Well I’m new to trading.
So I’ve looked up a few forex brokers and decided to open an account with liteforex.
Since I didn’t want to risk much money I only invested $100
Now that I read around about brokers a bit more I’m not sure that liteforex was such a good choice.
Can someone recommend a good broker with a minimum account of $100 which is also regulated?
P.S. Found UWC (United world capital) are they any good?
hi,
Oanda
fxcm micro
I would say dont believe everything you read, are you having problems with your broker?
i dont have any problems at the moment, however i dont want to trust someone shady with more of my money.
i was going for oanda originally, but the paperwork just killed me. they told me to notarize my bank statement which had the banks stamp on it. and they’re platform sucks.
thanks
UWC and Liteforex have the same owner so if you are not satisfied with one, you are just hopping to the same company basically. Just saying… :rolleyes:
oh wow lol.
I swear every company in the world is owned by someone.
Btw how do even find out that?
P.S.
However it doesn’t mean that they arent better. I mean they’ve the most regulated broker ive found so far and trust me ive spent a lot of time searching
When you’ve been in the Forex Industry a while, you get to know things 
Most regulated? CySec is not much in the way of regulators. They don’t have the same set of teeth ASIC, NFA or FSA have for example.
Yeah… So… is regulation in Mauritius better…? :rolleyes:
No. I would say Mauritius is a lot more useless than Cyprus 
oh but you see that if they were regulated by just CySec I would have said f dat. But to my surprise they are regulated by A LOT of people. I didn’t believe that **** but then I actually checked it out. I think its not that they just wrote it on their website.
Go to UWCFX com -> About -> Our regulatory environment. This is the list of all regulatory organizations that they’re under.
They’re under MiFID, CySec and FSA to name the first 3 out of about 20.
I personally wanna see if they check out because they seem to have everything i need.
Easy deposit methods, MT4, and MT5, ok spreads.
FXOpen is good too but it’ll take me a ****load of time and effort to just deposit.
I know with Europe, if you get listed with one country, like Lithuania for example, you also get listed in 30 other countries. In Europe you will notice they are “EEA” authorised meaning they do not have to sign up to the FSCS (Financial Services Compensation Scheme) meaning that, in the case of the FSA UK, a person cannot expect any compensation should they make a claim against the company.
the Financial Services Compensation Scheme established under section 213 of the Act (The compensation scheme) for compensating persons in cases where authorised persons and appointed representatives49, or, where applicable, a tied agent of a firm,49 are unable, or are likely to be unable, to satisfy claims against them.3
Also, since you would be signing up for an account in Cyprus, the other regulators do not apply
ok thx a lot. Make waaay more sense now. So I’m definitely not going with UWC. Any more suggestions?
Really, regulation in Forex means very little as it is a decentralised industry so go with a company that has a good track record, large enough not to disappear overnight, and one that offers what you need as far as trading platform and trading conditions.
Are you a technical trader where a fixed spread market maker account is sufficient, or do you require the fast execution and liquidity that an ECN can provide for scalping or news trading? Can you get support when you need it? Do you need the instant gratification of ecurrencies, or the security of bank wire?
These are some of the questions you need to ask yourself.
Thanks man
I’ve been looking around some more. What about loyal forex?
1pipfix? 2pipfixed? MasterForex? alpari?
I think you can tell from my user title what I would like to suggest to you 
For fear of breaking the promotion rules here I will just say that you is avoid brokers with “weird” names, offers too good to be true (like 1 pip fixed spread on a Market Maker broker that will still get you for more than 1 pip by trade delays and horrific requotes), and beware Russian Brokers pretending to be from Cyprus
Out of the ones you mention I’ve only really heard of Alpari which is a big broker and probably just as good as most of the other well known names.
Go with a well known name!
Before you decide you need to know what your criteria are…?
What is it that you’re looking for specifically? Make a list of what matters to you and then go through broker after broker and tick the boxes. After that you’ll have a better idea of which ones are of interest to you.
Things you might want to check for, these are just suggestions and far from a complete list:
How long have they been around?
How big are they?
What sorts of accounts do they offer?
How many pairs?
Other instruments than just forex?
Fees and methods for deposits and withdrawals?
Test their support by using it and see if you’re happy with it
Good spreads?
What trading platform(s) do they offer?
Get an idea of their reputation if you can
What’s the minimum lot size? (this is often important for small accounts to be able to get the risk management right)
Etc…
Good luck
Guys, I personally recommend fxopen. They’re straightforward, honest, and really good customer service.
FXOen seems good. but the payment methods are just not whats really comfortable for me.
Hi All,
I have been reading the thread, and I also believe there are a lot of dark companies out there and you must be very vigilant, but choosing the FSA over Cysec, I always debate how would that effect me if the company goes bankrupt? well… the only thing that would affect me is the client money that covers me, and Cysec adopts the EU rules and client money regulations so my account should be safe… or let’s say in the same position as a UK company goes bankrupt or proves to be fraudulent… I wouldn’t trust Mauritius… that is for sure. I trade with Easy-Forex UK and I am very happy as all my prices are respected, and the system is always stable. And they have been very helpful as a company.
hope this was useful
JM
What about Moneybookers? It’s just been added as one of the accepted funding methods. Moneybookers allows credit/debit card funding and withdrawal too.
amazing to hear fxopen have added further options for their deposits and withdrawals.