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How to choose a Forex broker | 5 Practical Steps


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There are two most common ways of choosing a Forex broker:

1) Simplified or "lazy way" — which is to read broker reviews, and based on stars and feedback make a choice.
There will be no guarantee, however, that a 5 star rated broker will be the best choice for your trading needs, or that the reviews you've read were actually genuine (unfortunately, that's the reality of online reviews submission).

2) Professional way — which is to do your own research while making reading reviews a part of that research.
We're going to describe the steps of making a professional choice:

How to choose a Forex broker

Choosing a broker: Step 1 — Know what You want from trading

Start by creating your very own List of broker features needed.
Choosing your first (or next) Forex broker can be much easier when you sit down and make a Wish list of services and features desired for trading.

Questions to add to your List:

- what currency pairs are you going to trade?
- what spreads would suit you (fixed, variable, how many pips)?
- do you accept paying a commission for trading Forex?
- what would be your minimum investment (account size)?
- what leverage do you need?
- what tools, indicators do you need for trading?
- do you need a specific trading platform (like MT4)?
- do you want to scalp?
- do you want to hedge?
- do you need a trailing stop?
- do you need "one-click-trading" execution feature?
- do you wish to have mobile phone trading feature and/or trading alerts?
- do you care whether it is going to be a ECN/ STP or a Dealing Desk broker?
- do you care about reputation of a Forex broker? (You must actually care, for the safety of your investment).
- which way (wire transfer, Paypal, credit card etc.) can you transfer and receive funds? There could be restrictions depending on the country you live in.
- how much would it cost you in fees to pay for funding, transferring, withdrawing your money?

Sort those questions by the level of importance to You, add your own and begin the Search.

Choosing a broker: Step 2 — Do the search for matching brokers

Scan the network, use search engines and visit every broker website. That's what traders did in the past!
Today, you can or try our Advanced Forex broker Search tool >>>
Choose Forex broker at 100forexbrokers.com

Choosing a broker: Step 3 — Pay a visit to broker's website

After narrowing down your choice to few Forex brokers, it is time to make a further research by visiting brokers' websites and reading about their Forex trading rules and policies, understanding the terms and conditions; getting a feel of the transparency of the business they do: availability of addresses and phones, customer support services, presence of the information of regulatory institutions they are supervised by.

If a broker doesn't have any physical address listed on the website on the Contact page (or anywhere else, where it'll be visible to visitors) it should sound an alarm in your head. Phones, chats, skypes, emails - all that doesn't count if there is no address!

Secondly, the overall appearance of the website can tell about its owners. It doesn't have to be all modern and interactive, written on Flash etc, but it should have a professional look and all pages and links must be functional.
Something like "Coming soon" on an empty page is not acceptable! To a new visitor, it always looks like this is a temporary message, but from our experience we already know - it is going to be "Coming soon" for months and years(!). A Forex broker who has opened a business and is accepting money from clients cannot allow a website to function partially!

Next important factor: your best choice would always be to open an account with a Regulated broker — a broker which is registered with appropriate authorities and remains under their supervision and regulation.

- United States: NFA, CFTC
- Canada: BCSC, CIPF, OSC
- United Kingdom: FSA UK
- Switzerland: SFDF, ARIF, FINMA
  (Since 2009 all Swiss Forex brokers require to have a banking license)
- Sweden: Swedish FSA
- Denmark: Danish FSA
- Spain: CNMV
- Japan: FFAJ, FSA Japan
- Hong Kong: SFC
- Australia: ASIC
- Dubai: DMCC, DGCX, DFSA, ESCA
This is not a complete list, for other countries there will be other Forex regulatory bodies to supervise Foreign exchange businesses.

Choosing a broker: Step 4 — Read reviews about selected brokers

We have our own section of Forex brokers reviews, but we encourage you to search for additional reviews online in order to make a decision: type in your Search browser: "[Broker name] reviews" and follow the links to read more reviews.

As much as reading reviews about Forex brokers can be helpful, it also can be confusing and overwhelming. Often times we hear from traders that after reading reviews they've seem to have hit the wall and no longer sure what broker to choose, because there is so much bad and good mixed up in reviews about every single broker, it is almost impossible to filter out the truth and make a choice. What to do?

We suggest sticking to the simple rules:

a) if a broker has been in the industry for more than a decade - it tells you that the company knows a lot about doing Forex business and caring about clients, otherwise it won't be here today.

b) if a broker is regulated by a major regulatory body in its country - it tells you that a broker is serious about its business and making necessary efforts to align with rules and requirements imposed by the supervising bodies.

c) if a broker offers more that one trading product, e.g. besides Forex also has Futures, Stocks, Options, Commodities, CFDs etc - it tells you that a broker runs a larger business, carries more responsibilities and has more clients trading with them.

