Dear Seniors,
I have got a few brokers shortlisted, they being:
- fxsolutions
- FXCM
- EToro
Based on your experience, can you please share your thoughts on which one I should go with?
Also, will metatrader 4 be the preferred choice?
Thanks,
Farhan
I’m a newbie myself who hasnt gone live yet but I will very soon. Ive heard some good reviews about oanda and how it offers nano accounts which I think is essential for us newbies to progress in our learning curve. I will personally open a nano account with oanda check them out!
All those are individual choices every trader needs to make. Personally I would not trade with any of them which does not mean you should not. Ask yourself why you short listed them. I trade with Paxforex and have my reasons (such as tight spreads and deep liquidity).
There is a big difference between the ones you mentioned soyou might first want to decide what you are looking for in a broker before deciding which one you will trade with.
ICmarkets is the best broker I can find. I’ve been live with them for a month now. Best spreads of each and every single broker out there.
FXCM is the only broker I can trust from above list. Additionally you can go for Oanda,Hotforex,etc. Please think twice before selecting your broker
Has someone witdraw some money from these brokers??
Oanda is by far one of the worst brokers out there, they have every attribute of a bucket shop yet they are not considered a bucket shop. With news releases all the time you can’t trade with them around these or you will end up paying a 30 pip spread.
I have an account with them, small, but it will be closed soon. They are pure scum if you ask me.
Hi Farhan,
I use tradersway, fxcm and alpari and there’s a reason most traders prefer fxcm, for it’s fairly reliable.
If you are really new with no experience yet, I suggest Etoro with Openbook would be the best match for you. 
I’m with Pepperstone for almost a year now with no issues encountered.
If you are a US resident then your choices maybe limited.
May I ask you, what in the world is your reason for going to Etoro? What did you see in Etoro that stands out?
Cheers,
FxTurtle
Try Dukascopy or Oanda FXCm is to expencive, Dukascopy is cheapest depending of tradingstyle take the cheapest broker …
If he live in the US then is not going to be able to use Dukascopy
Dukascopy is extreeeeeeeemly expensive. Their fees are outrageous.
Those are popular broker and a lot of trader have withdrawn from them. Don’t worry.
Understanding basic mathematics is a prerequisite to engage in trading …
Dukascopy is often considerably cheaper than other brokers …
If you control how much you pay to the broker every year ,you’d be surprised how much it represents in relation to the sum you trade with …
Dukascopy takes a commission on each trade plus spread.
Depending on the size of your wallet amount …
with the 5k and lower this account represents approximately 0.7 commission per trade plus
Spread between 01-04 pips
Of course, an introduction IB on your commission so you get 40% off your commission …
This means that each trader for a beginner cost about 0.42 in commission plus spread …
At the moment is the spread of 0.2 plus commission 0,42 = 0.62 pips per trade
Do you have some money in your trading account and trade the math will be even more beneficial in my case my commission of 0.36 minus discount 40 % = 0,216 pips plus spread 0.2 pips spread = 0.416 total sum for a trade …
In other words, you are well below what many other brokers can offer …
Homework to find out how much you will pay in spread over a year , what represents the percentage compared to your trading account ,
How much will you save if you use Dukaskopy …
I pay a commission of $5.5/lot and my spreads are between negative -0.3 and 0.1 at IC Markets. Also Dukascopy has tiered commissions. You only get lower commissions when you trade a lot or have a large account.
More importantly, you need to chose a broker that suits your trading strategy (news, scalping, hedging, etc.)
All brokers deal with real account , It is your choice whose offers attract you or you ae satisfied with their dealing after doing work with them. I will suggest to join 2 or three good and reliable brokers after it see what is best for you . Your money will also divide , You will be safe from high risks at a time.
Hi Torulf,
It’s important when comparing spreads between brokers to keep in mind what execution model is being used and which brokers charge commissions on top of their spreads (noted with an asterisk in the table below). For example, FXCM offers clients the choice between two types of forex execution: No Dealing Desk (NDD) and Dealing Desk. While we believe that NDD execution provides the best all-around trading experience, we also offer dealing desk execution as an option for traders whose primary concern is low spreads.
Above is a snapshot I took from a table showing the live spreads from brokers regulated in the UK, and as you can see, our dealing desk spreads compare favorably with other brokers on the same execution model that also don’t charge commissions on top of their spreads.
It’s also worth noting that while spreads are important, they are just one factor out of many to consider when choosing a broker along with 24 hour customer support, trading platforms offered, education, resources, and the safety of your funds. It’s because of our strength in all these areas as one of the few retail forex brokers that is a publicly-traded company (NYSE ticker: FXCM) that traders have entrusted us with $1.264 billion in client funds.
Jason
Hi Jason. You take up some important factors when selecting a broker …
Safety of funds, I suppose Switzerland and Uk has good conditions.
Price is an important factor …
FXCM is a very expensive option … In fact, the price difference FXCM offers often a difference between being profitable and loss …
Jason you underestimate the intelligence of babypips members when you present one price list the exact moment where FXCM’s cheaper than Oanda while 90% of the time Oanda cheaper than FXCM (EUR / USD).
Brokers that offer cheap Spreads like to sell it on their website the cheaper the more focused and easier you will find live price …
- ON FXCM, you can not find live spread only average price and you have to look far and lonfg to find that pages … …
Dukascopy the first thing you see when you open their webpage. PRICE-PRICE and PRICE
When you compare Dukascopy spread with Oanda and Fxcm add 0,42 to the spread then you have total price .
