
55帖子
Thanks for all the comments, it has helped me understand the bigger picture on Brokers.
Chikot
Jul 21 2012 at 22:05
2299帖子
Oanda is the best. New trader can trade a little bit while learning without losing bankroll if any.
Oanda has unit based structure which allows to trade even $20 as if it is $100 K
TheLastBear
Jul 23 2012 at 09:23
186帖子

skyjack777 posted:
Thanks for all the comments, it has helped me understand the bigger picture on Brokers.

You are welcome, if you have any questions feel free to pm me.
Pax puts the X in Forex.
TheLastBear
Jul 23 2012 at 09:24
186帖子

Chikot posted:
Oanda is the best. New trader can trade a little bit while learning without losing bankroll if any.
Oanda has unit based structure which allows to trade even $20 as if it is $100 K

Bankroll? Trading is not gambling...
Pax puts the X in Forex.
James_Bond
Jul 23 2012 at 14:12
556帖子

TheLastBear posted:

Bankroll? Trading is not gambling...

It's not too far in between... 😉

stevewalker
stevewalker
Jul 23 2012 at 22:04
1439帖子
it is a type of gambling which way you trade.
technical,
grid
martingale
.............


James_Bond posted:

TheLastBear posted:

Bankroll? Trading is not gambling...

It's not too far in between... 😉


TheLastBear
Jul 24 2012 at 09:39
186帖子
I assume that you are not the most successful trader with that point of view. We can agree to disagree, but to me it is far from gambling.
Pax puts the X in Forex.
James_Bond
Jul 25 2012 at 10:57
556帖子

TheLastBear posted:
I assume that you are not the most successful trader with that point of view. We can agree to disagree, but to me it is far from gambling.

I don't think it's related. There are professional gamblers who make good money. Gambling isn't necessarily a bad word.
In my point of view, when you gamble, you have a 50:50 chance to win, which is the same as with trading, until you find your edge.
TheLastBear
Jul 26 2012 at 08:45
186帖子

James_Bond posted:

TheLastBear posted:
I assume that you are not the most successful trader with that point of view. We can agree to disagree, but to me it is far from gambling.

I don't think it's related. There are professional gamblers who make good money. Gambling isn't necessarily a bad word.
In my point of view, when you gamble, you have a 50:50 chance to win, which is the same as with trading, until you find your edge.

If you trade with a 50-50 success rate you are doing something wrong and in that case you gamble. Trading has nothing to do with gambling. As I said, we can agree to disagree here :)
Pax puts the X in Forex.
Chikot
Jul 26 2012 at 10:08
2299帖子

TheLastBear posted:

Chikot posted:
Oanda is the best. New trader can trade a little bit while learning without losing bankroll if any.
Oanda has unit based structure which allows to trade even $20 as if it is $100 K

Bankroll? Trading is not gambling...

it is.
Chikot
Jul 26 2012 at 10:10
2299帖子
whatever view you hold you are still gambling on your view. It is just that you are amking educational gamble according to some method. There is pro gamblers who play black jack for a living too.
TheLastBear
Jul 28 2012 at 11:31
186帖子
Well, we can agree to disagree on that topic.
Pax puts the X in Forex.
SpotEuro, LLC
spoteuro
Jul 30 2012 at 17:54
4帖子
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)

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,
James_Bond
Aug 01 2012 at 08:54
556帖子
I think Oanda operates only in US and Canada, however you can just go with the US branch. I think they have the best reputation out there and is definitely an excellent broker to start (and stay 😄) with.

Not sure if the the CFTC list is of any good - there were brokers listed there which still went belly up, although it does give some kind of reassurance that your money is in a safe place.
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