I just finished Babypips School and looking to open a demo account with a broker I would consider using with my live account to get used to their charting. However, I only plan on starting my live account with $5,000; therefore, considering a micro account. My choices for a broker with a micro account are much more limited than if I opened a mini account with higher leverage. I also plan on daytrading if that is any help.
Any suggestions out there on a broker you are comfortable with in situation?
Start your live account with 500.00 - not 5k. Trust me. If you can double your account from 500 to 1000 trading 1 mini lot, then you can add some more money. Until then, you’ve got no reason to put more money into it. Worst case you lose 500 not 5000, best case, you can always add more account size as your success proves itself.
100:1 leverage is fine.
I use EFX. Best forex broker i’ve ever used. HIGHLY recommended. 400.00 account miniumum… great fills, spreads, and they are a true ECN so there is no stop hunting, etc…