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The search for a good broker

  • #1
  • First Post: Edited 12:06pm Mar 20, 2016 11:47am | Edited 12:06pm
Hi Forexfactory!

I'm planning to start in a couple of weeks with a small account to learn everything about how it is to trade with REAL money (spreads, latency etc), So i'm searching for the right broker who fits my needs
I'm currentley using fxpro but because you have to deposit at least 500 euro to open a real account will that not work for me, The best i could find in my opinion is octafx but i don't know if they are regulated (on the ff broker site doesn't stand any regulators).
List of needed things:
leverage up to 1:500 (i know cursing in the church)
Accept Europa client
can start with a small amount of money
low spreads
and really important trustable
Hoping to get some opinion here, because i don't have the experience with brokers to decide

Have a great day
Frank
  • #2
  • Mar 20, 2016 3:29pm Mar 20, 2016 3:29pm
where did you get OctaFx???
i don't get it ...
please just save up the money and trade with FXpro

i don't think your account will last long even with 500$ account

when you don't even have 500$ you will chase trades and over leverage.

this 500$ better be 5% or 10% of your bank account.
  • #3
  • Mar 20, 2016 4:10pm Mar 20, 2016 4:10pm
OANDA

-Regulated like a mofo
-500 million years old
-You can start with no minimum deposit


Be prepared to lose some money before you make some.
Price-Action Extremist
  • #4
  • Edited 5:04pm Mar 20, 2016 4:49pm | Edited 5:04pm
Quoting TwFXtrader
where did you get OctaFx??? i don't get it ... please just save up the money and trade with FXpro i don't think your account will last long even with 500$ account when you don't even have 500$ you will chase trades and over leverage. this 500$ better be 5% or 10% of your bank account.
Hello TwFxtrader! thanks for your concerns
Like you said you doubt if the account will last long, i do the things on my own way so we will see , but ofcourse do i have more money!
But i like to start very small, why? because i never traded LIVE, ofcourse did i trade demo (a lot of months for now) and i think i'm ready to taste some of the real market thats why i wanne start small!, if my way of trading works on LIVE than i will add more money, so see this as a protection for myself and my money that i will not lose a lot (and if i win like i said i will slowly add more)


Frank
  • #5
  • Mar 20, 2016 5:18pm Mar 20, 2016 5:18pm
Quoting Ffl
{quote} Hello TwFxtrader! thanks for your concerns Like you said you doubt if the account will last long, i do the things on my own way so we will see , but ofcourse do i have more money! But i like to start very small, why? because i never traded LIVE, ofcourse did i trade demo (a lot of months for now) and i think i'm ready to taste some of the real market thats why i wanne start small!, if my way of trading works on LIVE than i will add more money, so see this as a protection for myself and my money that i will not lose a lot (and if i win...
Okay that's great .

than deposit 500$ than withdraw the money to the amount you want to trade.
you can ask them if they willing to let you do this.
easy..
  • #6
  • Mar 21, 2016 1:46am Mar 21, 2016 1:46am
Quoting bagman
OANDA -Regulated like a mofo -500 million years old -You can start with no minimum deposit Be prepared to lose some money before you make some.
I was like - well, that's a good broker idea... and then you say you'll lose money But seriously, that's right with any broker when you switch from demo to real. So no big profits at the beginning, I agree.
  • #7
  • Mar 21, 2016 3:52am Mar 21, 2016 3:52am
Quoting Ffl
Hi Forexfactory! I'm planning to start in a couple of weeks with a small account to learn everything about how it is to trade with REAL money (spreads, latency etc), So i'm searching for the right broker who fits my needs I'm currentley using fxpro but because you have to deposit at least 500 euro to open a real account will that not work for me, The best i could find in my opinion is octafx but i don't know if they are regulated (on the ff broker site doesn't stand any regulators). List of needed things: leverage up to 1:500 (i know cursing...

Don't waste your time on trading with unregulated brokers like OctaFX ( I have any idea where did you find good opinions about this broker, they are market maker and ask profitable trader to leave them). Try IC Markets and Pepperstone, very similar conditions, $200 minimum deposit, low spreads, fast execution, no rejections, no requotes, no stop hunting and ASIC regulated.

