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Best way to find cheapest broker

  • #1
  • First Post: Sep 25, 2015 8:54am Sep 25, 2015 8:54am
I have spent the day looking for the best way to find the cheapest broker for my trading style.

I tried all the usual suspects like:

  1. http://www.forexfactory.com/brokers.php
  2. http://www.myfxbook.com/forex-broker-spreads
  3. http://www.fxintel.com
  4. https://www.fxblue.com/spread/symbol.aspx

These are handy but the problem with all of them is they only tell me the spread now and I have no way of figuring out the spread when I trade at various times in the day and on various products.

After a bit more digging around I found https://spreaddoctor.com which allowed me to upload my MT4 statement and get a much better idea of what the cheapest broker would be for my trades.

Definitely worth looking at but does anyone else know of any other services like this? Has anyone else used the spreaddoctor compare app?

  • #2
  • Sep 25, 2015 10:10am Sep 25, 2015 10:10am
If you are serious about trading and about your money, that's not the cheapest but the serious brokers which you should look for ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #4
  • Sep 26, 2015 7:09am Sep 26, 2015 7:09am
Quoting francmorio
Hidden
Instaforex, Freshforex?
Run away from these brokers as hard as you can!
  • #5
  • Sep 26, 2015 8:26am Sep 26, 2015 8:26am
Hi Imax

You might want to try Global Prime unless you are in the States

They also get good reviews from the Forex Peace Army
'Life' only really begins just over the edge of our comfort zones
  • #6
  • Sep 26, 2015 11:07am Sep 26, 2015 11:07am
Thanks for the suggestions. I'll take a look at the brokers you have mentioned.

The main reason for my post was to see if others out there have found a quantitative method for assessing which broker really is the best for the way they trade. I think this is difficult because of how quickly brokers seem to change their pricing models.

It seems to me that we are all going to need to manage multiple smaller accounts to constantly find the best price.
  • #7
  • Sep 26, 2015 11:31am Sep 26, 2015 11:31am
I've decided to go with IC markets (http://icmarkets.com/?camp=4518) from my research. They seem to be the tightest on the EUR crosses at the times of the day I trade the most, early Asian and late Euro sessions, and they have 500:1 leverage. Win!

Thanks for your help all
  • #8
  • Sep 26, 2015 12:27pm Sep 26, 2015 12:27pm
Quoting lmac
I've decided to go with IC markets (http://icmarkets.com/?camp=4518) from my research. They seem to be the tightest on the EUR crosses at the times of the day I trade the most, early Asian and late Euro sessions, and they have 500:1 leverage. Win! Thanks for your help all
before you commit make sure you can withdraw your money.Often lots of brokers lure traders then go around asking endless documentation (ploy)
to take money out essentially you are lost of your funds and nobody to complain to.
In trading, you have to be defensive and aggressive at the same time
  • #9
  • Sep 26, 2015 12:38pm Sep 26, 2015 12:38pm
Quoting lmac
I've decided to go with IC markets (http://icmarkets.com/?camp=4518) from my research. They seem to be the tightest on the EUR crosses at the times of the day I trade the most, early Asian and late Euro sessions, and they have 500:1 leverage. Win! Thanks for your help all
Cheapest is rarely the best. Listen to what Davit says above. Are they FCA regulated if not forget it.
  • #10
  • Sep 26, 2015 12:52pm Sep 26, 2015 12:52pm
Quoting claudia1
{quote} Cheapest is rarely the best. Listen to what Davit says above. Are they FCA regulated if not forget it.
asic is not good enough?
  • #11
  • Sep 26, 2015 1:04pm Sep 26, 2015 1:04pm
Quoting love.l0ve
{quote} asic is not good enough?
Not for me.
  • #12
  • Sep 26, 2015 1:10pm Sep 26, 2015 1:10pm
Quoting claudia1
{quote} Not for me.
may i ask you why? because i have a fund in pepperstone with asic regulation
  • #13
  • Sep 26, 2015 1:20pm Sep 26, 2015 1:20pm
Quoting love.l0ve
{quote} may i ask you why? because i have a fund in pepperstone with asic regulation
If I remember rightly a broker can cancel asic registration as and when they want - might be wrong.

I'm uk resident and it just makes sense to have a broker in the uk that is fca regulated and has actual offices.

