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Broker recommendations?

  • #1
  • First Post: Jan 3, 2014 9:22am Jan 3, 2014 9:22am
I' m looking to open my first Live trading account and i was wondering whether there are any brokers based in the UK or Europe you guys could recommend.

I have been recommended:

HotForex, L-Max, FXCM, and Alpari (uk)

If anyone has traded with any of them before i would appreciate it if you could share some of your experience with me, and whether there are other you would recommend.

My available capital is £200GBP ($329.29USD) so looking to open a micro account and preferably base currency is GBP.

Thanks in advance!
  • #2
  • Jan 3, 2014 12:33pm Jan 3, 2014 12:33pm
XM or FxPro
R!$$@dUM
  • #3
  • Jan 3, 2014 3:53pm Jan 3, 2014 3:53pm
Quoting FXfairy
I' m looking to open my first Live trading account and i was wondering whether there are any brokers based in the UK or Europe you guys could recommend. I have been recommended: HotForex, L-Max, FXCM, and Alpari (uk) If anyone has traded with any of them before i would appreciate it if you could share some of your experience with me, and whether there are other you would recommend. My available capital is £200GBP ($329.29USD) so looking to open a micro account and preferably base currency is GBP. Thanks in advance!
The best uk based broker is Vantage Fx UK. They have offices in this country, are STP and have the lowest spreads I can find anywhere. I wouldn't touch Alpari or FXCM with someone else's bargepole, just based on what I've heard. Can't say anything about hot forex or l max.

One thing I don't like about Vantage is that you have to email them a withdrawal form when you want your money and you can't log in to a client area to open new accounts or transfer funds between accounts, you have to email them all the time.

Be careful with overseas brokers because they often don't charge for deposits but when you want your money out they can charge silly money to withdraw.

I hope this helps.
Shampoo for my real friends
  • #4
  • Jan 3, 2014 4:09pm Jan 3, 2014 4:09pm
FxOpen UK
  • #5
  • Jan 3, 2014 4:17pm Jan 3, 2014 4:17pm
Quoting entheos
FxOpen UK
Their website is very clunky isn't it?
Shampoo for my real friends
  • #6
  • Jan 3, 2014 7:09pm Jan 3, 2014 7:09pm
Quoting rissadum
XM or FxPro

FxPro didn't offer micro account.

Quoting dannyrose
{quote} Their website is very clunky isn't it?
If you campared Fxopen website with other Forex broker like Oanda, FXCM, FxPro, DukasCopy
Yes sure, Fxopen Website look very simple. But don't worry they are great company, I've experience with them for 4 years.
  • #7
  • Jan 3, 2014 10:26pm Jan 3, 2014 10:26pm
FX Fairy-

My personal experience (but I live in the US) is that every broker I have tried HAS IT'S FLAWS.

Who ever you chose will not be perfect to the T.

With the amount you are putting up as risk capital for your first account I only recommend that you make sure that the broker you choose has the requirements for a regulating agency to monitor for fraud.

I will send good Ju Ju your way for your first(assuming) account.

Don't get down on yourself for a couple of losses and remember there is GOOD people here or close to you that can and are willing to help.

PS watch out for marketers and scamers as usual.
  • #8
  • Jan 4, 2014 7:47pm Jan 4, 2014 7:47pm
Quoting dannyrose
{quote} Their website is very clunky isn't it?
First and most importantly,They`re honest or not honest.
  • #9
  • Jan 4, 2014 11:26pm Jan 4, 2014 11:26pm
Quoting entheos
{quote} First and most importantly,They`re honest or not honest.
Ok, so they say they're ecn. I have one question... do you get slippage in normal trading conditions? Every ecn that I have tried gives you slippage on nearly every trade. I'm talking about stop losses being triggered 10 or more pips away from where you set them.
Shampoo for my real friends
  • #10
  • Jan 5, 2014 3:10am Jan 5, 2014 3:10am
Quoting dannyrose
{quote} Ok, so they say they're ecn. I have one question... do you get slippage in normal trading conditions? Every ecn that I have tried gives you slippage on nearly every trade. I'm talking about stop losses being triggered 10 or more pips away from where you set them.
they say they`re ecn.?
Do you believe fxopen?
all scams say we`re true ecn.
But
There`s no way to verify ....
  • #11
  • Jan 5, 2014 4:38am Jan 5, 2014 4:38am
FXopen has a CEO called Dr ALex K, first time I have ever seen a CEO not disclose his surname. Really is kind of childish or just plain wierd. On FPA the rep replying to complaints cannot spell where they are from ie Aucland NZ when in fact it is Auckland.

