Hello I am a new US based trader that is still learning the ropes. I have been investigating brokers that offer micro/mini lots (<500 to start) for days now but im finding it hard to decide which broker I want to try out first. There are just so many, and each have their own ups and downs!
Since I am a beginner, i consider it important to be with a reputable broker, so I look to OandA. But I would like to have a 100:1 leverage, which narrows my choices down because I am stationed in the US and I’ve found most brokers outside of the US wont let me play with them. I have checked out the thread on Foreign Brokers that still accept US clients, but I just dont know where to invest my time.
I want to do intraday/scalping, so of course low spreads are ideal. But there may be instances where I would like to carry over, so a low swap fee is necessary. Also, I dont want to be at the mercy of people who trade against me. I would prefer that its just me and market going at it. And is there no broker that does not charge on deposits/withdraw?
Anyways, i just wanted to ask this community to recommend for me a good broker for my needs.
Intraday, <500 deposit, 50:1 leverage but 100:1 being ideal, low-to-zero fees on withdraw/deposit, and clear fee structures, so that I know that I can trade freely without having to calculate whether or not taking the profit is worth it, or if ill lose it to fees.
If you have tried Oanda, which is a very good broker, but no success, then there are very few reliable non-UK or US brokers out there. I have always mentioned instaforex and profiforex. the latter isn’t popular but I use them and I know they offer good trading conditions like Oanda and Insta. Instaforex offers various deposit and withdraw methods, but they don’t charge for most of the payment methods. Profiforex on the other hand do not charge for deposits, but charge a $5 fee for every withdrawal irrespective of the amount you want to withdraw. Both of them accepts US citizens without any form of restriction. I think you should a little search and see which is better. Remember, the big brokers or mostly advertised ones are not the best. I hope this information is helpful.
Its very difficult to trade with US brokers. The charges and spreads scare me sometimes. There are definitely going to be many recommendations, but one must check a broker’s client agreement before commencing registration.
I think the $5 withdrawal fee charged by this broker is acceptable because it does not matter how much you are withdrawing. Sometimes, you withdraw about $1000 or $500 and still pay same $5 fee. Its a better charge compared to brokers that charge on percentage, some would charge 1 or 2 percent. I don’t really bother about the charges cus it is small and the withdrawals are really fast.
Difficult task to choose the broker but I recommend you to ask your friends, relative or colleagues who already has been trading can help you better. Second, you must know the basics himself, update with the market review, news and trends.
Hi captain, i am u.s too and i know how things are… unfortunately no many options for us however if you make some investigations you will find some worthy brokers.
personally i changed 2-3 brokers, i joined forexbrokerinc lately and they seem to be pretty good so far, i am trading with micro account using EA, 500 leverage and no fees on deposits or withdrawals, give a try.
You are right. They have a $5 fee for withdrawals, but this is okay since their withdrawal system is very fast and besides, the fee is insignificant whenever am taking $100 and above. Their trading conditions including low spreads and 1:500 leverage helps increase my profit without unnecessary risks.
Making a decision on which broker to use is personal for each trader. Some brokers offer certain options that some traders will thrive on, while other traders will hate the broker for those same options. It is important to review and compare the options of each broker closely and choose the one that makes you feel most comfortable. for this I am trading in TenkoFx.
Want to live my opinion about my boker. As for me a reliable broker is that one, which operates quickly, provides exact analytics and use the modern trading platform. As I am from Ukraine I have choosen ForexUA broker (forexua.com). And there is no doubt that your broker should make a quickly withdraw (Yeah, It’s a main criteria for me ). All my expectations were satisfied with ForexUA. I am glad to work with experts.
As others have suggested Onada is a good one to start with…as for me, I use tradersway and FXCM, think you can check them out and see if they are able to take you on. When it comes to selecting brokers, you need to do the grunt work and there’s no getting around that…do review independent broker reviews, do the research and take the call, good luck…
You are in the U.S. so a regulated broker can only offer you 50:1 and that is probably going to drop to 30:1.
Since you are new with a $500 account learning to trader correctly is the overwhelming issue compared to leverage, fees and all the other flotsam and jetsam. Having X:1 leverage or higher will not improve your choice of trade, entry and exit points.
EDIT: Just noticed the original post is 2 years old and that is his ONLY posting. So what’s the over/under that he is still trading?
i honestly think the best thing to do is to try some demo accounts and see where you are most comfortable trading. this is how i did it - some platforms just dont sit well with me. obviously make sure your broker of choice is regulated and then take it from there.
When you have good broker it is the beginning of you being successful in forex. Since you have tried oanda you can also try others there are so many brokers available. I actually trade with profiforex and they meet all my expectations which is equivalent to your needs.
I trade with HotForex, and so far I like what I get. But don’t just take my word for it, you can check some comparison and reviews and see what suits you. They offer micro lots accounts as well.
its hard trading forex based in the US i guess, im not sure coz i havent tried it but what could be the popular broker now a days for US and canada based traders? I think japan started implementing some restrictions as well.
). All my expectations were satisfied with ForexUA. I am glad to work with experts.