Donna Forex Forum

Brokers => Brokers => Topic started by: moepels on May 13, 2009, 01:57:49 PM

Title: How else to choose a broker?
Post by: moepels on May 13, 2009, 01:57:49 PM
Hi Donna & all,

I know that this poses a serious problem for all and there are no easy answers. I have opened 6 demo accounts and I had to stick with these since they are the only ones who accept credit card funding (not on credit of course!), when I decide to go live. To send money from South Africa by wire transfer is cumbersome due to exchange control regulations. I funded my Oanda account by credit card in the past and it is so much easier.

My demo accounts were opened on 19 April with ForexMeta, FXcbs, Ikon Royal, FXPro, IBFX, Pronetfx. The first 4 are on the same GMT off-set and the other two not. All settings are the same and GMT off-sets were properly set.

So far, the first 3 gave the most trades and the best results, with Fxcbs being the best performer, $647 positive, followed by ForexMeta $437 and the other two about $100 up, but with pending potential long eur/usd losses.

FXPro proved to be a dog, about $1000 down and the strangest trades ever - totally the opposite than the first 3. It would go long when all the others go short. Pronetfx was only opened on 13 May and here I am $286 up. IBFX is alo $266 up, but I have read too many negative posts about them.

Now, how the heck do I choose one to go live? I know that trading live is a bit different than on a demo account. Common sense tells me that FXcbs should be the preferred one, but there are no guarantees.

Your thoughts on this, since you also advised that one should not neccessarily go with the FAPturbo recommended brokers, of which FXcbs is one, but the best performer thusfar?

Regards.

Anton.

Title: Re: How else to choose a broker?
Post by: mike348 on May 14, 2009, 09:05:21 AM
Be very careful basing part of your choice on demo account performance - they are marketing gimmicks, there are many reasons why live performance will be worse...

It doesnt matter where the broker is timewise.

Sellers of EA's often recommend a broker as that earns them commission in terms of 1/2 pip or so per trade. You need to do your own research. A number recommended over recent times have tiny capitalization and that could cause an issue if they get into trouble. Virtually none can provide security of your funds should they go belly up even if they say they are regulated etc.

Alpari UK offers some guarantees on the first 5k and Dukascopy better security where your funds are deposited (by you in your name) in your own Swiss bank account and linked to the trading account for margin purposes - but large account requirement and no metatrader platform.

I would check where the broker is based and steer clear of countries where there is little financial services oversight. I was going to say regulation, but in all cases there is in practice no regulation whatever the firms may try to imply - this industry is known as the 'wild west' of the financial sector!

Michael
Title: Re: How else to choose a broker?
Post by: forexbob on May 16, 2009, 05:15:23 PM
demo can be nice, but will not resemble live feed.

the best experience trading fapturbo i have with alpari, although i also have accounts with fxpro & pfg . mbtrading i opened for manual trading (no mt4 platform yet)

what is important next to low spreads, regulated and an ECN or STP (no dealdesk otherwise the broker is at your opposite and just your enemy)
Title: Re: How else to choose a broker?
Post by: jjkuyong57 on May 25, 2009, 01:03:36 PM
How about pronetfx? anybody has an experience with them?
Title: Re: How else to choose a broker?
Post by: ericjschroeder on May 26, 2009, 04:32:36 PM
Always looking for a good broker, but in my opinion, FXPro is the absolute worst I ever dealt with.  Maybe they were more strict with me because I live in the US, but they required more paperwork and scans than anyone else, had restrictions on how I could send money, had more restrictions and miscommunications when I tried to withdraw money and I only lost money on my trades.  Never again.

Now my Alpari US has raised the spreads during FT trading so either I have to raise mine or go somewhere else.  Also the micro account doesn't include the USDCAD, only 10 pairs.

Eric
Title: Re: How else to choose a broker?
Post by: Colleen on June 03, 2009, 08:12:32 PM
Hello all...

