Hi, I have been researching and going through the web like a mad man and came across this site, I have recently started to trade forex but only on a demo account on various sites…some are good and some not so good.
But mostly eerytime i find one i like i read reviews how dodgy they are etc.
Does anyone know of a good broker i quite like the web based trader the mt4 i dont like so much…
I am in South Africa and need a broker thats good trustworthy and who dont delay my withdrawals etc.
Welcome to the world of forex.Selecting a good broker is a challenge. Based on your criteria, I would suggest you to do an online research on brokers. Then you can find answers for many doubts specially on web trading facility providing brokers. Oanada, Hotforex,Gallant Capital are some of the good brokers. Please do your own research prior to select suitable one for you.
I have read some reviews about the brokers you have mentioned but then again, a person dont know if its because of sour grapes some people have bad things to say or what.
But I am going to give them a try and try their demo accounts, and if what i see is good i will open live accounts.
I have been practicing on One Financial Markets though, cant really find alot of comments online about them and when i do find some sites its either the same people posting over and over on it though.
The are fsa approved and everything but still i have my doubts…lol
These things are never easy though…
Especially when youre going to pay some of your hard earned cash over
One decent broker would never delay your withdrawal, except your transaction was too suspicious.
I recommend you Hotforex for you as my two brokers now. They don’t never delay my payment.
As others have suggested you can check FPA or similar websites to read the reviews…FYI, every trader has his or her pref when it comes to brokers. For example, I use both Trader’s Way and FXCM, it works great for me but that does not mean it is a good fit for others…individual preferences come into play, like what sort of broker are you looking for? ECN? Are you looking for anything specific in trading accounts? Are you on the lookout for bonus options?
And on the quick withdrawal option, all brokers claim to offer quick withdrawals, even the scam ones…LOL
So yes, you need to do the research and select a broker that looks like what you need…good luck and btw, you’re in the right place.
You are new here first choose any regulated broker for trading . Use demo of this broker to know all specifictions about trading how they are offering spread and exxecution of trade is hoe efficiently.You can chexck the credibility of any broker on web search. I hope you will find best for your business.
Thanks everyone so much for your help, really appreciate it…
I am not looking for anything specific in particular, only a broker that wont take me for a fool… I have enjoyed using this one site and then eventually i was going to fund the account with real money and did a quick search about them, and i saw so many bad reviews about them luckily i didnt go further…
Then i tried many more and finally got here where you can get some decent help etc.
The thing i dont like about bonuses is that if i do get an account and get a sign up bonus etc then i need to trade a certain amount probably before i can do withdrawals etc.
I am just looking for a decent broker who wont mess me around.
And i have been using hotforex demo account for the past week, and must admit their site is amazing and i like most of what i see there.
So basically i guess i shall be doing some more research about them unless someone has dealt with them and give me some tips?
Okay, that’s a loaded query and here’s why, nearly every trader has got bonuses from their respective brokers and some, have put it to good use where as some brokers used that as a lure to get more traders in and refused to pony up later on…
So there are both pros and cons, where bonuses are concerned…the only thing you can do is to review broker section here and in other forums, check if the broker is a good fit or not.
Tip: Always check the small print where bonuses are concerned…
I was never a fan of bonuses, its easier to trade your own capital with no surprises along the way, bonuses always come with conditions, let it be no deposit or deposit bonuses, so make sure to read the conditions and terms that comes with it, but for starters stick with demo and if you go live, start small to get a better feel of live trading
I agree with the above comment, Bonuses can sometimes cloud your aims and judgement, and i have found when trading with real money to just deposit what your comfortable with and take it from there. Bonus’s usually have some form of string attached to them.
Pepperstone are a very good broker, very good reviews online from them and their spreads are low. Alpari seems to be a favourite here on this forum but i’m not a big fan of it myself, mainly due to the bugs i suffered in MT4 many months ago. FXCM i hear are good but never tried them, Oanda have a very good reputation also, and keep in very close contact with their clients, both through social media and their own site. The problem i suffer with Oanda is that they only offer max 50/1 leverage.
Have you tried PROFIFOREX, I think they are ok. There has been no complain about this broker. The withdrawal process is very fast, if not instant. I have an account there and so far, there has been no problems.I don’t know if any one here has used Profiforex. has anyone?
I would recommend that you do your own research and ignore what others say, especially on reviews etc. Most negative reviews come from two sources:
Competitors trying to make other brokers look bad or paid negative reviews with the same intent.
Traders who misread the terms and conditions when it comes to bonuses or traders who lost their money and are idiotic enough to blame their broker for it.
There are some terrible brokers, no doubt. Personally I trade with paxforex and never had an issue with them. What I can recommend is that you look into different brokers and find what you are looking for. Then try the broker our yourself ignoring what others say. Deposit a small amount and see how they treat you. Should they push you for bigger deposits, close your account. A good trader does treat every client the same, regardless of account size. A good broker does not push for high leverage or wants you to blow your account. Stay away from those. A quality broker wants you to make as much money as possible as they earn their money through spreads (or commissions in case of ECN brokers) and the more you trade and the longer you trade the more they earn. Take your time until you find the right one for you, ignore what others say.
I have been browsing and trying to find a good broker…I have looked at Oanda and they seem okay, i am currently on a demo account with Hotforex and so far it seems pretty good… I have read reviews about them also but then again as TheLastBear says its always better to do your own research and see where you end up though…
But also i appreciate all the help sofar and I am definately gonna go and try see how the other places are which you guyus have given me…
I’m glad you’re a fan of our educational resources on the DailyFX site. Since you mentioned our spreads, you might be interested to know that we recently launched a new dealing desk forex execution option. The spreads are 1 pip lower for the most popular currency pairs than on our No Dealing Desk (NDD) model.
Dealing desk execution is used by most brokers in the forex industry. However, FXCM’s dealing desk is different because we use the FXCM NDD price feed as a base to derive prices and execute orders. This means that our dealing desk execution shares important features with our NDD execution such as no requotes and no restrictions on stops and limits.
I have a demo account with Profiforex and I’ve been trying to wrap my head around using metatrader 4. I’m quite new to trading and I’m still “testing the waters” so to speak. I’ll probably open a micro account with them as soon as I’m comfortable trading with the demo account.
