Again: Looking for a broker :)

Broker Discussion Forex Brokers
1

Hello,

I’m seeking a broker meets just a few simple conditions:

  • Allow me to open an account with $400,
  • Does not charge additional fees for the withdraw (preferably with paypal / moneybookers) because I would like once a month to cashout a small portion of account balance,
  • No need to send any documents by traditional post or fax (e-mail only),
  • Relatively good reviews, and fairness.

Maybe I have rather unusual preference - not to mention the spreads, or leverage - but due to that size of account it’s I think a reasonable solution.

I thought about OANDA (I was very close to create account there) and ACTIVTRADES but they charge very high commissions for withdraw.
I thought about FXDD and FXCM, but they have very bad reviews here as I see…

What would you recommend in this situation?

Thanks in advance.

2

I’d take Activetrades then:

  • Hedging allowed
  • MT4
  • Good reputation if I read through the forums.
  • Oil, PMs and CFDs
  • Regulated by FSA

If you join there, I’d appreciate any input, as I thought about it, too. Currently Alpari UK User. They are fair so far. Some broken internet connections, but my SL is always in place. Just have to logout and login and everything is fine again. Might also be an MT4 issue. Who knows …

Oanda is the choice if MT4 doesn’t matter. They seem to have a good reputation as well.

The others, maybe. Problem with US brokers so far is that hedging thing and nobody knows what comes out with that 10:1 leverage thing. You’d like to start with a micro account?

If you look at painpal and that stuff: More expensive than most withdrawal fees by wire transfer plus they can withheld your money of their own. Plus there are fees more or less with every broker. I’d put most priority about fairness.

3

You’d like to start with a micro account?

Definitely.

Take a look at withdrawal statement from activtrades:
[I]
Withdrawals from your trading account cost:
o Free of charge GBP BACS transfers /i’m not from GB/
o £15 GBP CHAPS
o $25 for USD wires
o €6 for SEPA wires in EUR
o €17.50 for urgent transfers in EUR
o CHF27 for CHF wires
[/I]

So if I want to withdraw for example $30 I need to pay $25 for it. It’s crazy for me by now :slight_smile:

4

Yeah, I know. But that is the price to pay with small accounts. If you drive it to a million in one day no problem, though. :wink:

Fair play and sort of flexibility matters in my opinion. Where were you at until now?

5

Nowhere. Previously invested only in the Polish stock exchange. In this country, though hard to find a competitive and fair broker.

6

Yeah, that I can imagine. To find a good broker is hard work. I studied 2 months to find one. There is no holy grail in a strat and in a broker. If you start with 400, just my unimportant opinion: I’d not withdraw money until it grows. If it grows, then it pays the fees itself. If it shrinks and blows the account, you don’t need any withdrawal anyways. Your choice, though! :slight_smile:

7

Yeah, i know that there is no “holy broker”. I’m trying to find it for two weeks and probably i’ll give up with fx…

8

I’m not quite understanding why you’d be so eager to withdraw such small amounts initially. With a $400 bankroll, you’re focus should be on growth, be it additional deposits or your prosperity in the market.

9

If you looking for good broker firstly check if they are market making company or marketplace. Market maker will allow you to open an account with small deposit, but will screw you up in short period. Marketplaces are interested if you make profit because then they will have long term client and they will earn on commission.