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Need expert’s suggestion on choosing economical broker

  • #1
  • First Post: Nov 22, 2014 8:36am Nov 22, 2014 8:36am
Hello To All,

I am searching and reading about Forex Market and realised it is a huge turnover market, it is like all other businesses but the Forex in concrete concerns a big risk. For example in general trade if one buys goods for 1000 USD you may not be able to sell at the buying price due to having less demand but you will never loose 100% may be by putting a bit of efforts one can cash losing a maximum of 40-50 %.

But in Forex if you trade for 1000 USD you may loose 100%, which is where the big risk lies.

Now in merchant trade 2 simple words are Buy And Sell, Formula is to Buy at market price from the wholesaler or try to buy it from the factory to get it for a cheaper price and try to sell as higher as you can.

So far the clue is in buying to reduce the margins of inter mediators.

Hence, here what is my request for further information is how to choose the broker, which is “direct as factory manufacturer in this case” which would charge less brokerage and give a good platform to trade. I think these are the basics as per my knowledge.

But I want to know in which terms this can be analysed in detail. What I should be taking in to account to know about the broker and possibly its hidden charges, which would affect my bank balance. Please do advice to get good bargain while choosing.

And also please suggest which broker is good enough to contract.

Thanks And Regards,
Moti
  • #2
  • Nov 22, 2014 9:07am Nov 22, 2014 9:07am
[Quote = Motiram; 7892645] Olá a todos, estou pesquisando e lendo sobre Mercado Forex e percebi que é um mercado enorme volume de negócios, é como todas as outras empresas, mas o Forex em concreto diz respeito a um grande risco. Por exemplo, no comércio em geral se uma compra de mercadorias para 1000 USD você pode não ser capaz de vender a preço de compra devido a ter menos procura, mas você nunca solta 100% pode ser, colocando um pouco de esforço pode-se descontar a perder um máximo de 40-50%. Mas, em Forex se você comércio para 1000 USD você pode perder 100%, que é o lugar onde o grande risco reside. Agora no comércio comerciante 2 palavras simples são comprar e vender, Formula é comprar a preço de mercado do atacadista ou tentar comprá-lo a partir da fábrica para obtê-lo por um preço mais barato e tentar vender como maior possível. Até agora, a pista é na compra de reduzir as margens de inter mediadores. Por isso, aqui o que é o meu pedido de informações é como escolher o corretor, que é "direto como fabricante de fábrica neste caso", que iria cobrar menos de corretagem e dar uma boa plataforma para o comércio. Acho que esses são os princípios básicos como por meu conhecimento. Mas eu quero saber em que termos isso pode ser analisado em detalhe. O que eu deveria estar tomando-se em conta para saber sobre o corretor e, possivelmente, as suas taxas escondidas, o que afetaria o meu saldo bancário. Por favor, faça o conselho para obter bom negócio ao escolher. E também por favor sugerir que corretor é bom o suficiente para contrair. Obrigado e cumprimentos, Moti [/ quote]


hello.
I use EXNESS to 4 years and have no problems
resilience....
  • #3
  • Nov 25, 2014 8:26am Nov 25, 2014 8:26am
Quoting hederi
hello. I use EXNESS to 4 years and have no problems
Thank you hederi, but I do not have any experience with any one I want to know what I should take care while choosing good broker, because over net you can read lot of scam which gives alarm to take decision. Don’t know what to do?

Thanks And Regards,
Moti
  • #4
  • Nov 25, 2014 10:40am Nov 25, 2014 10:40am
Quoting Motiram
{quote} Thank you hederi, but I do not have any experience with any one I want to know what I should take care while choosing good broker, because over net you can read lot of scam which gives alarm to take decision. Don’t know what to do? Thanks And Regards, Moti
pretty much all broker offers a demo account. open one, test it, see if you like.
there is different platforms, metatrader, cTrader, etc, again, see what fits you.
check out each broker where they regulated, how much is minimum deposit, cost of deposit and withdrawal for you...then pick what fits you.
contact supports, see if they are quick, willing to answer your questions, feels like they have some knowledge so if something goes wrong, you can have confidence they help you with your issues ( but don't expect them to turn you into winning trader)...again select where you feel they more competent.