We have 2 FXCM UK accounts that we use with our trading...

The 2 FXCM UK accounts have used the referring broker "The Aslan Group" and we get monthly rebate bonuses added to our Paypal accounts each month just for trading...

Our rebate bonus last month is over $450.00 US!!!

Start up for an account is only $1,000.00 US, customer support is excellent... That is why we are with FXCM...

Our MT4 Platform is a mini account and trades with lotsizes of .1 upwards...

So, this a great broker to use if you have enough equity to manage the lotsizes...

Colleen ;)
Title: Re: How else to choose a broker?
Post by: yidrasil on June 04, 2009, 12:25:54 AM
Colleen,

FXCM look to have pretty variable (but quite high) spreads during scalper times like the Asian session. How has FXCM performed in practice (if you scalp that is)?
Title: Re: How else to choose a broker?
Post by: Kristofer on October 25, 2015, 08:05:54 PM
And I am quite happy about Freshforex. Trading conditions are on the high level. ECN account is generally better than the one provided by many brokers. Execution is from 0.05 seconds, spreads from 0 pips and  any deposit is allowed. My words are confirmed by the fact that it was ranked as the best ECN broker recently.
Title: Re: How else to choose a broker?
Post by: Graeme Hick on March 16, 2017, 09:27:01 PM
If you love doing scalping you have to choose the broker which is more appropriate to use this trading strategy in a proper way, basically scalping donít allow mostly trading brokers , so the traders who are particularly scalpers have to careful when choosing a broker.
Title: Re: How else to choose a broker?
Post by: Jason Stepen on March 21, 2017, 07:09:33 PM
Actually for using scalping first of all we the traders who are particularly scalpers have to ensure the broker which always ensures lowest trading spreads which is very supportive to make profit with certainly by using any kinds of trading strategies in particularly the scalping that brings profit in a short time.   
Title: Re: How else to choose a broker?
Post by: Wasimkhan on March 24, 2017, 05:54:53 PM
I really drop down from my seat/chair or whatever it is when I hear people talk about how to choose broker. I mean, itís ridiculous really. People talk about happiness and then talk about brokers which are not even genuinely regulated. Just the above example with FreshForex, the guy is happy with execution yet there is no care about the broker been regulated by offshore company! It is really puzzling to say the least!

