You should use STP or ECN brokers. Try Tenkofx, check the spreads. They’ve been stable for the past 10 years, so is the spread.
Check Hotforex, Tickmill, IB was surprised by their trade execution during news releases.
If you’re planning on using an STP broker, I would suggest checking out Forexchief.com. I think you will find that their spread will meet your expectation. You will also receive a welcome bonus of $500 upon signup and a no deposit bonus of $100. You can also start with a cent account.
As a beginner, you will have to see other trading conditions as well. The combination of all the conditions offered by a broker will impact your trades. Keeping low spreads in mind, I advise you to try CMC Markets, XTB, Fxview, FXCM.
As a beginner, turnkey forex can be a good option as well. Their spreads are actually low and tight.
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I’m just getting started with FX trading and looking to go live. My main criteria to choose a broker is tight spreads and being in market for 5 or more years for reliability.
I’ve shortlisted FP Markets as they have more than 10 years of experience, any feedback about their reliability and if their spreads are competitive for the major pairs?
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Check out turnkey Forex, quite a good broker. Trading with em almost 1 year has low spreads, low commissions, instant deposits. They have got a pretty good deal to invest in. Impressed with them. Give it a try to them, they are good guys.
i use exness, with type account Raw spread : Exness Raw Spread Account! Account of professional trader - BrokerTop10
spread of this account is Min, with EU, UJ, USDCHF only 0 pip. but, comission is 7$.
other symbol very low spread, GU about 0.2 pip
and Zero account. the difference is 0 and there is a commission of 7 - 10 $.
You can read more information: Exness zero account - Best account forex experts - BrokerTop10
I have used many brokers, but actually when using Exness, I find this broker very low spread with the above accounts, and their infinity leverage is interesting, you should find out. good luck
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I’m a beginner and looking for a broker that would be suitable for scalping, a broker with lower spreads and leverage 1:500 ?
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I use Forexchief. Just want to correct you that they are no longer offering $100 no deposit bonus. It has been changed to 100% bonus on deposit or $500 at most.
Well you can try IB, Tickmill or Hotforex, what’s important they all properly regulated which eliminates opportunity to cheat which is widespread among unregulated brokers.
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Yes, thank you for pointing that out. I just looked it up and you are correct.
There are still other brokers which offer no deposit bonus I mentioned them in my past post.
I’m fairly new to FX, have been doing demo for the last few months. Looking to go live and have shortlisted FP Markets and FXTM.
Both brokers have similar spreads and leverage, can anyone who has traded using both brokers recently share their experience?
Turnkey forex has quite tight spreads, commission is also low. I think they would be good for you.
Yep it’s great broker but what I think is not sufficient is their regulation, I would really set FCA license as a necessary criteria when choosing which broker to trade with. For example I’m currently active with Tickmill and Hotforex and they both were approved by the UK watchdog.
You can check, Hotforex, IC Markets, Pepperstone, HYCM.
Well, I’ve had my research over spreads (including commissions), here’s image which I’ve posted earlier. Fxview & Tickmill are at the top spot for low spreads.
but you gotta check the brokers for which countries they are accepting as well as their regulatory areas.
I highly recommend sticking with brokers operating in tightly-regulated jurisdictions.
These countries, along with their regulatory agency are:
- US (NFA/CFTC)
- JP (FSA)
- UK (FCA)
- EU (ESMA, and specific EU country’s national securities regulator)
- SG (MAS)
- AU (ASIC)
- CA (IROC)
Make sure to VERIFY their registration on the regulator’s website.
I see a lot of recommendations above where the brokers do not operate in the listed jurisdictions and instead operate offshore
The retail, off-exchange FX market is prone to fraud. This is due to the fact that the global FX market is decentralized and unregulated. Many countries now regulate FX trading activities by requiring forex brokers to be registered and licensed by its regulatory agency. These agencies exist to ensure that the parties involved in a transaction conduct their business in a fair and ethical manner.
Without oversight from a strict regulatory agency, the broker is basically free to run their operation as they see fit.
Brokers are attracted to unregulated jurisdictions because it allows them to open shop with usually just a couple thousand dollars. Also, the rules are looser (or nonexistent).
For example, they don’t need to hold as much money (capital) to operate, client funds don’t need to be segregated from the broker’s operating account, no reporting requirements, and no threat of a fine or other legal consequence if a client complains or if the broker is caught doing something shady.
These rules are a pain for the brokers, but great for you.
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You can try tickmill, IC Markets and Fxview. they provide Low spreads.