Choosing a Broker

Looking to get started in FOREX. I intend to start with a demo account and then move to a live account once I feel comfortable with my understanding of the market and my pairs.

I am having trouble figuring out which broker I should use since there are different types of charges/fees that can be charged. Not exactly sure how the spread fees is calculated, the fees charged for holding a position overnight, etc. I am looking for some advice for the best broker that does not have high fees and is good for a person who does not intend too often since I also have a 9-5.

Thanks in advance.

There are many good and bad brokers available in the market. Always do some research before start to choose a good , trusted and regulated broker. You can check and read reviews about different broker on the internet at different reviews sites and forums.

Hello! :blush: I hope you don’t mind me asking but, which country are you from? :open_mouth: It might be helpful for members to know since some brokers only cater to particular countries. :blush:

It is not much of a stretch. I use Forexchief and I am comfortable with the swaps and spreads. Open a demo and see it. You get exactly what you see on the demo, but be aware that market conditions are different.

A spread is the difference between the buying and selling price of a currency pair. Brokers like Fxview and IBKR have various calculators that enable calculation of spread. Makes it easy on the new traders. Fxview has third party tie-ups with financial advisors which again can be quite resourceful for newbies. They are low commission brokers and offer after-hours trading, something that can be useful to you.

Their spreads are same on the demo account. I’ve noticed that a while back.

Always prefer the trading style and strategy that can help you determine the best broker for you. You must know how to distinguish between your various trading styles, trading frequency, and execute the trades based on different timeframes. Once you are well-aware of the basics, you can choose from any broker such as Hotforex, XTB, XM, Oanda or Coinexx.

The broker has a similar set of menu to options and that includes- stock, options, Forex, funds, bonds, indices, and commodities. Keeping what you need, and what you are looking in mind- try to evaluate the brokers before investing in one. You evaluate them based on factors like commissions, deposits, account fees, technical tools, and more. Also, there are many brokers you join your hands with and they are Turnkey forex, IG, IC Markets, and FXCM - try them by creating a demo account and feel the difference.

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Choosing a broker is not an easy task for any trader. Because there are so many brokers in this huge market. Some are good and some are fake or scam. So, you should research the market properly before choosing the best broker for you.

Nice list I would also add Tickmill, Hotforex and IB in it. Tried almost of all of them and I can say they all offer excellent services and value clients.

I’m a beginner in trading and read several reviews on different brokers like FxPRO, AAFX trading, FP Markets etc…, looking for a broker with lower spreads and leverage Up-to 500:1, Any recommendation and reviews on which broker would be suitable ?

I’m new to FX trading and have been trading in Demo for the last few months now. Want to get started live, ideally with a low opening balance of like $100 or 200$. Main criteria is low spreads, any suggestions?

Hi Kennith12, You can consider FP Markets. They have some of the lowest spreads in most of the major pairs, they are a ECN broker. Their minimum deposit is $100.

I have been using Forexchief.com myself. They charge low spread and you have to make a low minimum deposit of $100 only. You can check out their demo and see if you are comfortable with them before deciding on moving to a live account.

Hi Donovan.R, I currently Trade with FP Markets as they have the best trading conditions (ECN Model), had also considered fxpro, but their spreads are extremely expensive compared to FP Markets.

If you Trade under FP Markets ASIC entity you can get leverage of up-to 1:500 (But i think this depends on which country you are based in) best to check with their support

I live in the US so i think alot of the suggested brokers in this forum wont really work.

How has your experience been with FP Markets spreads?

I can see that they have mentioned in their website "Data acquired from our server shows our EURUSD spread to be 0.0 pips on average 67.60% of the time from 01-06-2020 to 30-06-2020 (available for our RAW Spread trading accounts only)

During News/events or high volatile market movements, how wide do the spreads go?

Finding a broker could be really confusing; but besides low charges, tight spreads you should also give importance to broker’s regulation. There are some good names around which you can give a try like pepperstone, ICM, fxview, hotforex. Check demo for few days before going live.

I believe since I live in the US I cannot trade on pepperstone or ICM

Ahh I see. We live in different continents, it seems you can’t even use hotforex, fxview as well I guess. How about Oanda, TD Ameritrade? I’ve been hearing good things about them, but I don’t have an ac with them.