Do I go to Sunbirdx or Traders-hideout

Broker Discussion Forex Brokers
1

Hi, I’m really new to forex and all of it, I started out by looking around in some companies, and tried their demos to get the feel of it, and I haven’t yet to decide which way to go.

I’m trying Sunbirdx forex, they provide you with metatrader 4, and after signing up and starting my demo they called me internationally from ireland, a nice guy spoken to me, I told him that I’m considering other brokers/platforms, he said ok, but then kept calling me for the next 3 days in a row which raised my suspencious, and then again today he called and told me if I deposit today, he will give me x2 the money I deposite, if I put 500 dollars, it will be $1000 , anyways I told him that I’m going to practice for a month or so, I don’t feel ready, and he said that he recommend me to start because testing on demo will not do me good, because the experience of demo is different from the live, which I agree with, but I wasn’t ready, so I passed for this offer.

The second company is Traders-hideout, I understand that its not popular, but I watched some youtube videos of a guy live trading forex using trader-hideout, then it turned out that its his platform, his website, his company, he says its not broker-driven, but its trader-driven which is supposedly to be a good thing, but I didn’t understand it. and his platform is unique and neat, but what do I know, then he contacted me himself too via the platform, it has some chatting feature, and he is also a nice guy and kept helping me, but he is different from sunbirdx he told me that I don’t need to rush in live, stay in demo for a month or two, get the feel of it.

both parties gave me different advice which confuse me, but I’m not sure which company/platform to go to and use, what do you guys think if you know anything about both companies , please advice.

2

where do you live? i use Dukascopy and have zero complaints, and i’d presume that anyone located within EU would have zero problems opening and funding an account there. fees are very good, too.

i did briefly look at Sunbird since i saw their ad on ForexPros and i have to say i left rather quickly. i’d also COMPLETELY IGNORE any offers to give you a bonus / double your deposit. it’s fake money, it’s fluff, you can’t do anything with it, read the fine-print. the last thing any broker will GIVE you is cold hard real cash. never gonna happen.

no idea about TH.

3

Thank you for the response, I actually live in Asia, specifically in the middle-east, and I think you’re right about Sunbirdx, him keeping calling me from Ireland is rather suspicious in my eyes, it’s like he wants to rush me into this business and I have already told him I wasn’t ready, I’m ruining my demo accounts as I’m learning, and he wants to put me in for real money, hmmmm.

Anyway, I’m leaning toward traders-hideout, his videos are nice, and he uses Action price candlesticks only, which I think the best way to go to learn forex, I want to learn the basic/old school way, before getting into any indicators, his platform is unique and has nice features, I hope you check it out and let me know

4

ok, i took a quick look at TH. um, seems very amateur-hour to me. half of the links are dead. there’s no info on how to open or fund an account or what the spreads/commissions are or even which pairs are available, but there’s a HUGE writeup about the affiliate program. yeah, i’d strongly suggest that you keep looking.

when you say “asia, specifically middle-east”, do you mean that you could open an islamic account? dukascopy has those available. ok, i don’t work for them, but i’m quite impressed and happy with them. the only other broker i actually USED with my real money was QuesTrade but they’re canadian (as am i), so for you Q might be a no-go. i once looked at FXCM (before i opened with Dukascopy) and they were pretty good at the time (just over a year ago). can’t recall if they were US-based or UK-based. but i would recommend that you stick to those which are based in major forex countries, like US, UK, Germany, Switzerland, Japan, etc.

one other thing to look at is - if you’re going to open with a SMALL balance - what are the funding costs going to be, and what are the funding options (cheque, wire, bank transfer, etc)? if you only plan to fund with $500 then Dukascopy might be too expensive to get into since you’d have to wire the money over (you’d likely pay $10 to $50 for the various wire fees at the end of the day). my initial deposit with D was ‘more’, so the wire transfer fees weren’t that big of a hit and one or two medium-size trades basically recovered them.

obv, avoid using a credit card to fund your account unless it’s ONLY for the small initial amount, and then only give yourself the OK to do it if you have the cash to pay off that card anyways (and you’re only using the card because the process is faster/cheaper/simpler).

5

Hello - If you gave Traders Hidout a wide berth then I congratulate you. I have had a big problem with Israeli based Traders Hideout following a request to withdraw money from my account totaling $6,300.00. The request was made in August 2013 and monies remain outstanding in February 2014. They have since made a very belated and outrageous counterclaim amounting to $7,500.00 for 3.75hrs ‘Training Services’ provided on a promotional basis!! This amounts to $2008.00 per hour and is calculated to conveniently encompass my total account + some more. Traders should note that, far from being free,all services they provide, either in terms of data feed, one on one chats, small group facilitation, and any sort of contact with the company can be charged. This is the case even though on the face of it everything they provide is ‘FREE’ and is clearly falsely advertised. Whilst on the face of it, they appear very friendly and supportive even offering one on one chat sessions in the spirit of helping the trader there is a sting in the tail. In effect, monies are locked into the account for a 12 month period and any withdrawal or closure of account can be heavily penalized. The company have an inbuilt discretion within their obscure “terms of Service” link (abbreviated to TOS) to charge any client for “Service Promotions”, which are either free, reduced price or full price. There is no pricing structure on the unfinished website. These service promotions cover a wide gambit as above, and any sort of free training or contact with this company should be viewed with extreme caution. Their Terms of service, even if seen or viewed in the first place, are clearly unlawful under International case law, Israeli Standards Contract Act and Consumer Protection Laws. They also reserve the right to change some very nasty terms of service with or without notice!. In effect there is [B]No Contract, [/B]but that doesn’t seem to affect their ability to retain funds on that basis. The face of Traders Hideout is one Mike Metheral as advertised on You Tube. However, even this is misleading as he is also known as Ori Shloosh from Eilat in Israel. There are many more questions than answers. My full story is related on the forex peace army site under the offending company name (Traders Hideout).

In conclusion, I also welcome communication from members who have had any contact with this company.

Regards
Gron Edwards