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broker choice

  • #1
  • First Post: Jan 26, 2010 6:12am Jan 26, 2010 6:12am
Hello,
I'm pretty new here.. Can anyone give me some tips for choosing a broker who provides a micro account? I'm still not comfortable with trading with large sum of money yet...(Is micro a good place to start?)

Thanks!!
  • #2
  • Jan 26, 2010 6:33am Jan 26, 2010 6:33am
Quoting clovers
Hello,
I'm pretty new here.. Can anyone give me some tips for choosing a broker who provides a micro account? I'm still not comfortable with trading with large sum of money yet...(Is micro a good place to start?)

Thanks!!
Micro is a good way to start without risking too much, however there are a lot of micro bucketshops and scams out there offering micro accounts.

Just be sure to avoid the Russian ones who usually claim to be regulated by Cyprus. CySec are not so strict about regulation so don't expect any help from them should you have a problem with these dodgy russian operations.

There are also a few of them claiming Russian Regulation which is absolute BS of the highest order since the Russian FFMS don't regulate forex in any way shape or form.

I would avoid Instaforex, UWCFX, Liteforex, and few others I forget for the moment as they are all owned by the same dodgy Russian owner who's only interest is getting you so pissed off that you jump between his companies, losing money in each one.

In a Nutshell, micro accounts are a minefield of misery so if you do choose a micro account to start out small, don't expect too much from it, and certainly don't put more than $10 into it.
  • #3
  • Jan 26, 2010 6:59am Jan 26, 2010 6:59am
Thanks for the information!
What do you think of FXCM? Obviously I'm a beginner of the beginners.... really don't know much about this industry yet, still learning......
I've been using their(FXCM) demo account for almost 6 months, it seems ok, very user friendly (to me), but then again I probably don't know what's good or not either..... I was thinking, for the learning purposes (as the next step after the demo), micro would be a place to go.... or.. am I looking at the wrong direction? Thanks again!
  • #4
  • Jan 29, 2010 10:06pm Jan 29, 2010 10:06pm
Try Oanda too. You might like it.

I think FXCM is fine. A lot of people use them.

I use IG Markets and Oanda.

All the best to you.
  • #5
  • Mar 10, 2010 5:20pm Mar 10, 2010 5:20pm
Thanks!
I started using OANDA, I like it so far. The only thing is that since I trade daily it would be nice to be able to see weekly/monthly time frame as well.
I'm thinking about opening another small account with IG Market or MG Trading.
  • #6
  • Mar 10, 2010 6:01pm Mar 10, 2010 6:01pm
Quoting clovers
Thanks!
I started using OANDA, I like it so far. The only thing is that since I trade daily it would be nice to be able to see weekly/monthly time frame as well.
I'm thinking about opening another small account with IG Market or MG Trading.
Not sure I follow re. " it would be nice to be able to see weekly/monthly time frame as well", but if you just want to see those charts and Oanda doesn't have them (I don't use them so don't know), get any MT4 demo account, and use those charts. FxPro has lots of pairs and accurate pricing for example, but there are many to chose from.

I may not be understanding, but if so hope above helps...
  • #7
  • Mar 11, 2010 6:51am Mar 11, 2010 6:51am
Yeah I don't understand why Oanda doesn't have monthly timeframes, it's silly.

TC - agree with FX Pro, also add FX Open to that as well. Cool brokers.
  • #8
  • Mar 12, 2010 2:14am Mar 12, 2010 2:14am
yeah, i didn't realize that Oanda doesn't have weekly/monthly view on their chart until I changed my time frame to daily..(I was trading on 1H~4H.) Other than that, I like Oanda, but , I kind of need weekly/monthly view now because I like to have one or two higher time frame views too, so I think I will check out other brokers that you guys suggested. Thanks!!
  • #9
  • Last Post: Mar 12, 2010 2:52am Mar 12, 2010 2:52am
Quoting clovers
yeah, i didn't realize that Oanda doesn't have weekly/monthly view on their chart until I changed my time frame to daily..(I was trading on 1H~4H.) Other than that, I like Oanda, but , I kind of need weekly/monthly view now because I like to have one or two higher time frame views too, so I think I will check out other brokers that you guys suggested. Thanks!!
I use Oanda for trading but still mtf chart on mt4

Quoting siafx
Try Oanda too. You might like it.

I think FXCM is fine. A lot of people use them.

I use IG Markets and Oanda.

All the best to you.
I use IG and Oanda also - IG arent bad but Oanda runs rings around them for currency trading re execution, slippage and spread. It is even possible to hedge with Oanda by setting up a "sub-account"to take the opposite position. They are the best broker I have ever used, equal to hotspot ecn who unfortunately dont do retail anymore
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