Choosing broker

hello guys, i have a question, casue i’ve been searching “google” all day and for every interesting forex platform i’ve read i have also found reviews or opinions that are not so promising. so i’m asking u guys which broker is reliable. in the future i would like to make a deposit of 1000$, 200 leverage but 100 would not be bad also. But the only thing i want is this broker not to be some sort of scam, that is reliable on withdrawal and do not cheat customers.

I suggest first you look at the choosing broker thread in this section (i cant post links yet lol)
Generally, the big brokers, like fxcm, fxdd etc are not scam. I would say to choose an NFA or FSA regulated broker. And if you have good knowledge of the forex market and you know how to trade, then you have nothing to fear :wink:

You can look for brokers which are registered at NFA or CISC, I prefer brokers with CISC because they allow hedging & high leverages. I’m personally dealing with Wall Street Brokers and im very comfort with them.

hey dude,

my suggestion would be to check out fxopen. takes a couple of minutes to open a live account with them, so no harm in trying it out. i personally really like them.

Oanda is really great especially for small accounts: you have tiny spread like the pros (< 1 pip on USD) whereas with other brokers you have 2-4 pips spread which don’t allow scalping.

Unfortunately oanda doesn’t support Metatrader but their platform is good. They have a nice iphone app which I mostly use for opening and closing order much more conveniently than using the desktop version. I use the desktop version for monitoring the chart only.

What do you mean by “Wall Street Brokers” ? If you mean Brokers like Interactive Brokers they won’t generally accept account of 1000$ only.

If you have 1000$ go with Oanda.

i’m trying out a demo with interbank using mt4.
i placed my s/l at 1.28140 and at the time, high is 1.28121, but then my order was closed.
does that mean their spread is 19 pips?
this is on eurusd.
any help to clarify is good.

I have no specific recommendations, but i will tell you some things i look for in a good broker:

  1. Small spread: 3 or 4 pips on the major pairs, no more than 6 pips on any pair. this is not that important if you are making less than 20 trades a month. but watch out!!! all those little pips add up!

  2. Guaranteed stops: make sure if your stop gets jumped in a fast move, make sure the brokerage will honor the stop. this could cause serious damage to your account! i once lost 20% of my account because of a missed stop.

  3. No erratic ticks: for instance, in the opening of the monday market, some brokers will throw out a tick that is way out of line with the major market data suppliers. they do this to trigger stops and put more money in their pocket. you can tell if a broker throws erratic ticks simply by looking at the data after weekend breaks and comparing it to some other sources.

  4. Customer service: call them up and ask a random question. do they act like pompous bastards?

  5. Aftermarket support: if you need to use any trade automation software, you will want to make sure it works with your brokers trading software.

  6. Comfortable interface: make sure you like using thier trading software. they are not all created equal.

Of course if you are just starting out you will want someone who has a low minimum initial deposit.

I have been with fxopen for about 4 months now. I have traded live for about 2 months. I decided that I wanted to change to a more local broker in the UK and when I went to withdraw my money (approx only $600) they gave me the complete run around. They made me withdraw in 3 individual transactions sending me from one withdrawal system to another. In all they took approx. $100 from my overall account. Also, as soon as you begin to follow the system of withdrawing money, their reponse time goes to zero. I sent 3 emails directly to them with no reply received. My advice, avoid FXOPEN at all costs.

And as someone who got burnt once, make sure you go to a regulated broker at the very least.

what doy think abouy alpari UK or alpari RU?

Firstly I’d like to say that I am new at this, so make sure to have a good look into any company you arre considering to use.

However, the two companies that I had narrowed it down to were Alpari UK and Activtrades UK. Both have offices in the UK, both are registereed with the FSA, both keep your money in segregated accounts and are prohibited to use it themselves, both bank with Barkeys. In the end I went with Avtivtrades for no particular obvious reason. Just a decision, it was going to be one or the other.

