I am newbie forex traders I had been making reviews for forex brokers and finally I came to the result that both Oanda and Interbank FX suite my needs.
If I will talk about the noticed difference between them I would say that Oanda got some delay in Market watch windows in their MetaTrader(little hang in second counter) in addition to Oanda had much pairs more than Interbank FX. I had not tested the support of Oanda but Interbank FX support is awesome and very helpful. Oanda offer levarage up to 50:1 which easily changeble through the client control panel while Interbank FX has levarage up to 1:400 and changeble upon request. The spreads of Oanda is less than that of Interbank FX.
Any help to make the right choice would be helpful and [B]I don`t need any ideas for other brokers[/B] as only those fits me (minimum deposit). It took me three weeks review available brokers but I need help in deciding which of those I would join.
Thanks for every one who could give me a hand :60:
Oanda certainly has an easy setup, but I like Interbank’s tools they give you for MT4, like the candlestick indicators. I also think both companies have a good education section on indicators. Not sure if your in the states but its harder and harder to get 50 above leverage, so go with the upperleverage broker while you can.
Here is a great link to compare the brokers side by side. Interbank goes under IBFX. Most of the results are accurate, but lately a few have changed, so I would give the chart atleast a 90% accuracy rate. Forex Brokers Comparison
I use Oanda to place my trades, but use other applications for charting. Oanda has consistently been a no bullish!t broker for the five years I’ve been with them.
I personally use IBFX and have been very pleased with them. This is my second rodeo with a live account, the first was with forex.com and you don’t want to know what I think about them. IBFX is what they call a hybrid stp/market maker broker while Oanda is technically titled as a market maker, but they put a bit of a twist on it. Ultimately, I want to be with an ECN broker, but that takes some bucks. So when starting small, I honestly don’t think you could go wrong with either Oanda or IBFX.
However, if you would like to see a nice list of Brokers and what type they are. Check this out and be sure to read the very bottom of the list. It will define all the types of brokers out there. ECN brokers list | ECN/STP Forex brokers
Like Fihunts, I’m with IBFX as well. No problems so far, the spread is alright, and it’s easy to use.
When I was searching for brokers I ended eliminating most except Oanda and IBFX. But back then Oanda had no MT4 support but their spreads are great. Now that Oanda supports MT4, I’m looking to make the switch to Oanda.
Very true, Oanda does have the better spreads. I am just too lazy to switch to Oanda and I like being with an American company. Oanda is Canadian, nothing against Canada, I’ve just always felt safer with an American company. Don’t ask me why though considering all the failures our country has had lately… lol
If it wasn’t for the extra work and forms to fill out through Oanda, I’d be there already, I’ve just been too lazy to switch as well because of it. IBFX did not ask for nearly as much scans, forms, signatures, verifications than Oanda. I live in Canada, haha, so opening with a Canadian broker would be nice for me. Oanda seems pretty stable too as it has quite a large amount of capital. Maybe I’ll swtich this summer, I just don’t want to bother my parents with scanning their passports and phone bills trying to open an account for me. I’m legal in 3 weeks, so maybe then I’ll open one up myself! Pretty excited!! I bet most kids my age wouldn’t be excited of turning legal for that very reason… haha…
[I]Thanks guys for all reviews, it made me relaxed.[/I]
I see that Oanda got all the interest :). I had to follow the leaders and join Oanda benefiting from their low spreads.
I bet most kids my age wouldn’t be excited of turning legal for that very reason… haha…