done all that, with 3-5 brokers, and you should have a winner!
don't expect someone to tell you what the best FOR YOU! do your homework!

ps:
you wrote:
I am searching and reading about Forex Market and realised it is a huge turnover market, it is like all other businesses but the Forex in concrete concerns a big risk. For example in general trade if one buys goods for 1000 USD you may not be able to sell at the buying price due to having less demand but you will never loose 100% may be by putting a bit of efforts one can cash losing a maximum of 40-50 %.

not true, goods can go bad too...buy some meat, wait till it goes green, and see what you can sell for.
want to sell for something, sell before it goes bad...same in forex...they call it Stop Loss!
want to lose slower, trade with less leverage, but beware that also means higher balance needed!
there is always, always another trade!!
  • #5
  • Dec 5, 2014 12:56am Dec 5, 2014 12:56am
If you are looking for a "direct as factory manufacturer in this case" that is available to retail traders, and you are in the US, then Interactive Brokers has very tight spreads with low commissions. The major issue with them is that they have had regulatory action taken against them many times by the NFA and CFTC, which you can see on the NFA website for them. This doesn't mean they are a scam, but it does mean they have had trouble following the regulations.

An alternative is Oanda. They have never had any regulatory violations. Their spreads are not quite as narrow, but they are pretty decent and better than most. For a novice trader they also have the advantage of a permanent demo account to practice on. Be sure to use this to make sure you are profitable for several months in demo mode before going live. They also allow you to start as small as you like, even making $1.00 trades if you want.

If you are outside the US, then Dukascopy probably has the tightest spreads with lowest commissions, especially if you go through one of the "cashback" affiliate sites.

Good luck.
  • #6
  • Dec 30, 2014 6:28pm Dec 30, 2014 6:28pm
Quoting profitfarmer
{quote} pretty much all broker offers a demo account. open one, test it, see if you like. there is different platforms, metatrader, cTrader, etc, again, see what fits you.

Quoting Ian_Lavoie
If you are looking for a "direct as factory manufacturer in this case" that is available to retail traders, and you are in the US, then Interactive Brokers has very tight spreads with low commissions.
Thank you profitfarmer and Ian_Lavoie for your suggestions. I am in Europe in Spain And still I am not sure with whom to open my account and do not know anyone closely who is trading with some broker in Europe. First of all the broker should have better conditions, secondly if I want to withdraw partial amount it should not give me any trouble or if I want to close the account it must not show conditions and give trouble to transfer my money (I mean to say if I chose a broker I will see my money in physically within my account but in reality I will not feel that in my hand if its a Spam broker.

When I will find anyone I will discuss here before opening any account to avoid future problems because it is already very much of a headache to earn money in the Forex market as it is not a machine of money making as simple as it looks. It needs very much of patience and calm behaviour while you are investing in small capitals and smartly.


Wish you a very happy New Year and good luck ahead.

If any body has a good broker and is working with them in Europe please advice.

Regards,
Moti
  • #7
  • Dec 31, 2014 4:24am Dec 31, 2014 4:24am
EU brokers that i worked with and had no issues are:
Exness (cent account at them for 6 months)
ICM- Never issues with this broker and nice spreads for major pairs. (1 year)
Alpari uk - Not the smallest spreads but i picked them because they are trustworthy. (1 year)
Tallinex- Recently open Estonian broker... Have had an account for 6 months with them and no issues .

All these 4 brokers are regulated (Tallinex is regulated by estonian financial dept not like the other 3) .

