Looking for help in choosing a good broker with a MT4 platform. I�m not worried too much about spread (will be trading only the daily chart), but my money should be safe, platform stable and should not hunt stops.
Thanks
HI there hun. If I’m not mistaken there’s a brokers section on this forum. Now personally I recommend Tradeview, since I’m working with them right now. They have shown that I can really trust my money to them, plus besides the MT4 the offer alternative trading platforms, like the Core Options, with the demo account. But don’t just take my word, access their page and there’s an option called live chat, you can actually speak with the brokers themselves and ask them whatever you like, they are really nice people at answering your doubts. Of course read about more brokers and see which one is the one that gives you more trust.
How much do you have to open the account? And other question do you know something about NFA?
Now let�s answer: Less than 500$ you can open it at Oanda (even with 1$) but with 1000$ or 5000$ you can choose between a large list.
You need to verify if the broker you picked with the regulations of National Futures Association (NFA)
What can I tell you about them? They have better explanations:
Exactly, the first step on choosing a broker for me would be verifying the regulation. Check NFA site, and compare. Another thing that must be taken under consideration would be the fact of getting a platform built on a logical manner. If your concern are not spreads then I guess those two recommendations would be enough, though if you wan to go further with that you can also compare daily signals between brokers, and check demo accounts. Trade well.
Great Info!!
But there are some more brokers offering micro accounts. I didn�t know about a $1 account but it�s good to know it. Well I have heard about FXCM and Oanda are great with micro accounts. AC Markets is very popular everywhere but I have heard their spread is very high and I think their focus in professional and experienced traders and I�m just a beginner. There are some brokers like Tradeview, E-Toro or Alpari that are more for people like me. I just want to find a serious broker for someone who is opening an account for the first time. I have downloaded E-Toro demo account and it�s a lot different than the regular MT4. What platform is that? Why is that better than Tradeview or Alpari�s platforms? I think it�s too overcrowded with pretty things but it�s very helpful and educational for that stage when you are in the dark.
Like Wannabedavid said the list is long and I just want to check as much brokers as I can.
Etoro’s platform is different but not better than others. I like it because of the bonuses…
Yeah!
Bonuses, that�s another key factor.
But I have seen a lot of broker offering bonuses and I think is a good signal of customer service. But what do you think about e-toro�s platform? Is it better than Tradeview MT4 for example?
I found Tradeview’s MT4 better than e-toro’s. Though e-toro has a platform that’s great to see but when it comes to what is really important I guess MT4 on Tradevie is much better. And I mean execution, charting and all the tools you need to better forecast.
I searched for some best forex brokers on the internet. I got a huge list of brokers on my computer screen. It became difficult for me to choose a broker from that list. Still i selected some brokers from that list and searched about them. I found Etoro a nice broker with nice services and trading tools. There some more brokers in my list like iforex, easy-forex, money forex, and many more. Services of all the brokers were same but i found some more features in Etoro.
I used to have e-toro and it was really fun to see your currencies competing with each other on a race. But I understand what Gpjoe said and it’s about the important stuff, because you can’t just stick with a platform just because it’s funny image. I guess you will need to get 2 o 3 platforms like the most talked about on the forum, also check regulations and get your conclusions. In my experience I would recommend Ikon platinum though don’t trust me, trust your criteria.
Search this forum. You are not the first to ask.
Nowadays just about every forex broker is claiming to have the tightest spreads in the industry. But marketing does have the ability to be illusory. The topic of spreads in the forex spot market is very complicated and often not easy to understand. But nothing affects our trading profitability more. In that order, finding a broker with a low spread policy can result in a big payoff.
However, Traders like me looking for our first broker or those ones switching to a different one, must understand the spread is how brokers make their money. The spreads will vary depending on the types of accounts. A mini account may have higher spreads than a full contract account. Spreads are tighter when there is good market liquidity but widen as liquidity dries up. Some forex brokers offer different spreads for different clients. If you have larger accounts or make larger trades, you may receive tighter spreads.