Try to use only brokers with good regulation like FCA UK (the best), ASIC, BaFin etc. Brokers regulated by Seychelles FCA etc. can be honest of course (Tickmill), but any problems with broker will not be solved by regulator and you will lose all money if broker is another bucket shop.
  • #8
  • Mar 21, 2016 4:49am Mar 21, 2016 4:49am
Quoting Johannas
{quote} I was like - well, that's a good broker idea... and then you say you'll lose money But seriously, that's right with any broker when you switch from demo to real. So no big profits at the beginning, I agree.
Everyone loses money at the beginning. That is not the broker's fault. Because some mistakes you have to make yourself to learn from them.
Price-Action Extremist
  • #9
  • Mar 21, 2016 4:50am Mar 21, 2016 4:50am
Quoting insomniawawa
{quote} Don't waste your time on trading with unregulated brokers like OctaFX ( I have any idea where did you find good opinions about this broker, they are market maker and ask profitable trader to leave them). Try IC Markets and Pepperstone, very similar conditions, $200 minimum deposit, low spreads, fast execution, no rejections, no requotes, no stop hunting and ASIC regulated. Try to use only brokers with good regulation like FCA UK (the best), ASIC, BaFin etc. Brokers regulated by Seychelles FCA etc. can be honest of course (Tickmill),...
I strongly disagree that a market maker is a bad thing.
Price-Action Extremist
  • #10
  • Mar 21, 2016 4:27pm Mar 21, 2016 4:27pm
Okay so the idea of Twfxtrader is acutally a really good one , withdraw the money untill i have the amount i want to start with BUT
i'm curious about pepperstone..., why do they have so low spreads (because fxpro has quite high spreads compared to pepperstone), what are the experiences with pepperstone?
Because a low spread is really usefull in my case , but i'm trying to be as carefull as possible because you hear all those horror storys about bucketshops and all that kind of things so yeah wanne know my money is safe.

Have a great day!
  • #11
  • Mar 21, 2016 4:47pm Mar 21, 2016 4:47pm
Quoting Ffl
Okay so the idea of Twfxtrader is acutally a really good one , withdraw the money untill i have the amount i want to start with BUT i'm curious about pepperstone..., why do they have so low spreads (because fxpro has quite high spreads compared to pepperstone), what are the experiences with pepperstone? Because a low spread is really usefull in my case , but i'm trying to be as carefull as possible because you hear all those horror storys about bucketshops and all that kind of things so yeah wanne know my money is safe. Have a great day!
Low spreads are determined by a couple of factors - B-booking and size.

So if you make money with a b-book broker then the chances are they will move you to a wider spread.

If you are trading a larger size than say $100k the price will more than likely widen.
  • #12
  • Mar 21, 2016 5:09pm Mar 21, 2016 5:09pm
Quoting lasty
{quote} Low spreads are determined by a couple of factors - B-booking and size. So if you make money with a b-book broker then the chances are they will move you to a wider spread. If you are trading a larger size than say $100k the price will more than likely widen.
If it is to good to be true, it probably is.... fits really right in here
So taking a broker with a higher spread like fxpro can be a safer idea if i'm right?
  • #13
  • Mar 21, 2016 5:18pm Mar 21, 2016 5:18pm
Quoting Ffl
{quote} If it is to good to be true, it probably is.... fits really right in here So taking a broker with a higher spread like fxpro can be a safer idea if i'm right?
Not necessarily.
Not all brokers are the same and have different business models .
  • #14
  • Edited 3:37am Mar 22, 2016 3:24am | Edited 3:37am
Quoting Ffl
{quote} If it is to good to be true, it probably is.... fits really right in here So taking a broker with a higher spread like fxpro can be a safer idea if i'm right?
Definitely choosing FxPro is not safer (only thing that is safer about them is that they offer negative balance protection). FXPro has bigger spreads because they want to make money from they clients. Actually I have bad experience with FxPro, when my account started to grow to fast they used classic MM cheating like delaying execution and so many requotes that I must leave them. Maybe they changed now, it was 5 years ago. Pepperstone and IC Markets have raw spreads and take 7USD for USD accounts or 7AUD for AUD accounts commission for every lot you trade (commission doesn't change for any pair). It's the only profit they earn and they don't widen spread if you have bigger account, it's silly statement. However if you trade 100 lots in one trade you will suffer from slippage for sure due to lack of liquidity. I've tested more than 20 brokers for sure and IC Markets and Pepperstone seem to be the best for now. One more thing if you want to try them open account on cashbackforex.com and you will get 1,5 USD rebate for IC Markets and 0,75 USD for Pepperstone. Of course there are many rebate sites, but I like cashbackforex.com the most, very good service, they had beaten every rebate that I ever have wanted and always pays on time.
  • #15
  • Mar 22, 2016 10:25am Mar 22, 2016 10:25am
Finding the right broker is in my eyes such a difficult task,
Person A has no bad experiences with broker Z, but person B does etc, finding the fitting broker is something you just have to go with and experience?
The whole point of finding a broker in my eyes is finding someone who doesn't screw you over (much )
If traded demo for quite a while now and i know what i do can/will work but it only works if i'm sure that no broker will screw you over when you open a trade