We should be least concern about everything mentioned above. It should be our highest priority to have broker that is regulated properly. I am working with FP Market and this company has absolutely nil on promotion (bonus/freebies) yet I feel happy. Why I am happy? I am happy because they are licensed by ASIC and is an Australian based company. I am not an expert, but I back myself and my skills instead of seeking for freebies or short cuts and then end up at nowhere!
Title: Re: How else to choose a broker?
Post by: Daniel Worrall on March 26, 2017, 10:58:39 PM
The choosing a broker is very much difficult task , because lots of trading brokers we have and most of them are found to be scams.  So choosing a broker should be in cool mind. Please donít choose a broker in an emotional state.
Title: Re: How else to choose a broker?
Post by: Jason Stepen on March 28, 2017, 11:10:10 PM
Regulation/Reputation should be emphasis when choosing a broker.  Because from all security issue is more important to lead a comfortable trading life, and only this kinds of platforms guarantee their clients funds with surely.
Title: Re: How else to choose a broker?
Post by: Peter Nevill on March 29, 2017, 09:30:01 PM
The security is a major issue when choosing a broker practically. I could not recommend regulated /reputed broker which I have not used or verified. Because it is not certain at all that only this kind of trading platforms guarantee their clients funds.       
Title: Re: How else to choose a broker?
Post by: drunkfx on April 01, 2017, 08:05:13 PM
Choosing broker is easy trading consistently in profit is hard. I trade with Hotforex and although they are offshore broker I do trust them as in four years of excellent cooperation with them I didn't have a single case where I wanted to change the broker.
Title: Re: How else to choose a broker?
Post by: alextrader79 on April 03, 2017, 09:25:59 AM
I'd just started to read this interesting story about the performance of different brokers, when noticed the DATE
it's 2009 year , guys!!
 >:(
What's the point??
Title: Re: How else to choose a broker?
Post by: drunkfx on April 17, 2017, 07:28:24 PM
Well, old brokers are considered more reliable so their discussion there may help newbies to make right broker decision.
Title: Re: How else to choose a broker?
Post by: alextrader79 on April 18, 2017, 09:58:41 AM
Oh, at least a half of that list is dead now. Maybe it is useful, really. What concerns the age... 'Old' is not always 'Reliable', but there may be a chance.
Some market makers are on the market for a very long time and there are always people who give them money. I've read a similar story not so long ago, about some cyprus based company. yesfx as far as I remember and I can even post a link to the discussion on the Trade2win forum about them. THis scam is getting money from newbies since 2006 and it hasn't been closed yet. More than 10 years, can you just imagine??
It's just one example of what happens sometimes.
I'm surprised that people continue investing money in it while many traders who had been scammed by them write reviews, post on forums, alert newbies from making mistakes... but... but....!
Title: Re: How else to choose a broker?
Post by: drunkfx on April 24, 2017, 05:50:00 PM
Unfortunately we have no proofs those scam alerts or complaints was actually a rip off from a broker. Trading is so hard and challenging that 95% of newbie traders will end in losses sooner or later. But successful operation history provides us with more information about a broker so the chance of making right decision is higher. For example I've 4 years of experience trading with Hotforex and gathered enough information to know their advantages and weak spots. Thus my advice to rookie trader may be more valuable than recommendation from a trader with 1-2 month trading history with a broker (no matter is it positive or frustrating)
Title: Re: How else to choose a broker?
Post by: Mitchell Marsh on June 10, 2017, 01:29:32 PM
Oh, at least a half of that list is dead now. Maybe it is useful, really. What concerns the age... 'Old' is not always 'Reliable', but there may be a chance.
Some market makers are on the market for a very long time and there are always people who give them money. I've read a similar story not so long ago, about some cyprus based company. yesfx as far as I remember and I can even post a link to the discussion on the Trade2win forum about them. THis scam is getting money from newbies since 2006 and it hasn't been closed yet. More than 10 years, can you just imagine??
It's just one example of what happens sometimes.
I'm surprised that people continue investing money in it while many traders who had been scammed by them write reviews, post on forums, alert newbies from making mistakes... but... but....!
Yes some old broker are reputed and trusted by the traders ,  I depend on them who are regulated by the UK US or Australian , because they are real regulated and always guarantee their clients funds.   
Title: Re: How else to choose a broker?
Post by: forexbaby on June 11, 2017, 10:39:36 AM
Think UK regulated brokers do protect fund up till $50k.
 ;D
Title: Re: How else to choose a broker?
Post by: forextraderr on August 03, 2017, 07:29:25 AM
These are the things one needs to consider in choosing a broker:

- ability to offer a tight spread
- funding options because sometimes it is tedious to just do bank transfers
- withdrawal process and options of receiving funds
- online support

We should also research and read reviews about them so we won't be scammed. Some brokers manipulate orders so that traders will lose money. We should beware of these companies and deal with only the true STP/ECN.
Title: Re: How else to choose a broker?
Post by: JohnyIve on April 05, 2018, 05:50:13 AM
It's pretty simple. I still don't understand why a lot of newbies choose scam brokers..
1. First of all you have to check list of best brokers in your country.
2. Then check conditions and reputations of brokers who you prefer;
3. After that check information about regulations. It's really necessary because if something happend you'll lost your deposit irretrievably.
4. You emmited 2-3 brokers, yep? Now read attentively comments about these brokers. Forums, youtube etc. Just spend 2-3 hours for better understanding.
5. Compare 2 winners and choose the best one :) And even after that trade with chosen broker only in demo-account. If you'll see it's YOURS than you can boldly invest money and trade. But do it smart!