Filtering good and bad reviews

Be selective about reviews you read, always analyze who was the person who wrote a review: was it a professional trader, or a novice.
By the actual message of the review it is often possible to see not only the level of education a trader has, but also how well he knows the subject he writes about. This way you'll filter lots of bad reviews where newbies accuse brokers in troubles they fall in because of own incompetency.

Apply a filter to 5 star reviews as well. It is not rare to see reviews submitted by brokers themselves in order to boost own ranking.
These reviews have a special "flavor" too and despite many efforts to hide the real face of the reviewer, it is not difficult to spot a promotional message hidden behind the review, other times it is 100% clear it was a promotion. Your job is always to have a cool head and judge everything objectively.

Choosing a broker: Step 5 — Final tips for the right attitude

Finally, your approach to choosing a Forex brokers should be somewhere similar to the process of choosing the right bank to trust your money to: reputation, transparency, convenience of carrying operations with money, good customer support.

Client Agreement? What's this?
As practice shows, many Forex brokers may (forget?) to update their websites according to newly changed trading conditions, e.g. show 1 pip spread while in reality it is already 2 pips, allow scalping, while in reality - don't. If you don't read Client Agreement, but instead simply put a check box "I agree" in front of Terms and Conditions while applying for an account, you're doing yourself no favor.

Know Forex and know your risks

A nice educational resource has been put together by NFA: http://www.nfa.futures.org/forex_training/content/CoverPage.htm
It offers many examples that will help you understand Forex and online trading and fill any remaining gaps about money management, account monitoring and trading risks involved.

Let your choice of a good Forex broker be easy and rewarding!

Copyright ©100Forexbrokers.com | All Rights Reserved

Watch video from Rob Booker: What to look for when choosing a Forex broker?



And finally, check if you're fully prepared and know everything about Forex world:
CFTC Consumer Advisory: Forex Fraud



Broker discussion area

trader

August 3, 2014

Hi, It seems that you have some knowledge here.

I want to ask you about the regulations.

Which regulations do your prefer and which will you avoid in a Broker?

I mean FCA and USA regulator institutions are a must, but are there brokers regulated by another agencies that can be trusted?

I mean, can we trust a France, Spain, Australian, Japanese, Estonian, Ukrainian, Cyprus, New Zealand, etc. regulated broker, which will you prefer and avoid?

(Notice that I'm talking about ECN and NDD brokers that suppose to have no conflict with spreads and another practices like Market Makers)

Thank you very much.


BrokerGuru

May 22, 2014

We're very busy with updates and new broker submissions. More than ever this year, which is great!


trader

July 21, 2013

wake up BG , wher are you ? it is always nice to read your unbiased expert comments.


BrokerGuru

November 2, 2012

Hello Vaibhav,

thank you for your question, yet unfortunately, I won't be able to suggest/provide an opinion on a broker.

Our website policy is to remain 100% unbiased towards all brokers. We offer detailed information/listing about brokers, but we don't rate them. For ratings and reviews please visit forums and Review pages.

Thank you for your understanding!

(Both funding options are safe, just make sure you're able to receive the money with the same method/option you've used for depositing).


Vaibhav

October 22, 2012

Hello Broker Guru,

I am from India. I want to start Forex trading with initial investment of $500. I am totally new to this market. I have done practice trading with 4XP.com . Is is it good broker?? I am thinking of going ahead with it.

Also can your suggest me about method of transaction. I am thinking of Webmoney or LR.
I am trying to find out safe & comfortable method of transaction for trading from India.

I don't want to loose money because of any scam or False company.

Could you please guide me.

Vaibhav


trader

October 8, 2012

ok thank


BrokerGuru

September 14, 2012

Hello Imran,

1 - yes, Forex is legal in Saudi Arabia.

2 - due to vigorous competition for clients, Forex brokers are known to follow-up every trader who has ever left information about himself, registered or downloaded a demo account etc.
Even if you don't have any experience (or enough experience) trading Forex, they will still encourage you to open a live account. This is very wrong! And the only reason they do it is because they don't want to lose you as a client (because tomorrow you can find another broker, who might be more convincing over the phone and you may end us depositing with that broker instead)...

Yes, you'll hear about extensive support, education etc etc, but all these things are basics and will not help you earn all necessary trading skills, which can be developed only though continuous practice. And practicing is best done on a demo account.

