For me at the moment it’d have to be
CedarFX
IC Markets
EagleFX
Hugosway
And trialing Avatrade at the moment. I like it too
I have traded with several brokers. Here is the list of my favorite brokers
- LonghornFX
- Plus500
- CedarFX
- FXCM
- Avatrade
- EagleFX
- FxPro
- TickMill
In no particular order .
•FXCM
•EagleFX
•FXTM
•Hugosway
•BD Swiss
CedarFX
My top 7 (can’t think of 8)
LonghornFX
ICM
Oanda
FXCM
EagleFX
IG
AvaTrade
Believe it or not, that’s what I did with some of my brokers (fxview, ig). This technique kind of works and by the end of it, you might or might not have a broker. Gives a fair idea of the platforms as well, and it is even better to have a practical experience than just reading about a platform.
These things are essential when selecting a broker to trade. It is important to go for the right currency pairs and trade with high liquidity.
That’s another way of looking at it. I mostly stick with major currency pairs and try not to experiment a lot with them. USD/CHF and EUR/USD are my all time favourites.
I would add Turnkey in place of AvaTrade. They have got a better platform and definetly better spreads. Also a plus point with them is their ultra low commission.
Haven’t heard of Plus500 ever? What all do they offer to trade?
Please a beginner like me, which one can choose to start with?
Margin calls the make or break deal for me when I have to change a broker.
Oh yeah wouldn’t want to freak out after receiving a margin call and realizing that my account has been barred. This is what happened to me during my initial days. Then I switched to fxview and fxtm for they notified me about the less margin before deciding upon stop making me trade.
My broker charged me with a withdrawal fee and I was surprised that the other one didn’t. I know it won’t make much of a difference, but is it normal or is it a red flag asking me to shut down my account with him?
1 Like
You probably should coz all the brokers that I’ve traded with, and trust me there are quite a few, none of them ever sought a withdrawal fee. This is something you should have checked before-hand though.
What leverage do you use for these currency pairs?
Because these currency pairs are highly liquid, I don’t mind using a 500:1 leverage. Good thing, my broker doesn’t mind giving this much leverage. In a way I know he’s making money too. So it’s a win-win situation for us both.
Leverage with a well-defined money management plan has helped me trade currency pairs with high volatility that usually move more pips.
Are you talking about strategic stops? Been planning to use it after I discovered that my position’s been adversely affected by a couple of hundred pips, making me lose money.
Hey Calvin, that depends how well you rank your trading knowledge. 10:1 is still a safe bet. So if you’re still a conservative trader avoiding risks, this can be an appropriate leverage level but if you really want to take chances and plan on making big, go ahead with at least 30:1.
Ok so even if I go ahead with the ratio you suggested, is there any way I can stop major losses? I do wanna play safe.