I choose an Amarkets with these simple steps and still trade with them. It's really nice scheme.
Title: Re: How else to choose a broker?
Post by: Paul.Trafford on April 05, 2018, 10:29:17 AM
It's pretty simple. I still don't understand why a lot of newbies choose scam brokers..
1. First of all you have to check list of best brokers in your country.
2. Then check conditions and reputations of brokers who you prefer;
3. After that check information about regulations. It's really necessary because if something happend you'll lost your deposit irretrievably.
4. You emmited 2-3 brokers, yep? Now read attentively comments about these brokers. Forums, youtube etc. Just spend 2-3 hours for better understanding.
5. Compare 2 winners and choose the best one :) And even after that trade with chosen broker only in demo-account. If you'll see it's YOURS than you can boldly invest money and trade. But do it smart!

I choose an Amarkets with these simple steps and still trade with them. It's really nice scheme.
I don't really agree with point 1. Why does it necessarily needs to be a broker from "your" country. You can simply choose a broker, who is just accepting residence from your country. Because if you are from Hungary or Czech republic, options for brokers might be limited. Doesn't mean you can find a brokerage company that will accept you as a client and it is not based in Hungary or Czech republic.
Title: Re: How else to choose a broker?
Post by: JohnyIve on April 06, 2018, 05:09:03 AM
Yep, correct. I just thought that only brokers from your country can give your good conditions but i forget about flexible brokers who can adapt conditions for every country
Title: Re: How else to choose a broker?
Post by: Paul.Trafford on April 12, 2018, 03:47:51 PM
Yep, correct. I just thought that only brokers from your country can give your good conditions but i forget about flexible brokers who can adapt conditions for every country
I don't like to sound like I am trying to pick with you, but why do you think that only brokers from your country will give you good conditions ? I personally find no sense in this. As for me brokers are either offering good conditions in general for all their clients, or they are not offering good conditions for their clients. I don't think a broker is selecting some countries and saying - Okay for Germany great conditions, but for UK f*uck them, the worst possible conditions ... (chuckle) I hope you get my point. Cheers
Title: Re: How else to choose a broker?
Post by: IldikoFX on April 13, 2018, 01:52:55 PM
It's pretty simple. I still don't understand why a lot of newbies choose scam brokers..
1. First of all you have to check list of best brokers in your country.
2. Then check conditions and reputations of brokers who you prefer;
3. After that check information about regulations. It's really necessary because if something happend you'll lost your deposit irretrievably.
4. You emmited 2-3 brokers, yep? Now read attentively comments about these brokers. Forums, youtube etc. Just spend 2-3 hours for better understanding.
5. Compare 2 winners and choose the best one :) And even after that trade with chosen broker only in demo-account. If you'll see it's YOURS than you can boldly invest money and trade. But do it smart!

I choose an Amarkets with these simple steps and still trade with them. It's really nice scheme.

Hi , I am sorry but I do not agree with point 1 , partially 2, 4 . The rest is great :D

As to why I do not agree is : 1 already mentioned before me, so need  for me to repeat
                                          2 ( partially ) -  check reputations of broker - unfortunately this is not an accurate way anymore to get reliable information about a broker, not much independent reviews can be found online from trusted sources, what I am trying to say is, reputation can be bought ( paid PR articles for example )
                                          4 "Now read attentively comments about these brokers" - a big NO. You will come across many newby traders that were looking for the holy grail , wanting to make quick profits, not using risk control, had their account managed by fund managers that have no clue what they are doing etc etc. These clients down to lack of knowledge ( common sense ) will many times blame the broker ( and the brokers conditions ) for their losses. It is easier always to blame the broker, then take responsibility for their own mistakes.

