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Help me choose a Broker ... Please!

  • #1
  • First Post: Edited May 8, 2008 9:45pm May 1, 2008 10:28pm | Edited May 8, 2008 9:45pm
Hello to everyone here at this WONDERFUL forum.

My first post here, My name is Mohammad Reza, I'm an Iranian living in Kuwait, 40 years old, married with 3 wonderful boys.

I'm very glad I found this site as the members here are extremly kind professional and helpful. I just started in this forex venture 3 days ago so I'm probably as green as can be. Please forgive my english as it is not my first language.

From the start, I would like to choose a broker so that I can GROW with, meaning that after I become experianced at using the brokers demo account and chart trading software, I don't want to change brokers again. So which broker do you guys thing is the best and the SAFEST to keep your money in. To avoid broker going bankrupt or something and taking your money with it. I'm currently using FXCM and find the chart trading quiet interesting. The others which I'm just looking at are: IBFX, FXSOL, OANDA. I'm planing to deposit about $30,000 and to buy or sell maybe 1,000,000 units at a time. (BTW how do I calculat how much margin I'm using at this rate?)

Since I'm living in kuwait, could this be a problem opening and transfering funds back and forth with a US broker?

Thanking you very much for reading my long post.

Mohammad Reza.
  • #2
  • May 2, 2008 1:30am May 2, 2008 1:30am
Forget about all those forex bucket shops, Interactive Brokers lets you trade just about anything and your funds are also insured to some extent.
Also, I would keep that 30K in the bank until you can work this out for yourself, trust me, it's a good idea.
The breaking of a wave cannot explain the whole sea.
  • #3
  • May 2, 2008 11:41am May 2, 2008 11:41am
Hey Mohammad,

Do a Google search for "forex broker reviews" and you'll get all the right websites for broker reviews. Probably better than what any one person can recommend here.

But I agree with the last guy about staying away from "bucket shops." I've never used FXCM, but I understand they have one of the worst reputations out there. I'd suggest "ECN" (electronic communication network) brokers like Hotspot FXr, MB Trading, and maybe Oanda, although they are not an ECN. Are other possibilities too, but that might be a good start.

Not sure how it works with a US broker and a client in Kuwait, but I'm sure they can tell you if you ask.

On the leverage/margin question, if a broker allows 100:1 leverage (1% margin), then to trade $1,000,000 you would need $10,000 on deposit ($1,000 for every $100,000 being traded). For 50:1 leverage (2% margin), you'd need $2,000 for every $100,000 and so forth. HOWEVER, trading lot sizes of $1,000,000 is pretty hard core, even for experienced traders. I suggest you start with much lower trade sizes, like $100,000 or less.

Anyway, hope that helps, and best wishes to you
  • #4
  • May 2, 2008 4:31pm May 2, 2008 4:31pm
There is nothing worse than 'broker review sites' that pop up on Google. They are of no help and most of the nonsense posted come from the scammer running ForexBastards. And there are "safe" places to put money when you are investing with some, or any, broker? Really? It's only safe if you do nothing and choose to watch from the sidelines. This is all risk, nothing is "safe".
  • #5
  • Edited May 3, 2008 12:08am May 2, 2008 11:18pm | Edited May 3, 2008 12:08am
Thank you so much gentelman for your fine honest observation.

TC EAst, thank so for explaining that for me, it is very clear now.

So just to finish this thread and start my trading carear, I have narowed the list to the following ordered by the most favorable...

1- Interactive Brokers
2- IBFX
3- Avail Trading Corp.
4- TradeView Forex
5- OANDA
6- FX Solutions


If you could just help me to pick one once and for all I will be highly appreciative.

Mohammad Reza.

P.S I did a lot of searching on the google and found the hard way that mill was right, they are all scam unless you have a reliable unbiased website that does the reviewing.
  • #6
  • May 2, 2008 11:49pm May 2, 2008 11:49pm
Quoting mill
There is nothing worse than 'broker review sites' that pop up on Google. They are of no help and most of the nonsense posted come from the scammer running ForexBastards. And there are "safe" places to put money when you are investing with some, or any, broker? Really? It's only safe if you do nothing and choose to watch from the sidelines. This is all risk, nothing is "safe".
No problem Mohammad. Honestly though, I have to disagree with yours and mill's sentiments re. review sites. Sure you have to take some of the comments with a grain of salt, but "they are all scam"?? Really? I have left a few reviews myself; am I a "scam"?

