Commission is high.
I can recommend a couple of brokers that I use, Skilling or FP Markets. They have some of the lowest commission costs, at $7 per turn lot for Skilling and $6 for FP Markets.
The minimum opening balance is $200 in Skilling and $100 for FP Markets without any extra charges during deposits or withdrawals.
You can always switch to another broker, the list here seems good, or if you’re open to further suggestions can check out coinexx, long standing solid broker.
Ah…been there so I can relate that. Well this thread can help you out. All the best in picking the right one.
When trading, you really need to mind your trading costs like spreads, commissions, and swap rates. You better check what your broker is offering because these underlying costs can have a direct impact on the total profits you take home.
Sometimes, a low cost broker may prove costlier to you if you don’t consider hidden costs. Better check for any kind of hidden costs. Get all the costing details from your broker before you put your money at risk.
Costs that are too low can be a reason to doubt a broker. They may either have hidden costs or will scam you over time. Better get the clarity.
It’s so confusing to find the right broker. When you search around, you will find so many brokers fitting your trading requirements. But when you trade with them, not all that they advertised is what they offer in reality.
It’s great to trade with low cost brokers as your overall profits depend on how much you have to pay your broker by the end of your trades.
Low cost brokers may fit your budget but you have no guarantee if they will fit your trading requirements also. You have to be careful about their features and hidden costs.
Yes, I completely agree with this fact since, before engaging with any broker, one should always conduct thorough research on the trading conditions offered by them. Personally, I prefer a broker with tight spreads, low commissions, and high leverage.
Are they offering any other platforms apart from MT4 or MT5?
The list looks promising also, I see that you’ve gone for all the highly regulated brokers in your list. Anyways, I8 would like to add one more brokerage to your list which is AssetsFX where the minimum deposit is only $10, maximum leverage is 1:500, and all trading assets and tools are available.
That’s a great list you’ve got there, I really liked fxview, hycm and fxtm. Is anybody trading with any of these brokers? If yes, then how’s your experience?
@Melaine5678 You can check out cTrader, and ActTrader, apart from MT4 and MT5. Plus some broker offers their own in-house platform that you can try out.
Thanks for sharing! I will check them out.
The low cost brokers, in my opinion, are Skilling and FP Markets. The minimum opening balance for Skilling is $200 with a commission cost of $7 per round lot.
FP Markets has a minimum opening balance of $100 AUD with a commission cost of $6 per round lot and there is no additional charge during withdrawals or deposits.
I would prefer a broker that provides low cost with tight spreads and high leverage. Also the broker should have a good trading platform to trade on.
Yeah, that’s something we should definitely consider while choosing a broker because it gives you that sense of security and assurance. I will add Forexchief to the list, because they have been outstanding since I have been with them, not just that they are regulated and licensed but they have very good fees. All account types offer floating spreads, with direct accounts from 0 pips and classic+ accounts from 0.3 pips, respectively.
I’m using fxview for scalping, no issues with order execution, and spreads are low too