Broker recommendation for live micro account and later a larger one

Broker Discussion
1

Hi! My first post… even though I have been a member since some years now and learning a lot from other posts…

I would like to get a broker recommendation to start my first live account.

I have been practicing on a demo account with Alpari and I plan to open - and possibly blow - a couple of 50 to 100EUR accountS as a part of my learning process. When I get consistent profit ( on %, not absolute values) I plan to open an account of 15.000 to 20.000 euros and get a part of my income out it.

Given the plan, I would like that this first broker would be suitable both for a micro account at the beginning… and later also for a larger account.

Some other details:

  • I plan to scalp 5 minute charts … EURUSD only
  • I have 6 hours per day available for trading during EU and US sessions
  • I have patience to be in front of the screen all those 6 hours or more
  • I will trade with low leverage… max 1:10
  • I live in Europe and would prefer a regulated broker
  • MT4 prefered
  • Fast execution and low price slippage
  • No dealing desk

Any broker recommendations? Opinions about my plan are also welcomed! Thx

2

U can try oanda. They hv micro account. I’m using them for few years n v trustworthy. Leverage is 1:50, spread depend on market, about 1pips to 1.2 average. U can consider it.

3

Just a little bit info. It my own opinion. As a Scalper I feel 5m chart is abit to risky. There always many fake :signal_strength: I feel 10m is the best. U can look into it n hv a compair.

4

I’ve used Oanda for years and can certainly recommend them. I’m not sure they qualify as a NDD, but execution is excellent and I’ve not noticed any funny business.

They don’t use micro and standard accounts, just one account and you can trade down to just 1 unit positions on their FXTrade platform.

MT4 has limitations so there the min pos size is bigger, micro lots I think.

Anyway, they would be my recommendation based on 8 years of experience with them.

5

I would rather work through a bank, reasons being your money is safe there, no price manipulation, liquidity, guaranteed stops, and tightest spreads. Try CITI bank London. Please keep us up to date on what you doing! Cheers.

6

I also recommend oanda. I been with them for 5 yrs.n in Singapore is very strict. It control under MAS. Monetary authority of singapore. Since it control under MAS it a very safe company. So far no funny movement from them. N trustworthy service is very good in sg branch

7

Thanks to all! Downloaded Oanda platform and learning it. THX!! Does somebody knows if execution is much worst when trading live with MT4 instead of their proprietary platform?

8

SystemX … how does it work with Citi? looking at this link Citi 404 it looks like you cannot directly trade… more of a long term investment/hedge thing…

9

Hi TheBlackPath, They are a part of CITI Bank, and they provide in all the needs for forex, CFDs etc.I have been trading with them for many years, here is a link for you, I hope this answers all your questions! Forex Trading | FX Trading | Currency Trading | City Index UK

10

Thx a lot SystemX! I’ll try it!

11

Hi!! it’s been a while since my post… but Citi Index is not related to Citibank. Actually this is the Citi FX branch

http://www.citifx.com/index.html

Thx anyway for the recommendation.