Help me choose a Broker

Broker Discussion Forex Brokers
1

Hi all,

I would like to start forex trading soon but i need to choose a broker.

Ages ago I traded with avafx i made 320% of my capital but they screwed me up as they prevented me from with drawing profits.

so the broker I need must be DMA/ECN/STP but definitely not a market maker.

I tried fxcm standard account but they rejected me. will try joining their micro some other time but not.i

I have looked into other brokers like Oanda buts its a market maker.

Any suggestions please.

I dont mind the leverage 1:50 is fine.
I’m based in the EU.
My equity this time is $320

thanks

2

Just choose between pepperstone, axitrader, synergyfx, fxcc and armada markets. I got lots more but this fits you and they are
among the best fx brokers.

3

Take a look at hotforex, this is who i use, no charges to deposit or withdraw funds and you can get 60% of the spread back :slight_smile:

4

I have looked at them all and they are no good.

5

If I were you I would look at oanda. FXCM rejected you due to the fact that your equity is way to low to open a standard account with any broker. With a starting balance of 320 I would have to say Oanda is probably going to be your best option

6

With hotofrex you only need $5 to open an account, i openned one with them for €100

7

oanda are market maker and hotforex uses MT4 which I dont use.

8

I would’ve said hotforex too but i guess you are not much of an MT4 trader :slight_smile: not so sure about non-mt4 brokers though, but still best ofluck mate :slight_smile:

10

I only consider MT4 and it seems more stable nowadays for me.

11

Hi guys,
Ive been demo trading on MT4 and I really like the platform but I was wondering if I should switch over to another that is more like what I would be using when live trading… Which broker would you recommend and what platform do they work with?? Is there one that uses Metatrader that I could stick with?

12

No way, none of these broker are TRUE ECN brokers, there are really only two broker in the whole world that are TRUE ECN brokers and can show you market depth these are MB Trading and IC Markets. IC Markets is better than MBT because their spreads are better due to more people in their ECN network.

13

So many strange name there LOL.

OP: Choose a popular one. Oanda is fine, they rarely get any complains.

14

Try Etoro, working well for me on a demo account

15

I also like eToro they are a very good broker with an excellent social network behind them, but if you are a scalper they are not the best broker, this is where i use Think Forex or IC Markets.

16

People take this market maker stuff to seriously! With a small account it doesn’t matter what kind of broker you trade with as long as it is reliable and preferably regulated. Maybe you had a bad experience with one MM broker which I personally hadn’t ever herd of. Either one of two things are true in this situation 1 the broker is shady 2 your shady. The best thing to do when looking for brokers is google reviews of different brokers. Forums get questions like this every day! The answer never changes LOL

On another note why would fxcm deny you? They’ve been emailing me for 2 years trying to get me to deposit. The only plausible reason would be that you applied for a standard account with such a small bankroll. Even then fxcm should have automatically set up the account with the micro/mini version.

Either way something is fishy here!

As far as brokers, I’ve personally deposited and withdrawn quickly, safely, no problems whatsoever multiple times through Oanda. Honestly can’t go wrong with em. Oanda was [U][I]one of the first[/I][/U] online forex brokers. Over ten years of great service. Positive reviews from all around the world. Yet people say oh Oanda is a MM must be junk blah blah blah. Rubbish!

Whatever you decide to do choose a well known broker. One that doesn’t offer some sort of incentive for depositing (as a general rule of thumb). Preferably a broker that has been around for 5+ years at least.

17

As a heed of warning eToro isn’t the platform you’d be trading on live if your from the usa. They’re owned by FxSolutions and their live platforms are vary different from eToro’s practice. This is something to keep in mind. I signed up to etoro a while back traded a bit with the practice account and when it was time to deposit money they switched me over to fxsol’s gts platform. GTS is pretty standard as far as current forex trading platforms and charting programs go these days.

Remember eToro is advertised to look like a game and quite frankly it plays like one to (ha see what I did there) :57: . When real money is on the line I’d rather practice with the same platform as I’d be trading real money with. This is usually standard advise.

Anyways, hope this was of some help

18

Hello Mr 2pips,

Etoro is not a game its a social trading network and a very big one at that, there are over 2 million users. Also etoro is not owned by FXsolutions, it is infact owned by Tradonomi which is heavily backed by US and Israeli VC money.

Etoro is an awesome trading platform thats why i use it, they are not a market maker, how can they be when the Gurus allways make money…

I use etoro as my secondary broker.

19

I’m at Oanda, and after around 8 months of demo-ing, i found out that their open and close time for daily candles are not ‘standard’ they close and open at 00:00 EST instead of the normal 17:00 EST. so this will mess up your candlestick reading.

I’m actually looking for a new broker now… damnit.

21

So what does a market maker mean? And what difference does this make if a broker is one or not? And also do most brokers offer the option of midnight or 5-am close?

22

Dukascopy Europe has a $200 minimum deposit now. Same trading conditions as Dukascopy Bank.

Another problem with Oanda charts is they paint them from the midpoint of the bid and ask, not the bid quote, which helps them hide their widened spreads during news.

Now we sit and wait for all the Oanda promoters to pounce on me for saying that.