Hope this helps!


imran

September 4, 2012

Hello GB

1st if you can give me info about trading from Saudi arabia ..is it legal ?? and 2nd when i signup with any forex company i get a call from them + email and they are very supportive the guy from the specific company will tell you " dosent matter if you dont have the experience in forex just deposit the money and we will help you all the way "

Now my problem is are they really gona support all the way ..i mean give directions to the newbies like they are saying Or they just need the deposit and then will leave you alone with sharks ??

thanks in advanced

imran


BrokerGuru

August 16, 2012

Buying signals is not a bad idea at all, though, as it often happens in this industry, there are many signal providers who have little to no clue about trading Forex on a professional level...
If you're confident that you've found the right signal provider, wit credentials and a solid background - go for it! Though it's never recommended to put all eggs in one basket, be it Forex, Stocks or simple bank deposit.

I don't have any information about reliable signals providers or where to find them, I'm very sorry.


trader

August 1, 2012

Hi
Can you write about buying forex signals and if you recommend to work with people who sells signals.


trader

July 29, 2012

thank you for the article


trader

July 25, 2012

It is very good and informative article about how we can get good broker. I am agree with the author in all points but I think all the brokers are not 100% perfect , we can find sometime negative point about every broker.
http://www.seekforex.com/


BrokerGuru

June 22, 2012

I'm very sorry, I can't suggest or review brokers. The site policy requires to remain fully unbiased towards all brokers.
Please carefully read reviews, not only on our site, but on other sites as well, then consider pros and cons and if confident, make a trial investment to test live trading conditions.


trader

June 22, 2012

sir BG can you please tell me something about 4xp broker..thanks


BrokerGuru

June 18, 2012

Hi Alex,
To find brokers that offer Fixed spreads, please use our search
http://www.100forexbrokers.com/fx/broker_search.php

with the following parameters: "Spread type" -> "Fixed"

Forex.com is one of the oldest known brokers in Forex. With a huge client base (consisting of experienced as well as many novice traders) it's very normal to see higher volume and percentage of reviews, including negative reviews.
We tried to address this issue about reviews at "Choosing a broker: Step 4 — Read reviews about selected brokers"
here: http://www.100forexbrokers.com/how-to-choose-forex-broker

It's up to you at this stage to decide whether the reviews you read about Forex.com are satisfactory or not. In all cases you can always call a broker and express all concerns you had while reading the reviews.


Alex

June 12, 2012

Hi:

Does anyone have any information on Forex.com? They were recommended, but I have read a ton of bad reviews on them. Also, does a list exist showing brokers specifically with fixed rates?

Thank you,

Alex.


trader

April 29, 2012

Hi , i recently got interested in Forex and made enquiries with a company called FXORO. I set up a demo account and did ok, and have moved onto a real live one but the spreads are greater, and much greater than most of those seen on here. I cannot find any reference to them on this site. Anyone know of them?
Ta, J (btw, nice site, wish I'd found it before!)


trader

April 4, 2012

你好,
你的建议对我很有用,我是一个初学新手,我试过 forexcontrol 这个平台,平时我上课,有时候会去炒下,还能赚点呢,做的是短线。而且无论出金和入金都十分方便和安全。他们给我很好的QQ(860924771)支持,一旦我有什么问题,他们会给我,即时的回复。在去年的一年里,我从这个平台上学到了很多。中得来说还是个很好的平台。
谢谢你的建议

--------- Google translate --------

Hello,
Your suggestion is very useful for me, I'm a beginner novice, I tried forexcontrol this platform, usually my classes, sometimes to fry, but also to earn it, do short-term. And regardless of the gold into the Grand Waldo is very convenient and safe. They gave me a good QQ (860 924 771) to support, once I have any questions, they will give me immediate reply. From this platform in the last year, I learned a lot. In too, but still a good platform.
Thanks for your advice


BrokerGuru

March 13, 2012

Sorry, we can't recommend or vote for/against any broker. We're required to remain fully unbiased.
There hasn't been complains about 1pipfix, however, regardless the broker you choose, make sure you start with the smallest allowed deposit in order to fully test trading conditions, support and withdrawal process before investing larger funds.


trader

March 11, 2012

Hi Guru,

Can you suggest pros and cons about 1pipfix ? They have low 1pip spread for a 2500$ account and 3 pips spread for a micro/mini 100$ account. Flexible leverages - Metatrader4 platform. As far as I can read reviews, geting refund and customer services is also good enough. They are again a part of FxSystems ltd, W.I ...So what should be done...I see many positive reviews on babypips.com

Thanks for your reply


trader

March 7, 2012

hello all,

in my opinion . the best broker i ever trade with is forexcontrol. it got low spread and its huge that you can buy and sale many currencies . so i really strongly advice all with this broker .
i find their service even during weekend .


