Your criteria for selecting a broker are almost irrelevant for a new trader. They wonât make any difference to whether you make a little money, a lot of money or lose all your money. They wonât protect you from scams.
Look for a large, long-established broker who is registered with a strict regulator.
Try turnkey forex! i am using them for a year now, they have superb execution speed plus tight spreads specially on majors.
I use Forexchief broker that offers very fast Execution and Lowest spreads. They provide free $100 bonus without deposit and verification. They also provide bonuses anytime you deposit money. Another advantage is that withdrawing money is very fast.
The broker you use is Vanuatu based. I would not recommend them to my worst enemy.
Hotforex Am Currently Using Them
Last reply to this topic was 26/04. Why is it showing up under my âLatestâ tab today?
Check
The HotForex âVirtual to Realâ DEMO Contest - demo to live contest, prize up to 1K tradeable on live account.
$30 Welcome Account | Tickmill - free 30$ to start trading, 5 lots to trade to unlock withdrawal.
These are the best I used so far.
Your intention, I guess youâre scalping?
so, I see www.icmarkets.com is the lowest spread and the speed depends on your device as well
Other brokers have:
www.octafx.com, recommend choosing Ctrader account.
www.fxpro.com, recommend choosing an mt5 or Ctrader account
www.hotforex.com, recommend zero account
www.forex4you.com, recommend pro stp account
How long have you been trading with Hotforex and ICmarkets? Can you please share your experience with us?
I just compared the ECN accounts of these 2 brokers. when I scalping on Hotfoex is not as good as IC. sometimes, they will also warn if the customer is affecting the public interest, so that is right for me.
What do you mean by âaffecting public interestâ? Did you limit your trading somehow?
For example, you place orders continuously but those orders are difficult to match.
and I used to describe that here In search of the Best Broker to start Forex trade
I donât know whether you find your broker or not but in case you havenât fount it yet, this post might help you.
Thatâs interesting to see someone looking for a broker with fast execution speed because I recently wrote a post for my blog about the best brokers for scalping and for that post I did a study to find them.
Iâll explain the process for you so you can test brokers based on that and it may help you to find the broke you want.
Alternatively, you can read the following post on the blog on which I found the top 20.
https://offbeatforex.com/best-forex-brokers-for-scalping/
Itâs an unbiased study without any inclination towards any brokers or vouching for them incorrectly as you see many websites do throughout the internet without doing a comprehensive study, or even sometimes a shallow one, because they just want the money the brokers give them.
Anyway, for doing that, I didnât even use the brokersâ websites. My primary source was an unbiased site, myfxbook, and I just doubled-checked with the websites of the brokers.
First I found the brokers on myfxbook by sorting them based on the spreads and commission. After founding the initial 20+ brokers, I contacted the brokers one by one to see if they accept scalping.
Some do and some donât and a few didnât have standard customer service so I cross out all the ones that have some of those problems.
I even checked the reputation of the brokers all over the net to see any critical situation. I say critical because there are sites like FPA set up as a goodwill gesture to help traders but sometimes you see meaningless snagging.
For example, a person doesnât know about slippage and sees his/her first spike on the chart and of course hitting sl so they angrily write a bad review and give the broker a one start.
We donât normally admire brokers but we definitely lodge a complaint and start our defamatory campaign against them if something goes south for us.
Anyway, I also checked them based on their regulations as well and chose the ones that are regulated by at least one important regulatory body, not any regulators.
For testing order execution speed I use two EAs.
One calculates the speed of limit orders by placing several limit/stop orders and calculating the time between the sending orders and receiving the answers, or filling the orders.
This is the EA and you can test it by yourself.
ExTest ForExpat.ex4 (10.4 KB)
Your server has latency to the servers of the brokers because the servers are located in different places so for knowing the real speed you have to eliminate this extra time from the results of the EA.
You can do that with finding the ping you are getting and then subtract it from the results of the EA.
You can do this using two ways:
Open Metatrader and go file â open an account and see the ping
Or alternatively, after login to your account on Metatrader find the ping from the right corner at the bottom of the MT4 by clicking on the âconnection statusâ.
The other EA that I used for testing uses market orders to calculate the execution speed so you can figure out how well the performance of the broker is in terms of instant orders at market price.
Broker Latency Tester with Market Order v3.ex4 (10.3 KB)
Be careful to use this EA on live accounts because unlike the first EA, this one opens positions at market price so youâll lose money if you run it on your live account.
Since thereâs a difference between brokersâ demo and live accounts and they normally donât transfer the orders of demo accounts to their liquidity providers and fill them internally, you see a clean chart without slippage or requotes and faster execution speed.
Based on my experience, you can add something between one and a half to 2 times to the results you get from demo accounts.
Ok, I think I wrote too much and I have to check my charts. Iâll write a post about your other question about bonuses which I did another study on some brokers for that.
I hope you find this post useful and find the right broker for yourself.
by the way, you can watch this video overviewing the 20 brokers and their results of the test if you donât feel like reading a long-winded post:grin:
Hi, thereâs another one called AETOS. They have ASIC and FCA licensed. They are STP based broker which doesnât charge commission and spread for EURUSD is 0.7 pips. They also have welcome bonus which is the legit one, not manipulative. If you wanna get it set up, let me know. I have a friend who works there and he can help you. Good luck !
Beware IFC Markets broker is a Scammer! ⌠Keep away from them ⌠They only look at how to steal your money! ⌠Keep away!
ICMarkets are pretty decent
Well, to be honest, I donât like bonuses or promotions. But if youâre into that sort of thing, then you might want to try out AssetsFX. Since they will meet your criteria regarding the aspects that youâve outlined in the thread.
Turnkey forex can be a good option, currently trading with them.
Execution speed of demo is misleading because there is no liquidity involved and due to this you may wrongly conclude that your broker offers excellent trading conditions. Also execution speed depends not only on connection but also order queue. Due to FIFO rule if there are lots of orders to be filled execution time may increase significantly and sometimes it is not a broker fault.
