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Trouble choosing a broker

  • #1
  • First Post: Jan 7, 2014 7:36am Jan 7, 2014 7:36am
Few months back, after month's of research with several brokers platforms, i had decided upon trusting my hard earned money and opening a live ECN account with FXOpen, but due to work and a lot of travelling had to put it off, until last week when i decided it was finally time to start live trading

A quick google of 'FXOPEN SCAM' burst that bubble. I came across quite a few posts, mostly on forexpeacearmy how many traders were scammed and cheated or whatever, i don't know how i missed this or rather forgot to google it earlier

I only have a 1000$ to invest right now, and mainly looking for an honest and true ECN broker(asking a lot i know) that provides swap-free accounts and won't scam me, not too worried about much else, good spreads wouldn't hurt though..

I feel more inclined towards alpari, fxopen, roboforex and oanda
  • #2
  • Jan 7, 2014 2:10pm Jan 7, 2014 2:10pm
Not sure what you are talking about. I trade between 50 and 100k regularly with FXOpen and have absolutely no issues.

On the contrary, they are one of the best retail Brokers around.
Forex is a losers game.
  • #3
  • Jan 7, 2014 2:23pm Jan 7, 2014 2:23pm
better save your 1000$ and practice on a demo account for sometime,meanwhile keep searching for a good broker.goodluck and be careful.
  • #4
  • Jan 7, 2014 5:14pm Jan 7, 2014 5:14pm
I would recommend ICMarkets I have used them for some time now and have found them to have great service/support spreads and execution.

Here is a summary of their features : http://www.forexchurch.com/forex-bro...NAME=ICMarkets
  • #5
  • Jan 7, 2014 5:18pm Jan 7, 2014 5:18pm
Quoting trader121
Not sure what you are talking about. I trade between 50 and 100k regularly with FXOpen and have absolutely no issues. On the contrary, they are one of the best retail Brokers around.
just what i found on google.. have you ever had any trouble with withdrawal, order execution and s/l hunting?

and if your trading volume is so high, why not trade with dukascopy or atc?
  • #6
  • Jan 7, 2014 5:20pm Jan 7, 2014 5:20pm
Quoting JoBlo
I would recommend ICMarkets I have used them for some time now and have found them to have great service/support spreads and execution. Here is a summary of their features : http://www.forexchurch.com/forex-bro...NAME=ICMarkets
i like icm as well, problem is they don't offer swap-free accounts
  • #7
  • Jan 7, 2014 5:34pm Jan 7, 2014 5:34pm
Yeah true ! sorry...I missed the swap-free bit...that's a shame because they are really good.

I did a search on the above site (for ecn and swap free) and there are 18 of them, personally I like to stick with ASIC
regulated brokers, the ones out of the list that were ASIC Regulated ECN with swap-free were :

- Core Liquidity Markets
- Hantec Markets
- IRONFX
- YouTradeFX
- ThinkForex

None of them have restrictions on swap-free accounts (eg needing to be muslim) either which is good. I recon ThinkForex, Core Liquidity Markets and
YouTradeFX look best (in my opinion).
  • #8
  • Jan 7, 2014 11:15pm Jan 7, 2014 11:15pm
I dont have problems with FXOpen either. Overall, you do have good choices in FxOpen, Alpari Oanada etc. I have also heard good things about ATC broker. Not sure if they offer swap free. Of the one that JoBlo listed, I will go with THinkForex based on repute and past trading experience with them.
  • #9
  • Jan 10, 2014 1:40am Jan 10, 2014 1:40am
It goes without saying that choosing a good forex broker is a challenge, not least because beauty is in the eye of the beholder, half the time (the other half of the time we're looking for the holy grail!).

Choice paralysis is a problem endemic to modern life, where we have too many options to choose from, and as variety and complexity increases, it becomes difficult to choose 'correctly'- and, remember, this puppy CAN be just for Christmas, and not for life i.e. you can actually switch out and mix it up.,

Of course, forums like forex factory help to validate, or, in the case of some of this discussion, lend bias to, the direction of your intended choice. If you do come across some negative feedback from other users, it is better to take your next step with ultimate caution.

