Hi.
I will appreciate your help finding a broker with the following characteristics:
Offers nano lots which means min pip value = ~1 cent
Regulated
MT4 support
The only broker that answers 1,2 as far as i know is OANDA but the problem is that OANDA doesn’t support MT4 and it’s reporting mechanism is complicated. But i’m aware that there are people here that use MT4 feed for analysis and OANDA for trading. As far as i’m concerned i like centralisation and ease of use that’s why i look for a broker both for analysis and trading.
I wonder if there is a broker which answers 1,3 and also is regulated and well capitalized.
Do you think it is too risky to choose a broker which is not regulated by any organization?
As for myself i intend to start with daily charts with a small amount of money such as 1000$ that’s why flexibility of position size is of major concern to me because on the dailies i’ll probably need wider stops on a small account for which micro lots are insufficient if i want to risk 0.5%-1% on each trade.
I currently use Oanda for my demoing but I have heard bad things about their live accounts (apparently, they ban your connection for a while if you begin to make too much money, they actively stop hunt, etc).
I’ve used Oanda for years and have never had any of the problems you listed. I’m guessing you’d probably get the same response from others here as well. Generally speaking, the weak charting and lack of MT4 support is what folks don’t like about them. Trade executions, pricing, and all that is not.
There have been suggestions that FPA is a bit shady. I have no evidence or information one way or the other. If, however, they earn introducing broker income from forex brokers (I think they do, but again…) then criticism of Oanda becomes a bit suspect since Oanda does not do IB, thus FPA would want to guide away from them.
Regardless, Oanda is a broker who’s whole business has been built word of mouth. They are, by all accounts, one of the two biggest forex brokers globally. In order for them to get that big with zero advertising they must be doing something right by their customers. They are NFA members, so subject to all the regulations and such involved.
In all cases, anyway, take criticisms of brokers with a major grain of salt. It’s the complainers who have the loudest voices and it’s usually those who don’t want to admit that it was their own fault that they lost money, not their broker’s, who are the first to be screaming about stops being run, etc.
rhody -
You are 100% right. My opinion is that Oanda is the best although those that like alerts, the too many & different (some would say exotic) EAs and indicators won’t like O.'s simplicity. But their order execution and integrity is the very best. d.