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Credible brokers?

  • #1
  • First Post: Jul 26, 2020 12:15pm Jul 26, 2020 12:15pm
does it help using brokers with NFA membership? i see many brokers not being members such as FXCM etc,

somebody recommended using Peacearmy to find good brokers, but its ratings dont seem credible for instance XM has good ratings there, but when i read reviews they are not great and checking them on NFA, it seems to show it has taken action against this broker.

What are some credible brokers out there and how to find them who dont mess around with their customers?

regards
  • #2
  • Aug 1, 2020 11:06am Aug 1, 2020 11:06am
Quoting Hammad12345
does it help using brokers with NFA membership? i see many brokers not being members such as FXCM etc, somebody recommended using Peacearmy to find good brokers, but its ratings dont seem credible for instance XM has good ratings there, but when i read reviews they are not great and checking them on NFA, it seems to show it has taken action against this broker. What are some credible brokers out there and how to find them who dont mess around with their customers? regards
If you're serious about forex, try Pepperstone in Australia as well as AXITRADER. Both are reliable.
Hercs.
Hercs
  • #3
  • Aug 1, 2020 11:03pm Aug 1, 2020 11:03pm
Quoting Hammad12345
does it help using brokers with NFA membership? i see many brokers not being members such as FXCM etc, somebody recommended using Peacearmy to find good brokers, but its ratings dont seem credible for instance XM has good ratings there, but when i read reviews they are not great and checking them on NFA, it seems to show it has taken action against this broker. What are some credible brokers out there and how to find them who dont mess around with their customers? regards
There are few brokers which are members of NFA because brokers should be located in the US to be a member of NFA and majority of brokers prefer to avoid that complications).
  • #4
  • Aug 5, 2020 7:33pm Aug 5, 2020 7:33pm
XM is a good broker, although it has no regulation with NFA. To be registered with NFA broker should be located in US so most of the brokers have no regulation with NFA.
  • #6
  • Aug 10, 2020 7:04am Aug 10, 2020 7:04am
The single most important thing in a broker IMO is the ability to withdraw your money any time you want. Checkout the other threads on this forum and usually there are good feedback for XM,Exness,Hotforex, etc
  • #7
  • Aug 12, 2020 7:07am Aug 12, 2020 7:07am
Tickmill, Admiral Markets, Dukascopy, Saxo Bank, LMAX, Interactive Brokers, fpmarkets. These brokers will never cause problems to retail traders in my opinion (of course in case of you're not tricky lol). I don't say other brokers are bad, or scam or tricky. I've never traded with real money, but like everyone, I did my own research and these are the only ones left. I definitely avoid market makers. You can comfortably pick one of these
  • #8
  • Aug 13, 2020 2:46am Aug 13, 2020 2:46am
The problem with all brokers is, that they write their customer agreement in that way, that they can do with you what they want. Some have a good official reputation, but they keep the right to cancel immediatly your account without any further reason. That happened to me yesterday- my broker has good reputation, i started to make some hundred USD profit last two weeks (first time since my account-opening a year ago, so to say i started now to make money) and applied 3 times withdrawl ( OK, fair enough, i got the withdrawl-money each time within 2 days on my account), suddenly i couldnt trade anymore and they told me, they close my account without mentioning a specific reason, just because they have the right to cancel it any time they want and i should withdraw remaining funds...
  • #9
  • Aug 13, 2020 5:56am Aug 13, 2020 5:56am
Quoting Cashbear
The problem with all brokers is, that they write their customer agreement in that way, that they can do with you what they want. Some have a good official reputation, but they keep the right to cancel immediatly your account without any further reason. That happened to me yesterday- my broker has good reputation, i started to make some hundred USD profit last two weeks (first time since my account-opening a year ago, so to say i started now to make money) and applied 3 times withdrawl ( OK, fair enough, i got the withdrawl-money each time within...
I heard this case many times, so annoying. Does it let you withdraw also profits or cancelled your profits? Even tricky "well-regulated" brokers let you withdraw your deposit (cancelling profits) when you violate terms in some way.
  • #10
  • Aug 15, 2020 4:03am Aug 15, 2020 4:03am
Thats the funny thing- inspite they dont like me as a customer from one day to the other, they executed also my last withdrawls (according to their order i should withdraw remaining funds) some days ago correctly without any delay, like before. The money with profit was after two days yesterday on my account, no cent missing. Compared to other customers (all broker) who got problems and havent seen their money for months, i was on the lucky side with them.
All in all its pity, cause i had good support relationship and he seemed to be a serious,professional broker.
T
  • #11
  • Aug 16, 2020 1:37am Aug 16, 2020 1:37am
Cashbear, care to tell us the broker's name?
  • #12
  • Aug 19, 2020 11:08am Aug 19, 2020 11:08am
Does anyone know of brokers that can use Gold or Silver as the base currency?
  • #13
  • Aug 24, 2020 2:36pm Aug 24, 2020 2:36pm
Quoting Cashbear
The problem with all brokers is, that they write their customer agreement in that way, that they can do with you what they want. Some have a good official reputation, but they keep the right to cancel immediatly your account without any further reason. That happened to me yesterday- my broker has good reputation, i started to make some hundred USD profit last two weeks (first time since my account-opening a year ago, so to say i started now to make money) and applied 3 times withdrawl ( OK, fair enough, i got the withdrawl-money each time within...
This is the most im worried about while tradsing forex, when i read the reviews on XM on peace army, they had closed many accounts and declared many users as ''frauds'', i am only using demo now, it seems like the biggest step in my earning would be when i depost my amount and get swift withdrawal and the broker doesnt make a lot of trouble doing that and not making profits actually, i just saw a video title that a guy who was making loads of money got his account closed, this has scared me a lot. I am more scared of brokers than losing money on trading actually.

