Hello everyone. Been researching for 3 days straight, did not make any positive progress aside from getting frustrated. I’ve read school of Pipsology and demo traded with Forex.com for around 4 month now. Please give me actual broker recommendations, preferably from your personal experience and not guides to how to choose brokers.
My criteria are following:
[B]Fixed spreads, if commissions fees they have to be fixed.[/B] --> Given that direction of the price is already unclear, I don’t want to deal with more puzzles. I wanna see how much my transaction is gonna cost.
[B]Minimum deposit no more than $1000[/B] --> I am a student
[B]Ability to trade micro lots or less[/B] --> Given that I will be depositing $1000…
[B]Trustworthy[/B] --> From your point of view, the broker is trustworthy
The following are preferable, but not a must.
[B]ECN broker[/B], because my impression was that dealing desks are scary.
[B]Easy deposit/widthdraw[/B] --> naturally
[B]High leverage[/B] --> The higher the better, I don’t understand why low leverage is good for anyone
Since this is my first post, I don’t know whether I can update it later. If I can and have more to add, I will.
Thanks in advance for any replies, and have a good day.
[B]This is the end of the important part of my post, the rest is more of whining[/B]
I am studying computer science and have worked many times with user interface design. I am surprised how ugly things look in Forex market. Websites of brokers, charting software, platforms … Ughhh… I can’t take brokers who have bad websites seriously. Why do you guys think that this is the case?
And I’ve read all old discussions about choosing brokers, but most of them date back to 2008 and things change rather quickly. So I could not rely on old things written there. Conclusion I derived from them was that FXCM and Oanda is good for beginners, so I opened a demo account with Oanda. Saw that spreads reach 10pip many times - No thanks. Am really frustrated, so any help is greatly appreciated.
I pretty much have the same sentiment over the whole “choosing a broker” game… everytime I found one that would work I also found a tons of bad reviews…
If not I need like 25k to open an account which is way too rich for my wallet…
Theres also a bunch of fake review websites that are obviously just a promotion for those brokers.
Is there a : Nano,Micro lot account that is not a scam out there?
You may want to check out Trader’s Way, FXCM, Alpari and a couple of others…
As regards the fake reviews, not much anyone can do there. Before selecting a broker, see if you like what the broker has to offer, check out the reviews [for what it’s worth], do a dry run with demo and see how it pans out.
Give it a test trial for two weeks minimum [demo ac] before opting for a live account. Some ECN brokers do offer micro lots and the NDD variety…good luck in your search!
Try AVAFX forex broker. It offers Fixed spreads, Minimum deposit no more than $1000 and Trustworthy as well. This broker match with your some other requirements as well.
So I listed around 20 brokers which looked suitable and rated them with some criteria. I narrowed my list down to 4 brokers. I am gonna try each of them for some time and choose the one I like. They all meet my minimum deposit and minimum lot conditions. They are:
Forex club -> What I found was completely fixed spreads, and STP.
FXCM -> STP, ok looking spreads.
Mb Trading -> Low spreads, good reviews - EXN (ECN?)
Hot Forex -> Low spreads, good reviews STP (?)
Now please advice or warn me if you have any past experience with any of these brokers.
Thanks in advance.
Forex club - would not recommend it to anyone at the moment, did not like it that much…
FXCM - quite good and so far, have had no issues what so ever…
Mb Trading - You mean ECN and you may want to check and see if that is indeed the case. Google “ECN Brokers” for a list of all brokers who offer ECN retail…
Hot Forex - no idea so far…
Hope that helps…
I also looking to open my forex account, really appreciate if someone would suggest good broker that have levarge of at least 1:300, EURSD spread 2 pips, min 0.01 lot
Im using Alpari-us it is ok, no complains against them.
Spread are reasonably good and allows mini accounts, so for a 1000 is good enough.
But in the near future will be changing to FXCM, very similar in cost to Alpari, but the huge difference is the movil application. FXCM movil platform is way better to use and has more and better functions.
What’s the difference between FXCM and E-Trade FX? Is E-Trade FX just a broker adding to the spread and routing through FXCM? I ask because I can use my same demo account at either FXCM or E-Trade.
Take a look at oanda it has been around since 1996 and it has a good reputation.
Also a bit of a sidenote if you find a broker that you like try it out by yourself, you will hear bad reviews about every broker and you’ll see that most of the complaints are the same for everyone so dont take it serious. For example in this forum you can find a thread about avafx and you will see a lot of complains about this broker but if you check out the broker you’ll see that it has been around for a couple of years its a pretty big broker, and its regulated by the central bank of Ireland if that broker was really that bad or a scam it wouldn’t be around for this long it would simply take its costumers money and disapear. Also dont be afraid of market makers (brokers with dealing desks) its not as bad as its sound, look more into it and you’ll see what i mean dont listen to the conspiracy teories, ECN brokers offer a better service than market makers but they are more expensive that is only fair we get what we paid for.
