hello i need some help on choosing a new broker,
first thing first im very cautious and dont know how to tell they are reputable or not, are there many out there that disappear with your acount balance?
other than that this is what i need from a broker…
tight spreads across the range, small initial deposit 100-200 gbp and small lot sizes (o.o1)
also i need it to have a app for my phone.
any advise recomendations would be great.
cheers joe
I think you can check some fores brokers review sites like earnforex, forexsanity, babypips here etc. for details on brokers that meet your demands. But while what you demand for is important, it is wise to consider some factors before choosing a broker.
For instance; registration details: Before choosing a forex broker, it is important to make sure that they are registered in the country or island where their head office is located.
All you have to do is check out any broker that is recommended to you. Check how long the broker has been in business and whether it is registered or not. I guess you will get a lot of recommendations on this thread. You are probably going to see FXCM ($2000), Oanda($1), Profiforex($1), Alpari($200), which are very commonly mentioned on this forum these days (Minimum deposit in bracket). Truth is, they are very nice brokers, it would be left for you to check out their trading conditions to find what is best for your trading strategy. I am sure one of them will be suitable for you.
When it comes to tight reads and small deposits you may be challenged as plenty of brokers offer better spreads for more high value traders. Sometimes tight spreads come with commissions so make sure you check all that before deciding what works better for you. Run the numbers and see what will be more profitable to you with your planned account size.
you may want to check brokers list based on their current spread.
Spreads | Myfxbook (dont forget to tick “include commision” to had overal trading cost instead of spread only)
read any brokers review may lead to confusion, babypips already had an article what main factor to consider before choosing any brokers, 6 Crucial Things to Consider When Choosing a Forex Broker
i’ve been use many broker service ever since price market are served at 4 digit price :D.
as for now i use armada markest ecn service for primary trading activity, eventhough i’m still had small portion with other company. just like any other ECN service it has low spread, with commision off course, but it has to 300 minimum for ecn, based on your budget you may start with their classic account 1.4 pips spread average, for minimum 100 account opening.
for mobile trading purpose, any broker with metatrader platform would suit you, all metatrader mobile are compatible with android OS, and iOS system on your iPhone.
Just do your own research would be my best advice. You already listed what you are looking for and with the help of a search engine it should be no problem to create a short list. Don’t wait for others to tell you about a broker. You will discover so much more if you look yourself.
its ok to ask for suggestions, but a good way to actually know brokers is choose a couple and compare them and look further for reviews and online feedbacks. best of luck