We all have a brain and a "BS" filter. So given that, just go ahead and read what's out there, filter out the BS and you should be fine. If you think you can gain absolutely nothing from broker review sites because you are somehow resentful about something (speaking to mill here), then you are really missing the boat.

And by the way, there are WAY more sites other than forex bastards out there that review brokers. Again, just try to filter out the BS and you might learn something. Or, just stay pissed off and resentful; it doesn't really matter to me. I'm just trying to help out a newbie with info that helped me.

But best wishes Mohammad; forex is a jungle, but you can make some serious cash if you want to (maybe mill hasn't and that's why he's so ticked off; I don't know).
  • #7
  • May 2, 2008 11:50pm May 2, 2008 11:50pm
In another thread diallist recommended FX Solutions and Oanda, part of the recommendation was because they have micro pips.

In the case of FXSol they appear to state that if the price drops below your S/L without trading at the S/L price, the stop is not triggered.
http://www.fxsolutions.com/trading-platform/risk-management.asp
Scroll to last 3 lines.

Is this correct?
Good Trading
  • #8
  • May 3, 2008 1:09am May 3, 2008 1:09am
Quoting TC East
No problem Mohammad. Honestly though, I have to disagree with yours and mill's sentiments re. review sites. Sure you have to take some of the comments with a grain of salt, but "they are all scam"?? Really? I have left a few reviews myself; am I a "scam"?
With only 62 posts here and no information about yourself in your profile.... You could easily be a scammer, also known as a shill......
Nothing personal but you understand ......
Same Whore .... Different Dress
  • #9
  • May 3, 2008 2:08am May 3, 2008 2:08am
Mohammad, do me a favour. Whatever broker you choose (I'd choose Oanda), please only deposit $3,000 and keep the other $27,000 in your bank account. Trade with low leverage - at least one year. If you have more than $3,000 after that deposit the other $27,000.

Regards - Xaron
  • #10
  • May 3, 2008 12:18pm May 3, 2008 12:18pm
Quoting Xaron
Mohammad, do me a favour. Whatever broker you choose (I'd choose Oanda), please only deposit $3,000 and keep the other $27,000 in your bank account. Trade with low leverage - at least one year. If you have more than $3,000 after that deposit the other $27,000.

Regards - Xaron
Good advice... Choose MB Trading (ECN) or Oanda (BucketShop)...
  • #11
  • May 3, 2008 2:25pm May 3, 2008 2:25pm
Quoting johnedoe
With only 62 posts here and no information about yourself in your profile.... You could easily be a scammer, also known as a shill......
Nothing personal but you understand ......
Lol...I guess I kind of understand. BUT, I am not a "shill." Who would I be shilling for if I was? I mentioned 3 competing brokers for him to consider.

And, I was only responding to mill's comment about him saying the broker review sites were scams. I didn't even mention a specific review site to look at. And, he never said I was a scammer, only that the review sites were.

My goodness, there's an incredible amount of suspicion here. What's the big deal anyway? It's just a forum post!! Use your BS filter and take it for what it's worth. I'm not here to prove anything, just trying to help a newbie where I can...sheesh
  • #12
  • May 4, 2008 7:09am May 4, 2008 7:09am
Quoting LEXngton
Good advice... Choose MB Trading (ECN) or Oanda (BucketShop)...
Oanda isn't a bucket shop. I'd use it even with a 7 figures account. Haven't found anything better yet.

Regards - Xaron
  • #13
  • May 4, 2008 1:14pm May 4, 2008 1:14pm
Go with Int. Brokers, you will not regret it. If you are a serious trader and want to trade serious money, avoid all markets makers (like oanda), because they simply trade against you.

I am almost 2 years with IB and I never had a problem. They have the smallest commission and a professionnal, a little bit complicated platform. Plus the BookTrader application which is a must.

I have had very bad experiences in the past with Oanda and FXCM. Stay away from them.
  • #14
  • May 4, 2008 6:37pm May 4, 2008 6:37pm
It really depends on what kind of trader you are. If you trade the news like me then you want a fixed spread broker that can execute at exactly the price you choose. Firms like Oanda that have large variable spreads during high volatility are not good for traders like me. Each platform has its advantages and disadvantages so you must learn how to use each to it's maximum benefit.
  • #15
  • May 4, 2008 7:06pm May 4, 2008 7:06pm
I think the issue will not be one of "who is the best broker", it will be "who will accept your money".

