We’re thinking about revamping our broker guide, but if we do decide to revamp it, we want it to be the best. Of course, it can’t be the best without feedback from our valuable community… We need your help to do this. We want to know what things are you most concerned with when choosing a broker. Pip spreads? Location? Leverage? What do you think of our current broker guide? does it suck? If it sucks, how so?
Thanks in advance for your feedback!
I’m new to forex and am still looking for a broker/reading the babypips school papers :).
What I am personally concerned about however is mainly the spreads, account types, and customer service. I don’t have much starting capital possibly $1000 at most right now so leverage is something I’d like, however at the same time I don’t want to tempt fate and have leverage backfire on me; therefore not as important as the others.
I think the only thing people can agree on about forex brokers is that there’s no one broker that is “best”.
So why not make a list of recommendations based on typical forex trader types? For example, a recommended broker (and runner-up) for each of the following types: swing-trader, day-trader, scalper, mechanical, fundamental, etc.
Great idea… From what I gathered (and I’m a newbie who hasn’t even decided on a broker yet - mostly because of the great confusion), if you try to trade the news, for example, an ECN would be a much better choice than a market maker. And also in general, they’re perceived to be ‘more honest’. Although normally (and correct me if I’m wrong) the market makers tend to have better spreads, more flexibility in lot and account sizes and more information/charting options etc.
I think making a list along the lines of what traderpau suggested would be a good way forward. Also to save on the hassle of endless forum threads - a clear, concise explanation about trading interbank/ECMs and market makers/bucket shops, the differences between them, the way it may influence your trades, your stop losses, does your dealer make a profit when you make a profit or when you make a loss, etc.
No conspiracy theories or anything, but that last point is what gets me most worked up, because as a newbie I don’t want the big bad wolf going against me; whether by requoting me, setting off my stop losses, causing price slippage or any of that stuff. Although I suppose no one wants that…
Finally, if you can also add there how the new NFA rules and capitalisation requirements may affect the individual broker.
Thanks!!
Should also have brokers rated by trading style, and account size… Example, Dukascopy usually isn’t friendly to accounts under $50k from what I hear…
Clearly separate the ECNs from MMs - that’s more important than anything else.
Show the market shares of each broker if possible.
And show the strengths weaknesses of each broker.
E.g. Categories of comparison could be:
etc etc …
Hi,
I am new here and also new at forex.
I think the guide is very good but I think that a great feature will be a more specific type of sotware or a new line like Metatrader 4 - Yes/No, because many people already have their own indicators.
Also a direct link to the broker will be handy.
Fxopen and Masterforex’s ECN platform… would it be considered a true ECN platform?
Would like to know more brokers, currently I only know a few of them but I am not joining any of them yet, still learning more first before I venture deeper… but to have more info would be great…