Good day. Please, which out of Hotforex and IFC brokers is good to chose from by the newbies in trading.The prompt response from somebody who has dealt or dealing with any of these brokers before or dealing with any of them presently shall greatly be appreciated . Or anyone who has useful information on any or both of them should kindly enlighten me please. .
Hello! I’ve been seeing HotForex reviews here in the community but not so much from IFC Markets.
Here are some of HotForex topics:
Use the search feature if you want to look for more reviews about them .
Use Hotforex if you must. If you are not satisfied, try Forexchief. Both are easy to use and offers high leverage.
Trading with high leverage- don’t you think that might kill your account? You kinda give your broker a leverage to demand further deposits for covering the margin requirement, to avoid a margin call.
What are your reasons for choosing those two?
Yes there are chances of this happening but then this is something that can be smartly avoided. Minimize your risks of trading on high leverage with tight stop losses. Your broker will automatically close out the losing positions in case they reach a trigger point.
I’ve faced this situation before and was infuriated to watch the position flip against me and close in just a matter of a few minutes. Since then, I haven’t gathered the courage to trade with high leverage.
Yeah it can be frustrating but you know what, change your broker in that case. I mean I’ve been trading with turnkey forex and avatrade for like 3 years now. I started with low leverage and gradually moved to high. What I did was simply change the strategy. I set stop loss just below the lowest price point just so to be safe in case the transaction falls.
Out of these, you should go for Hotforex as the broker seems good. However, I came through a lot of trade execution complaints on the forums that they manipulate the charts. But I guess you should give it a try.
P.S. I have never used them tho.
Don’t try to choose the best broker, there are hundreds to pick from and no way of knowing which are trustworthy.
Try to find the toughest regulator. There are few worth considering and whichever broker you then select from their jurisdiction should at least be financially sound and not run by crooks.
I’d suggest you demo trade with both and then make a decision for yourself.