Hello everyone, please advise me here which broker is good between jp markets and exness? anyone’s opinion is welcome please.
You would have to tell me what your priorities are.
Which platform do you want to use, MT4 (on its way out) or MT5, cTrade? Do you prefer tight spreads but higher commission or lower commission but wider spreads? Want a market maker B-booker or STP/ECN type broker.
Do you think you will be doing algorithmic trading/coding?
Which instruments will you be trading? Just forex or do you need a broker with stock/commodities CFD? Maybe you want to trade metals with the best spread.
How about withdrawal policies and minimum deposits.
How much leverage do you want to use/your account goals.
Are you muslim? Maybe you need one that is swap free.
Need more details because you will have different priorities than other traders.
Search for topic # Forex Broker Types: Dealing Desk and No Dealing Desk
Good writeup in BabyPips to consider which type of broker you prefer before you start considering for a broker.
Could you help me?
Answering your questions:
Tighter spreads are a higher priority to low commission
Not sure Which type of broker tbh
Forex + BTC, maybe gold
Minimum Deposit $100
Extremely Low Leverage, I dont mind if its as low as 1:3
A muslim friendly broker would be great but if you could also provide a better alternative, id look into both
Thank You so Much
An important consider I forgot to ask is, what country are you a resident in? Anyway:
Pepperstone has razor islamic account which has super tight spreads; however, a good broker with minimum $100 deposit is a stretch. Pepperstone , I believe, requires $200.
As far as leverage, you can choose what leverage you want. They are heavily regulated by ASIC and I believe the UK branch, by FCA.
The closest and slightly better broker that I found and traded with is Darwinex ($500 euro minimum) and since you don’t mind low leverage, they fit the bill. Withdrawals are expensive there, though.
Just make sure your country allows you to sign up with theses brokers. Sometime ago I was thinking of moving to New Zealand but at the time they were restricting residents to go with NZ based brokers only.
Third option is FXPig–I did not sign up with them because by that time, I already moved to MT5.
With regard to trading Bitcoin, the swaps are very expensive so I think you’re better off trading those on a crypto broker. Besides, you will be able to trade Bitcoin against other currencies and not have to worry about USD correlation if say, you have positions in EURUSD, AUDUSD…
Hope that points you in the right direction. Always try demo before signing up.
I am looking at Pepperstone and Darwinex, whats the advantages and disadvantages of each would you say. Having a higher minimum deposit isn’t really a large issue, but expensive withdrawals is.
Really appreciating the time you are taking to help.
I had the opportunity to have both but I just moved all my money to Pepperstone. Both have incredible infrastructure but:
-Darwinex has a side project which is really their priority (just my opinion)
-Darwinex is powered by LMAX after FXCM had issues–that means they can change their prime and you will be stuck with whomever they choose
-LMAX–you can sign up with them directly and skip Darwinex but you need a lot of money to open an account
-Darwinex withdrawals sucked for me
-Darwinex sometimes has support personnel who are not fluent in English
Talking to some staff on their forum, they seem really arrogant
-It’s easy for me to create multi-currency accounts with Pepperstone–also you have many currency options.
At times I encounter very short/snappy support from Pepperstone but one call or email to the account manager and someone is getting punished. One time I got a gift basket, lol.
I suggest you open a demo with both as they are very identical. When I traded live with both and in terms of execution, sometimes Pepperstone had the upper hand and sometimes Darwinex had the upper hand.
Disclaimer: I am using Pepperstone Australia, not the UK one.
Thanks for asking, you gave me an idea on what I can blog about in the future. I think people will benefit from indepth live account testing/review of all brokers out there because there are just things you will never know until you trade live.
One last note: Stay away from FXCM. Smaller brokers are also very scary as some of them are under funded.
One more thing-- I haven’t checked today but last I checked, Darwinex does not believe in allowing islamic accounts because it’s discriminatory to non muslims.
Absolutely beautiful breakdown, much appreciation for giving me a thorough breakdown.
Two last questions:
Why stay away from FXCM?
What do you think about hotforex and fusion markets as compared to pepperstone?
FXCM is a market maker that nearly went bust during SNB flash crash since they did not manage their risk. Leucadia rescued them. Next, the company was later expelled from operating in the U.S. for being dodgy.
Honestly have not opened a live account with the other brokers you mentioned but when you see that many reviews mention requotes and withdrawal issues you best steer clear.
Also look into Dukascopy although they do not use Mt4 or 5.
Appreciate the help and wish you well
i do you think about IC markets as compared to Peperstone ,their withdrawal policies