Which is the 5 top brokers one can considsr to use cause i am confused on which broker to go with?
It depends on where you live. In this thread, we discussed the global currency hubs: What are the Deposit and Withdraw Option of FOREX.COM
For traders who live in those major trading centers, it makes sense to focus on brokers regulated in their home country. Traders who don’t live in one of those countries should consider brokers regulated in major financial centers appropriate for their region.
The advantage of trading with a well-regulated broker is there are both financial and trading standards set, ongoing monitoring by the regulators to ensure compliance, a framework for handling complaints from customers, and the power to enforce actions against regulated brokers for violations.
- In the US, forex is regulated by the CFTC and NFA, and brokers are required to maintain net capital of $20 million.
- In the UK, forex trading is regulated by the FCA and funds are protected for up to £50,000 per client by the FSCS.
- In Canada, forex trading is regulated by IIROC and funds are protected for up to $1 million per client by the CIPF.
Where do you live, @siphiweAngel?
without using practically it is not possible at all to rate at any brokers , because most of the Fx brokers right now are found to be scams.
traders rate their brokers in order to their trading understanding , please Google and you tube where top five or ten brokers are listed accordingly.
I’m talking with GiftedFX Capital based out of London. I’m a newbie to Forex trading but do have equities trading experience. Does anyone have an opinion of these guys and the FX brokers they use? I’m based in the U.S.
I live in South Africa
I think saying the exact name violate the rule of this forums. Honestly speaking my opinion is there are more than thousands of trading broker and also there are different type of trader. Trader need to select their trading broker according to their trading style. So, the top 5 broker name for short term trader and long term trader will not same. And also the trader who use signals and the trader using indicators will also not same. I don’t know whether I am able to understandable or not.
Ask them if they are UK regulated, I can’t find anything on them
In that case, you may want to focus your search on UK-regulated forex brokers. The time zone should work well for you, and the UK is the center of global forex trading.
As mentioned above, forex trading in the UK is regulated by the FCA and funds are protected for up to £50,000 per client by the FSCS. This protection includes clients living outside the UK.
i am also a newcomer and trading demo in various brokers , i am from NZ.
They say they are using ATC, Interactive Brokers and Fx Choice to carry out trades. They have a registered entity in Belize with an IBC (International Business Corp) which allows them to register and allow traders to trade via that company without any US restrictions,
Fxchoice is pretty good for US traders, Good reviews. I have demo with them and also AXITrader base in Australia but have office in London for UK traders.
Don`t ask. Check!
where is good reviews about this ? in FPA or others ?
Online Reviews are often faked. Take them with a grain of salt - do your research.
Our experiences may vary from one location to another and from one regulator to another. A trader in the UK may have a diffewwent experience from a trader in SG with the same broker. My kitty suggestion is you look for traders within your locality and interview them on their kitty experiences. Gooluck!
Why are you using demo from different brokers? What you looking for?
According to me you should consider only regulated brokers, following would be my recommendations
IC markets, hotforex, tickmill, fxview and fxpro.
I have first hand experience with IC markets and I would advise to stay away from it. I have a post about how they manipulate leverage and swap rate and trade against you. Check FPA scam alerts and you will see lots of these complaints.