I’m really new to forex trading but I’ve spent the past couple of days absorbing as much information as I can about the subject. My plan is to start a demo account to get accustomed to both the market and the trading platform, then move on and start a live account without investing too much. That being said, I think it’s optimal to open a demo account with a broker that I plan to open a live account with so there will be no down time or learning curve with the platform.
So I’m asking someone to recommend a broker that would fit me well, considering the following conditions:
I’m looking for the bare minimum to deposit ($50, $100 max - I’m trying to get the experience of real money before I start thinking of large earnings)
I’m from Canada
I might be doing a lot of the trading during the day through my iPhone, so a good app is probably needed
Preferably a popular broker (I’ve read up on a few such as FXCM, Oanda, etc.)
I’ve taken a look at HotForex and they appeal to me somewhat, but although theyre popular on this forum, they don’t seem too established to me. I might be completely wrong. Do you think they are a better broker than Oanda?
We cannot compare OANDA with HotForex. OANDA is NFA regulated and HotForex isn’t. OANDA is forced to announce their quarterly results but Hot Forex never anounces any of their results.
We cannot compare OANDA with HotForex. OANDA is NFA regulated and HotForex isn’t. OANDA is forced to announce their quarterly results but Hot Forex never anounces any of their results.[/QUOTE]
Please correct me if I am wrong
There is always sone one smarter then your self - and I hope your smarter then me
As I am a customer with hotforex - your insight would be great as I hate to be burnt
From hotforex
Authorized and regulated by the FSC
HotForex has a Category 1 Global Business License
HotForex is a proud member of the Global Board of Trade Ltd. (GBOT) exchange
I am pretty sure that all business try to get authorized by one faction to another
Maybe hotforex still been a new player hasn’t completed the paper work for NFA
Maybe different country and different rules
I know that IG markets isn’t regulator in some authorizes but yet they are the worlds largest market maker for retail investor .
For most follower on baby pips 90% newbie looking for tips and tricks - hotforex would be a great start with there low deposit , great staff , quick set up , trouble free broker
( just personal note - but never had a problem with them unlike the past 10+ broker I have tried )
I see the minimum position size for hotforex is something like 1k units, whereas Oanda is something like 0.1 units, what does this mean? I want to only invest about 50 dollars and not use too much leverage that my account would be wiped out, so would hotforex still be a good option?
[QUOTE=“YoungGenius;522221”]I see the minimum position size for hotforex is something like 1k units, whereas Oanda is something like 0.1 units, what does this mean? I want to only invest about 50 dollars and not use too much leverage that my account would be wiped out, so would hotforex still be a good option?[/QUOTE]
1k is 0.01 lots or $0.10 a pip
10k is 0.10 lots for $1 a pip
So hotforex would be better for your $50 account . Give you more to move trading smaller size
Ps hotforex has 15% live account balance bonus
So you will get $57 to trade with . No catch
When I started I lost $53 , had $4 left and manage to hit it lucky and turn that $4 into $50 again
It just a matter how much you want to risk , and max open trade .
I personally think it better to use custom setting . There may be a trader that you really like and may open up to 10 different trade pair and hold then for a week
Or you may have a trader that you like to follow but they alway open 3 trade at the same time … And close each trade at different point
You may not like this style and chose only to open 1 trade when they open 3
[QUOTE=“YoungGenius;522530”]My point is, if I had only $50 in my account, would I have to use leverage to trade 0.01 lots? Can I trade $50 with 1:1 leverage?[/QUOTE]
Well no -
0.01 lot is like trading $1,000 trade
So to trade 1:1 you need to have account balance of $1000
You can open account with $50 … But the smallest lots size you can trade is 0.01 lots
( so to speak you are trading 0.01 lot with $50 account 1:20 )
Trust me - your thinking about it too much
Just set up a new account - it prob going to be 1:200 or greater , so that mean when you open a account with $50 … You can open 10 trade at 0.01 at the same time
If you want lower leverage . Just don’t open as many trade at the same time
i offer you to test Paxforex.
it is a nice and reliable broker. they have paid me two no deposit bonus. it is very good for beginners.
i like this brokers
I would recommend you guys to look for ECN broker who’s regulated by Financial Authority and provides security of funds by keeping your funds in a separate trust account…
Rule of thumb, don’t go with any broker who’s registered in Cyprus, Greece, Italy or any Island based Countries… I personally prefers Australian brokers who provides all the above mentioned features with extremely slim commissions…
I would really advise that now that you are still an FX bachelor, not yet married to a broker that you really dig the forex well mining for the right broker. I don’t really admire the recommendation thing for forex could be very individualistic, and highly reputable brokers may turn out ‘square pegs for your round purse’. However the basic feature of a CHEF broker who can COOK you sweet profits are low spreads, wise leverages, reliable customer support facilities, quick payment vehicles( means of withdrawal), reliable software as not all SOFTwares could be SOFT on your purse (conducive) etc. However try demo accounts first to fatten your FX consciousness. Thanks and goodluck, wishing you a nice forex trip.
Well dude i would recommend you to get some more serious attitude to trading. Its really hard to make good stable money trading from IPhone, although almost all brokers give mobile MT… Even if your depo is low, i think u should watch at brokers that have good regulations. And if the broker is international, it also adds some reliablility. So i would recommend you some “old” and reliable companies, such as oanda, fxcc, HY markets. I trade with hy, mainly through web trader (can install programs on my work), and for several years had no complaints or problems with the broker. Hope i helped u somehow)
i have worked with lots of brokers actually and found the following brokers more credible and easier to wirk with: Exness, IronFx, HotForex, Mayzus, RoboForex, Fxnet. the point is they have bonuses too from which you can get good rebates.