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Suggest to me a broker Please!

  • #1
  • First Post: Jun 21, 2011 4:23pm Jun 21, 2011 4:23pm
Hi Guys, I am looking for a broker and I really need your wise advice about it.

Here is the requirements:
* Supports deposit/withdraw by Payoneer debit card
* Supports micro lots (1 pip = 1 cents)
* Good spread and execution rate
* No scalping restriction
* 1:500 leverage
* Minimum deposit is less than 50 USD
* Over all a good broker

I am still a newbie so I need micro lots, and my trading budget is pretty tight so I cant afford to get scammed right now. So please help me if you know about such a broker.

Thank You.
" The fool who never traded Demo "
  • #2
  • Jun 21, 2011 5:53pm Jun 21, 2011 5:53pm
You can't afford to get scammed but you afford to lose money? What's with that 1:500 leverage condition? Oanda meets the rest of criteria.
  • #3
  • Jun 21, 2011 10:11pm Jun 21, 2011 10:11pm
Quoting AmareX
Hi Guys, I am looking for a broker and I really need your wise advice about it.

Here is the requirements:
* Supports deposit/withdraw by Payoneer debit card
* Supports micro lots (1 pip = 1 cents)
* Good spread and execution rate
* No scalping restriction
* 1:500 leverage
* Minimum deposit is less than 50 USD
* Over all a good broker

I am still a newbie so I need micro lots, and my trading budget is pretty tight so I cant afford to get scammed right now. So please help me if you know about such a broker.

Thank You.
"I cant afford to get scammed right now"
This statement gave me a laugh Sorry

I don't mean to sound offensive, but have you spent time demo testing whatever strategy you plan on using? I am curious why you feel you need 500:1 leverage. I don't think you are going to find many or any honest brokers offering that kind of leverage. Brokers that do are counting on your ability to blow your account quickly. They may take an active role in ensuring this outcome. However most traders are perfectly capable of blowing an account over leveraging on their own.

I would look for an honest broker first and foremost. I trade with Oanda, they do not meet most of your criteria, but I feel they are as honest as a market maker broker can be. They accept Paypal for deposits and do not have a minimum $ amount for opening an account.

Best of luck
  • #4
  • Edited 2:13am Jun 22, 2011 2:05am | Edited 2:13am
I have been looking around a very long time for the same criteria broker.
There are a couple of them , but they all have dirty tricks up their sleeves.
A lot of them say they are scalping friendly, but they aren't.
As soon as they have your money they will start with their re-quotes and slipping. It will drive you crazy my friend. I have been there.

The best broker of them all here is Oanda, but the leverage is a problem. I will probably not trade with them just because of the leverage. Another reasonable broker to me was FxPro. But they started with re-quotes even when the market was very slow moving.

All ECN brokers have another problem: They do not offer 500:1, they charge commission and some will give you slippage from hell. So if you add the commision and the slippage you might as well trade with a bucketshop broker.

They have the upper hand on us.
If Oanda opens a brokerage outside the USA and offer 500:1, they will probably become the biggest in the bussiness.

THERE IS NO GOOD BROKER!
Never Ever Give Up!
  • #5
  • Jun 22, 2011 2:15am Jun 22, 2011 2:15am
FXCM or GFTUK
  • #6
  • Jun 22, 2011 1:50pm Jun 22, 2011 1:50pm
google this site at your own risk.100brokersreview visit the list of brokers with micro accounts to see their cretaria. actually for micro account now, i use FBS to test new systems. they nearly meet your cr etaria
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #7
  • Jun 24, 2011 4:41am Jun 24, 2011 4:41am
Quoting Cobra
THERE IS NO GOOD BROKER!
I would not be so negative. Sure, there is no broker good for evebody. But IMO you can find the broker which will be good for you personally.
  • #8
  • Jun 28, 2011 7:12am Jun 28, 2011 7:12am
Quote
I cant afford to get scammed right now.

But you will afford this in the future. LoL


Take a look to Hot Forex.

Good luck
  • #9
  • Jun 28, 2011 10:21am Jun 28, 2011 10:21am
fxcm
  • #10
  • Jun 28, 2011 9:55pm Jun 28, 2011 9:55pm
Quoting josef
But you will afford this in the future. LoL


Take a look to Hot Forex.

Good luck
You are actually suggesting a market maker in this day and age?
  • #11
  • Jun 29, 2011 12:41am Jun 29, 2011 12:41am
Quoting jafar00
You are actually suggesting a market maker in this day and age?

Based upon his requirements:

* 1:500 leverage
* Minimum deposit is less than 50 USD
* Supports micro lots (1 pip = 1 cents)

This is the only broker I know!
  • #12
  • Jun 29, 2011 1:23am Jun 29, 2011 1:23am
http://www.100forexbrokers.com/

Trade responsiblypatience is the key/Swing trader
  • #13
  • Jun 29, 2011 1:43am Jun 29, 2011 1:43am
Quoting josef
Based upon his requirements:

* 1:500 leverage
* Minimum deposit is less than 50 USD
* Supports micro lots (1 pip = 1 cents)

This is the only broker I know!
I suppose you have a point there. You will not get ECN or even STP with micro lots.
  • #14
  • Jun 29, 2011 4:58am Jun 29, 2011 4:58am
FXCM)))
  • #15
  • Jun 29, 2011 5:58am Jun 29, 2011 5:58am
Quoting Julian_Ass
FXCM)))
They are not bad...
  • #16
  • Jun 30, 2011 8:34am Jun 30, 2011 8:34am
When choosing an online forex broker, you need to the take the following in consideration:
1.For your own safety and peace of mind, it is essential that your broker is regulated and licensed by a competent governing body.
2. Make sure you have read and fully understand the execution policy of the broker you have chosen.
3. Ensure that you are getting competitive spreads.
4. Try out small amounts to verify that the execution is fast and stable.
5. Reduce the risk of slippage and requotes by choosing a broker without a dealing desk, such as an STP Broker.
6. Choose a broker with a good cash rebate program for your trading.

I can recommend several brokers that I have traded with:
1.fxcm - big company, licensed, spreads are a bit high, but the service is good.
2.Traders Trust Broker - STP Broker that offers very good spreads, is fully licensed and offers attractive promotions, including Ipad 2 and Iphone 4.
3.fxdd – licensed and regulated, not the best support.
  • #17
  • Jun 30, 2011 8:57am Jun 30, 2011 8:57am
Hi,
when i started trading i went with FXCM micro, not a bad broker and i like the platform.

According to your requirements i can suggest FXprimus.
Has 500:1 leverage
True STP
Scalping is allowed
Regulated by FSC
The only thing that might hold you back is the min deposit of $250.

Another option could be etoro

Has 400:1 leverage
Fixed Spread
minimum deposit $50
Scalping allowed.
Regulated


another broker that could match your describtion is Trading-Point.com

Regulated CySEC FSA
500:1 leverage
no minimum deposit
STP broker
  • #18
  • Jun 30, 2011 11:34am Jun 30, 2011 11:34am
Quoting knoxxxalot
Hi,

Another option could be etoro

Has 400:1 leverage
Fixed Spread
minimum deposit $50
Scalping allowed.
Regulated

Yeah, sure. On what planet? Did you see their platform? Did you see their spreads? Who can scalp in these conditions? They declined to close my order when I had 300$ profit until it turned red. This has happened two times. Because of volatility we can t close your position right now. At 1 a.m. GMT, Monday, with the GBPJPY . The other time was after a news announcement. Have you read some of the reviews about them?
  • #19
  • Jun 30, 2011 4:56pm Jun 30, 2011 4:56pm
Hi,

As I have just signed up I cannot post a new thread but maybe someone here could help me. I'm new to on-line trading so sorry if the questions are basic.

1. I have seen some sites offering $4.99 to buy any amount of shares, is this true or are there many hidden costs as well.

2. I want to build an automatic trading system, what site would have the lowest commission and could deal with high volume trades. I have read a lot about IB brokers but cannot understand all of their commisions.

Thanks for any help
  • #20
  • Jun 30, 2011 5:51pm Jun 30, 2011 5:51pm
I think you have good criteria for choosing broker. But the important is the best service for all traders they provide is an excellent criteria, agree?
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