All that said, in order to provide you with tight spreads like some brokers are advertising everywhere; they must control expenses such as support services. The tighter the spread the broker offers, the better it is for you. If a broker is offering a spread as low as 1 pip, be cautious. As most of the brokers do not charge a commission, it�s the spread what they use to make their money. In a 1 pip spread, there is very little scope for them to make profit. Also, Tight spreads are not good buy itself, it should be coupled with equally important factors like speed of execution in orders and the value of the order which can really help you to make the most of the advantages.
Quality of execution determines whether you actually receive small spreads from your forex broker. For example, the screen shows a tight spread, but your trade is filled a few pips to your disadvantage or is mysteriously get rejected – it shows that your broker is displaying tight spreads but is effectively delivering wider spreads. It means that your broker is showing tight spreads but in effect delivering wider spreads. Be aware of such rejected trades, and delayed execution, which are strategies to deceive the traders.
Brokers like FXCM or ACMarkets have been offering spreads as low as 1 pip. They actually have a list of their spread and it�s amazing how low they fix the spread. But if you check closer, at the bottom of the page they have a small note:
�NOTE: FXCM strives to provide traders with tight, competitive spreads; however, there may be instances when market conditions cause spreads to widen beyond the typical spreads displayed here. Additionally, typical spreads may not be applicable to Japanese-yen-denominated accounts or client accounts of referring brokers. Certain currency pairs may not be available for all account types.�
So what is more important to you is not a broker with 2 pip spread but an honest small spread broker who will pay you the spread he quotes. Make sure there is no slippage or requites. The broker must be regulated and must have proof of past success rates. Oanda and Tradeview Forex offer a set of trading services and they have built a good reputation so far. Oanda actually has a real time forex spread next to their quote.
My advice is to be aware of unscrupulous firms as well as those operating in countries where regulations are weak. Depending on your trading style, you must select the forex broker. If you trade only or primarily on news announcements -when markets tend to be volatile- you may choose a forex broker with low spreads, provided the execution is good. But spreads are only meaningful when they are supported with good execution, good support services, and with real information supply.
It is true that in this world of competition every body is trying to put it self in the front by providing various services. Brokers in this huge financial market are also trying to compete with other brokers too. But it is all about you knowledge and experience that how you choose the broker and to do trading. Trading according to your strategy is better in this market.
take a look at efxco, hope it can be fruitful for especially since they reduced their spreads lately.
Spreads are getting tight lately. As I said before, Tradeview Forex has tightened their spread really good and FXCM and ACMarkets are offering 1 pip spread. However, I ask one guy that is working in Oanda about how I can be sure about the quality of execution in a broker. He told we must check reviews and ask people that has trade with live accounts. I�ve been asking and FXCM has a requotes reputation. It�s true that spreads are low, but I�m pretty sure it�s because of the season and we should be looking for more than just spreads.
Depending on your trading style, you must select the forex broker. If you trade only or primarily on news announcements -when markets tend to be volatile- you may choose a forex broker with low spreads, provided the execution is good. But I agree spreads are only meaningful when they are supported with good execution. It really sucks, when you find a tight spread, but your trade is filled a few pips in the wrong direction, or your transaction is rejected, you are in trouble.
When I was on the process of choosing a good broker I followed many advices from people stating their brokers where the best. Though after downloading them all, I could establish a comparison and then I really knew what the best was for me. I also came here to forums with lots of questions and the compare brokers section was really helpful. Basically I could trade with some good platform as IBFX, oanda and alpari, but in my case I decided to stick to tradeview. So research, learn, try and make a decision by your own.
I think spreads are low because of the Christmas season and competition between brokers. They just want to get attention.
I have a live account with FXCM and they are always changing the spreads. Also as I trade fundamentals, it�s impossible to set a good entry with them. I�m planning to close that account but I haven�t found any good broker yet.
I have a Tradeview live account since October.
They offer me a list of spread for me trading style as I trade primarily on news announcements -when markets tend to be volatile. What I have to recognize is that they actually work with the spread they offer. I open an account with others brokers before and I was in requote land with a spreads changing all the time.