I have shortlisted a few of the brokers to get started with LiveTrading based on the spreads and lower commissions: Global Prime, MFX, and FP Markets.
I will mainly be trading intraday. Which of these would be best suitable for scalping?
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Can try some like fxview, avatrade and xtb to your list, they’re also good for scalping as I have been using them for a while.
In my view, FP Markets is a better broker compared to other ECN brokers because of their tight spreads that average around 0.1-0.3 pips for most parts of the day.
The commission cost is also lower at $3 per lot, and I trade using their VPS, which provides 35ms execution speed.
My opinion is that if you’ve got a successful strategy, which broker you use doesn’t really matter (as long as it’s a real broker and not a scam outfit)
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Depends upon the trading style of the trader, for example, a scalper would find an ECN broker better as they offer tight spreads and low commissions.
Check their trading conditions of the three. Try their demo accounts. Trade with one you find suitable according to your requirements.
I’m not extremely familiar with those. If you’ve narrowed it down to those three, I’d make my own comparison list and look at everything from costs, to leverage, customer support, and so on, then compare them all to see which has the best overall offer.
Can go with an offshore one if you want low minimum deposit, tight spreads, and high leverage, here are some good ones to try - coinexx, traders way, justforex and fxglory.
For scalping you can also consider Tickmill or Hotforex, both are ECN and after extensive testing I discovered that their spreads are slightly better in times of high volatility (when spreads usually widen) which basically shifts odds in your favor a little bit.
For scalping, spreads and commission have to be low, but high leverage is also required. So, make sure you include that point in mind while searching for a broker. Can take a look at this thread List Of Best High Leverage Brokers, many good high leverage brokers are listed along with other important details you might be interested in.
Global Prime and FP markets are what I would choose from the brokers mentioned because they have reliable trading conditions and are properly regulated by government entities such as ASIC.
ASIC is great but I would advice to try FCA brokers because their investor compensation fund is larger also UK is matured and more advanced in financial regulations. For example, I trade with Hotforex UK branch, leverage is capped at 30x but I consider it enough since I don’t like to take big risks focusing on long-term trades. One benefit is reduced swap, since you borrow less to open a position.
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I consider brokers with low trading costs, well disposed customer support and hassle free withdrawals.
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@smokeddescent I 100% agree! These are precisely the reasons I started using turnkeyforex after experimenting around with tons of brokers.