Hi all
I am currently reading about forex trading and will soon want to move on to using a demo account to get to grips with trading before risking my actual money.
I have £1000 to trade with which I realise is probably small for many traders but its what I can afford.
I am UK based and I would like advice on which broker to use. I am happy to do research on any suggestions and answer any questions to give you any more info which will allow you to advise me.
Thanks
In forex there are lots brokers to choose from but you have to choose wisely. I for one trade with profiforex they good you can do a background check on them to see if they will suit you.
A few month ago I started trading too. I was suggested a few companiess and did what the people suggested. I spoke with the companies on their live chat. I now trade with a live account with ironfx because they promised to guide me in learning more and gave me an account manager who was contacted me all the time if i needed him. You need to go on websites of companiies and ask them questions. speak with them and see which one you prefer.
You are smart to start with a demo account, as most new traders blow up their first account and you don;t want to do that with real money. The issue is that most demo accounts expire after 30 days or so, and then you are forced to trade with live money.
However, Oanda and ThinkForex both have demo accounts that don’t expire. So you can take as long as you want to practice and establish a profitable trading record BEFORE risking real money. Patience is key here, don’t start trading real money until your demo account is consistently profitable. And be ready to face the fact that you may never get to that point.
Good Luck.
Have you already determined with the type of trading analysis you’ll examine markets with? For example some brokers don’t suit news traders because their LP (or they deliberately) can’t handle such high volatility providing charts with abnormally high spreads, slippage or market gaps making news trading impossible. Other brokers lack technical features or type of platforms traders need (for example you prefer Trading station instead of MT4), etc. But as a newbie you can try different brokers with different trading platforms because to find best that suit you.
Currently I trade with Hotforex heard they got a torrent of traders from damaged Alpari UK so I think you can start testing waters there. But don’t waste your time work on several platforms to cut time on demo testing and switch to real trading as soon as it’s possible.
Good luck