Hey guys,
I’ve just been trying to do research on a suitable broker that I can start to demo with and later trade live. But I’ve got a couple issues and am having a hard timing finding a suitable broker.
I’m currently located in Canada and am looking to demo with a broker that has the MT4 platform. After a suitable demo period, I would like to start live with anything between $200-$1000USD. (I have already demo-ed for the past few months, so I feel a lot more confident in my trading! )So my main concerns are:
-100:1 leverage would be nice
-Minimum lot size of 1 unit
-Non-dealing desk
-Preferably MT4 compatible
I’m currently looking at Oanda, but I can’t stand their charting software and their 50:1 leverage (I know I know, leverage kills, but I like the feel of 100:1)… I have also looked into FXCM but they only offer 1k positions minimum.
If anyone could recommend a suitable broker that’d be great!
Let’s make this a Calgarians only thread. Just kidding…
There’s probably only four or five people on here from the entire province of Alberta.
I started with a demo account from Oanda, and like you I hated their charting software. I definitely needed MT4.
I ended up opening a Micro Account with IBFX. They were one of the few name brokers I could find that offered Micro Accounts with MT4 with small minumum deposits.
If you look around the net, you’ll see IBFX has a fair number of negative reviews. More than most other brokers. But I have to say I’ve had no problems with them. But they do have large spreads.
A site I found very useful when researching brokers is “100 forex brokers”. It allows you to do search brokers by Platform, Leverage, Type of Account etc.
Alpari or IBFX would be your best bet. Alpari has lower spread and less negative reviews though the negative reviews I see posted about IBFX are mainly due to the user but you can do your own research too.
I was literally looking for exactly what you posted and Alpari and IBFX were the best options.
P.S. IBFX isn’t NDD (it’s something else that I don’t remember right now) but, I asked one of their reps. and they do not take positions against their clients and they do not alter price against their clients.
Thank you Smile1 and Hellogoodbye4201!
It’s really appreciated, I will look into Alpari as well as IBFX. I have had some previous demo experience with Alpari, but they wouldn’t stop calling me… so that got on my nerves, but I will definately check out them out.
And thanks Smile1 for that link, I’ll make sure to look that up.
One question for Hellogoodbye:
What is the difference between Alpari(UK) and Alpari(US) considering I live in Canada?
100:1 = completely unnecessary (even 50:1)
why would you want a minimum lot amount? furthermore, why make it 1 lot for your $200? You are ok with wiping your account in 20-100 pips?
Just use oanda for spreads and mt4 for analysis.
What do you mean Viper5?
A minimum lot amount of 1 unit simply means any position size, rather than increments of 1k, 10k, or 100k.
For example) If I only risked 1% of my total balance, say $500 for instance, so $5, my SL is set at 80 pips, I could purchase a maximum of 0.625 mini lots (625 units). That would reduce my risk would it not? Versus entering a mandatory minimum of 1 mini lot (1000 units), which would be risking $8.
Am I calculating something wrong Viper5? I’d appreciate some input, incase I really do blow off my entire account.
And yes, I was considering of going with Oanda whilst using a MT4 demo for analysis, but just can’t seem to get the hang of it…
Based on what you advised you need, I can suggest go markets. Apart from the single currency unit they meet the above, (you can trade micros with them.) I highly recommend them and I have traded with them for well over a year now.
)So my main concerns are: