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Good Micro Trading Brokers

  • #1
  • First Post: Nov 21, 2009 3:52pm Nov 21, 2009 3:52pm
I will be soon opening a micro account, I know FXCM Micro which i have been playing with for 30 days now and my account just expired. I like marketscope (their charting software) yet overall, I find FXCM kind of a hassle. I have also heard that their CS is really sketchy, i browsed lots of forums, and find many displeased and quitting users.

What other Micro Brokers are out there? I am looking for 100 - 500 leverage, with $125 as initial capital.

PS I don't really like MT4 platform.
  • #2
  • Nov 22, 2009 8:33am Nov 22, 2009 8:33am
I am personally using oanda.com, its realy good one but their hiest leverage is only 50
  • #3
  • Nov 22, 2009 11:46am Nov 22, 2009 11:46am
FXCM Micro, but make sure you go with their UK division, even if your in USA, because much higher leverage is given plus no first in first out rules.
  • #4
  • Nov 22, 2009 12:31pm Nov 22, 2009 12:31pm
http://www.100forexbrokers.com/mini-...nts-comparison
Is it Break Time yet?
  • #5
  • Nov 23, 2009 3:11pm Nov 23, 2009 3:11pm
Quoting rohit88844
I am personally using oanda.com, its realy good one but their hiest leverage is only 50
yeah alot of people loves oanda, I personally didn't like their chart software. I like FX sol
  • #6
  • Nov 23, 2009 8:28pm Nov 23, 2009 8:28pm
I do my testing on fxopen micro.. Best part about it is its in cents, so can test in accordance to a serious account I would trade.
  • #7
  • Nov 23, 2009 10:10pm Nov 23, 2009 10:10pm
I like Oanda but 50:1 leverage is quite low.
  • #8
  • Nov 24, 2009 1:48am Nov 24, 2009 1:48am
Fxopen Scam sux
Quoting Takisd
I do my testing on fxopen micro.. Best part about it is its in cents, so can test in accordance to a serious account I would trade.
Charting Markets into the Future...MǎҖ€¥.
  • #9
  • Edited 8:03pm May 20, 2012 7:52pm | Edited 8:03pm
Quoting halfstep
yeah alot of people loves oanda, I personally didn't like their chart software. I like FX sol
Correct me if I am wrong but Oanda is not micro. They offer as low as .01 standard lots. However a true micro broker would allow .01 micro lots. I am using trading point and i am satisfied but i am looking for better spreads. The micro is especially useful when trading small. Let's say you want to have each pip be worth 0.1%. Let's say your account is worth $200. So then each pip should be worth $0.20. That would be .02 lot's on Oanda or 2 micro lots. Now if you get your account to $210 then each pip should be worth $0.21. That would be 2.1 micro lot's but on Oanda you either stick with .02 and lose the added profit potential or risk .03 lots raising your risk more than you wanted. Also min would still work. mini would be .2 lots in first example and .21 lots in the second example. This will have big ramifications down the line when you start considering compounding returns. I say then with Oanda you really shouldn't be trading with anything less than $1000. I don't know about you but I am still learning and I am not profitable. I prefer to not trade on demo but to trade small until I find my way.
  • #10
  • May 20, 2012 9:13pm May 20, 2012 9:13pm
Quoting bfis108137
Correct me if I am wrong but Oanda is not micro. They offer as low as .01 standard lots. However a true micro broker would allow .01 micro lots. I am using trading point and i am satisfied but i am looking for better spreads. The micro is especially useful when trading small. Let's say you want to have each pip be worth 0.1%. Let's say your account is worth $200. So then each pip should be worth $0.20. That would be .02 lot's on Oanda or 2 micro lots. Now if you get your account to $210 then each pip should be worth $0.21. That would be...

Err.... I think you got something mixed up there.

Oanda is one of the only brokers where trading with just a few hundred (or less) is even possible. Their minimum trade size is 1 unit of the base currency of the pair you're trading, which is 1/1000th of a micro lot. You can define your risk on small accounts down to the penny.

I don't know of other brokers who do this... some go down to 100 unit orders, and call them "penny accounts", but I don't know of anyone else who goes down to a single unit of currency in a trade.

The only exception is if you use Oanda with MT4, where your minimum is a micro lot. That's more of a limitation of MT4 than it is Oanda.. but that being said, I usually tell people to stick with fxTrade for execution and only pull up MT4 if you want better charting.

Just saying.
FXGears.com
  • #11
  • May 20, 2012 9:18pm May 20, 2012 9:18pm
Quoting Jack_Larkin
Err.... I think you got something mixed up there.

Oanda is one of the only brokers where trading with just a few hundred (or less) is even possible. Their minimum trade size is 1 unit of the base currency of the pair you're trading, which is 1/1000th of a micro lot. You can define your risk on small accounts down to the penny.

I don't know of other brokers who do this... some go down to 100 unit orders, and call them "penny accounts", but I don't know of anyone else who goes down to a single unit of currency in a trade.

The only exception...
I was not aware of that. You are right. I was using mt4. So what would happen if I opened a trade outside of mt4 for less than .01 lots? Would i still show up in mt4?
  • #12
  • May 20, 2012 9:32pm May 20, 2012 9:32pm
Quoting bfis108137
I was not aware of that. You are right. I was using mt4. So what would happen if I opened a trade outside of mt4 for less than .01 lots? Would i still show up in mt4?
Nope.. MT4 wasn't designed to work within Oanda's environment (Oanda's deal sizes, how they calculate interest by the second instead of doing swaps, how margin in calculated on a per pair basis instead of a blanket rate across the board..etc..) MT4 was just added on as an option since so many traders asked for it..

This leads to the following catches:

 

  1. Deals less than 1k wont' show up in MT4, but once the trade is closed, MT4 will receive a balance update.
  2. Deals greater than a number divisible by 1k will show up rounded down to the nearest 1k lot size. Again, balance is synced once the trade is closed.
  3. Since there's no swaps, interest differences are usually synced once the trade is closed, or at day's end should you be holding overnight. Sometimes it's not synced right away, so the transaction records in fxTrade are always the correct numbers to go by.


None of these are bad things.. just stuff to keep in mind.

FXGears.com
  • #13
  • Last Post: May 21, 2012 1:51am May 21, 2012 1:51am
Quoting halfstep
I will be soon opening a micro account, I know FXCM Micro which i have been playing with for 30 days now and my account just expired. I like marketscope (their charting software) yet overall, I find FXCM kind of a hassle. I have also heard that their CS is really sketchy, i browsed lots of forums, and find many displeased and quitting users.

What other Micro Brokers are out there? I am looking for 100 - 500 leverage, with $125 as initial capital.

PS I don't really like MT4 platform.
GFTUK with DealBook360 platform
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