When I first started trading, I googled and asked other traders I knew about the best platforms and brokers. Most of them suggested I go for turnkeyforex, oanda and Avatrade because of the low spreads and deposits and fast withdrawals.
So what’s the average spreads they’re offering? Just want to compare with the one I’m currently trading with.
@Daniel The best part about trading with ECN brokers is that they offer spreads with no markup. When trading EUR/USD, the spread can go to as low as 0.0 pips and the average being 0.2.
What about the deposits? Is there any maximum or minimum limit?
As far as turnkey forex is concerned, there’s no maximum amount to begin with. The minimum however is $10 that’s ideal for all. With Oanda there’s not even that.
$200 is okay to begin with and when I started trading, I also started with a low capital. It doesn’t matter what amount you decide to invest and as long as other conditions are okay, you’ll be fine. Just look for brokers with lower commissions.
You are right to realise how important spreads are. Like I’m trading with Hotforex, Admiral brokers but it was only after making a detailed analysis of their spreads and conditions. I believe in the power of research and so I kept looking.
I’m kind of a newbie here and I don’t really get the difference between these broker types. How does that work exactly?
I think most brokers I’ve seen and are reputed provide good spreads and commission rates. That is when you’re considering reputed ones, be it turnkey forex or any other like icm, etc. It doesn’t really matter to me if I’m getting good profits at the end of the day.
Please stick to a lower amount as a newbie. I find a deposit of $200 completely fine. There are many regulated brokers that allow you to start trading with just a small amount like 5 Euros.
You should really get your basics clear if you want to keep trading. Anyway, give this a read here Forex Broker Types: Dealing Desk and No Dealing Desk - BabyPips.com Might help you get an idea.
Any worthy names that come to your mind? There are just so many options around that I get so confused.
Yes you are correct, a minimum deposit of $200 is sufficient for the newbies, but always trade with a regulated broker so that your funds are always in safe hands.
we the traders should choose the broker which is more appropriate to the concept of trading that will be used , if love doing scalping should choose the broker which allows trading concept such as this.
And scalping works well for small capital amount right?
I think the capital required to start trading depends on a lot of factors including the ROI you expect, your risk profile, and most importantly your trading strategy.
Expected rate of interest on the amount at which you should start trading is the best approach that kinda helped me too. So, keep it around 2%-5% with 5 being the target.
$200 is fine. However, I’d suggest going for $500. Why play low if you have that much of an amount to spare as your starting capital.
A successful trading strategy can be a big help for getting some good returns
This link is quite helpful especially for a newbie like me. Thank you for sharing it.