BrokerGuru

February 5, 2012

Incompetent people providing chat support?
It's an issue known not only to Forex industry...
Yet, I fail to understand how any reputable company can allow that... Judge for yourself. Try calling them instead of chatting may be.

Answering your questions:
Micro Trading Accounts starting at $100
Minimum Lot Size 0.01
0.01 meaning 10 cents per pip ?
Yes

Standard Trading Accounts starting at $1000
Minimum Lot Size 0.05
what it means ? 5 dolalrs or 50 cents ? is it a website mistake ?
50 cents

Professional Trading Accounts $2500
Minimum Lot Size 0.10
why is 0.10 ? when you deposit 2,500 usd you should get at least 1 lot = 10 usd
...0.10 looks liek cents > so where is the professional trading account?
0.1 lot is fine too. You can choose to trade 0.1 lot = $1 per pip or 1 lot = $10 per pip

4runnerforex and 1lotstp belong to the same family of brokers operated by FX Systems Ltd.


trader

January 21, 2012

I really dont knwo whats your technique to get some answers from all these brokers website, cos i am not beling able to speak with one competent person online chat.
Asking a simple question puts me on hold for a while, redirecting me from one operator to another .
This website is really englightening, and provides brilliant advices. However how do we know taht the opeartor on monthly salary on the live chat, will be able to say the truth about all ?
I might ask are you a real ECN or STP, and she will say yes we are ?
BUt then if asking more specific questions about Mini Lots with MT4 been treated as ECN, she will say yes again. But how can it be possible, if normally ECN account with Mini Lots wont reach the liquidity providers due to their small size .
And if they dont reach the liquidity provider, then we end up tradign again with a Market Maker DD.

I have asked 4Runnerforex forex:
Please would you tell me how many Dollars is 1 Pip, with the macro/mini e standard account option ?

Micro Trading Accounts starting at $100
Minimum Lot Size 0.01
0.01 meaning 10 cents per pip ?

Standard Trading Accounts starting at $1000
Minimum Lot Size 0.05
what it means ? 5 dolalrs or 50 cents ? is it a website mistake ?

Professional Trading Accounts $2500
Minimum Lot Size 0.10
why is 0.10 ? when you deposit 2,500 usd you should get at least 1 lot = 10 usd
...0.10 looks liek cents > so where is the professional trading account?

Anybody know the real answer please ?


BrokerGuru

January 17, 2012

@ trader: (1) Does a ECN broker behave like a real ECN NDD only when trading with standard lots ?
What about when trading with mini-lots ? NOt ECN anymore ? but still NDD ?

That's a very good question.
Sometimes traders receive misleading information, sometimes they simply don't do the homework well.

ECN accounts are different from all other accounts offered by Forex brokers.
In our CyberSearch, inf we list a broker as ECN/STP (only!) that means that all accounts are ECN. Otherwise, if you see "Broker type: ECN/STP & STP & Market makerB - this tells you that different accounts will have different conditions.
Your goal is to find out WHICH exact accounts are ECN, and which are not. We list minimum deposits and account names for ECN accounts at: http://www.100forexbrokers.com/stp-ecn-brokers

1LotSTP is not regulated. There is no Forex regulation in Nevis as far as I know.
ECN accounts with 1LotSTP start from $1500, the rest of accounts are STP.
How do you believe in what any broker says to you? You don't believe. You check the site, verify the facts, look at discussion threads and then make own conclusion, which would be: Are you comfortable enough with this broker, do you trust them based on what you've learned? If you feel you can find a better option - keep searching, but if a broker met your expectations and/or convinced you in their integrity and funds safety etc., then why give them a try?

@ trader: From the chat we can clearly see that support team was far not specific in their replies and clearly avoided providing any details or direct answers. This is an example of a support person using standard chat lines, although it looks like you're having a normal chat. (Sometimes you can meet cases even worse than that). Unfortunately, it's impossible to learn anything from such chats. Your next logical step would be to either give them another try by calling in or keep on searching.
ECN accounts are listed here: http://www.100forexbrokers.com/stp-ecn-brokers
All of the brokers listed offer ECN (on the listed accounts!).


trader

January 15, 2012

Thats the kind of answers i get when i try to ask specific questions to a brokerage firm trough live chat>>>
is that your case too ?

