This is my first time posting, so first i’d like to thank everybody who worked on making this site as wonderful as it is. I can’t tell you how glad i am that i finally found a source for a decent, unbiased introduction to the Forex world (namely, the school of pipsology :)).
Now i want to try a demo account, followed by a micro account (to get my feet wet) at a broker of my choice (which is quite hart to find :rolleyes:). So I’d like to ask if anyone already gathered experience with FXCMMICRO and FXCM, preferably someone who is doing business with them for several months at least. I really don’t want my first real Forex experience be about stop hunts, unfilled orders and massive slippage.
I also took a lot of time to study the reviews on the forex peace army page, it turned out they’re just not as helpful as i hoped they would be. Lots of people seem to write real enthusiastic reviews just a day or two after signing up with a broker, while others seem to just randomly 5 or 0 -star it. At least the Reviews about Windsorbrokers were an entertaining read, as the company itself kept spamming the reviews and tried giving themselves high ratings all the time.
Good luck with all your trading ambitions and stick to it, it’s not easy.
Is there a reason you’ve looked at FXCM in specific to start out? I’ll tell you off the bat, you’ll never really find out how a broker is UNLESS you start trading live with them. Or get honest reviews from people. Personally my first live account was with IBFX and I was more than satisfied, I’m only considering a switch to Oanda because I need lower spreads.
Have you gone through the babypips school? Worth a read if you haven’t.
FXCM is not my broker of choice. They play games to cause your account to hit the margin limits. I once saw the spread on audusd over 100 pips during a news release to bust accounts and prevent trades.
Thanks for your replies =)
I was looking at fxcm specifically since they offer attractive micro and mini accounts and have offices in Germany as well as the US (I am from germany =)). I don’t want to start business with a “pure” US broker for the cftc leverage changing proposal.
So what I’m looking for is basically a reputable broker outside of the US that offers micro as well as mini accounts. I thought about trying oanda too, but it didn’t seem they offer STP or ECN based account types, even in the larger minimum deposit areas. The whole concept of market makers kind of scares me. I just don’t want the people I trust my money with to profit on my losses and vice versa =(
Isn’t InterbankFX a dealing desk one as well? I haven’t taken my time to research them yet.
Yes IBFX is a market maker, though I haven’t had a bad experience with them yet. It’s only been 4 or 5 months so it’s not enough to completely rule them out however they are regulated with the NFA which helped me make my decision.
A broker a lot of people look at too is Alpari UK. I demoed with them for a while but haven’t checked back to see if their spreads have gotten more competitive. It’s worth a look if you’re looking for a broker out of the US.
