Hi guys…
I’m relatively new to Forex and trading, been trading demo for 6 months on several platforms from different brokers such as Forextime/FXCM/FxOpen/Hotforex/Octatrader/Ironfx/ThinkForex/FXCC to name a few, trying to get a feel for their spreads, execution times, slippage/re-quotes if any and learning what kind of trading style suits me
I developed my strategy around scalping, hedging and day trading, sometimes intra-day trading. I had started off mainly trading metals and major forex pairs since they were the popular one’s. And to be honest, I found most of the brokers similar in terms of spreads, execution and all that leaving me indecisive whom to trade live with, but a few exceptions
Then I narrowed it down to technicalities. I would choose a STP/ECN broker, 5 decimal points, obviously allowing scalping/hedging/EA, and since I’m a muslim I definitely required the broker to have a SWAP-FREE option with their accounts which I could trade on Mt4
Realistically, these are the specs I would trade live with
STP/ECN account with 500$ deposit and 1:10 lev
SWAP-FREE
Scalping, hedging, EA etc
Must be on Mt4
Needless to say, tight spreads and low costs
Decent number of pairs/CFD’s/Commodities/metals
This is where I need help/suggestions from the more experienced traders here since I haven’t yet traded live with anyone. Which do you guys think would be a good choice for me?
Any help much Appreciated!
After testing all those brokers (Forextime/FXCM/FxOpen/Hotforex/Octatrader/Ironfx/ThinkForex/FXCC), if you can’t pick one from your list, I don’t know what to tell you. Maybe go with FXCM since they are very regulated (NFA, FSA/FCA, etc), publicly traded on the NYSE and the biggest in the business by clients, assets, and volume. They are much less likely to screw you then say Iron or Hot who are scandalous market makers that want you to lose so they can win.
After months of searching I finally went for Vantage FX UK and today is my first day of live trading( wish me luck) Its a very tough choice imo. For all the top brokers theres 0 star reviews stating there scammers and 5 star reviews saying there awesome. How do you choice right. They all want your money so they bad mouth each other. it needs proper regulating again imo. But Vantage looks good
Deep pool of STP and the top players too
Good spreads
deals with GBP in funds ( a prerequiste for me) but also deals in $$$
And a lot of great reviews/ and some bads but as stated you have to make your own mind up.
Heavily regulated
mt4/ android/ mac/pc
24 hour support
Just wanted to give you some help as I know its a hard task findnig a good own.
FXpro does not support Swap Free trading.
the only Brokers that I can suggest are
HotForex
Liquid Markets
X global markets
They have swap free trading conditions with tight pricing
Well I Hope I can help you . There is a good broker that I have heard much about called IFC Markets. I don’t know whether you’ve heard about it or not. It is well-known and it offers a lot of oppertunities for traders. Like tight fixed spreads, innovative methods of analysis, 2 trading platforms, hundreds of instruments, including Index CFDs, Equity CFDs and Commodity CFDs, etc. As I see you are also interested in Islamic accout. IFC Markets offers Islamic account, you can try it. You can find more information about this broker by visiting their official page. Hope the information I provided will be useful for you.
Hello Darth Francis are Vantage UK an ECN or MM? I can see they are FCA regulated which is a must.
Also tkhan011 did you choose a broker based on your criteria- im having the same issues at present! Need to be ECN and FCA with offices in UK
There’s nothing wrong with doing a demo from various brokers, and on the STP/ECN with five decimal points, you can check out Trader’s Way, would have suggested FXCM as well but since you are already doing the demo, you know what’s on offer.
Anyway, at the end of the road, you need to make the choice, it has to be your call…good luck.