Lets talk about brokers

Hi everyone, i’m a newbie in this world, i learned about forex from babypips forex school and feel ready to go, but, now i need you people to tell me- what broker should i choose,so many of them huh,
hope i will get answers from you guys :slight_smile:

see you

Hey xinforex,

Here are a couple resources for you on our website:

[B]Brokers 101[/B] - School of Pipsology lesson[B]Meet the brokers[/B] - listing of brokers, along with specific account features

[B]Brokers Forum[/B] - your question will actually be moved here shortly, but also a great place to read other member’s experiences and opinions.

[B]ReviewPips.com[/B] - Review on forex brokers by forex traders (our sister website)

You need to decide on some things and then determine if your prospective broker offers those things. Good luck!


I recommend MahiFX for really tight spreads. They act as their own market maker so they regularly offer better rates on primary pairs than a lot of other places do. (EURUSD 0.8 instead of 1.2 for example). Also traded with OANDA for a long time and they weren’t bad either.

I would gladly recommend the broker I am currently using. It’s PROFIFOREX. When I was making my research I stumbled upon so many positive reviews about this broker and I decided to use it and see for myself. I think the reviews are right. The trading condition is very good and there are no hidden charges. I had a bad experience with some of the big brokers out there that require this and require that before you can start trading with them. This is not the case with Profiforex, they are one of the most transparent brokers I have ever come across. I am not even scared when trading because what I order for is what I get and there are no tricks or too many restrictions. I think it’s a great place to start trading.

Good one, I would like to add up for xinforex. After picking one of the broker, seek for their review. The best broker is the broker that can get the best review and answer by their traders about that broker. Especially in the forums, where their trader answer to the accuser of the broker that they are trading. For myself I am using HotForex. so, decide with your heart desire.

Hello dear,

Always choose a Regulated broker, and one which offer good customer support as well as a choice of Payment processor for your convenience.

And most important is that broker must have a good and established past client base :slight_smile:

great thank you guys,I heard about Unitrader platform,any one knows anything about this one? thanks

if we are talking about platforms i suggest you stick with a broker that offers MT4, and good brokers such as hotforex, avafx, alpari…etc its a good way to start your forex journey im not so sure about unitrader and its a first for me. might as well check my good old friend google for it :smiley:

As a newbie, I’ll advice you to choose a broker that is considerate and whose trading conditions are favorable. I have seen several brokers, but I always feel they are too difficult to deal with.

My experiences:

  1. FXCM NDD - FXCM is good and execution is pretty much accurate. Not many negative slippages and sometimes even good positive slippages :cool:

Cons: leverage is a bit too low for aggressive traders (1:200) but it’s enough for me and may be enough for most of you too. THeir spread in NDD account is also high

  1. FXPro - Great flexible spread, very fast withdrawal.

Cons: Lots of negative slippages although averagely only about 0.6-2 pips but this happens with lots of brokers so i wont complain (just that it happens worse with FXPro per my experience). Some requotes are annoying too but it’s understandable

  1. FXOpen ECN - Tight spread, no requote

Cons: Well honestly i never had a problem with them before but that horror story with Dejan something in FPA made me leave them. Better safe than sorry. Generally I dont trust scam stories as most of those “online” complaints are usually made up but this one was different because FXOpen rep stopped responding and always try to avoid direct question related to that case so I went out

I will trade with IBFX and maybe forex.com too soon so let’s see what they offer.

In general i never had problem about deposit/withdrawal or intentional freeze time/lag.

If you stay with big regulated brokers your chance to be safe is way better than with unregulated ones. Sure there were cases like MF Global but how often would this kind of case get repeated? Just dont think too much about it. I think the only real differences between brokers are just negative slippages and requotes.

I can see your sugesstion brokers list is very good. I’m trading with Fxpro and Hotforex and I Know fxpro is a good broker in spread and fast payment, requotes sometimes happen but it’s not a big deal.

Though I am new here, but I am glad to see a fellow Profiforex trader. I would also recommend this broker to anyone because its been good and faithful to me. I am from the US, but I chose to go with a non US broker because there are things I am not just comfortable with. Profiforex is an STP broker and a good one at that as far as I am concerned. I have heard no serious issues. Their customer care has always been very helpful. Highly recommended.

Hello Xinforex !

There are a few good brokers out there, but personally i would recommend Fxpro as they offer an agency model and they have good EA support. Very helpful customer service and also offer trading education too!

I started off with a few but found they worked best for me…

I use Trader’s Way, FXCM and Alpari - but as others have pointed out, you need to do the research to work out which broker suits you…
FWIW, would recommend FXCM since you are just starting out, good luck!

Thank you guys, veryyyyyyyyyyy much, I’m so happy that you answered my question,that’s soo nice . Anyway, I found new broker, called Trader’s Pulse, right now they have lots of promotions, low spread list which I like the most. Did you hear about them?

Honestly, it’s the first time I’ve heard about them yet. But do they accept Paypal as mode of payment?

Hi kuerten , i just saw your post,i just checked, and yes they use paypal,and skrill , web money wire transfer and credit cards as well :slight_smile:

trade fort is good broker , it give 5 usd bonus without deposit, making positions very fast, support is very kind

I’m not that experienced with regards to brokers, I’ve only been with profiforex and I’m satisfied with the tight spreads and their transparency.

I will recommend "Master Forex " They are offering 4 types of accounts
1 -Standard account
2- Micro account.
3 -ECN account.
4- CFD account.
We can use the account type according to our ned and strategy.