Im a new user but i have been reading on baby pips since i decided to start trading forex 2-4 weeks ago.
So i made a demo account and i managed to make 15% profit, so i decided to finally go live
And i would like to get your advice for a good and reliable broker
1.-Minimum deposit is not an issue since i plan to start with $1000 USD
2.-I do not live in the US so i have no problems with that
3.-It must be on the MT4 platform
4.-It’s preferable if it accepts PayPal/Skrill/Bitcoin (tough not needed)
5.-It would be awesome if it had a good website design
Also do you know if any broker works without giving ID?
I know it’s due to regulations but i don’t really feel comfortable giving my ID to some broker, but if it’s need and it’s a really good broker, i will do it
I have heard good things about OANDA, Forex4you and Fxopen but im not so sure about them (Also FXopen website seems too cluttered)
I also found Instaforex which accept a lot of withdrawal and deposit methods including bitcoin which is a big plus to me but im not sure about their reptutation
Also, could someone explain what an ECN account is and it’s benefits?
I also managed to find some reviews about this brokers on another forum, it’s a 2011 post tough so their performance might have changed:
RoboForex — a New Zealand broker with Level II Quotes (liquidity provided by Integral FX Grid) and one-click execution of the trades. Non-ECN accounts have very low spreads. Apart from that the broker is also very interesting:
Bonuses and contests among traders
Free VPS hosting for your expert advisors
Alternative payment methods: WebMoney, Handy Bank, Moneybookers, Liberty Reserve, AlertPay and other payment options
Average spread for EUR/USD is 0.8 pip
EXNESS — a Russian broker best known for its extremely low spreads, seamless execution of the trades of an volume and automatic withdrawals that are processed in seconds. EXNESS offer the following features:
Spreads from 0.3 pip
134 currency pairs and other trading instruments
A wide variety of payment options: credit cards, wire transfer WebMoney, Moneybookers, Liberty Reserve, AlertPay, CashU, Pecunix, Perfect Money, C-Gold and MoneyMail
Up to 1:1000 leverage
InstaForex — a some sort of competition to the next broker (FXOpen), this broker offers so many bonus and contest promotions to its traders that this alone is enough to make some traders join. But there are more advantages:
Trade with MetaTrader platform (both MT4 and MT5)
Leverage your trades up to 1:1000
Deposit and withdraw funds via WebMoney, Moneybookers and other ways
Earn interest on deposit
Low minimum account size
Forex4you — relatively new Forex broker that tries its best to keep up with the competition and offers extra-high quality level of service. See for yourself:
More than 50 trading instruments
Free news feeds from leading news agencies
Cent trading (if you feel cheap)
MetaTrader platform
Up to 12.5% yearly interest on trade balance
All the above-listed recommended Forex brokers have a good reputation among the news traders and will provide you an enjoyable currency trading experience, while the starting conditions make the joining process very simple and easy.
I think you should try HotForex, its website inferface looks professional than other brokers. It also has a account management for you to manage multiple account and withdraw with some clicks.
im not sure about instaforex too many issues going on there, and i think IDs are for safety precautions especially if your account is compromised, it will be used to identify you. go with regulated off shore brokers, hotforex, oanda, alpari are some good brokers but spreads vary. best of luck
I do agree with you. I do like Oanda, but not Alpari. Also, regulation does not make a broker trustworthy, rather it limits what the broker can offer to traders. Offshore regulation is nothing to me.
yeah i guess you are right!! but like comparing a regulated broker to another one with no regulations, I’d say a regulated broker is better even if the chances are slim, coz with a broker with no regulations at all, there is no chance or guarantee of it doing well. but in the end its all about who lasts ans sticks longer
Actually there is nothing can guarantee a good broker. But I think if you are an experienced person, read feedbacks, rating sites and other experienced trader’s opinions, 99% you can find out your broker choice.
I think finding an experienced and good trader would increase the chance to pick up right broker since his success is proven evidence for you feel safe to trade with that broker.
If these are your options then I think you must be the dumbest guy in the fx market. Anyone who has been deep into forex will know that almost all the brokers you have listed have very bad reputation with traders. The only broker I can pick out of this list is Oanda. This is crap
that list scared the crap out of me. insta a big no no, robo another no no, I’ve read enough coplaints to make me avoid threads that has their names in them, reconsider your option, oanda is ok, though the process of application is a bit slow and strict. reconsider your options. look into better brokers such as hotforex, and do some research by reading reviews from know sites such as forexpeacearmy they have a set of threads regarding complaints and company history with traders that will help you a lot
You can use cTrader, a platform that was designed exclusively for forex ECN environment, and their minimum order size is 0.01 ($1,000 contract size).
Their spread is very low, no commission (mark up bid/offer prices), minimum open account is only $5 so it’s perfect for the purpose of testing their service.
I’ll be thankful if you are willing to use the link in my profile and yes, I’ll benefit from it.
There is no reasonable testing with 5$ account. Or you do really think they move your nano-orders to interbank market? I see no difference between demo account and low deposit real trading as you won’t get your order executed on market conditions just what your broker arranged for you. That’s why I was staying with Hotforex demo about 7 month before I get ready for serious real trading with 2000$ initial deposit.
If you trade with their MT4 ECN account the minimum lot size is 0.1 lot ($10,000 contract size).
If you trade with their cTrader ECN account the minimum lot size is 0.01 lot ($1,000 contract size).
cTrader was designed for ECN environment. Just google about its history and development so you can get the whole picture of what it is.
Dukascopy is good broker and they allow $1,000 contract size (0.01 lot).
Oanda is a good broker and they even offer lower contract size (they use unit instead of lot).
This is how the forex brokerage industry is heading… in the early years of forex mini lot is rare and then it became the norm. As the industry progresses brokers came up with micro lot and then the industry also absorbs it so it also became the norm.
I think there is a misunderstanding… 0.01 lot size is micro lot not nano lot.
demo account is always smooth it differs with real market. the execution on ECN account is always at market price (the best available price).
$2,000 to start with is a good choice. With the broker in my link you are only required only a small amount of money to open 0.1 lot because you can gear up yourself with 1:500. If you are conservative then just choose a smaller leverage.
Doesn’t matter. I trade with Hotforex and only from 1.0 lot because I believe positions, less than 100 000 $ (standard lot) are processed using internal counterparty orders…But i can be mistaken though…
(Also FXopen website seems too cluttered)