I don't know if they are good broker or not but personally I would not deposit my capital with a company that can't get the basics right ie spelling of where your company is based.
  • #12
  • Jan 5, 2014 5:43am Jan 5, 2014 5:43am
Has anyone used Alparis mt5 offering? They are giving very low spreads and no commission but say they may start charging commission in the future. What I want to know is do they slip you in normal market conditions like most ecn type brokers?
Shampoo for my real friends
  • #13
  • Jan 8, 2014 5:40am Jan 8, 2014 5:40am
Quoting Gilamonster
I only recommend that you make sure that the broker you choose has the requirements for a regulating agency to monitor for fraud. I will send good Ju Ju your way for your first(assuming) account. Don't get down on yourself for a couple of losses and remember there is GOOD people here or close to you that can and are willing to help. PS watch out for marketers and scamers as usual.


Thanks Gila for the advice, i will definitely have regulatory body as an essential requirement. I look forward to the good "juju" lol

Again thanks for all the advice and recommendation guys, so my initial list has been scrapped and my attention is now turned to XM, FxPro, Vantage FX, and Fx Open (though im not quite sure what Ecn means just yet).

About MT5 I heard that its not as well received yet because it provides less room for brokers to manipulate the data (so good news apparently for traders but not so much for brokers) so it makes sense for Alpari to charge a small fee to make up the loss.

https://www.fxstat.com/widget/link?t...3=profitfactor
  • #14
  • Jan 8, 2014 5:53am Jan 8, 2014 5:53am
If you're using MetaTrader I hear good things about Global Prime. I have a demo account with them and they've always seemed very helpful. They are not UK based and were not offering GBP as a currency, but after I raised that with them they introduced it and are now taking UK customers.
  • #15
  • Jan 8, 2014 12:53pm Jan 8, 2014 12:53pm
So far there isnt a true retail ECN. FxOpen has tried to develop retail ECN but it is only a step forward in the right direction which others are trying to follow. Whereas FxOpen claims to provide a true ECN environment (if ECN is selected ofcourse), XM and FxPro are STP Agency brokers that operate on a hybrid model i.e. ECN and ordermatching. Anyway, you got some really good choices in XM, FxPro, VantageFx and FxOPen.
  • #16
  • Jan 10, 2014 2:18am Jan 10, 2014 2:18am
Quoting FXfairy
I' m looking to open my first Live trading account and i was wondering whether there are any brokers based in the UK or Europe you guys could recommend. I have been recommended: HotForex, L-Max, FXCM, and Alpari (uk) If anyone has traded with any of them before i would appreciate it if you could share some of your experience with me, and whether there are other you would recommend. My available capital is £200GBP ($329.29USD) so looking to open a micro account and preferably base currency is GBP. Thanks in advance!
i have a small account with hotforex, i make a couple of swings a week, very little scalping from time to time, platform is steady, execution is fast, there are some delay at time but nothing major. No problem with withdrawals.
  • #17
  • Jan 11, 2014 10:57pm Jan 11, 2014 10:57pm
Most all brokers(especially the regulated ones in the US) have ECN's.

If you read and ask questions you will find that with enough risk capital you can have a great ECN.

I have never heard of any broker that will allow you to use their ECN data without a significant amount of inital risk capital.

And that is usually just the min. you will need to have for margin to use ECN.

In the US I recommend http://www.tradestation.com

But stick with what you are looking at currently if you are just starting out on your first account.

" Trade only what you know and understand" Gilamonster
  • #18
  • Jan 13, 2014 3:13am Jan 13, 2014 3:13am
Quoting saveinves
{quote} FxPro didn't offer micro account. {quote} If you campared Fxopen website with other Forex broker like Oanda, FXCM, FxPro, DukasCopy Yes sure, Fxopen Website look very simple. But don't worry they are great company, I've experience with them for 4 years.
Minimum deposit in FxPro is $500, no micro.
  • #19
  • Jun 20, 2014 10:28am Jun 20, 2014 10:28am
Quoting undergroundz
{quote} i have a small account with hotforex, i make a couple of swings a week, very little scalping from time to time, platform is steady, execution is fast, there are some delay at time but nothing major. No problem with withdrawals.
Its True. I have started my trading with Hot Forex. They are very good in pretty much everything. No complain so far.
  • #20
  • Jun 23, 2014 10:04am Jun 23, 2014 10:04am
Better look at ECN brokers who have low spreads, low commissions and allow trading with all kind of trading styles. The first that come up are Pepperstone. AXI, Armada Markets, Dukascopy, Saxo and Alpari.
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