Hi all, I did sign up to JAFX but only with demo, since looking into it i have heard bad things, like no help desk or anywhere to call up, as well as not regulated,
So being in the UK can you recomended a broker, ie FXCM or FOREX or any other that work for you
Forget FXCM. I used to rate them, but have little faith in them anymore.
Re: JAFX, regulated in St Vincent, so I wouldn’t use them personally, I prefer UK regulated companies. They aren’t perfect either, but I’m more comfortable with that
Number 1 objective when you’re starting trading, especially if with a small account, is protect your capital. I would always look for a UK-based, FCA-regulated firm. Make sure they have clients’ funds segregated from their operating capital. They should also be members of the Financial Services Protection Scheme so that if they go bust your deposited capital is protected up to I think £85k.
You could also look into a spreadbetting account, same conditions as above.
ok thanks lads so far JAFX AND FXCM are out of the question i will look on the web at UK based other that are FSC protected and FCA regulated…
there are two powerhouses i can warmly recommend but only one of them will be available as choise for you.
First IG Group, biggest retailer, DMA, biggest CFD retailer world wide. Minimum 100 to open an account. Occasionally they serve as market maker for small accounts or unliquid markets, but 95% of trading is done with direkt market acces or through one of market maker/liquidity providers. no conflict of interest. company is big and has a big balance sheet (means the company is stable)
Interactive Brokers, by far the best brokerhouse i’ve seen, one of the biggest around -probably the biggest- (besides/excluding the Prime Brokers). but they do not target beginners, minimum $25.000 required to open account. not for retailbeginners. They as well act as prime brokers for smaller hedge funds (10m-50m) before these hedge funds manage to gather lucrative conditions with one of the standard prime brokers (goldman, deutsche bank, merryl, etc) They offer maximum leverage of 20 for new clients, if you gain big enough they offer you specialized agreenments to increase your leverage. customers account deposited in seperate holding accounts which are not on the balance sheet of the company, in case of bankruptcy all your money is safe.
in chosing a broker it is fairly easy to see which one is good. the ones who dont need to pay for advertisement and the ones who dont offer any bonuses n top of your initial investment are usually good ones.
You’re definitely right not to touch FXCM!!
I’d look at Interactive Brokers if you can use a real broker (the best I’ve seen, too), and/or at Oanda if you need a counterparty “broker” for a small account. Oanda offers infinite position-sizing granularity, which can be very helpful indeed, and they’re honest and ethical.
IG Group would certainly be my next suggestion after those two.
I completely agree.
Stay away from the ones who promote themselves actively all over the place, and offer gimmicks, bonuses and competitions. They’re trying to attract “a certain class of customer” and what that tells you about their own business model is very bad news.
Hello, i’m also looking for a good broker, at this point i have been looking for week, a lot of names came up…
I’m new to trading until now, have been investing in cryptocurrency.
When i use a broker that deals CFD’s does that mean they will sell forex as a CFD? I asked trading 212 about that and they said they only deal forex trough CFD’s …
Now IG also deals with CFD’s but do they sell forex as a CFD also?
I have look at AONDA, specially because you can use TradingView to trade, is that something you guys recommend?
Thanks in advance!
I’m with GKFX - have been for 3 years now and no complaints. Either they’re good or I’m complacent, like all choices you make your own decision.
Yes, I recommend it VERY strongly.
Almost anything’s better than MetaTrader, but TradingView is wonderful (and very easy to use!).
As you say, Oanda already has it.
Interactive Brokers will have it soon, they’ve announced, but not quite yet.
The more brokers have something like that, the more others feel they have to offer it to avoid losing customers and to attract new ones, so its usage can grow quite quickly.
Oanda is very good anyway, but their “advanced charting” (actually a white label of TradingView) is another reason for going there.
I personally use GKFX…Tickmill and OpenFX…
When reviewing Global Prime seems to be highly rated…
This is my first post on here and I am learning a lot from reading advice given…
Thanks for this…
Hi @tommor,
The £85k compensation limit applies to bank deposits, not investments. For forex and CFD trading through FCA-regulated brokers like FOREX.com, it is the £50k compensation limit for investments mentioned here which applies: https://www.fscs.org.uk/what-we-cover/compensation-limits/
Hi @NEILB76,
We’ll leave the recommendations to others, but since you asked about FOREX.com specifically, we wanted to let you know we have a dedicated thread in the Broker Support section of the forum to answer questions about our services: FOREX.com discussion
I’m sure you’re right, I was just going from memory. Thanks.
I’m leaning towards Oanda because the amount per pip is so flexible, and works with well Trading View.
I can’t see how I can manage my % risk with anywhere neat things like £0.5 per pip minimums that some brokers use. To risk 1% or 0.5% of my (small) account would be pretty difficult unless I can go lower per pip than that.
Glad to have found this feed… after some shopping around i’ve chosen VARIANSE - UK regulated (and offshore) and offer cTrader and MT4… got bored trying other platforms to be honest…
Will keep this thread updated with my progress!
Any other recommendations?
I am with Coinexx- it’s been more than a year now and no issues so far. They are a good choice for a low cost broker imo.
I use Tickmill and Hotforex they are regulated by FCA and offer nice spreads.
