I’m new to forex. I’ve been trading a bit with cryptocurrencies, but I’d like to open an account with a broker for forex. I’m from New Zealand, I don’t know if that makes any difference, but I thought I’d make that known.
Preferably I’d like to start on a mini trading account with a smaller amount of money, and also a platform that can be used with Meta Trader.
Any ideas?
It all depends what your looking for when finding the right broker for you. Recommendations are a great way to find a good broker as the more people using that broker the better they must be. Have a read around see what people say and maybe trial a few brokers before choosing one that your going to stick with.
We are waiting for answers from other members. Hopefully can provide solutions
which broker is more appropriate it depends on your trading concept , if you love scalping should choose the broker which allows trading concept such as this. for ensuring any broker performance FPA is best ,
Hi there, I suggest you open a live account with a regulated (non-offshore) and a trustworthy broker that will enable you to deposit a minimum amount of $100 and trade on MT4.
You live in New Zealand so a broker regulated by ASIC would be fine.
Choose a ECN broker. (True ECN brokers don’t trade against their clients.)
Make sure the broker you opt for has a good reputation. You can go on Forex Peace Army to see what their clients are saying.
The one I know has almost a 5 star rating not only on Forex Peace Army but accross the web.
The most important thing is how long it takes to fund your account but also to withdraw the profits you’ve made.
It takes less than 30 min to fund an account and less than 1 business days to withdraw your money with the broker I know.
Plus, they don’t charge any withdrawal fees.
if good reviews are available in FPA , according to me, no way to avoid it. good luck for your next choose.
Base country makes a huge difference, that means you have Australian brokers available as well as UK.
Metatrader is decent, a broker to look into is Pepperstone.
Not a bad broker, I heard they are FCA & ASIC Regulated. And good 24-hour Support. These are two great features to look for in a broker.
Your broker choice depends on, your knowledge and what you have learn with trading. If you are newbie, you must have started learning the Forex.
If you want to try an offshore broker, try coinexx. they are my best bet, plus they meet your requirements. they offer trading in forex and cryptocurrencies and funding is also through cryptos so its more or less instant. You can also try demo account in their MT4/MT5 platform if you want to be sure at first.
Hope it helps!
This is very helpful Thankyou!
This is why it is paramount you know what type of trader you want to become before ever you choose. I mean understanding your trading strategy and the trading conditions that will suit you are factors to consider before choosing a broker. Since OP is from New Zealand, my broker Forexchief is a good choice, considering how suitable their trading conditions are for every trader.
Keep in mind, No one can teach you better then yourself. So do not trust others more than yourself. Learning is the best key to be successful in Forex
Spreads from 1 pip is quite high. Most brokers’ spreads are around 0.3-0.5 pips…
0 Commission - this means that they have the fees and taxes added to the spread
x500 leverage - Not Regulated in the EU, unless it’s an Aussie regulated broker I’d stay away.
Tradeable instruments - 54 - that’s not much. In which asset classes are these instruments? Are they all CFDs?
100$ minimum deposit - haven’t seen a good broker with less than 300-500 $ minimum deposit, and this is another thing that concerns me.
What are the deposit and withdrawal fees? How are they charged?
Well, I am also newbie in Forex and I have done some work on parameters which indicates whether the broker is good for me or not. I think you must also consider them. Moreover senior traders may also guide me whether these parameters are enough or is there something missing.
1- The broker must be regulated.
2- The broker must not be dealing desk prefer to go with true ECN.
3- The broker must have good reputation, you can check the reputation by surfing internet for me I rather check since the time he is doing brokerage.
4- The process of withdrawal of profits or funds must be quick and easy. I think there is no reason left to brokers to hold our profits or funds if we want a withdrawal.
5- Fast execution of trade. For this I am thinking to trade via cTrader platform.
6- They should have good customer service.
7- Provide learning material. Although that is not an important factor but this indicates me that they are not here for profit earning purpose only and are willing to groom us…
8- The last but not the least is they must have suitable trading account type. Means they must have account that suits your trading style or strategy.
I cannot stress enough how important good regulation is. Always check to make sure that your broker is regulated and that the license they claim to have is real - regulators make that information public so you can crosscheck with them.
