Which one do I choose?

Trading Discussion
1

Need suggestions on choosing one of these:

  • Admiral Markets: Allows CFD trading with multiple asset classes. Supports MT4 and MT5.
  • Activtrades: Offers advanced tools like smart pattern and smart order. Additionally supports Activtrader along with MT4/5.
  • City Index: allows trading on multiple asset classes as well. Web interface comes with a bunch of useful features. Only supports MT4.

Drilling down to what I need -

  1. EA trading - 60%
  2. Scalping - 30%
  3. Ease of use - 10%

What is best for me as a relatively new trader?

2 Likes
2

most of the time i use scalping that brings profit in a short time , but really sometimes it causes a great risk.

3

Correct me if I’m wrong, need a broker just for forex trading? Automated trading would require a lot of time and patience.

4

Backtesting is the key! CityIndex might work for you, as in my opinion they do provide sophisticated backtesting on relevant past data.

Results are definitely not a one shot game, they require a lot of strategy fine tuning and performance judgement.

5

Freshly entered forex and created demo account with mt4, how do I test now? Are the results correct with backtesting?

6

yes mate, results are spot on with its strategy back tester. Before you start testing, you have to save the history for the pair you want to test.
Then by clicking on test, the trades are placed and you know the profits.

7

use F12 to manually backtest your strategy. Just make sure you find the market or pair you want before testing.
I do the same on my accounts with IG and Fxview. Even you can create your expert advisor from the left navigation pane and click modify on existing EA. Create a new file with MetaEditor.

8

CI and admiral markets. Both are decent brokers.

9

Activtrades in my opinion, they have this smart forecast feature to save you time on getting the estimates via the forecasts.

10

@Jamescatar @Glennmaxi thanks, appreciate the help :slight_smile:

11

Admiral markets if you are also considering an ECN account for the times when the markets are highly volatile and you demand low spreads. Fxview is another broker you can see. Not much screenplay there. They have comparatively lower spreads and commissions. For you as an EA trader, they have MT4, MT5 and ActTrader for automated strategies at an advanced level.
Withdrawals are quick with both.
PS: Both are regulated.

12

not fxview. I have seen multiple traders complaining about their accounts getting rejected.

13

yeah, with Fxview, I have seen my withdrawals processed within the same day, sweet!

14

Dang! The issue is either being a US citizen or resident https://forums.babypips.com/t/going-offshore-to-escape-the-cftc/35612/10040
or uploading wrong documents:

Always connect with the broker’s customer support than assume!

15

If you want to base your decision on scalping then it is not a great idea because even though it is profitable, it is only short term.

16

There are so many brokers that are okay with the use of scalping and any other strategy as per your preference. You should definitely go with a broker that puts no limitations on the use of a strategy. Most brokers support MT4 and a few others provide MT5 as well. So you won’t have a problem there. However I have used a demo account with CityIndex and if I’m not wrong I don’t think they allow scalping. Hedging is an option though. I’ve even got an ECN account with Fxview, which I sometimes use for scalping (because of lower spreads). Being a part time scalper I made quite alright profits while trading GBPUSD on 1 minute charts.