I couldn't pick one of them without advertising it so.. search their trading conditions and pick something yourself
  • #8
  • Dec 31, 2014 5:33am Dec 31, 2014 5:33am
Quoting Ian_Lavoie
If you are looking for a "direct as factory manufacturer in this case" that is available to retail traders, and you are in the US, then Interactive Brokers has very tight spreads with low commissions. The major issue with them is that they have had regulatory action taken against them many times by the NFA and CFTC, which you can see on the NFA website for them. This doesn't mean they are a scam, but it does mean they have had trouble following the regulations....
You make me surprise that Interactive brokers has been fined so much recently, but they are really big with 1bil $ capital. It seems like Oanda is the only company left have a clean profile and haven't been fined. I'm trading with Oanda now and making profit, I'm happy with their service.
For the guy open this thread I recommend you don't listen to any IB here and choose a brokers from CFTC list, bigger capital mean better and safer
http://www.cftc.gov/MarketReports/Fi...FCMs/index.htm
  • #9
  • Jan 4, 2015 1:56am Jan 4, 2015 1:56am
Quote
You make me surprise that Interactive brokers has been fined so much recently, but they are really big with 1bil $ capital. It seems like Oanda is the only company left have a clean profile and haven't been fined.

The NFA site shows the Interactive Brokers list of fines. There is actually one other broker that has never been fined by the US regulators, and that is TD Ameritrade, per this list of CFTC regulated brokers. I use Oanda as one of my brokers as you do and I have had no issues with them.
  • #10
  • Jan 7, 2015 6:19pm Jan 7, 2015 6:19pm
Quoting Matraguna
EU brokers that i worked with and had no issues are: Exness (cent account at them for 6 months) ICM- Never issues with this broker and nice spreads for major pairs. (1 year) Alpari uk - Not the smallest spreads but i picked them because they are trustworthy. (1 year) Tallinex- Recently open Estonian broker... Have had an account for 6 months with them and no issues . All these 4 brokers are regulated (Tallinex is regulated by estonian financial dept not like the other 3) . I couldn't pick one of them without advertising it so.. search their trading...
Quoting Ian_Lavoie
{quote} The NFA site shows the Interactive Brokers list of fines. There is actually one other broker that has never been fined by the US regulators, and that is TD Ameritrade, per this list of CFTC regulated brokers. I use Oanda as one of my brokers as you do and I have had no issues with them.
Thank you Matraguna and Ian_Lavoie, for your suggestions regarding Oanda broker many others also have good experience but I am not sure till I open account with them let's see.
Regards,
Moti
  • #11
  • Jan 7, 2015 6:22pm Jan 7, 2015 6:22pm
Quoting Abcxyz77
{quote} You make me surprise that Interactive brokers has been fined so much recently, but they are really big with 1bil $ capital. It seems like Oanda is the only company left have a clean profile and haven't been fined. I'm trading with Oanda now and making profit, I'm happy with their service. For the guy open this thread I recommend you don't listen to any IB here and choose a brokers from CFTC list, bigger capital mean better and safer http://www.cftc.gov/MarketReports/Fi...FCMs/index.htm
Thank you Abcxyz77, I think you point is strong and has more power to consider I will look at the link before open any account and will be back to you if need help.
Regards,
Moti
  • #12
  • Jan 9, 2015 9:37am Jan 9, 2015 9:37am
I suggest oanda
All have a nice day
focus while relaxed to see better
  • #13
  • Jan 11, 2015 7:27am Jan 11, 2015 7:27am
Quoting orabi
I suggest oanda All have a nice day
Thank you orabi, I have been suggested three other brokers Fxdd Malta, IronFX, FxPro and you are suggesting oanda looking to your #posts 1100+ seem you are experienced and working since time so your suggestion gives me more confidence about oanda. Now I am in confusion please could you guide me how and what should I compare among brokers to select best one.
Regards,
Moti
  • #14
  • Jan 11, 2015 8:23am Jan 11, 2015 8:23am
i heard and saw alot of discussion about broker named GLOBAL PRIME based in australia...they seems had a good reputation but need more fund & payment options..for the time being im still with xm free swap account
FXerha
  • #15
  • Last Post: Jul 16, 2015 4:32pm Jul 16, 2015 4:32pm
Quoting FXerha
i heard and saw alot of discussion about broker named GLOBAL PRIME based in australia...they seems had a good reputation but need more fund & payment options..for the time being im still with xm free swap account
Thank you FXerha does any one work with Admiral Markets Group?
http://www.admiralmarkets.com/
Please advice
Regards,
Moti
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