Anyway good luck to all not trying to start an argument.
  • #14
  • Sep 26, 2015 4:32pm Sep 26, 2015 4:32pm
I also have a Pepperstone account which has served me well. There is only a small margin between Pepperstone and IC Markets at the moment which will mean I try to split my flow between the two brokers depending on the best price at the time of trade.

The differences between ASIC and FCA regulation seem to be fairly minor. For my purposes I am more than comfortable in both regions.

Quoting claudia1
{quote} Cheapest is rarely the best.
Of course everyone is welcome to their opinion but I wonder why do you say this? If they are offering crazy bonuses and have a track record of messing with fills, fair enough, but both IC Markets and Pepperstone have incredible strong reputations. It seems to me that cheapest is the first thing we should look for as traders and then confirm it is for the right reasons, which in these two cases clearly appears to be.
  • #15
  • Sep 26, 2015 4:45pm Sep 26, 2015 4:45pm
Quoting lmac
I also have a Pepperstone account which has served me well. There is only a small margin between Pepperstone and IC Markets at the moment which will mean I try to split my flow between the two brokers depending on the best price at the time of trade. The differences between ASIC and FCA regulation seem to be fairly minor. For my purposes I am more than comfortable in both regions. {quote} Of course everyone is welcome to their opinion but I wonder why do you say this? If they are offering crazy bonuses and have a track record of messing with fills,...
If your happy that's fine just giving an opinion. What do I know after 20 years in the industry good luck on your journey might be advisable to have a look on Forex Peace Army first. Bye.
  • #16
  • Sep 26, 2015 6:18pm Sep 26, 2015 6:18pm
I have withdrawn over 100k from Pepperstone no problems straight into bank account with 3-5 days international bank wire. They are probably the best broker I know of. Not the CHEAPEST spreads in the world but probably one of the best. WAY better than anything in Canada here. FPA is a bit of a scam itself if you ask me. Sure you can look but to determine the actual validity is nonsense, anyone can post on the website! Any joe blow with any IP address can make a post.
All posts are my personal opinion
  • #17
  • Sep 26, 2015 10:18pm Sep 26, 2015 10:18pm
Don’t mind but the way you said it was like you are looking to buy something. One should look for quality broker, it’s sad that just for getting slight advantage we are willing to compromise on quality. It’s good to have conditions in favor or broker with low deposit and such, but first thing first is their reliability especially in business like Forex which can be done for lifetime. I use Octafx broker, as they have very low (cheap) deposit of 5 USD plus is reliable.
  • #18
  • Sep 27, 2015 12:35am Sep 27, 2015 12:35am
Quoting Fedricks
Dont mind but the way you said it was like you are looking to buy something. One should look for quality broker, its sad that just for getting slight advantage we are willing to compromise on quality. Its good to have conditions in favor or broker with low deposit and such, but first thing first is their reliability especially in business like Forex which can be done for lifetime. I use Octafx broker, as they have very low (cheap) deposit of 5 USD plus is reliable.
i dont trust them. no reliable regulation. beside many negative review
  • #19
  • Sep 27, 2015 7:47am Sep 27, 2015 7:47am
Quoting Rtm
I have withdrawn over 100k from Pepperstone no problems straight into bank account with 3-5 days international bank wire. They are probably the best broker I know of. Not the CHEAPEST spreads in the world but probably one of the best. WAY better than anything in Canada here. FPA is a bit of a scam itself if you ask me. Sure you can look but to determine the actual validity is nonsense, anyone can post on the website! Any joe blow with any IP address can make a post.

Indeed,
completly true they are.
  • #20
  • Sep 27, 2015 8:20am Sep 27, 2015 8:20am
Quoting Rtm
I have withdrawn over 100k from Pepperstone no problems straight into bank account with 3-5 days international bank wire. They are probably the best broker I know of. Not the CHEAPEST spreads in the world but probably one of the best. WAY better than anything in Canada here. FPA is a bit of a scam itself if you ask me. Sure you can look but to determine the actual validity is nonsense, anyone can post on the website! Any joe blow with any IP address can make a post.
Exactly what I'm trying to get across. Not the cheapest but you get your money. I use mainly IG in the UK - not the cheapest either (also DB) withdrawals are received within 2 to 3 working days. No problem in around 10 years as a retailer with them.

FPA lol you are probably right but it can be fun to read sometimes.
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