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Author Topic: How else to choose a broker?  (Read 18108 times)

Offline moepels

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How else to choose a broker?
« 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.


Offline mike348

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Re: How else to choose a broker?
« Reply #1 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

Offline forexbob

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Re: How else to choose a broker?
« Reply #2 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)

Offline jjkuyong57

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Re: How else to choose a broker?
« Reply #3 on: May 25, 2009, 01:03:36 PM »
How about pronetfx? anybody has an experience with them?

Offline ericjschroeder

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Re: How else to choose a broker?
« Reply #4 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

Offline Colleen

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Re: How else to choose a broker?
« Reply #5 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 ;)
Earn $ Rebates just for Trading Forex with The Aslan Group http://www.donnaforex.com/forum/index.php?board=15.0

Offline yidrasil

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Re: How else to choose a broker?
« Reply #6 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)?

Offline Kristofer

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Re: How else to choose a broker?
« Reply #7 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.

Offline Graeme Hick

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Re: How else to choose a broker?
« Reply #8 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 dont allow mostly trading brokers , so the traders who are particularly scalpers have to careful when choosing a broker.

Offline Jason Stepen

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Re: How else to choose a broker?
« Reply #9 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.   

Offline Wasimkhan

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Re: How else to choose a broker?
« Reply #10 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, its 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!

Offline Daniel Worrall

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Re: How else to choose a broker?
« Reply #11 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 dont choose a broker in an emotional state.

Offline Jason Stepen

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Re: How else to choose a broker?
« Reply #12 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.

Offline Peter Nevill

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Re: How else to choose a broker?
« Reply #13 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.       

Offline drunkfx

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Re: How else to choose a broker?
« Reply #14 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.

 

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