It is for me for now one big maze

Have a great day!
  • #16
  • Mar 22, 2016 10:53am Mar 22, 2016 10:53am
I can recommend pepperstone. - I am using their active traders program, trade size is 10-30lot pr trade, no problem at all. bigger withdrawals also no problem. So far happy.
MY SITTING, NEVER MY THINKING!
  • #17
  • Mar 22, 2016 3:59pm Mar 22, 2016 3:59pm
Quoting Ffl
Finding the right broker is in my eyes such a difficult task, Person A has no bad experiences with broker Z, but person B does etc, finding the fitting broker is something you just have to go with and experience? The whole point of finding a broker in my eyes is finding someone who doesn't screw you over (much ) If traded demo for quite a while now and i know what i do can/will work but it only works if i'm sure that no broker will screw you over when you open a trade It is for me for now one big maze Have a great day!

Look, using market makers, even some people think otherwise, is risky decision, because of conflict of an interest, they earn money when you lose trade and they lose when you win. In general market makers have slow execution, off quotes and other shit that can drive you crazy. I haven't tried oanda that has good opinions among traders, but with all market makers I've tried I had bad experience. Only market maker I would like to try is Activtrades, FCA regulated, funds insured up to 500000 pounds and good spreads, however probably speed of execution isn't acceptable during fast market ( not data release, just fast moving market). Speed of execution is one of the biggest problem among MM. IC Markets and Pepperstone are worth trying, they won't screw you over I've seen many times situation when price was 0,1 pip from my stop loss and position survived and got the right direction, so there is no stop hunting Market market will rather always cut you out if price will be so close to stop loss, because you can't prove that they did it Forex is OTC market so they will tell you that price can differ among brokers and actually it's true That's why honest ECN broker is the right choice.
  • #18
  • Mar 22, 2016 4:48pm Mar 22, 2016 4:48pm
if i read all this i think i'm going to give pepperstone and ic markets a look, even if they are b-booking i won't face that problem for a while
first make some money that is interesting for them to do that don't i?
  • #19
  • Mar 22, 2016 4:54pm Mar 22, 2016 4:54pm
Quoting insomniawawa
{quote} Definitely choosing FxPro is not safer (only thing that is safer about them is that they offer negative balance protection). FXPro has bigger spreads because they want to make money from they clients. Actually I have bad experience with FxPro, when my account started to grow to fast they used classic MM cheating like delaying execution and so many requotes that I must leave them. Maybe they changed now, it was 5 years ago. Pepperstone and IC Markets have raw spreads and take 7USD for USD accounts or 7AUD for AUD accounts commission for...
If you trade 100 lots in 1 trade you are paying $700 brokerage R/T and that is very very expensive.
Definitely better brokers who cater for those amounts do it far cheaper.
  • #20
  • Mar 22, 2016 5:06pm Mar 22, 2016 5:06pm
Quoting lasty
{quote} If you trade 100 lots in 1 trade you are paying $700 brokerage R/T and that is very very expensive. Definitely better brokers who cater for those amounts do it far cheaper.
This is a interesting statement, i'm someone who never traded live so this kind of problems are new for me , but won't the brokerage r/t be composated by the lower spreads?
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