5 reliable broker

Beginner Questions
1

Hello Everyone.
I have come across some fx brokers with their inconsistence , now am on a look out for at least three to five reliable Fx brokers that can easily be access from any part of the World. thank you as I will appreciate names and web address.

2

Hello Buchi

If i had to choose 5 reliable brokers:
1-FXCM
2-Oanda
3-CMC Markets
4-Saxo Bank
5-London Capital Group

Have you checked the Tools Box of babypips?
Forex Brokers Guide - BabyPips.com

3

No FxPro?
There are a lot of critics of Oanda apparently.

4

Hey Vladwulf

I dont know much about FxPro, i have heard the name many times.
Yes i agree, there are lots of critics of Oanda, but the same is true for every broker on this list and out of this list. Critics are always there. Best to do your research and decide. Critics free brokers do not exist. I think some of the things to check is the establishment date, and how well regulated it is, and if their service is close to the bench mark. Unusual high leverage and free big bonuses can be tricky.

5

Thanks,
Very true.

6

Totally agree with your point, no perfect and clean broker.

7

No broker is perfect but every trader need the best service. Fxcm is a good one but you can also try profiforex ,to know if their trading condition might suit you.

8

I have my own List.

  1. Oanda (My first choice, already trading here)
  2. Dukascopy
  3. Saxo Bank
  4. Forex.com
  5. Profiforex (Don’t underestimate, I needed the 1:500 leverage plus almost slippage free platform)
9

Even Hotforex, Dukascopy, OctaFX is not in the list and these are good brokers as well. But the thing is that we shouldn’t only consider the names, but the credibility and reputation of the broker. Like registration, Commission charged, withdrawal and deposit system. Thess are factors we should consider seriously before choosing a broker.
Read more here: How to Trade Forex: How To Choose A Reliable Forex Broker on these factors.

11

Buchivic,

Your choice of broker is perhaps the single most important choice you will face as a trader. Ask for a list of brokers and you will receive many many lists and likely none of them the same. I have always liked the saying “give a man a fish and he eats for a day, teach a man to fish and he eats for a life time”. In that light I’d prefer to suggest a list of five attributes for identifying the a worthy broker and why. This is not an exhaustive list but it will get you well on you way.

  1. Lowest trading cost. Your trading costs are typically the bid offer spread and commissions. They will vary on the time of day you trade, the size you trade and the assets you trade. These costs are very unique to your particular trade flow so dont pay attention to any one who categorically claims that one broker is cheaper than another. The only way to assess your trading costs is to take a very indepth look at when and what you trade and the corresponding spreads and commissions for various brokers under these same conditions. This is can be (though doesn’t have to be) an arduous task but it will pay off in the long run as the profitability of every trade you make will be effected by this decision.

  2. Lowest slippage. Typically the spread you see on any MT4 terminal is BBO or best bid offer. This means that the price is only good for a relatively small amount. If you trade larger clip sizes you can expect that the real bid ask spread you will be executed on will be larger or more expensive than what is displayed and forms a large part of your total slippage. Slippage is also cause by the time it takes for the broker to execute your trade. The brokers execution rules, the asset being traded, the time of day and the nature of the underlying market will all impact how quickly your trade is executed. The longer the execution delay the larger the chance that your execution price will be different from your requested price. This could be positive or negative. The larger the slippage, what ever the reason, the less desirable the broker.

  3. Withdrawal likelihood, speed and costs. We should not kid our selves into thinking we can asses counterparty risk any better than the risk management professionals within firms and the regulators the keep watch on them. Brokers have failed in the past and will fail in the future. What we can do is diversify some of this risk away by reducing deposit size and increasing the number of brokers traded with. This however means you will likely need to make more deposits and withdrawals which means the costs of doing so could play a large role in your profitability. Reduce the costs and increase the spreed with which you can withdraw and you may be able to decrease the chance of a liquidation event.

  4. Terms and conditions. Each brokers has a unique set of terms and conditions. These will determine how your trades are treated under various circumstances. It is essential that you review these. Probably more than in any other walk of life because they tend to vary significantly.

  5. Service. This will depend on the individual, the more you need to speak with the broker the more this will matter. It should not however be too far up the list as the level of service will probably impact you profitability less than all of the above.

Kind regards,

SpreadDoctor

12

I switched the bulk of my account from oanada to tradersway. Haven t had problems taking money out. When I do have a question I email Joe c instead of live chat or calling, he responds very quickly.

14

Good repute retail to make your funds and trading experience least rocky,
Oanda
FxPro
Saxo
Interactive Brokers
Gain

If you cannot find web addresses for the these - Do NOT trade! Ever;)
#tradesafely

15

I am suitable to trade in mayzus broker and also liteforex . they has proves as long i am trade in there my transactions is good . I mean my WD and deposit is easy and fast . for me no need for high regulation as long WD process is not difficult and not too slow i think its enough.

16

i honestly had a hard time trying to decide my favorite 5, i only trade one broker. but never the less just make sure to test the brokers before jumping in, like look for withdrawal process execution stability, good rep good regulations etc.

17

I usedFXprountill I found the broker with better conditions and opportunities, I mean*OctaFx. I made withdrawal several times as I made profits and actually it was smooth and fast.*Spreads are rather tight, so a scalper could make a real profit. Feedback regarding Octa is sometimes negative, but I decided to use them by the way, having found their special opportunities and had discussions with some respected guys, and since then have never regreted. Not sure if they have protection of customers portfolios in case of bankrupcy or something else. Does anybody here have some experience trading with OctaFX?

18

Giving new names a try is not a bad idea. But before investing any bucks, please check following factors:

  • Regulation
  • Credibility
  • Trading conditions
  • Support
  • Your feeling, if there is any untruth, don’t hesitate to leave.
19

yeah, especially that creating a new broker is not a big deal now a days, a chinese friend told me that a broker will cost you around 50k usd or less now thats scarry LOL

20

The brokers I prefer to trade with

FXCM
Hotforex
Global Prime
Interactive Brokers
Activtrades

21

It’s better if you can explain why do you prefer to trade with them (trading conditions or something)…

22

What broker are you particularly interested in? All of them have their swings and roundabouts :slight_smile: