What is the best broker for beginners | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Best indicators for beginners, to minimize losing. 493 replies

Best Broker with Best Math Processor? 3 replies

best broker for beginners? 16 replies

Looking for THE FX broker for beginners 0 replies

Attachments: What is the best broker for beginners
Exit Attachments

What is the best broker for beginners

  • #1
  • First Post: Feb 23, 2015 9:53am Feb 23, 2015 9:53am
Hello All,
I have been recently searching for a good & trustworthy broker for a beginner like me . I have read reviews on many brokers and it seems that no broker seems to be fully "legitimate" as there are always negative reviews saying they got scammed or account closed for nothing or not receiving their withdrawal etc.. So I got really scared for joining a broker and get scammed or something similar . My current capital is about $700 . I have found FxPro to be a good selection as it provides a 1:500 leverage and they seem to be a legitimate , but I want your opinion first . Should I go along with them ? or should I go with another broker ? I also got another question : What is better for me (considering my $700 capital and being a beginner) : Should I ask for a fixed spread or variable spread ??
  • #2
  • Feb 23, 2015 2:12pm Feb 23, 2015 2:12pm
Quoting hals12
Hello All, I have been recently searching for a good & trustworthy broker for a beginner like me . I have read reviews on many brokers and it seems that no broker seems to be fully "legitimate" as there are always negative reviews saying they got scammed or account closed for nothing or not receiving their withdrawal etc.. So I got really scared for joining a broker and get scammed or something similar . My current capital is about $700 . I have found FxPro to be a good selection as it provides a 1:500 leverage and they seem to be a legitimate ,...
FXPro is as good as as any because you should be trading in demo mode until you find a method that is constantly profitable. It is a understandable that as a beginner to find 1:500 leverage to be a good thing. Go for it with full leverage. After you blow up your demo, open another, and replete enough times to learn why high leverage is a marketing tool to lure in beginner traders who have not learned better. Do it, but do it in demo. Then when you read Van K. Tharp book "Trading Your Way To Financial Freedom" you might appreciate the importance of risk control through proper position size and use of leverage. Best of luck - Lou
  • #3
  • Feb 23, 2015 3:00pm Feb 23, 2015 3:00pm
I traded on a demo account for a while but wanted to see how it feels to go live. With Oanda I opened a $200 live account as my so called demo account and on the FXtrade platform I can make trades with as little as "1 unit" of price, which is 1 USD in my case. On Oanda MT4 I can only enter 0.01 lots so I just copy my trades over to Fxtrade when I want to trade with smaller lot sizes.
I know there is plenty of criticism out there about Oanda but they worked for me so far. But I have been trading only for a year....
Since you are outside the US, you will have more choices.
Good luck!
  • #4
  • Feb 23, 2015 3:50pm Feb 23, 2015 3:50pm
I would NOT suggest a 1:500 leverage, that's ridiculous and very risky for any trader let alone a beginner.

CMC is okay
FXCM has been my choice so far
  • #5
  • Feb 23, 2015 8:16pm Feb 23, 2015 8:16pm
Quoting hals12
Hello All, I have been recently searching for a good & trustworthy broker for a beginner like me . I have read reviews on many brokers and it seems that no broker seems to be fully "legitimate" as there are always negative reviews saying they got scammed or account closed for nothing or not receiving their withdrawal etc.. So I got really scared for joining a broker and get scammed or something similar . My current capital is about $700 . I have found FxPro to be a good selection as it provides a 1:500 leverage and they seem to be a legitimate ,...

Hello. I feel Oanda is a good choice. Invast is another good choice. Even FXCM is good. Oanda and FXCM kept their promises during the recent SNB move leading to CHF rising to extreme levels. So yeah... You can go ahead with them.


P.S. I am not affiliated with any one of them. I am just talking from experience and what I have learnt over time.
  • #6
  • Feb 23, 2015 9:20pm Feb 23, 2015 9:20pm
Quoting hals12
Hello All, I have been recently searching for a good & trustworthy broker for a beginner like me . I have read reviews on many brokers and it seems that no broker seems to be fully "legitimate" as there are always negative reviews saying they got scammed or account closed for nothing or not receiving their withdrawal etc.. So I got really scared for joining a broker and get scammed or something similar . My current capital is about $700 . I have found FxPro to be a good selection as it provides a 1:500 leverage and they seem to be a legitimate ,...
Anyone without MT4
  • #7
  • Feb 23, 2015 10:21pm Feb 23, 2015 10:21pm
1:100 for you as a newby. oanda has good backing. i use pepperstone personally for that personal touch they offer,
"learn from the mistakes of others, so you don't repeat them yourself"
stay away from systems when you learn the ropes. get as much news sources you can possibly fit in your brain and learn about retracements, indicators etc. then take baby steps. and learn from them.
and finally. leave your ego and preconceptions behind. they will cost you a lot of money.
goodluck bud! may the pips be with you
  • #8
  • Feb 23, 2015 11:11pm Feb 23, 2015 11:11pm
Quoting hals12
Hello All, I have been recently searching for a good & trustworthy broker for a beginner like me . I have read reviews on many brokers and it seems that no broker seems to be fully "legitimate" as there are always negative reviews saying they got scammed or account closed for nothing or not receiving their withdrawal etc.. So I got really scared for joining a broker and get scammed or something similar . My current capital is about $700 . I have found FxPro to be a good selection as it provides a 1:500 leverage and they seem to be a legitimate ,...
fixed
The Thief of Wall Street
  • #9
  • Feb 24, 2015 2:39am Feb 24, 2015 2:39am
Quoting hals12
Hello All, I have been recently searching for a good & trustworthy broker for a beginner like me . I have read reviews on many brokers and it seems that no broker seems to be fully "legitimate" as there are always negative reviews saying they got scammed or account closed for nothing or not receiving their withdrawal etc.. So I got really scared for joining a broker and get scammed or something similar . My current capital is about $700 . I have found FxPro to be a good selection as it provides a 1:500 leverage and they seem to be a legitimate ,...
Come on man, do you really think this field full of newbies immoderately abusing their leverage&blowing up their deposits in a blink of eye could allow any broker to keep their reputation unaffected? Don't get baffled by alleged charges you find at forums some of them are unfounded but show how broker handles them (at least to see if an issue was addressed or not). As an essential part of my "Stay tuned with your broker" policy I run regular checks on my broker (I trade with Hotforex) especially on FF broker section and FPA reviews and scam folder.
http://www.forexfactory.com/showthre...04#post8069704
http://www.forexpeacearmy.com/public...w.hotforex.com
I believe these could be regarded as a bank of objective info about my broker.
With regard to your "floating vs. fixed" problem I would decidedly go with floating one for a start, then give a try to fixed charge scheme and after compare your trading costs which one suits you best. I mean make 10 trades here and there and it'll clarify a lot. Keep in mind that raw spreads on fixed account can widen too..
  • #10
  • Feb 24, 2015 6:26am Feb 24, 2015 6:26am
Quoting Percival
{quote} FXPro is as good as as any because you should be trading in demo mode until you find a method that is constantly profitable. It is a understandable that as a beginner to find 1:500 leverage to be a good thing. Go for it with full leverage. After you blow up your demo, open another, and replete enough times to learn why high leverage is a marketing tool to lure in beginner traders who have not learned better. Do it, but do it in demo. Then when you read Van K. Tharp book "Trading Your Way To Financial Freedom" you might appreciate the importance...
I know it's a very high one but at the same time I don't trade with one complete lot (I trade with parts of lot and only one position at time) . I basically selected this leverage because I can have less margin and more free margin which results in higher floating loss tolerance until I reach my goal . I'm also trading in a demo account - and will continue with demo account for few months and when I find my self able to get with a positive ROI with the minimum risk then I'll have a real account .
  • #11
  • Feb 25, 2015 9:04am Feb 25, 2015 9:04am
Quoting Percival
{quote} FXPro is as good as as any because you should be trading in demo mode until you find a method that is constantly profitable. It is a understandable that as a beginner to find 1:500 leverage to be a good thing. Go for it with full leverage. After you blow up your demo, open another, and replete enough times to learn why high leverage is a marketing tool to lure in beginner traders who have not learned better. Do it, but do it in demo. Then when you read Van K. Tharp book "Trading Your Way To Financial Freedom" you might appreciate the importance...
i also tried demo with 500 Leverage. and made good profit overall, but for real account, unless you find the best method,never suggest to start with high leverage
  • #12
  • Feb 25, 2015 2:37pm Feb 25, 2015 2:37pm
If you're newbie on Forex, so use microbrokers, I was trading on forex4u for example. $1 is enough for 1000pips dropdown with 0.01lot. As many of traders advice you demo, DON"T USE IT. They will not give you real feeling of market. Or you may use no-deposit bonuses, It provides by fxpro and gainsy $10000
  • #13
  • Feb 25, 2015 11:35pm Feb 25, 2015 11:35pm
Quoting tamtrader
I would NOT suggest a 1:500 leverage, that's ridiculous and very risky for any trader let alone a beginner.
This is a myth. A high leverage does NOT mean that the trader is necessarily taking more risk, far from it.

A Forex broker could give you a 10000:1 leverage and yet nothing could prevent you from risking only 1% (or less) of your trading capital per trade, for instance.

Again, high leverage does not mean higher risk for the trader.

YOU, and only YOU, decide how much you are going to risk per trade (percentage wise), regardless of the leverage offered by your broker.
Each losing trade is an opportunity to learn
  • #14
  • Feb 27, 2015 10:59am Feb 27, 2015 10:59am
Quoting hals12
Hello All, I have been recently searching for a good & trustworthy broker for a beginner like me . I have read reviews on many brokers and it seems that no broker seems to be fully "legitimate" as there are always negative reviews saying they got scammed or account closed for nothing or not receiving their withdrawal etc.. So I got really scared for joining a broker and get scammed or something similar . My current capital is about $700 . I have found FxPro to be a good selection as it provides a 1:500 leverage and they seem to be a legitimate ,...
If you are concerned about forex broker scams, there are a couple of sites that might help you:

1) Forex Fraud provides a ton of great information about forex scams in general. However, be wary of their broker reviews, since they earn affiliate income for their recommendations. They don't review US brokers, likely because US brokers are not allowed to pay affiliate income to websites.

2) Forex Scam Alerts provides much less information about forex scams, but has better broker reviews. The reviews are based on fines and other regulatory action that has been taken against the brokers by the US Regulatory bodies, who are the toughest forex regulators in the world. Even if you are not a US trader, this might be helpful because it is surprising how many forex brokers have been fined by the regulators.

With regards to a specific broker recommendation for new traders, Oanda has the following useful features for new traders:
1) Permanent demo account you can practice on before going live
2) Essentially no minimum account size or trade size, so you can start small and ramp up slowly as you gain more competence and confidence
3) Easy to use user interface

I use Oanda and have had no problem with them over the years. I also use Interactive Brokers, but their user interface is complex and they have higher account minimums and account maintenance fees, so I would not recommend Interactive Brokers to a new trader.

With regards to fixed vs variable spreads, note the following. The real forex interbank market has variable spreads. If somebody is offering you fixed spreads, it means they are absorbing the variability in the real spreads. They reward themselves by making the fixed spread wider on average. So go with variable spreads, you will be less over the long run.

The leverage offered by a broker should have absolutely no bearing on your choice of broker. If you try to place $350,000 trades with your $700 account, or even $35,000 trades with that account, you will not last long. Like so many other traders, you will blow up your first live account. You should be using a risk of ruin calculator to determine your position size, which will show you that high leverage is not required. The main tools out there are:
http://www.automated-trading-system....culation-tool/
http://www.forexscamalerts.com/risk-...own-calculator
http://2ndskiesforex.com/risk-of-ruin-calculator/

Good Luck.
  • #15
  • Feb 28, 2015 2:04am Feb 28, 2015 2:04am
Quoting hals12
Hello All, I have been recently searching for a good & trustworthy broker for a beginner like me . I have read reviews on many brokers and it seems that no broker seems to be fully "legitimate" as there are always negative reviews saying they got scammed or account closed for nothing or not receiving their withdrawal etc.. So I got really scared for joining a broker and get scammed or something similar . My current capital is about $700 . I have found FxPro to be a good selection as it provides a 1:500 leverage and they seem to be a legitimate ,...
You should choose the broker verified by the site leaprate.com
  • #16
  • Feb 28, 2015 2:34am Feb 28, 2015 2:34am
You are likely to lose your 700 dollars if you start trading live. Instead of demo, I would suggest opening a 20$ Oanda account and trading with 1-10 units (0.0001-0.001$) until you find your way.

Cheers,
k
  • #17
  • Feb 28, 2015 2:53am Feb 28, 2015 2:53am
Quoting EarnPipsNow
{quote} This is a myth. A high leverage does NOT mean that the trader is necessarily taking more risk, far from it. A Forex broker could give you a 10000:1 leverage and yet nothing could prevent you from risking only 1% (or less) of your trading capital per trade, for instance. Again, high leverage does not mean higher risk for the trader. YOU, and only YOU, decide how much you are going to risk per trade (percentage wise), regardless of the leverage offered by your broker.
100% Agree. It's good to see at least one Person who understands what leverage actually is
Forex is a losers game.
  • #18
  • Mar 1, 2015 8:34am Mar 1, 2015 8:34am
Hello all,

Which broker is allow to trade "news"? No slippage no hunting stoploss
  • #19
  • Mar 1, 2015 9:48am Mar 1, 2015 9:48am
Be far away Ironfx，it broke big bang in China.Has Stopped withdraw to customer for months.
  • #20
  • Mar 2, 2015 5:40am Mar 2, 2015 5:40am
I would suggest opening a few demo accounts with a number of brokers to see which one you like best. This is what i did. It gave me a really good idea of the platforms and got me comfortable with the different indicators and instruments. Have a go - a good broker wont charge you to open it - oh and make sure that you can have the demo for an unlimited time. so you aren't under pressure!
0 traders viewing now