Please help me choose between these 4 brokers... | Forex Factory

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Please help me choose between these 4 brokers...

  • #1
  • First Post: Edited 11:31pm Aug 12, 2008 11:11pm | Edited 11:31pm
Hi there,

I have been KILLING myself for the past few month just trying to open a damn live account to start learning about forex, my dilemma in choosing a broker is that my being a citizen of IRAN has created all hell of problems in opening an account, I've probably contacted more then 30 brokers and got refused by most.

Finally I have a list of 4 brokers which will accept me under certain conditions and I would highly appreciate in your help as to choose the one which you thing is advisable.

My priorities are:
MT4 platform.
Security of my funds (below $50,000) in case of bankruptcy.
low spread on the EUR/USD.
Hedging.

Brokers:

1 - ATC brokers. (MT4)
2 - ODL markets. (MT4)
3 - FXCM.
4 - HotspotFX.

I thank you all in advance for your suggestions. I much prefer MT4 to start with, but if I have no choice then be it, Oanda also accepted me, but I just could NOT live with their platform at all. I did some review checks on Forex Peace Army, but I don't know why but I just don't trust that site very much. I feel it is all fake.


Mohammad Reza.
  • #2
  • Aug 12, 2008 11:29pm Aug 12, 2008 11:29pm
Oanda's platform is just fine, no fluff or garbage indicators, but everything needed to trade successfully. If one can't trade oanda profitably one probably should stick with a game account. JMHO

But if you really don't like Oanda you might check out MGForex
MBTrade, or Interactive Brokers
Same Whore .... Different Dress
  • #3
  • Aug 12, 2008 11:40pm Aug 12, 2008 11:40pm
Thanks johnedoe for the quick reply, I also wanted to love Oanda as the reviews were really outstanding, but that child window which we have to leave open behind is really distracting, (I'm a minimalist ) also I kept getting disconnected. The graphs did not go back long enough and there was no week or month time frame.

I'm forced to do all my research on MT4 and execute trades on Oanda which I prefer not to do.

Thanks again for your honest opinion.

Mohammad Reza.
  • #4
  • Aug 13, 2008 1:03am Aug 13, 2008 1:03am
You think Oanda's charts are bad? Try Interactive Brokers! My mentor, trading buddy, and I are all using the IB platform to trade and separate charts... cos we have to. Simple as that. I wouldn't get too hung up on it.

Oanda'a disconnections are a pain though. But I'd still recommend them before FXCM.
  • #5
  • Aug 13, 2008 1:05am Aug 13, 2008 1:05am
hey a friend of mine had opened a live account with efxco.com in Iran apparently they they have a branch or sth in middle east!!!
  • #6
  • Aug 13, 2008 9:59pm Aug 13, 2008 9:59pm
Thank you folks for your answers. I will just try demo trading with oanda some more to see if something develops
  • #7
  • Aug 19, 2008 2:06pm Aug 19, 2008 2:06pm
Quoting fatboy1234
Hi there,

I have been KILLING myself for the past few month just trying to open a damn live account to start learning about forex, my dilemma in choosing a broker is that my being a citizen of IRAN has created all hell of problems in opening an account, I've probably contacted more then 30 brokers and got refused by most.

Finally I have a list of 4 brokers which will accept me under certain conditions and I would highly appreciate in your help as to choose the one which you thing is advisable.

My priorities are:
MT4 platform.
Security of my funds (below $50,000) in case of bankruptcy.
low spread on the EUR/USD.
Hedging.

Brokers:

1 - ATC brokers. (MT4)
2 - ODL markets. (MT4)
3 - FXCM.
4 - HotspotFX.

I thank you all in advance for your suggestions. I much prefer MT4 to start with, but if I have no choice then be it, Oanda also accepted me, but I just could NOT live with their platform at all. I did some review checks on Forex Peace Army, but I don't know why but I just don't trust that site very much. I feel it is all fake.


Mohammad Reza.
HotspotFx.
  • #8
  • Aug 20, 2008 4:05am Aug 20, 2008 4:05am
Use MT4 for charting

FXCM for managing your trades.
Trade what you see, not what you think.
  • #9
  • Aug 20, 2008 5:14am Aug 20, 2008 5:14am
Already been alluded to, but you can always use one broker for charting and another for trading. Some of the best brokers out there have the worst charting packages, yet some of the worst brokers seem to have the best charts. Not sure why that is...
  • #10
  • Aug 20, 2008 5:41am Aug 20, 2008 5:41am
Quoting ILclitoride
HotspotFx.
I agree but there is no hedging or MT4 with Hotspot
BTC Return This Year: na
  • #11
  • Aug 20, 2008 5:46am Aug 20, 2008 5:46am
Quoting Rabid
Already been alluded to, but you can always use one broker for charting and another for trading. Some of the best brokers out there have the worst charting packages, yet some of the worst brokers seem to have the best charts. Not sure why that is...
It's to draw the moths to the flame.
The breaking of a wave cannot explain the whole sea.
  • #12
  • Aug 21, 2008 7:21am Aug 21, 2008 7:21am
I downloaded Ninjatrader the other day. They have a notice that hotspotfx will soon be available from this platform.
Not too familiar w/ it yet - but so far it doesn't look bad.

Quoting M.A.C.Doug
I agree but there is no hedging or MT4 with Hotspot
In trading, there is no bullshit. You either make money or you don't.
  • #13
  • Aug 23, 2008 7:59pm Aug 23, 2008 7:59pm
I actually have a love-hate relationship with Oanda (hate it when the platform gets buggy or disconnects!).

But I'm still with them mainly because of how their execution compares with MT4 brokers. What happens, in fact, is that I use them for charting when I do trades with another broker. I also noted that their price is better relative to that other broker.
Amor Fati--F. Nietzsche
  • #14
  • Aug 23, 2008 10:03pm Aug 23, 2008 10:03pm
Quote
but that child window which we have to leave open behind is really distracting

Mohammad,you can open up the platform from a shortcut on your desktop,which allows the platform to be opened without the 'baby' window opening.
Just go to the login page for OANDA FXtrade and you will notice towards the right hand side of this page on option called FXDesktop.
Just install and this should fix this issue.
Take it easy.
SK
  • #15
  • Last Post: Aug 23, 2008 10:46pm Aug 23, 2008 10:46pm
Hello everyone and thank you so much again for all your support.

I have finally decided on a broker, their customer support team called me up and were VERY supportive, they helped solve all my problems, They have MT4 and hedging and 2 pips spread on the majors. They are regulated by the FSA in the UK and the NFA and others in the USA.

I quiet feel comfortable with them, I'm still in the process of opening a live account with them, they are called ODL securiteis...

http://www.odlmarkets.com/

I Thank you all again in helping in this endeavor and hope that I have made the right decision.

Mohammad Reza.
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