So far so good, but I have only just switched over for about a month now. And I haven’t tried to withdraw any money yet. FXopen worked beatifully for me until I decided that I wanted to withdraw money, only then did things go extremely bad! Until I try to withdraw money from Activtrades I can’t say for sure that I am completely happy with them.

The only difference this time is, I did as much of a background check as I could. I have talked with two different representatives already and was happy with what they said.

So until I go profitable again and try to withdraw some money, I can’t say for sure, but I hope this helps in your own decision…

There are more experienced traders out there that will have some good advice. I just wanted to post my previous remark about how bad FXopen are because this site has provided me with some excellent learning, I felt I should give someting back. Initially FXopen appear like a very professional company, and their site seems excellent, and it is on the surface. But deep down, it most certainly isin’t.

Good look with choosing, hope you have better luck than I had to start with…

look there’s always gonna be scare stories about every broker, but i have been pleasantly surprised and impressed with fxopen.

When it comes to choosing a stock broker, customer satisfaction surveys and broker rating guides
have their limits. What really matters is whether you’ve found the right brokerage for your needs.
Who cares if all the millionaires rave about their top-drawer treatment if you can’t get your broker to return
calls and your account is being wiped out by excessive commissions?

Before you launch your quest for the best brokerage, ask yourself the following four questions:
• How much do I have to invest? The more you have, the more options you’ll have. Unfortunately, some discount brokers that used to cater to the little guy now soak him with fees.
• What kind of investments do I want? Every brokerage will give you access to the most commonly traded stocks, but you won’t necessarily have access to thinly traded issues or every mutual fund on the planet. If you want access to most hot IPOs, you may need to use a full-service broker, even if you’re otherwise a do-it-yourselfer.

• How often will I trade? Many brokers link commissions and account fees to trading frequency.
• How much help do I need? Even discount brokers offer advice these days, but the more handholding you need, the more you’re likely to choose a full-service broker.

Which type of investor are you?
Click the link below that best describes your situation.
• The (really) small investor: You’re just starting out and have less than $5,000 to invest but would like to put what you have to work in the market.
• The buy-and-hold investor: Your life is too busy to hassle with investments all day long – you either stick mostly to mutual funds or have a portfolio of stocks that doesn’t change much day to day.
• The active trader: You trade in and out of investments all day long, or at least several times a month. You’re always looking for an edge that allows you to squeeze extra profit from every transaction.
• The handheld investor: No, I don’t mean a Palm or a Pocket PC user. You’re someone who wants help through the investing maze.
• The big wheel: You need help – whether you know it or not. Your investable assets are somewhere between $500,000 and $5 million

Just to be clear, I am an active trader with about $30k invested in forex.
I use automated software with an FXCM (UK) account. Using the cooltrade software and the UK account I can do LIFO, (Last-In, First-Out) trading. That allows me to take profits as I make them.

Whereas, with a US account you are forced to sell the positions as FIFO (first-in, first-out) which many times meaning having to sell positions at a loss.

I would suggest you to go for Interactive Brokers (IB), my traders (ForexAtom) deal with them, they are very good. :slight_smile:

Good Luck

Can’t speak for Interactive Brokers, but I do recommend FXOpen.

Fxopen and FXCM are my recommendations. Unless you wanna go offshore, in case forget FXCM.

Thanks for your answer.
Which could be the advantage about going offshore ?


Hello, Dustinb, May i know what u means by gaurantee (2). it’s means we place stop lost/profit limit. it will sure stop at exact point?
or we place order time (open trade/close the trade)?
if yes. i dont think broker will gaurantee abt this. especially have big news time. the movement very fast.
anyway. u dont mind to share few broker that gaurantee abt this?

Well, I use Wall Stret Brokers and I recommend it for all

That’s why I trade with them !

  • Tight Spreads
  • Variety of Products
  • Hedging Capability
  • Low Margin Requirements
  • No SWAP or Hidden Fees
  • Superior Trading Software
  • No Dealing Desk
  • Multi-lingual Support
  • Partnership Programs
  • Client Services