Please wait for a site operator to respond.

Chat Information You are now chatting with 'Roy'

Roy: Hello, thank you for contacting us. How may I assist you?

Derek: hi thanks will ask you some questions please

Roy: Yes please.

Derek: am aware and have read that you are a ECN brokers

Derek: but how come that the spreads are fixed if ECN has only variable spreads and charge commission ?

Roy: Our fixed spread accounts are based on a "target" spread. At times due to market conditions the spread may widen beyond the "target".

Derek: that does not make an ECN then

Roy: While we work hard with our liquidity providers to achieve our targets spreads as often as possible at times due to market conditions (news events, holidays, lower overall market volumes) spreads can widen at times.

Derek: Ok, thanks,,,The broker acts like a ECN on the pro-fixed account and the ECN account that you are offering of 1,500 usd... BUt will act as a market makes on teh micro account and fixed standard account ?

Roy: One moment please.

Derek: sorry just am trying to avoid like hell, Market makers and Dealing desk brokers who chase stops and counter trade customers,,, so pls would need to know which one is which ,,, i have read reviews of your services on few websites and i want to confirm if its all true before opening liev account ,,,thanks

Roy: Thank you for the confirmation.

Roy: I I mean waiting*

Roy: We operate as a full STP/ECN brokerage. Therefore our accounts operate on a "Market Execution" model.

Roy: This means that once your order is submitted it will be filled at the current available market rate.

Roy: We do not have a "Dealing Desk" (DD) we are not "Market Makers" (MM).

Roy: We are STP. Straight Through Processing and ECN (Electronic Communications Network).

Derek: yes but also on micro accounts and standard account ?

Derek: most brokers ECN or STP do not consider customer's mini lots 0.01 and if the

Derek: Small orders of 0.01 lots would have to be accumulated into 0.1 lot at least before being sent to the liquidity providers ,,If a broker can't accumulate enough orders, they will need to countertrade it. That's major giudelines, but each broker works according to own guidelines and strategies,,, is that your case ?

Roy: Unfortunately, that is an issue I am unable to assist you with at this time using this system. Rest assured, your ticket was received. Please login to the ticket system to check the status of your issue. We try to reply to all tickets within 24 hours. If more than 24 hours have passed it may be a good idea for you to update the ticket to inquire about the current status.

Derek: what is a ticket ? and why cannot assist now ? thanks explain ..
=--=--=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-

I am just trying to get an understanding here thanks a lot.

Market makers, or DD are off my list... HOwever as i like to trade with Mini Lots, i should get rid of all STP's brokers too, due to the fact that they will countertrade you, if standard lots are not used.
Am not asking which one is the most honest, just trying to see which one is likely to cheat less on customers ?
Why on the website the STP + ECN are listed together ?

Where to find a List of all Brokers
ECN only and not STP ...
MT4 platform (with THE VIRTUAL DESK SWITCHED OFF inside the platform)
Mini Lots (and not counter traded)
Variable Spreads
Low-Medium Spreads
Regulated of Course
Min Acct deposit 500/700 usd.

The reason for mini account 500/700 is because, i dont want put all my eggs in a basket not knowing if one day, i will be able or not to withdraw from my account.

Thanks for help


trader

January 14, 2012

Please Broker Guru, help me with this one..
(1) Does a ECN broker behave like a real ECN NDD only when trading with standard lots ?
What about when trading with mini-lots ? NOt ECN anymore ? but still NDD ?

I am quite interested in "1 Lot stp" brokerage firm and have read loads of good reviews,, HOwever most of the positive reviews have been posted by newbies like me, because they underlined how easy was to open an account, or about the friendly live chat...

I did a search using your nice "broker cyber search engine" and found out that 1 Lot STP are not regulated. However i chatted live and the operator said they are regulated, with a bank or institution.. my mistake did not save the chat...

I have read and re-read, your advices about "how to choose a broker" and i have asked those questions to this and some other brokers .... how much capital ? how many employees? how many banks you work with? etc ... and i got positive answers every time ...

(2) HOw do we know that the operator is genuine ? Forgive me for that, but still allow me to doubt and ask.

1 LOT STP is ECN but offers conditions that does not make it look like an ECN >>
ECN = Pay some commission + Variable spreads.
Fixed Pro Accounts $1500
1 Fixed on EUR/USD Majors are just 1-2 TARGET PIPS and our lowest fixed spreads. No commissions!

(3) How do we behave with that ?

