Looking for a broker as FXCM doesn't accept low equity

Broker Discussion Forex Brokers
1

Hi
I’m new to the forum but have been practicing on a demo account for two years (on and off but not continuesly)
have been using fxcm demo accounts and some other brokers (ctrader software) for demo but now that I’m about to open a real account and it seems fxcm doesn’t accept less than 2000$ although on the dailyfx forums they say they do but I’m not sure. I’ll contact them see if I can get in.
So I’m in search for another reputable broker with a good software.

What I need for most is a software platform with offline SL so if my connection drops or is slow the server stops the losses for me.

  1. I’m from New Zealand
  2. My initial funds will be 500$ USD
  3. I don’t need high leverage, 50 will be more than enough
  4. Don’t need very tight spreads, I like a happy broker not a bucket shop
  5. CFDs and metals is a good plus
  6. Less stop hunts, I’m not a news trader or 1 pip scalper but I had a demo account with 50pips sudden drop in the prices (while FXCM was stable), The drop was in my favor and the profit limit wasn’t triggered!!!
  7. I don’t trade the news
  8. Platform with charting tools
    I think the Ctrader platform does all the aboves, however I haven’t found a good broker with it.
    MT4 needs to be constantly online so I need to use a VPS

Currently my next option is Pepperstone, ctrader, low initial deposit and Australian regulated.
I’ve looked into ICMarkets, 1000$ starting deposit needed for ctrader account. and there are mixed reviews about them

What are your suggestions?

Thanks

2

the stop loss will work on mt4 even if you switch your mt4 off or you loose your connection.

it is the “trailing stop” which is dependent on your mt4 being online and connected

someone correct me if i am wrong but i think the stop loss will function as above for all platforms

3

are you sure?
I think the mt5 works that way but I don’t have any experience with either.
Currently I have signed up with Pepperstone and FXCM and see how it goes

4

im 100% sure that stop loss will work even if mt4 is turned off

im about 80% sure that trailing stop is dependent on your mt4 being turned on [its been a very long time since i’ve used trailing stop]

i have not used mt5 before so can’t comment on that.

5

Hi Ili,

You are correct that FXCM’s new minimum starting balance for accounts is $2000. We raised the starting minimums at the same time we introduced our new raw FX spread pricing.

That said, seeing as you have been trading with us on a demo for several months, and the fact that we only recently changed the account minimums, I want to see if I can get an exception for you. Please feel free to email me at <[email protected]> if you would like me to look into this for you, and please mention this forum discussion in your email.

FXCM caters to all the points you mentioned including NZD-denominated trading accounts and local funding options for you in New Zealand. We even offer co-located VPS options.

6

I think Armada markets will suit your needs. currently favorite one among other brokers where my account with, ECNaccount minum 300 usd, spread are good even for commision based brokers it still has low mark up, EURUSD 0.8 pips charged. for metals they have low spread, gold at 10, silver at 20 pips, this could be a good deal for precious metal traders, while i’m rarely trade gold :).
if you plan to use vps, try with london based server, their server are located in london.