I just need to ask consistent profit makers, how do they keep avoiding these circumstances.

regards
  • #14
  • Aug 24, 2020 2:46pm Aug 24, 2020 2:46pm
Quoting Hammad12345
{quote} This is the most im worried about while tradsing forex, when i read the reviews on XM on peace army, they had closed many accounts and declared many users as ''frauds'', i am only using demo now, it seems like the biggest step in my earning would be when i depost my amount and get swift withdrawal and the broker doesnt make a lot of trouble doing that and not making profits actually, i just saw a video title that a guy who was making loads of money got his account closed, this has scared me a lot. I am more scared of brokers than losing...
I'm not a consistent trader, haven't yet traded a real 1$, still learning to become completely ready to trade. But did a lot of research about brokers, pricing, execution types, structures and so on. Firstly, I can suggest you avoid market maker brokers. Then if you need to know anything about my personal thoughts, recommendations, let me know.
  • #15
  • Aug 27, 2020 9:26am Aug 27, 2020 9:26am
I've used a few different brokers. But it really depends what style of trading you do...

e.g if your scalping you need small spreads etc.
  • #16
  • Aug 27, 2020 10:29am Aug 27, 2020 10:29am
Quoting Ajayc
I've used a few different brokers. But it really depends what style of trading you do... e.g if your scalping you need small spreads etc.
in your knowledge are there spreads like 2 or 1 pip, what kind of brokers offer them, for instance i usually do scalping using USD pairs and they offer min spread of 3 pips for my broker. are there brokers who offer less than that, FXCM offer 1.5 or something but only for EURUSD others, it offers for 3 or more.

regards
  • #17
  • Aug 27, 2020 11:26am Aug 27, 2020 11:26am
Quoting Hammad12345
{quote} in your knowledge are there spreads like 2 or 1 pip, what kind of brokers offer them, for instance i usually do scalping using USD pairs and they offer min spread of 3 pips for my broker. are there brokers who offer less than that, FXCM offer 1.5 or something but only for EURUSD others, it offers for 3 or more. regards
tightest spreads is on fpmarkets with 6$ commission per round lot. You can try also GlobalPrime, it's good and very transparent broker. And cheapest, also reliable one is Tickmill, charging only 4$/€/£ (based on currency pair).
  • #18
  • Aug 28, 2020 3:29am Aug 28, 2020 3:29am
Quoting fuadik88
{quote} tightest spreads is on fpmarkets with 6$ commission per round lot. You can try also GlobalPrime, it's good and very transparent broker. And cheapest, also reliable one is Tickmill, charging only 4$/€/£ (based on currency pair).
thanks, if i got it correctly the fpmarkets charges spreads along with commission of 6$ per round lot? can you elaborate on the commission though, i failed to understand what 'per round lot' means, their spread do seem very low but coupled with commission wouldn't it be virtually the same deal?., your broker, Tickmill charges you 4$ spread minimum? if its reliable than its okay since my broker instaforex seems to be dubious.

regards
  • #19
  • Aug 28, 2020 3:44am Aug 28, 2020 3:44am
Quoting Hammad12345
{quote} thanks, if i got it correctly the fpmarkets charges spreads along with commission of 6$ per round lot? can you elaborate on the commission though, i failed to understand what 'per round lot' means, their spread do seem very low but coupled with commission wouldn't it be virtually the same deal?., your broker, Tickmill charges you 4$ spread minimum? if its reliable than its okay since my broker instaforex seems to be dubious. regards
some brokers mention commission with round lot, some say "x$ per lot". 6$ per round lot means that after you open and close a 1 lot trade, total amount of commission will be 6$ . And when broker say for example, 4$ per lot or 4$ per 100.000 traded, it means that you'll be charged 4$ when opening trade, and another 4$ when you close trade. So total commission will be 8$
Brokers say 100.000 traded because, for example, when you open 1 lot buy position, you trade 1lot (100.000 unit), and when you close trade, you actually sell that 1 lot position, so you trade another 100.000 unit. Total amount traded is 2 lot (200.000). So in short, when you see 3, 3.5, 4$ commission per lot or per 100.000 traded, simply multiply it by 2 to define actual commission of your trade. But it's better to ask your broker through live chat, you'll be assured at least.
  • #20
  • Aug 28, 2020 4:10am Aug 28, 2020 4:10am
Quoting fuadik88
{quote} some brokers mention commission with round lot, some say "x$ per lot". 6$ per round lot means that after you open and close a 1 lot trade, total amount of commission will be 6$ . And when broker say for example, 4$ per lot or 4$ per 100.000 traded, it means that you'll be charged 4$ when opening trade, and another 4$ when you close trade. So total commission will be 8$ Brokers say 100.000 traded because, for example, when you open 1 lot buy position, you trade 1lot (100.000 unit), and when you close trade, you actually sell that 1 lot position,...
thanks.

regards
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