I am pretty new to FX and still reading a lot of books, articles, news on a daily basis including the pips school… I am slowly looking for a broker and came to the conclusion that ECN is probably the way to go…
Problem is, I spend hours going through old posts without any conclusions… (so many options and different brokers)
I read that Dukascopy is really good if you can afford the initial deposits (which i cant…)
I went to their site and noticed that they have a Dukascopy Europe division know that you can start with an initial deposit of $100
Has anyone used the Europe division? (As good as its parent Dukascopy?) Are $20 withdrawal fees the average??
I know you guys get hammered with these questions but I am only posting because I couldn’t find any answers in the flood of threads and topics!!
Thanks guys, appreciate the help! Looking forward to your responses/advice!!
It may take a while for evaluations to show up on the forums - probably, because most would assign the reputation of the parent company to the new branch, as well. And, something else to consider - if you live in the US, it’s not possible to trade with them. According to their faqs, US residents are excluded. They imply that residents of some other countries may also be excluded; but they are not named. So, the safest route would be to ask. And, while waiting, an unfunded demo account would be a good way to begin your evaluation, if they offer it…
Well to be frank i did not use Dukascopy due to the main reason of high initial deposits. And i would always prefer a broker that offer Forex trading with a low initial investment and offer me a Leverage of 1:500
Hi Trasimaco, Because I am not a US resident, I could open a live account with Dukascopy Europe. But, I will not, because the parent company’s policy is to give out account info, when requested - without notification to the trader. If the parent company does not respect the trader’s rights; then, I expect the same behavior from the subsidiary. Protection of my funds is my personal, primary requirement when I evaluate a broker. I do not go any further down my list of requirements, if a broker fails at this level.
I first learned about it over the last year or so, when there were news reports about them giving out account info after agreeing to a government’s simple request. Since then, even the mention of the privacy their country was famous for, seems to have disappeared from their website. Sometimes, silence on a topic speaks much louder than words. And, while some brokers articulate ‘un-privacy’ policies; you will be able to find a few who acknowledge their clients privacy rights. Then, of course, your job would be to satisfy yourself that they actually have structures in place to back up their words and provide real protection to their clients…
Yeah, rather look at other brokers. They seem to really struggle on basics when it comes to sending money back to you. Opening an account is straight forward, but their service back to you are very poor to non existent. Rather look at brokers where you will get your money back, else it really is just monopoly money and trading.
