Best Forex Broker?

Broker Discussion Forex Brokers
22

Yes. I would recommend Avafx too, very user friendly with good customer services. They are highly recommended for new forex traders.

23

Good morning traders. The financial services industry is sometimes guilty of treating it’s customers as simpletons. The pervading view seems to be that if customers are given all the relevant information they’ll only be confused. I disagree. Having spent ten years in advertising I’m inclined to rely on the infamous quote of David Ogilvy: “The consumer is not a moron – she’s your wife.” So I’d like to take a moment to describe what some of the current industry buzz words actually mean and how to determine whether a broker offers real bang for your buck.

First of all, is “ECN” a meaningful proposition or a marketing proposition…?

ECN, True ECN and ECN-style have taken over from STP as marketing hot words right now. ECN stands for Electronic Currency Network or Electronic Communications Network and STP for Straight Through Processing. Insitutional grade spreads is another term used. All refer to technology that puts the client’s trade straight through to the interbank market, and usually denotes a fixed commission and tighter spreads.

For example, as Forex Nation’s trading platform for retail clients is MT4 it’s more accurate to say that we provide “ECN-style” pricing. Why? Because in order to have a true ECN you need BID and ASK offers that include not only price, but volume as well, and as such true ECN is not possible through MT4.

To clarify, ECN and STP have the same effect, they both enter into the underlying market, meaning that we connect our customer trades with the best price from our liquidity providers, in a non-conflict, “Straight Through Processing” model. And while Forex Nation MT4 does operate under the industry-standard market maker licence, as stated in the Forex Nation PDS, we don’t manipulate the prices that we receive from our 14 different tier one banks. Forex Nation is a “Price Taker”, not a “price maker” – and has no intervention in the prices that we receive and offer to clients apart from the small mark up that provides our margin. This is why you will see the spreads on our Pro Account as low as 0.1. (On average our Pro spreads are 0.3 on majors. On our Standard account they’re higher as spread includes the small markup that covers brokerage). This gives retail traders the benefits of interbank or ECN pricing except with retail leverage and position sizes.

Now, ECN/STP is only part of the equation in terms of the value proposition for retail traders. Execution speed, quality and number of liquidity providers are the other critical factors.

With our servers located in the Equinix NY4 and liquidity from the 14 Tier 1 banks shown on our website, the STP or ECN-style processing provided from Forex Nation MT4 provides deep liquidity, tight spreads, and fast, seamless STP for fast trade execution and less slippage. Add to that the fact that we are Price Takers (not price makers) and you’ve got access to fast, fluid, unmanipulated price.

So the pertinent questions to ask when considering a forex broker are:

1. is the broker an STP or ECN “Price Taker”?
2. where are their servers housed; do they provide fast execution for best price and minimal slippage?
3. what quality of liquidity is provided ie. are their banking partners top tier or tier 1? and
4. how much depth is provided ie. how many banking partners’ prices are available in the price feed?

The questions around broker choice then become about regulation/security, service, operational transparency and whether you like what we stand for.

I hope this helps clarify how to choose a broker.

Sincerely,
Danielle Lehrer, CEO
Forex Nation.org
the world’s 1st not-for-profit broker

24

Brilliant. Well said and thank you very much for your explanation. It was very useful. :blush:

26

FxPro, Ava, Fxcm, HotForex are my best brokers. They deserve to try.

27

I recommend you HotForex, it can be exchanged in a small volume, high leverage effect, tight spreads, signs free trade 0.6 pips and I can get rebates.

29

Here is the list of top 9 Forex brokers:

  1. Alpari
  2. Ducascopy
  3. MB Trading
  4. ATC brokers
  5. Oanda
  6. Tradeking
  7. eToro
  8. Swissquote
  9. UFXMarkets
31

There is no best Forex broker. The trick is is ask yourself what you want or what you are looking for. Then shop or browse around who could offer that to you.

32

Honestly, Ava and Pax are bucket shops or Market Makers and they are very small cap Market Makers with questionable regulation and history which makes them even more dangerous. You should go with Oanda, Interactive Brokers, or FXCM. All are top tier, IB and FXCM are publicly traded and regulated with the NFA, FCA, etc. And have market capitalization in the hundreds of millions. There’s no reason to roll the dice with a shady Cyprus firm or a small Market Maker that could get wiped off the map with a bad month. Go with the cream of the crop and sleep good at night.

33

Why not 10 ? :smiley:

34

As far as I know the most well known Brokers were those that they were closed and went bankrupted. Those Brokers used to have their headquarters in the USA and they were regulated by the NFA.
My point is that we should not concentrate only on the regulation. I believe this has to be a combination of many things before you choose a Forex broker

35

I don’t agree. If there are no “best forex broker”, there woud be no “most bad forex broker”. Last one exist though. So you want no bucket shop, no slow execution, no slow money-transfer from broker to you, no high slippage and no high spreads.

My choice:
MB Trading [US]
(I’m with them since around 2002, horrible support, but you barely need them, so it’s ok)

Global Prime [AUS]
(I’m not with them, but a few of my trader colleagues have accounts there and are satisfied)
Global isn’t open to US citizens with US address!

36

To me, there is no best forex trader. You just need to list down what features you need, then search for that broker because each of them is unique. Once you find that, that’s the best broker for you.

37

First of all, it is essential to verify that the broker is registered with any of the regulatory agencies and that depend on the country in which it is located.

38

I can recommend you GoldBoro as a broker.i think that the Goldboro is one from the best brokers that i was use on trading. just try it

39

You can go for brokers which have good reviews across the forum. You can find reviews on FPA, tradecomplaint, or dailyforex for instance. Once you choose the brokers then you can invest real money in it.

40

Hi,
Forex Trading is a decentralized market hence it is neither legal nor illegal , so it is always preferred to do a check before you deposit your funds in any of the brokerage firm.

Loss in trade is should not be our concern, but we should be concerned about security of our funds and transactions.

The First Checklist to Choose the best Forex brokers are following

ECN/Prime brokers
Regulated /Licences any one of these (IFSC,FCA, Cysec)
Deposit/Withdrawal in same day
Platform(Mt4 Platform or higher version in this)
Transparency
Mobile trading
No additional charges other than spread
Connected with more than 10-15 Lps (for low Spread)
Quick Customer Support.
Different options of mode of payment.
Broker Review

Once that check list is filled you can relax and tell yourself that you have chosen among the best brokerage for your trade.

2 Likes
41

I am using MaximusFx. Earlier I had problem with broker especially with execution and customer support. The broker executes trades instantly. It provides a leverage of 1:1000. I also like their low spreads as low as 0.1 pip. You can check with them.

42

Welcome you to the world of forex trading. I have worked with numerous brokers since i am engaging in foreign currency trading since 2015. But I am satisfied with the services of ForexChief only as it is a licensed broker and it is providing MT4 platform adaptable with any device Laptop/android/iPhone or iPad. again i am enjoying easy withdrawal and deposit system with zero spread.

44

I’m confused. If you’ve been doing demo trading, what’s wrong with the broker you have now? The time to look for a “real” broker is not when you start with real money. You should be picking from the ones you demo’ed with. Why would you introduce a whole new variable when starting with real money? If you’re happy with your current broker, just use them. If not, then you should already have been experimenting with other demo brokers by now anyway.

45

I was trading with lionsfx… i didn’t know much about forex and how to do it but they provided me guardian broker who was very polite and call me like 5 times a day to explain me what is what…

i deposited once with them, with 100$