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It really all depends on where you live, I can’t say anything for any broker outside of america, but I use forex.com, they have fantastic customer service 24/5 with weekend hours too, the staff are friendly and knowledgable and have never not helped me near instantly, my account took two days to go through and activate, registration took about ten minutes, they offer their own platform that they created that has a much simpler and in my opinion superior interface to mt4, however that platform doesn’t have EA’s and custom indicators, they also offer mt4, they allow online browser trading and the interface they use for it is very simple, the charts are easy to customize on the online browser too, it’s like a much cleaner online mt4
In addition when you sign up they assign you a strategy advisor which you can call or email at any time to ask any forex related questions, even for strategy help! In addition to all that they have low competitive spreads, and near inatant execution, So yeah I have never had any trouble with forex.com
But they do have some cons:
Max leverage 1:50
No multiple take profits
I am leaving in Saudi Arabia and i find forex.com services excellent.
what do you mean by no multiple take profits? Sorry for asking this noob qns… Thanks
Thanks. I looked at forex.com and it looks serious and nice. But the spreads aren’t very low (2-3).
But does it cost something to trade on forex.com? And meta trader looks a bit “too full” for me, I mean the design etc.
And the most important: Do I need a verification for opening an account?
@soulreaction02: No question is not worth asking, I’m happy to help there are a few brokers who offer an EA that allows you to set two orders to take profit, meaning that if you buy 1 standard lot of a currency at 124.478, you can make it so once price hits 124.678 half of your position is closed so you assure yourself profits, and then once price hits 124.878 you close out the rest of your trade most brokers only allow you to take profit at one price other than manual closing out your trades partially
@saydokan: Their spreads are some of the lowest I’ve seen :3 typically my EUR/USD is between 1.5 and 2, and my GBP/JPY is 5 (rarely changes), I actually don’t know of any brokers with consistently lower spreads
All legitimate brokers require some form of identification, some even require proof of address in the form of a bill, but If I remember correctly all I had to give was my SSN and fill out an information form, you will probably also be able to do it by scanning your drivers license and faxing it
And that’s perfect! I hate metatraders layout as well, it’s ugly and old looking with far too many scattered options, it’s like windows 95 looking, but their forextraderpro platform is e trembly sleek and clean, and very easy to navigate and again their online browser trading is very clean as well
Now i understand… thanks a lot… same here for ig markets…
Have to close manually.
Btw how long have you been trading forex???
Yes, but the spread on etoro is for every currency pair 3 spreads. But I saw brokers with minimal spreads like just about under 1 spread :S
I love FXCM! especially their Trade station II, instant executions, no requotes. Especially their close all potitions feature at one time.
Their spead is good for mini account (average 2.2 pips)for most majors pairs.
Hope this help,
@soulreaction02: I have been around commodity trading and real estate investing my entire life, and I know many wealthy forex investors, but as for how long I have actually been learning and trading it has been 6 months, but that should not detract from anything I say for these following reasons:
- Experience does not equal skill or knowledge, If the knowledge being transferred is correct everything else is irrelevant
- I have spent Atleast 6 hours a day for months and months studying charts and analyzing data as well as developing my own market theory
- I have a background in the financial sector
@saydokan: if you could post what brokers you are looking at I might be to help out more but all the legitimate brokers I know have spreads around the numbers I quoted, with etoro you will pay more if you want to use the more popular currencies and less for the normally lower volume currencies because of its fixed spread, and I think they are a broker of questionable ethics, I believe there is a thread about it on this forum
Chances are if you are looking at a legit broker with spreads that low they also charge % commissions on each trade, that method of broker charge is optimal for scalpers but not so much for everyone who Holds trades for more then a few pips profit
So really there is no best broker, you have to pick one to suit your needs although overall I do recommend forex.com I hear oanda and fxcm are extremely good
I think I will also open a account on forex.com.
@saydokan: This is a common misconception, ALL brokers are retail brokers, such as forex.com, Oanda, Etoro, and FXCM, but being a retail broker does not make a broker good or bad, I would explain in detail but i think this short article does a fantastic job
to summarize: All forex brokers are retail, some do offer ECN services (forex.com offers ECN) but they require large deposits and are not recommended for new traders
What makes a retail broker bad is if they use their position as middleman to cheat you, there are various ways the can do this but the most common ways are these:
If they see you lose a lot, and most forex traders do, they will take up the opposite position as you because statistically that will make them money, or if you win a lot they will increase the amount of time it takes for your order to be placed, or give you large slippage etc.
I know for a fact that forex.com does not do any of that as i have used them from a small account all the way up to a nice professional portfolio I think the problem people have with etoro is that they have experienced etoro cheating them in these ways
Isn’t their any really serious retail broker, who doesn’t cheat?
I would try looking at Oanda, I know a lot of people who use it and say great things about it, the only thing you have to watch out for is that although they have lower spreads regularly, you will notice many many times a week, At least a couple times a day, the spread cost shoots up to 10-20 pips, I’m assuming the spreads are jumping up at news announcements
but I wouldn’t know because ya know, forex.com’s spreads aren’t volatile and only change based off of liquidity… (#1 broker woot! :P) aha but I jest…
But remember when you search for a broker
low consistent spreads
Fast reliable execution
No cheating it’s clients
That’s what everyone needs good luck!
But us dealing desk and market maker the same?
@saydokan: dealing desks and market makers are the same thing, I just found this link that has a visual example and definitions of the different types of brokers scroll down past the list of ECN brokers and it’s all there
But you should know, that dealing desks manipulate the price and make you loose!
@saydokan: not ALL dealing desks in fact I would say only the bucket shops do, to be honest I think most hype and bad reviews are by people who are not familiar with how bid and ask prices as well as news volatility work so they blame it on the broker when they get stopped out, miss take profits, or there isn’t liquidity in the market to fill their orders instantly and at a low spread
@saydokan: I’m sorry! I forgot to post the link I was talking about, here it is: take a look
Thanks! Very helpful graphic.
But is etoro a dealing desk? Because their FAQ says, that they are not…