The best way to test a broker is to try yourself. Do not listen to comments , you might have different trading strategies and looking for different environment then other traders. On the other hand you should always look for :
- STP / ECN model
- attentive support
- Market execution ( I am shocked how many traders still do not know the difference between Market and Instant execution)
- No Retention department
- Regulatory environment
- Demo - can give you a basic feel of the environment but with many brokers, it does not mirrors the real account environment, or mirrors their best condition account, which you cannot open with less then 10/20k deposit. Accuracy of harvesting info about a Broker using their Demo is not high, however you will get the feeling how quick is their execution.

This is all I could think of now, if anything else, will be adding latter.

If anyone has questions , feel free to PM me.

P.S I work in the Financial Industry, and am open and transparent about what I learned so far about Brokers, Traders, Fund managers etc etc
Title: Re: How else to choose a broker?
Post by: JohnyIve on April 23, 2018, 06:27:23 AM
Yep, correct. I just thought that only brokers from your country can give your good conditions but i forget about flexible brokers who can adapt conditions for every country
I don't like to sound like I am trying to pick with you, but why do you think that only brokers from your country will give you good conditions ? I personally find no sense in this. As for me brokers are either offering good conditions in general for all their clients, or they are not offering good conditions for their clients. I don't think a broker is selecting some countries and saying - Okay for Germany great conditions, but for UK f*uck them, the worst possible conditions ... (chuckle) I hope you get my point. Cheers
Dude just think about it.. 500$ depo is small investments for German traders and it's unreal for Ukrainian or russian because of difference in economy. That's why I said exactly about brokers from your country. But of course I know a lot of good companies who provides best conditions for traders such as from Germany, Russia or Zimbabwe because they adaptate it for everyone.
Title: Re: How else to choose a broker?
Post by: Trunk on April 24, 2018, 08:18:03 PM
Fitting platform for Russian traders? You mean lowering min deposit requirement and increasing leverage for better potential profits? Making casino from trading haha
Title: Re: How else to choose a broker?
Post by: JohnyIve on April 27, 2018, 06:25:00 AM
Well, you might think so :)
Title: Re: How else to choose a broker?
Post by: JohnyIve on May 14, 2018, 07:10:37 AM
The choosing a broker is very much difficult task , because lots of trading brokers we have and most of them are found to be scams.  So choosing a broker should be in cool mind. Please donít choose a broker in an emotional state.

Yep, totally agree with you. I've spent about 3 months to find the best broker for trading. Bytheway, have you ever heard about Amarkets?
Title: Re: How else to choose a broker?
Post by: Trunk on May 14, 2018, 08:36:13 PM
You have to try and by trials and errors you will find your best broker. Its the only working method I know, others are prone to bring some hurtful fails for you.
Title: Re: How else to choose a broker?
Post by: lafouine56 on June 02, 2018, 02:35:04 PM
here are some features i take into account when choosing a forex broker:
Low Spreads
Darth Pool Liquidity
No Dealing Desk
Award Winning Broker
ASIC, FCA, Cysec Regulated
Segregated Client Funds
Fee-Free Funding Options
24 Hour Support

Title: Re: How else to choose a broker?
Post by: Trunk on June 18, 2018, 05:31:41 PM
Its good to make comparisons of your performance in different brokers, see their strong sides and weaknesses. I don't keep all eggs in one basket and prefer to trade with several brokers like Hotforex and Tickmill. Removed IG markets from my list because of frequent slippage in my trades.
Title: Re: How else to choose a broker?
Post by: drunkfx on September 04, 2018, 03:19:24 PM
here are some features i take into account when choosing a forex broker:
Low Spreads
Darth Pool Liquidity
No Dealing Desk
Award Winning Broker
ASIC, FCA, Cysec Regulated
Segregated Client Funds
Fee-Free Funding Options
24 Hour Support

How can I understand that my broker abides to these rules? Do you have any advice on verification process?