Extreme noob here! Put simply, I am looking for a broker to start trading with. Right now I am looking at LiteForex and FxPro.
I want to use either MT4 or cTrader as I really like the GUI and mobile apps, and I have already gotten comfortable trading with them on demo accounts. I am mainly using MT4 demo with FxPro.
liteforex.com/trading/account-types/lite
Low initial deposit and with account trading in cents. They have MT4 and spread from 3 pips. I think with the Lite account they use dealing desk for trades.
fxpro.co.uk/trading/platforms
100 minimum deposit. cTrader and MT4. I believe they use STP / ECN for trades, if I am understanding this right they have the incentive for you to have successful trades. Also FxPro state that have negative balance protection on all live trading platforms.
Can someone please help me decide? I was thinking of opening an account with LiteForex just to practice with some more, a step up from a demo account but still trading very small amounts.
My problem with LiteForex is I really don’t like the sound of the dealing desk, where they have an incentive for you to lose trades. It doesn’t seem right that they have the advantage of knowing your SL/TP infos, etc.
Are their any other brokers that I should be considering?
Really the main thing that I am looking for is MT4 or cTrader. Low spread would be good too, and ofcourse no problems with withdrawals.
For the record I am not gong to start trading with a large sum just yet. I have actually just lost my job so I have a lot of free time which is why I wanted to get started with FX.
I would suggest Exness, they’re easy to work with, although they do have 2 dealing desks account( I use one and it’s not that bad) they do also have an ECN account. Also, there are these bonuses you get the more you trade, which increases your trading capital. I use the fibonacci bonus personally.
Take a look at them, and if you do decide to go with them please use my partner link to sign up so I can score some moolla. https://www.exness.com/a/riransmq
The two broker you mention i heard they are good broker though i havent trade with them but i trade with profiforex And they offer tight spread and good platform. From my experience they are reliable. No problem with withdraws and deposit.
Thank you for the advice. On FPA, it seemed like most of the brokers there had really bad reviews. Thank you for recommending Exness, they do look pretty good. I like the fact they have free VPSs too.
New Zealand. Would it be better to use a broker that is regulated in my native country? To be honest I did try but I couldn’t find any that looked good.
profiforex I see accept Bitcoin for deposit / withdraw. Any other reputable brokers the same? I actually come from a crypto trading (if you can call it that lol!) background, so this is extra convenient for me.
They also seem to have really bad review on FPA. But all the brokers there seem to have a really bad review.
TO ALL WHO WANT TO OPEN AN ACCOUNT - BE CAUTION WITH THIS BROKER. COMBINATION OF LEVERAGED 1: 2000 AND INITIAL DEPOSIT OF 100, 200 EVEN 500 euros or dollars is equivalent to instant loss . Other unpleasant fact is that they sharply raise spreads and so hit your stops when they see that you are successful. And finally the most ugly fact for Exness is that they pay people worldwide ridiculous sums to post good reviews about them. Who did not believe I can send the forms and instructions that must sign and you are obliged to publish only positive posts in local blogs and websites Overall, this broker is a market maker and bucket shop. Folks do not be greedily on this huge leverage. Is certain that you will lose your money. This is know-how and trademark to Exness. While I was with them, and traded I had the feeling that someone constantly following me and put the traps in my way. With this broker not only nubis lose but serious players also. IN OTHER WORDS EXNESS= HUGE SCAM
There is also many review there with only one star…
3 pips on EUR/USD? Seems they’re playing a role of some crazy robbers. On Tickmill I get 0.3-0.4 pip together with 4$ round turn commission, one standard lot position cost me in average 8 bucks. In your case it gonna be 30 greenbacks! Consider transaction costs carefully, the more their size, the more odds are against you!
I also have an account with them . They offer bonuses that you can use in trading with fast execution of trades. Its important to have a good broker because it really help you to make to be successful.
One of the main things that is confusing me now is the deposit and withdrawal methods. I will most likely use credit card to fund my account.
If I choose to do this, it seems like most brokers say they will only let you make withdrawals from the method used to funs the account. Does this mean that they will pay the funds back to the credit card used to fund the account? Is this even possible? Does anyone have experience with this?
What is the best way to deposit / withdraw funds from brokers?
I would suggest Forex Metal Broker. Forex-Metal.com is an independent Forex and CFD market maker with very competitive trading conditions: over 80 forex pairs, gold, oil and CFDs, $0 commission on Forex trading, 1:500 leverage.
I trade with Ironfx, there spreads are good and you can chose the account you want. fix spread and floating spread. The credit card comment you were saying with credit card withdraw i think is true. I deposit with my card and withdraw by card but only as much as i deposit. the rest i need to do with bank wire. Are you trading now or have you stopped?
i trade with liteforex. you can try with them. they have many bonus program . you can invest your money in paam account. they has high rebate systerm. special they have demo contest weekly. you can join in this contest to get more knowledge and experience
Of course you can use your credit card but it’s not recommended for online payments. It is not only about security matters but taxation of this type of income too. You’d better to link your card to payment systems like Skrill or Neteller and use them for top ups/withdrawals. There are limits though on withdrawals, for example I have 5K limit per withdrawal in Hotforex but it’s not a problem because you can easily split withdrawal amount.
Btw, you can check Hotforex too, I’m with them for two years, no issues so far.
Good luck
hello
I think this list may be helpful to you, it is a forex broker list offers metatrader4 as trading platform and cTrader. you can open an account with them may also $ 5 and offers low spreads. top forex brokers
I’m trading with HotForex for a year now and I have no complaint at all. Regarding the best way to deposit / withdraw funds from brokers, I would also suggest to use electronic payment platforms such as Skrill, WebMoney or Neteller instead of directly making deposit/withdrawal with your credit card, in my opinion they seem to be safer.