Hello, new to this and learned most of what I know from baby pips, I haven’t contributed at all but was learning since before this nice revamp.
I’ve been using demo accounts for a long time now, have set a realistic expectation (1 and 2% instead of overnight success I had in my head when I first started learning).
I’ve gone over a lot of different brokers such as xtb, etoro, city index, lcg, oanda, pepperstone , fxPro and forex com and was fairly satisfied with some of the services I saw.
Then came the reviews…Nearly all of them either had a privacy concern (people calling) , people saying stop losses and money disappear and that they can’t even get there money back out.
I’m still a beginner and haven’t used any of these lives services so its hard to have a personal opinion but this is majorly disheartening. So many people saying the same things…
I was considering City index or XTB until I read the reviews, 7 hours later still no closer to an answer.
I know people will say do your research and there is never enough research, but please understand there is A LOT of opinions and a lot of brokers. I’ve seen ETX and FXCM mentioned in a few posts.
Can anyone recommend a broker that have a good general track record & withdrawal process. Researched Options: XTB, City Index, LCG, Forex com, fxpro , saxo bank, Oanda.IG(I dont qualify for SB)
Any help is appreciated, and sorry about the long post, people say you should just start stuff but I’m not so sure with this one, I defo need advice. Thank you.
Thanks for the suggestion man, I hadn’t looked at hotforex but I have seen it mentioned in these forums a few times . Will definitely look the options you gave me ty. I’m based in the UK, do you have any experience with XTB or city index? thanks again.
One way of trying out how good a broker is to just straight up open an account with them. Could be a demo or even a micro account for real time access to the markets. Even hotforex I suppose offers micro account where minimum deposit required is $5.
Yeah micro accounts are the right way of looking at the broker conditions. You will come to know in real about the order execution, platform interface, spreads and other costs involved in trading with the broker. Impossible to know all this through demo or reviews.
I can tell you that Forex.com, FXPro, Oanda, and Saxo have been around for 10+ years each. Forex.com owns City Index, or are virtually the same company.
I’ve only ever used Forex.com and Oanda, but in the US, but I’ve been happy with them.
Take it a step further, open up a demo account, test out their platforms, see what you like, don’t like and go from there. You could even demo multiple brokers at the same time, with the same trades (if you’re not scalping) and see how they all play out.
I have actually used xtb before and I don’t think you will have a problem going with this broker. However being in the UK your leverage will be restricted to 30x with them. They do offer 500x leverage but that’s only for non UK residents. For higher leverage you can look at turnkey forex. Besides 500x leverage, they offer tight spreads, can expect 0.2 pips on major currency pairs. Withdrawals are fast too.
Just as you mentioned, there can never be enough research and most of the traders have different trading experience with various brokers, but is also depends upon their strategies and market conditions at that time. Currently, I am using Oanda, IC Markets and Coinexx. Although two of them are not in your list but I am using them and they are working really well for me, in terms of trade executions, spreads, commission and fund transfers too. You can check them out and give them a shot if they appeal to you.
The ones you mentioned are also great however I don’t experience with them. Check their execution speed it shouldn’t exceed 300-500 ms if you are going to trade using scalping.
Reviews are the opinions of different people based on their experiences, people can have good and bad experiences with the same broker and it would depend upon their trading strategies and market conditions. You should always scribble with the demo account , atleast for a week before going ahead with live.
Trading experience across brokers varies widely. However, we take pride in the services that we offer. We’re proud to be as transparent as possible – for example,see our execution scorecard using the following link:
One of the best ways to determine which broker and platform is best for you is to open a demo account. We offer demo accounts for clients who want to test their strategies and our services risk-free. You would have the opportunity to use our platforms and learn how to trade with over 80 different currency pairs and other asset classes. Please see the following link to learn more about how to open a demo account:
That will only get you so far. You definitely need some real money trades to gauge how the broker performs. This is especially true for smaller, less well known brokers.