Yes they are. I wouldn’t recommend them otherwise, i’m very particular about regulations myself. It is regulated by cysec, fca, follow the esma guidelines. Even easymarkets is regulated by cysec.
CAD/USD and USD/EUR are a good choice of currency pairs. I trade them too with FXTM and Fxview. The commission rates are good ($1 per $100,000 round turn with fxview). Works well for me.
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I prefer low commission brokers as well.
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Some brokers even offer as low as 0.0 pips on their raw ECN accounts. I’ve traded with Ic markets and Fxview. The spreads are tight, transaction cost is low. The trade execution is faster, with a minimum of 0.01 lots.
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These pairs are fine just take note and always practice your trades before going live. This will give you a good idea of where you stand in the whole process. I rely heavily on them and I always test my trades so this comes as natural advice from me to all traders. The volatility can be tricky on currencies so it is better to get some clarity before using actual money and going live.
CAD/USD can be a really profitable currency pair. I hope you enjoy trading it among many others. I think you should not limit yourself with just two pairs, you can try others too in time, good luck.
Demo accounts are the way to go. There’s nothing wrong with testing strategies and trades before. I do that too.
The best advice I can give to you is that you calculate the potential risk. I think it is pretty important to work on risk and money management. This is very helpful.
I prefer trading the major currency pairs and sometimes I go with minor or exotic pairs. So far EUR/USD, USD/JPY, AUD/USD, USD/CAD are some major pairs I’ve traded. EUR/GBP is also a good option.
Yes, these are good brokers. Have you tried XM? I like their services too.
I agree, demo accounts are so critical to carry out testing of a trade before putting real money on it.
Indeed. Risk management is crucial when it comes to trading.
For trading lower pips you will have to use brokers that give very low spreads, goes without saying that even the transaction cost got to be low. Another thing that might help you is converting your spread to a daily range percentage. This always helps me find suitable pairs for scalping as I compare the max pips I can trade against the spreads. For brokers I use Fxview and Avavtrade as the spreads are suitable. Mostly it’s EUR/USD and GBP/USD where I get good spreads and potential to trade 15-20 pips.
USDJPY is my favourite pair to trade, volatility is good so there’s a scope for bigger profits than spreads. Both USD and JPY have high liquidity so they are good to trade any time of the day.
I would say 9pm to midnight is a rough patch for this currency to be traded. Same with 3 to 5 in the morning.
As a beginner, I was too eager to use a zero commission broker. But it didn’t turn out to be what it was advertised. I had to pay a lot of hidden costs and upon calculations, I realized that zero commission brokers cost you more than low commission brokers. Since then, I have always ensured to use those brokers that have a transparent fee structure.
Could you please share the broker name? thanks.
Hi, plz guide me, I’m very new in the system. And I don’t have enough money, but I love trading especially to start with a lower pips broker. Pls mention any broker u know it will be good for me to trade with. Thanks