Hey traders! I am a newbie learning to trade in the forex market. And I am so confused about which broker to choose. Need to know your recommendations for the same. I read some reviews on Trustpilot about a few brokers i liked- Hotforex, AAAFx and Pepperstone. Any suggestions on which one to choose for my forex trading journey, keeping in mind the low trading fee and live chat facility.
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Hi, it depends on your trading strategies, how long you trade? Regards Greg
Thanks for replying, as I have mentioned that I am actually new to trading, even though I do practice on the demo account most of the time. I am still quite nervous to go live right away, so I was hoping to get to know more info on these brokers before going live.
If you are nervous to switch demo to live account, probably you are not ready to do this. Most brokers (especially ECN brokers ) are having these trading rules: low spreads + commissions, no minimum distance to current price for pending orders, server time GMT+2 with DST, so it will be easy to switch broker if something went wrong. I know that AAAFX server is GMT, and they have minimum distance for pending orders, check trading conditions pepperstone and hf. Do you have a strategy which works on demo? Regards Greg
@ProfesorPips Thank you for your clarification. Yes, I’m experimenting with various trading strategies to see which one works best for me. One of my friends advised me to start keeping a trading journal, which has contributed positively to my trading. Also, I checked their commissions; they differ; does this make a difference given their trading conditions are quite similar?
Commissions will be affecting to profit not for strategy conditions, personally, I am using higher value for spread and commissions when I am building strategies. This allowing me to be more flexible, for example, when I want to change broker. Regards Greg
Thank you for sharing this piece of information. Will keep that in mind!
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This will make it clear for you:
- AAAFx - Minimum deposit: $10, Commission: $0.99/lot
- Hotforex - Minimum deposit: $5, Commission: $3/lot
- Pepperstone - Minimum deposit: A$200, Commission: $3.5/lot
….and they all offer live chat facility
Thanks for giving me a clear picture of all the three brokers. I guess i’ll create a demo account on all first and then see which works best for me.
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I would try Hotforex because I got higher returns from my trading system, it heavily relies on tight spreads and fast execution (momentum strategy) other brokers weren’t so good.
Hotforex seems like a good one too. Anyways, i am about to create a demo account there so let’s see how it goes. Thanks for sharing your feedback.
Which one of them is a broker with no withdrawal fees?
Try Exness. No commission, no swaps, no withdrawal fees. Instant Withdrawa and get up to leverage 1:2000.
I am using this since 2018.
Check it out: https://one.exness.link/a/9q4ln0pde7
If you’re open to more suggestions can try fxview or icm as well, these are good too
thanks you guys for answering my ques. will check the websites of these broker and then decide.
Hello and welcome!
I’m curious since you mentioned that you’re a newbie- have you been learning for a while, or are you completely new to the whole thing? If it’s the latter, you may want to wait on choosing a broker and focus on learning. You’ll need to know a lot more, then you’ll want to start with a demo account before moving onto live.
The broker I use is called CedarFX. I’d say they are really friendly for beginners, you can open an account with a $10 deposit, agents are always on LiveChat if you need help, no commission charges so don’t need to keep track of that, etc. Overall, you want to use a broker that has good reviews online. Never open an account anywhere that doesn’t have online feedback because scammers pop up all the time.
Hey thanks for sharing your pov, as I have mentioned before, I am new to trading so basically it’s been 6-7 months that i have been trading through demo accounts. And now i I was just planning to go live. Talking about Cedarfx, before i check their website, are they regulated, as my preference is a regulated broker for a start.
Hey! you can check out pepperstone or fxview, as their trading fee is quite low.
@Miguel_Luis Could you provide some details regarding both like minimum deposit, commission, and leverage of those two? Thanks
Could you visit their websites?