Thanks a lot


trader

January 5, 2012

Food for thought, saw one nicely explained point, here it is:

Source: http://forums.babypips.com/
Question: "How exactly is a broker supposed to be reputable if reviews are worthless?..."
Answer: "...Successful traders do not whine about brokers or the utterly ridiculous stop hunting comments. All reviews are made by losing traders, not successful ones. Does this register? Ponder on this a bit because it is the ultimate truth on "broker reviews". Losers review brokers and most broker reviews are negative. This is why I say it is worthless. So if you make pathetic losing trades upon losing trades, the broker is crooked right? Keep thinking that please. And keep on blaming the brokers and tell yourself that none of them are reputable. You are not being eaten alive by your broker; you are being eaten alive by huge trading banks trading with billion dollar trading accounts and central banks trading with trillion dollar accounts and they all know that most traders are trading with technical analysis and we all know where the most stops are don't we? So do they. Unless you are trading with an outright crook broker manipulating the feeds, don't blame your broker for your miserable trading. OK? And smart people would have understood my post immediately. "


BrokerGuru

December 15, 2011

Hi,
sorry, never heard of them (bancoprovidencial.com)
Plus their language translation icons on the site don't work to even invite any further browsing...

Either way, if it's a bank, this always adds a huge value of trust comparing to any other Forex dealer.


trader

December 15, 2011

hey BG

What U THINK OF Providencial FX (Banco Providencial, S.A.) IS A BANK OFFERS FOREIGN EXCHANGE

I WAS THINKING OF OPENING AN ACCOUNT ....AND WANTED YOUR OPINION

THANK YOU


BrokerGuru

December 5, 2011

Thanks Joe,

that's true.


Joe

December 4, 2011

trader,

It is possible but everyone has to go through the fire before it's possible on your own.
Everyone loses money first. Sorry but that's the truth.. wishing you good luck and profits.

Joe


trader

December 4, 2011

Oanda CAN NOT HANDLE 0.0001 lot sizes unless you use their fxtrade platform. If you write your own code in MT4 and need MT4 to run those programs OANDA is NOT!!!! for you.


trader

October 25, 2011

BrokerGuru:

Is it possible for us to make consistent profits with reliable market makers and get away with it or are we bound to lose money with them in the long run, no matter how good we are?

Thankyou for such an informative website.


BrokerGuru

October 6, 2011

Hi Karthik,

yes, if you're satisfied with demo, spreads (1 pip is quite competitive and good) etc. and feel ready to start live trading, then why not. The only advice would be to start with the minimum deposit first, because you want to: 1) make sure that the live platform offers exactly the same conditions and execution speed, 2) your strategy works well in live trading environment 3) your money management skills are smooth and sound 4) you're able to make a withdrawal.
Once you're done with that, you can top up your deposit with any amount any time.

At our site we can't recommend any particular broker, but regardless the broker you choose, don't forget to read reviews on several sites.


KARTHIK

October 6, 2011

HI GURU!
I'M WILLING TO INVEST $2000 - $5000 TO TRADE, I USED THE FECH-DEMO (FOREIGN EXCHANGE CLEARING HOUSE ) FOR MY PRACTICE. I'M SATISFIED WITH THAT DEMO. SHALL I GO FOR THE REAL TRADE IN THAT PLATFORM BCOS IT HAS ONLY 1 PIP SPREAD FOR ALL CURRENCIES. PLEASE PEPLY ME AS SOON AS POSSIBLE. THANK U. KARTHIK


trader

September 29, 2011

I give amusing news to all.I found a company called Estocks.com which offers a 30% bonus, has three great platforms including the MT4, has an Ecn account attached to the MT4. I think the coolest thing about this company is that they have the best forex blog on the net.


BrokerGuru

August 28, 2011

"Can you handle 0.1 lot trading? This is the smallest lot size that FXPro offers... By investing only $400 and risking $1 per each pip.."

Yes, you can theoretically, but once you start trading, you'll quickly realize that it takes only -10 pips to lose $10 on a single trade. And with an average of 30-50 pips stop on hourly charts, you're looking to risk losing $50 on a single trade. That said, trading with such high risks, there is a 95% chance you'll lose your account during the first week of trading.
In order to avoid the disaster, you should always start trading with 0.01 lots, where 1 pip = 10 cents.

"Wouldn't a 0.1 lot be $10,000 ? and 1 pip $US 0.01?..."

1 lot = 100,000 units = $10 per 1 pip
0.1 lot = 10,000 units = $1 per 1 pip
0.01 lot = 1000 units = $0.10 per 1 pip


trader

August 28, 2011

BrokerGuru,

Help me do the math with your post above.. I'm a beginner...