As a forex trader, we have to face so many obstructions – economic upheaval, bold EAs, personal hygiene … choosing the right broker (really, how we get any trades executed is a mystery!).
  • #10
  • Jan 10, 2014 2:10am Jan 10, 2014 2:10am
Any idea about Easy Forex (based in Cyprus)? They offer a max of 1:400 Leverage
  • #11
  • Jan 11, 2014 5:14am Jan 11, 2014 5:14am
Anyone here used HY Markets and successfully withdrawn profits bigger than what they initially deposited? I'm thinking of depositing with them but get discouraged by reviews on other sites that they really make it hard to withdraw profits if it's higher than what you initially deposited. I do like the fact they are FCA regulated and have been around since 1999, though.
  • #12
  • Feb 7, 2014 3:07pm Feb 7, 2014 3:07pm
Quoting NetEffect
It goes without saying that choosing a good forex broker is a challenge, not least because beauty is in the eye of the beholder, half the time (the other half of the time we're looking for the holy grail!). Choice paralysis is a problem endemic to modern life, where we have too many options to choose from, and as variety and complexity increases, it becomes difficult to choose 'correctly'- and, remember, this puppy CAN be just for Christmas,...
This is the major problem we are facing in the stage of choosing a broker, too many options to choose from. It can be a dilemma while doing this, I can vividly remember my early days before I finally found Profiforex, not very easy I must say. But with such patience we would be glad in the end at the decision we made as I am now of this broker because to be honest they have not really disappointed me.
  • #13
  • Feb 7, 2014 5:39pm Feb 7, 2014 5:39pm
Quoting come alive
{quote} Profiforex
  • #14
  • Feb 7, 2014 5:50pm Feb 7, 2014 5:50pm
do yourself a favor go with Oanda and sleep well at night, any of these tiny brokers mentioned here can always be the next instaforex
  • #15
  • Feb 8, 2014 6:10am Feb 8, 2014 6:10am
This is really off putting. I think best thing to do is to experience brokers for yourself. I also have had no joy in finding a suitable broker. I nearly went with FXPRO but with all the really really bad reviews and comments I got scared away.
  • #16
  • Feb 9, 2014 3:32am Feb 9, 2014 3:32am
Quoting spike00spieg
do yourself a favor go with Oanda and sleep well at night, any of these tiny brokers mentioned here can always be the next instaforex
What happened to instaforex?
  • #17
  • Feb 11, 2014 8:17am Feb 11, 2014 8:17am
I have the same question which broker to choose for now. Information and feedbacks are endless, I'm so tired to read But it looks like fxpro, ironfx, alpari are not bad.
  • #18
  • Feb 11, 2014 8:22am Feb 11, 2014 8:22am
Quote
What happened to instaforex?

Went to google to search some info about instaforex. People say they block accounts with money without proper reason.
  • #19
  • Feb 11, 2014 9:03am Feb 11, 2014 9:03am
Quoting ForexPerson
I have the same question which broker to choose for now. Information and feedbacks are endless, I'm so tired to read But it looks like fxpro, ironfx, alpari are not bad.
If you go with FXPRO let me know how you get on. I have too been keeping an eye on them but have been frightened with the endless bad mouthing of these guys.
  • #20
  • Feb 17, 2014 2:46pm Feb 17, 2014 2:46pm
Quoting 200km
better save your 1000$ and practice on a demo account for sometime,meanwhile keep searching for a good broker.goodluck and be careful.
One has to be really careful with choosing a broker, this could affect us in the long run. Demo trading could give us a major of testing out the broker's credibility and work rate. Not saying this could guarantee that the broker is right but it could give us a closure or hint as to which to choose. I while trading with the demo of Profiforex I came to notice the similarity between it's speed and that of their real account, Quite similar!
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