Hi my name is Eugah and I’m still new in this field however I just wanted to ask which fx broker can you recommend for a novice like me.
Based on my experience with various brokers, most important criteria is license. Choose brokers which have FCA license and trade with their UK branch if you are eligible. You will sacrifice with leverage but at initial stages it is only a benefit for you. To answer your question precisely, I would suggest to start with Hotforex, Tickmill or IB these are excellent brokers which are basically veterans of the industry.
howdy Eugah7! Where do you live?
Among our partners, the most reputable broker with the best positive track record is IC Markets. But it doesn’t hurt to try others especially today that the competition is getting tight. Some brokers can match what others offer.
South Africa is my home
which broker is perfect for you, its a most complicate question to answer. it depends on your country , deposit ability , trading strategy , knowledge and much more.
generally reputed Forex broker is more appropriate for large account , so beginners always avoid this kind of platform.
so many broker right now who provide micro account for the new Forex trader with comfortable trading spreads.
I recommend you to use icmarkets.com it is the broker that I want to trade for a long time. because its spreads are as low as I know.
But if you are a new trader, you can try opening a cent account to practice with forex4you, fortfs.com, fbs.com.
If you want to place a long order with free swap then with octafx.com is the way to choose
I think FXCM is down there. They obviously have some bad history in the US, but that’s a different story elsewhere. Again, in the end, you will have to decide. May try to chat with a rep there to see about regulation. That’s the key with any broker.
I would recommend both EagleFX and IC Markets.
I’ve used both of them for years and they’re customer support has been fantastic.
Also - I’d recommend checking out Forex.Academy too - they provide some fantastic learning resources on learning to trade.
How long have you been with EagleFX, they remind me of Tradersway!
Turnkey forex is another way to go. The broker has been in the market for so many years now, offers good trading conditions.
Do they offer support for MT5 platform too? I’m looking for a second broker to run my EA intended for MT5 platform. Hotforex execution is great but I want to decrease the size of orders per broker to see advantages of execution from a such trick. Heard a lot of positive reviews about that tactics.
Hello! Do you mean IC Markets? Yes they have MT5! Im just not sure tho if decreasing the size of your orders affect the execution, maybe with simultaneous orders. Using multiple brokers is effective in arbitrage tho, if your current broker doesn’t allow the strategy.
Hotforex allows arbitrage but you have to do it smart and not make too big money because after all you try to profit from price inefficiency which can be a broker fault. So you have to careful about that and don’t advertise to others.
You are so right buddy! We never used that on advertising, only on normal discussions like this. Oftentimes even if it’s allowed, they don’t like this strat. Better say, “all styles and strategies accepted”
Certainly two good brokers there.
Make sure you check out good broker review sites - Forex Peace Army are pretty good for legit reviews. Hope this helps.
There’s a section on babypips