My First Forex broker

Broker Discussion Forex Brokers
1

Hi everyone,

This is my first topic here seeking for my first broker in forex. I had went through reviews websites for weeks and ended up with that all forex brokers are scammers, finding a true ECN brokers is just a myth and endless of paid fake reviews.

Anyhow, I need your recommendation for a forex broker bent on your solid experience with your broker through live account.

  • I’m an Egyptian living in Bahrain (a Middle Eastern country on the Persian Gulf).
  • I’m typically inter day trader, rarely to hold any position for more than 18 hours.
  • I’m not a scalper.
  • I prefer hedging.
  • From my beginner point of view that spread widening and slippage are part of forex game, so I’m looking for a broker who offers most tightened spreads and lowest frequency of slippage.
  • The typical scammer broker for me who wouldn’t allow me to withdraw my money or not regulated as well.
  • It would be a bounce if the broker has an office in Dubai or has an entity regulated by Dubai Financial Services Authority.

By the end, After my research I ended up with IG Group, XM, Pepperstone and FxPro on my list, I’d appreciate if you can give me your personal feedback about them or I’ll be delighted if you recommend me your own broker from your own experience.

Thanks

2

Hi

I’d advise you to open a Zero (zero-spread) account then. XM and Pepperstone are both good and they offer this kind of account.

Sorry, not sure about that.

3

I’m currently using XM, but I’m from Latin America

5

Thanks a lot for your reply, I’m already considering that type of accounts. I think they are much better since the broker got a commission then it will reduce the probability of going against you by widening the spread.

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6

I think if it is working well with you will work ok with me. They are based in Cyprus anyway.

7

XM is multi-regulated, I’m also using XM and have a Zero account there. So far so good.

Before you start trading, ask them which regulatory body is going to protect you.

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8

My first broker was my first wrong choice, by the way , it’s a long time ago. Now I am more careful when it is time to choose a broker

9

That’s why I’m spending much time on reading about brokers. I think it is crucial to succeed in such business to have the broker suite my trading style.

At all, can you please share with me which broker you were dealing, why you left him and what is your current one.

Thanks a lot for your advice.

10

They told me FCA, I’ll read more about thier policy to confirm if they are going to insure my money or not.

Really appreciate your tip.

11

Cool! :slight_smile: Let us know what they say to you…

12

your are going in a right way , be consistent to choose a right broker from all scams , hope , you will find that.

14

Let us know if they passed tests? They have too controversial feedback from traders, but would like to see your detailed reviews on every of them.

16

My first broker is Turnkey Forex and for a newbie I must say that I am quite happy with my choice. I get good spreads and their low commissions do not hurt my small account.

17

Well my first and to be fair very successful forex broker is CapitalXP. I’ve been trading here for 7 months already and made three withdrawals for the moment. I started working with their analyst and even now in rare case when I need a consultation he is always online to help. Very convenient platform as for me (I haven’t tried others but this one for me as for newcomer was easy to understand). Forex is a work. A cool work. And I’m happy that started with such nice company which really helps me earn a lot. May recommend it for sure.

18

According to me, first broker always a wrong choose particularly for newcomers due to lack of real experience about Forex trading and broker.

19

Hi Guys

I live in South Africa and found a nice Local Broker , register and you can trade in USD.

Happy Trading