The fast way to weed them out is tell them you're Iranian. I doubt any broker will let you fund an account. I could be wrong, this is opinion based on the thread started by the Iraqi citizen here.

http://www.forexfactory.com/showthread.php?t=84917
  • #16
  • May 5, 2008 8:05pm May 5, 2008 8:05pm
One Word... HSFXr
It's Easy To Get In;.. It's Hard To Get Out
  • #17
  • May 7, 2008 12:39am May 7, 2008 12:39am
Hello again and thanks to all who are trying hard to help me find my way

To TC East, Please do not interpret my post as negative towards you, I highly valued your reply and actully found it one of the
most informative.

To Xaron, very good point and I promise to be VERY carefull with my money

To blueruby, you know I never thought about this but I think you are right, as now the US has also imposed a lot of sanctions on IRAN, so I suppose I won't be able to open an account with a US based broker, so what do you think about my first choice? is it practical having a different broker and trading platform (MT4)?

After much thought I have narrowed my chooses to the following:
I will be trading in lots larger then 5 lots and my deposit will be probably around the 20,000$ mark.

1- Bahraini Saudi Bank http://www.bsb.com.bh/en/default.asp
2- Interactive Brokers (not sure if they would accept me being from IRAN)
3- MBtrading (not sure if they would accept me being from IRAN)
4- HotSpot (not sure if US based or european)

My first choice is because they are a broker near my home town, supported by a big bank here and haveing access to my money is pretty easy. They charge 3 pip spreads with live rates and no requeting.

The only problem with them is that thier trading platform is just absoulutly awfull, I talked with thier customer support and they said that many of thier cliants use MT4 and just place the trades on thier system. is this possible? would'nt it be cumbersome?

I actually prefer to use MT4 as many people here recommend it, but I also really like trading from the charts in FXCM.

So what do you guys think? shall I go with choice 1 and use them and a seperat MT4 program? is it easy haveing to use MT4 and then placing orders in another broker?

Thanking you again.

Mohammad.
  • #18
  • May 7, 2008 12:57am May 7, 2008 12:57am
I have mt4 running for charts and such then just place my orders for my broker on their platform. Once you get use to it, it really isn't all that cumbersome at al.
  • #19
  • May 7, 2008 1:06am May 7, 2008 1:06am
1- Bahraini Saudi Bank http://www.bsb.com.bh/en/default.asp

as i heard they're white label for ACM.
Charting Markets into the Future...MǎҖ€¥.
  • #20
  • May 7, 2008 10:16am May 7, 2008 10:16am
Quoting fatboy1234
Hello again and thanks to all who are trying hard to help me find my way

To TC East, Please do not interpret my post as negative towards you, I highly valued your reply and actully found it one of the
most informative.

To Xaron, very good point and I promise to be VERY carefull with my money

To blueruby, you know I never thought about this but I think you are right, as now the US has also imposed a lot of sanctions on IRAN, so I suppose I won't be able to open an account with a US based broker, so what do you think about my first choice? is it practical having a different broker and trading platform (MT4)?

After much thought I have narrowed my chooses to the following:
I will be trading in lots larger then 5 lots and my deposit will be probably around the 20,000$ mark.

1- Bahraini Saudi Bank http://www.bsb.com.bh/en/default.asp
2- Interactive Brokers (not sure if they would accept me being from IRAN)
3- MBtrading (not sure if they would accept me being from IRAN)
4- HotSpot (not sure if US based or european)

My first choice is because they are a broker near my home town, supported by a big bank here and haveing access to my money is pretty easy. They charge 3 pip spreads with live rates and no requeting.

The only problem with them is that thier trading platform is just absoulutly awfull, I talked with thier customer support and they said that many of thier cliants use MT4 and just place the trades on thier system. is this possible? would'nt it be cumbersome?

I actually prefer to use MT4 as many people here recommend it, but I also really like trading from the charts in FXCM.

So what do you guys think? shall I go with choice 1 and use them and a seperat MT4 program? is it easy haveing to use MT4 and then placing orders in another broker?

Thanking you again.

Mohammad.
Hey Mohammad,

Glad to hear you're getting things narrowed down. No, I didn't interpret anything you said as negative; I was referring to one of the other guys' comments.

Re. MT4, I use an MT4 demo just for the charts which I love, but I use a different platform to place trades with. That works just fine for me as well as others I know of, so I think you'd be fine doing that.

I couldn't comment on the brokers you listed other than MB and Hotspot (either probably fine, leaning towards MB). There is a new thread here saying that you can now get a Hotspot account using MT4, but I don't know anything about it yet.

Best wishes again and take care...
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