I am new to forex and so far have spent nearly 2 months on demo accounts. Plus I have read all the lessons on babypips.com as well as few books on forex trading. I am not quite there yet, but hoping to start a live account in a month or two. The question I have is which broker should I use to open my live account? I have tested demo accounts on forex.com, ikon-royal.com and mbtrading.com. I would like to trade using mt4, but I am not sure who should I go with on live account.
I was actually reading some reviews about forex brokers and to be honest those reviews simply scared me from even entering into this business. I have yet to find a broker who doesn’t have any negative feedback. In fact, most of them have very bad reputation, which simply scares me away from this market. But on the other hand, I really would like to get into this market.
I am based in United States and would like to open my account with a company based in US. So having said all this, can you guys recommend some reputable brokers? I am going to open my account with 5k and I will only play mini lots.
Has anyone dealt with ikon-royal, mbtrading, forex.com etc.? If yes, can you please share your experience? Also if you think you know a better broker than these please do share your experience.
By the way, I know the broker should be a member of NFA etc. but I am more interested in finding out where do the main experts trade and with which brokers?
Thanks for reading my post. Any input you can provide would be greatly appreciated.
I think any of the big US brokers are good because of their capitalization and that they are regulated. Execution wise, all brokers are pretty much the same and take prices from the same big institutions.
You gotta remember to take each review that you read with a ‘grain of salt’ for the reason that you don’t know who is writing it and their experience/competence level.
I bet some of the “bad reviews” you see could be written by newbies who have no idea that they just traded during a news event and don’t understand how trades are executed during fast market conditions.
Or they just blew their account because they mistyped a stop or entered the wrong position size…
you never know…
I suggest trying each broker you are interested in with a very small amount of cash, and after a few months of trading, you’ll know whether they are ok to stay with or not…
When someone has a good time with a broker, they don’t feel the need to LET THE WORLD KNOW type of thing. As soon as theres a bad issue, people need to vent. Review sites are the best for it.
Hence, you tend to see more of the bad than the good on those review sites. Just the way I see it; the only way you’ll really get first hand knowledge is by trying it out. Some of the big names for example are GFT, IBFX, Alpari, FXSol. At least that’s what I see a lot of on the forums here.
I have no hestitation in recommending Compass FX. They are an introducing broker to FXDD. Both are first class companies. The thing I like about Compass FX is the online training provided. The thing I like about FXDD is their reliability in filling orders.
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