"Can you handle 0.1 lot trading? This is the smallest lot size that FXPro offers... By investing only $400 and risking $1 per each pip.."

Wouldn't a 0.1 lot be $10,000 ? and 1 pip $US 0.01? That would make each pip worth 10,000 x .01 or $100. That doesn't even make sense. Can you say the same thing you did above, but a little slower? Thanks!


trader

August 23, 2011

The best way to choose a Forex Broker is to test out several different ones using the free demo accounts that they offer.


BrokerGuru

July 11, 2011

Hi Jock,

At Pepperstone "Razor" accounts are ECN/STP, the rest is DMA/STP.

Go Markets is a DMA/STP broker, there is no dealing desk. Regarding spread widening, every broker with variable spreads will have that during certain market hours, so you have to focus on When and Why those spread widen.

HY Markets is the only dealing desk broker among those 3.

All 3 brokers are properly regulated in their countries:
Hy Markets - FSA UK,
Pepperstone - ASIC,
Go Markets - ASIC.


Jock

July 10, 2011

I have been following this thread closely. I am trying to decide between Pepperstone, Gomarkets and Hymarkets.

@ BrokerGuru. Thanks for all the infromation you provide. Its a appreciated!

According to this website it seems Pepperstone is an STP, but they claim to have an ECN account? Is that true. I have emailed them and still waiting for a response. Im not sure if Gomarkets have a dealing desk? But I have heard their spreads widen terribly at times!! Hymarkets seem well regulated, but I was hoping someone could share more infromation about them in terms of reviews please?

Look forward to your replies :)

Jock


BrokerGuru

May 17, 2011

@RahmanSL:

Thank you RahmanSL,

as usual, your feedback is informative and interesting to read.

@ RK:

Sorry, RK
I read about the rules in India, and I can't suggest anything about the broker, except that their NFA membership is no longer pending, it's been withdrawn.


RahmanSL

May 16, 2011

BG, thank you very much for your valuable input on FXPrimus.
...and yes, I know your website policy restriction.

To be perfectly honest, now more than 17 months into my forex trading journey, I have still to come across a broker whose trading platform does not have some problems (especially when I start being profitable) and ECN is never what is claimed. Re-quotes & Slippages (which are extremely common in Micro & Std accounts) are substituted/replaced by "no connection", "text busy", and plain old 5-15 seconds delay in trade execution.
It's all so difficult to prove as trades happen at a fast pace with no time to take screenshots.

I don't think there is a single honest broker out there who doesn't trade against their client one way or another.

Ok BG, all the best....and your site is still one of the best for information and education.

RahmanSL


RK

May 15, 2011

Hello
Can you please guide me from Indian Perspective. about Fxcentral. I have noted that their NFA regd. is still pending. I have read at many a places about this company being fraud. but this is only one of the very few companies which has set up office officially in India. It is operating through a subsidiary in India registered under Reserve Bank of India as an NBFC. In India officially Forex Trading is not allowed by RBI or I should best say that it is still a grey area & these companies are taking advantage of these unclear regulations.
Need advice as to the best way to enter in forex trading in India & as to the genuineness about Fxcentral from Indian Perspective.
Thanks & regards

RK
India
financialconsultantindia@gmail.com


BrokerGuru

May 13, 2011

Hi RahmanSL,

As you know I can't provide recommendations/opinion (according to our website policy), just facts & data.
I haven't heard anything negative or anything that would require an immediate attention regarding this broker.
So, it's a clean record.
Broker offers competitive conditions on STP and ECN accounts, support team works well, a broker is regulated, reviews up to date are positive. Further evaluations can only be done with live trading trials. Good luck!


RahmanSL

April 23, 2011

Hi BG,

I need your valuable opinion/advice.

I am thinking of using FXPRIMUS as another back-up live account broker as I read mostly good reviews on them. They also claimed "All Segregated Customer Accounts are Independently Administered by Turnstone Group." and is regulated by the FSC of Mauritius.

I am considering them because they have metals and oil,/gas, and also offer the leverage that I want.

Thank you and all the best.

RahmanSL


trader

April 17, 2011

GFT has met all my trading needs and desires.


trader

March 24, 2011

Hi BG,

It has been commented that lately some Brokers are putting "New Zealand based" on their web site. This is similar to that now seldom used "Delaware, U.S.A" based/registered that was so popular with most scammer brokers.

I am posting to warn Traders (especially Newbies) not to simply believe that Brokers claiming to be based/registered in New Zealand doesn't make them honest or authentic.

