Hi everyone. My name is Andy and I live in Czech Republic. I’m still new in the forex trading field. Only did some stock trading when studying in the university. Now I’m looking for a “suitable” broker to start my forex trading life in Prague and also find a best way to deposit/withdrawal money. I opened a demo account at fxcm but the spreads is higher than what they wrote on the website. Kinda confusing me :o
I’ll need to trade gold, min leverage 1:400 and prefer no withdrawal fee. Spreads is not so important for me.
Does anyone can recommend me a broker?
I bet you might be shaking your head after reading about FXCM, but I guess you might be happier that you just operated on demo not real. Anyhow, I believe its common practice for broker to look greater from outside then how they are, but I guess you might be confused with it because they might have listed LOWEST point, but I don’t know as I haven’t checked the site. Anyway, as per recommendation, I am with OctaFX, so check it.
Hi Andy,
I don’t recommend big brokers as they have wider spread and SWAP than their advertisement. Wide spread during news does matter.
Be careful: FXCM got fine by 7 million dollars this week. and their NASDAQ share price trading at $2.90 from $7.80 this week! Just imagine once they were traded $200! I don’t suggest to invest at FXCM . They were almost bankrupted at the time of 2015 CHF floor crash! And now they are having the last nail in the confine.
Choose a broker which is highly regulated by multiple renown regulators, lower spread, less slippage, and have single account type. Brokers with verity of account is not focused enough to satisfy you.
I am trading with Hanseatic Broker. who offer 1:200 Max.
A reminder Most regulators got united against higher leverage and they proposed Max leverage 1:50 ! I don’t recommend to get more than :100
Agnes35, I will be honest that some of the things you said went over my head. Anyhow, it’s fair to say FXCM is not really on the last leg and I find it amusing that they still try to defend themselves. As per not recommending big broker is hard to enter, I mean it’s not about BIG broker, it’s RELIABLE broker and I am very sorry but you can’t guess things in Forex it got to be judged separately because every company is different from one another. I really have no clue about Hanseatic Broker. In fact, it’s only you who have been talking about it since you joined up, but looks a new company to me. I would hate low leverage; I operate at 1.500 under Octafx and feel satisfied enough.
Trading with a broker who is falling is not a good idea as you know IronFX had same problem and they are not processing any withdrawals (they are showing off an investigation reason), I still don’t suggest FXCM to new traders for now, give them some time (may be 6 months or more to see how they handle), I have no reason to hate them even, My 2nd account was with them.
A friend from Germany recommend me to open account with Hanseatic as I mostly trade cFD and they have vast collections of cFDs. I am not sure what did you mean by my ‘joined up’, their social platform is pretty famous.
My trading style don’t require more than 1:10 so, opening an account with 1:100 is more than enough for me. I am against high leverage because most trader (71% retail trader lose money using high leverage) and by the way, It’s a FXCM survey report.