I am looking to find a broker for swing trading the forex market. I am in the uk but I don’t mind setting up a usd account if the broker allows uk residents. I will be looking to do day trading alongside my swing trading so they will need to accommodate this. I will also need them to have a good demo account and offer micro lots. Any recommendations?
You will get better legal protection from a UK regulated broker, as a UK resident.
Oanda will let you trade any quantity you like, even less than micro lots, if you wanted to start off small
Thanks for the advice, it is good to know. That sounds like a good broker if I want to try even smaller lots in the beginning. I assume they have a demo account?
They do, and (unlike some) it isn’t time-limited, either: you can keep an Oanda demo account running for as long as you want.
I’d advise you to avoid “MT4”, and another good reason for trying Oanda is that what they call their “advanced charts” (even on a demo account) are based on TradingView, which is miles better. And easier to use, too, so they’re not that “advanced”.
1 Like
That’s brilliant. Having the demo account ongoing means I can still demo new systems while live trading the ones I know work. Thanks for your help.
Choosing a broker should be in cool mind, don’t choose the broker with emotional state, because the broker can affects the result of our trading with certainly.
1 Like
Hi @slymer721,
Demo accounts are free, so they are a great opportunity to test the customer service of multiple brokers. We agree with others here saying you should stick to well-regulated brokers. In the UK, forex trading is regulated by the Financial Conduct Authority (FCA) and funds are protected for up to £50,000 per client by the Financial Services Compensation Scheme.
FOREX.com is regulated by the FCA, and lets you trade micro lots. You are also welcome to continue demo trading with us for as long as you need. We offer multiple platforms for you to choose from including NinjaTrader, TradingView, MT4 and our proprietary Advanced Trading Platform. If you ever have questions about us, please feel free to post them in our dedicated discussion thread here on BabyPips.
1 Like
Hi @Mordengaard,
While FOREX.com does not have an office in Thailand, you are welcome trade through one of our registered entities which are regulated in major financial centers around the world by the following bodies:
- Unites States (Commodity Futures Trading Commission and National Futures Association)
- United Kingdom (Financial Conduct Authority)
- Japan (Financial Services Agency)
- Hong Kong (Securities and Futures Commission)
- Australian Securities and Investment Commission
- Cayman Islands Monetary Authority
- Investment Industry Regulatory Organisation of Canada
- Monetary Authority of Singapore
Based on your location, FOREX.com UK could be a good fit for you the based on the advantages of FCA-regulation mentioned in our previous post. Furthermore, FOREX.com UK can provide you with access to trade commodities (Oil), indices (S&P 500) and cryptocurrencies (Bitcoin) in addition to the currencies (Euro) and metals (Gold) you can trade through FOREX.com US*.
*Spot bitcoin trading is not available to FOREX.com US clients at this time, but US residents now have access to bitcoin futures trading.
1 Like
Hi,
I’ve just been onto the FSCS and can confirm this is correct, even for non-uk residents, good news! !
2 Likes
Good man, big like for you! 
1 Like
Quite right, @eddieb!
This article today highlights your point. FCA Warns Against Bulgarian FX Broker Littinvest | Finance Magnates
I found this sentence astonishing
"…the regulator warned of the rise of online investment fraud, including cryptocurrencies, after finding that investors had lost an average of £87,410 pounds ($118,397) per day, over the course of 2017."
2 Likes
I agree, it’s a very important decision! Regulation is a big factor here, most of the scam brokers are non-regulated mainly.
1 Like
Always and i mean always deal with regulated brokers. The type of broker you choose will have a major say in your road to success. Search for reviews on the internet or even contact the clients, they have served. Believe me, these hardships now will bring you success later.
Regulation or no regulation, scam brokers remain scam brokers. They hide under regulation to steal
I’ve been using MT4 through Trader’s way with no issues
I will recommend the name of the broker as it is against the forum rules but I will give you tips to choose a good one. You need fo select a broker whuch offers narrow spread and good leverage as well. Best of luck!
Thanks for the comments.
I have chosen the broker that I am using to demo with and it is one of the brokers shown on this site.
Broker is a person who provides you a platform for executing your trades any time from monday to Friday. You need to choose a broker who provides tight spreads and good leverage. You need to know about margin and leverage properly as these are key things while trading. Thanks!