Someone posted a reply from New Zealand Securities Commission (which was posted at FPA site):

"In New Zealand foreign exchange dealers are not required to be authorised unless the contracts they are offering are futures contracts. If the dealer is offering futures contracts it is required to be authorised by the Commission. “Futures contracts” is defined broadly under the Securities Markets Act 1988, and includes a variety of derivatives contracts which would not be considered futures contracts in other jurisdictions. Generally foreign exchange contracts which are cash settled and traded on a margined or leveraged basis are futures contracts, though this depends on the terms of the particular contract.

None of the dealers named in your email (16 of them which are listed at the FPA) are authorised or licensed by the Commission either as futures dealers or for any other purpose.

Companies Office records show that most of the companies named below have one of three individuals listed as their shareholder and director, and each of those three individuals uses the same address in the Philippines. This would indicate that almost all of these companies are operated by the same group of people. We will look into whether any of these companies is operating in breach of New Zealand law.

Regards
Hayden Best
Lawyer
Securities Commission
Direct Dial: 04 495 1681"
Extracted from the forum:
forums.babypips.com/newbie-island/35215-edgar-international.html


BrokerGuru

March 5, 2011

Thank you for this question.

That's a very good point.
There are several reasons why this happen:

Off-shore brokers run smaller businesses than banks or large brokers in their native countries.

Being small and new always means you can allow more flexibility in making business decisions, and if something goes wrong, you can close and re-open in a fairly short time & little damage.
By being flexible, off-shore brokers will often offer more aggressive promotions and bonuses while competing for the clients. They can work with the lowest deposits (from $1), highest leverages (up to 1000:1), and throw in other features to win maximum attention. This won't go unnoticed by traders.

Banks and large brokers, on the other hand, don't want and don't need to do the same. They are more conservative in their business strategies, where they rely on own experience and seek stability through offering more conservative trading conditions: higher deposit requirements, lower leverage options, average size spreads etc.

As the result, those two types of businesses receive different clients: less experienced mostly go to small brokers, more experienced - to large brokers and banks.

Hence we have two types of reviews: small brokers are being reviewed mostly, because their "client turnover" is much higher with traders coming, leaving, switching to other small brokers. If a small broker does its job well, its clients will be satisfied, as their experience in Forex is not yet that superior to have higher demands for the online broker.

Large brokers and banks get fewer reviews as their clients tend to stay with one broker more often, and hence, such traders don't have the need to browse sites like ours or leave reviews. But if they do, the review in many cases won't get "5 stars", because an experienced investor will find criticism for his broker (we're talking about a higher level of demands & expectations).

That's why we have such difference in number of reviews and their average rating.

We also shouldn't leave behind the fact that, while pursuing faster promotion small brokers tend to make more frequent attempts to review themselves on various sites. Such "fake reviews" will often have 5-star rating across the board & describe broker features in general words. Any low rating reviews from traders will be quickly covered by several 5-star counter-reviews from broker representatives.
Banks and large brokers don't have time and don't want to risk own reputation for that.

So there is a bright and the ugly side of the Forex business. And that's why traders should rely on the hard facts (regulation, registration, reputation, fund protection, platform test-run, spread checking and so on), and be highly selective when it comes to reading reviews.


trader

March 2, 2011

TRADING

Saludos

quería hacer pregunta por favor a BrokerGuru en broker de Forex comentarios esta una gran cantidad de broker con 4,5 estrellas los cuales están en islas vírgenes británicas puestos que estos están dentro de paraísos fiscales y esto no tiene garantía para un trader ya sea novato o con experiencia al estar analizando por primera ves la pagina cuando vi las 4.5 estrellas en muchos broker pensé que eran broker que no solo estaban bien regulados sino que eran en su mayoría Bancos como por ejenplo Varengold BANK FX que es un banco de Alemania pero esta apenas con 3 estrellas y eso pero quienes llevan la delantera o están en primer puesto son broker de paraísos fiscales. Gracias y Espero tu respuesta

--------- Google translate ---------------

TRADING

Greetings

wanted to please ask BrokerGuru Forex broker comments on this a lot of broker with 4.5 stars which are in virgin islands as these are in tax havens and this has no guarantee for a novice or trader experience to be looking for the first page you see when I saw the 4.5 star many thought were broker broker that not only were well covered but were mostly ejenplo Banks as Varengold BANK FX is a bank in Germany but this just 3 stars and that but who are leading or are in the first place are offshore broker. Thanks and I hope your answer



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