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Broker Discussion

  • #1
  • First Post: Edited 6:33pm Apr 2, 2017 3:42pm | Edited 6:33pm
Hi,

In your opinion, what is the best broker that includes:

- strict regulation - must(btw, what is the best regulation?FCA,ASIC,FSA,NFA,etc-what are the differences between them?)

- low spreads (important but not must)

- low commisions (also for deposit or withdrawal)

Another question, whats is the best type of account? DMA or ECN?


Thanks in advance!
  • #2
  • Apr 12, 2017 3:18pm Apr 12, 2017 3:18pm
Actually we know that we need to test their credibility and reliability for a broker. I know its so simple to have here learn what are their payment methods and their customer satisfaction but its really risky particularly if we are new. So better to also consider those older brokers and most important are that they have forums that we can have discussion about their broker.
  • #3
  • Apr 13, 2017 1:32pm Apr 13, 2017 1:32pm
In order to me when looking for a broker first of all we have to make sure the broker is regulated or not. And check their regulation is that just a unknown regulator or not, and also ensure that regulator is the credible one. Next what is that broker, I mean is that non dealing desk or dealing desk broker , I prefer non dealing desk broker.
  • #4
  • Apr 13, 2017 5:15pm Apr 13, 2017 5:15pm
It depends on what types of trader you are? What are your priority? Your location.

I don’t trust any regulator but FCA. ASIC help if you are in Australia. I don’t count FSA, NFA, CySEC anymore.

If you are a scalper, you need the lowest spread but it seems you are a swing trader. however, lower spread required if you trade other than major pairs. I mean cross pair. I am trading with Tickmill because I am trading cross/exotic pairs. And their commission seems one of the lowest $2 for each lot. (only in or out), no commission on deposit/withdrawal. Axi trader is sometimes slower, Fxpro often pushes client to CySEC. FXCM is no more trusted after their recent scandal. You should search for reputation in google before you sign in.

As you can see Dollar and Pound market is very uncertain now. Donald Trump is making comments almost every day. His recent activity is very unpredictable. French Election is coming. Le Pen victory weight a lot to EUR. So, I would recommend ECN, you would need it if you ever trade a cross pair.
  • #5
  • Apr 19, 2017 2:42am Apr 19, 2017 2:42am
When I look for a broker, I give priority to the trading conditions that broker is offering like spreads, commissions and leverage etc which is suitable for my trading strategy. For me being a scalper, fastest execution and spreads means a lot. So I test my strategies on their demo account first and if it goes well, I start with small deposit to see the results. In terms of regulations, I know it is much preferred but I don’t put it at first priority and there are some reasons for it. First is the restriction those so called regulated brokers impose like FIFO rules and leverage restrictions etc. second is their long formalities to open an account and several other restrictions on trading styles like hedging, scalping etc. and its difficult to find a broker which is suitable to all your trading needs. In fact in this case, an offshore broker can provide you all these trading conditions you need. I admit there is fear of your money being locked with an unregulated broker but there are many reputed offshore brokers are out there as well who will provide you the best services even better than the regulated ones. So according to me the one with good reviews and good trading conditions is best broker no matter it is regulated or not.
  • #6
  • Apr 19, 2017 11:54am Apr 19, 2017 11:54am
I also have one question about brokers

I`m new in forex, I know something, but i think that is not enough. The thing that I was thinking lately, how do forex brokers
made money?
  • #7
  • Apr 27, 2017 4:30am Apr 27, 2017 4:30am
Quoting sadip.tammat
I think, the most important aspect of choosing broker is reliability. It`s better to choose old brokerm who are on market for 5 years or more. The license is very important, too. They say, that the most reliable brokers have licenses from Europe, USA and Australia. They concidered as the most difficult to obtain and they have the most strict regulation. On the other hand, there are brokers with licenses from Panama, Hong Kong, Mauritius, Belize, Seychelles that are considered not as reliable as Auropean ones. But it still better, that no license...
I'm absolutely agree! Especially about licenses from Belize, Seychelles and other.
  • #8
  • Apr 27, 2017 5:15am Apr 27, 2017 5:15am
Quoting MitchellMcC
In order to me when looking for a broker first of all we have to make sure the broker is regulated or not. And check their regulation is that just a unknown regulator or not, and also ensure that regulator is the credible one. Next what is that broker, I mean is that non dealing desk or dealing desk broker , I prefer non dealing desk broker.
If you depend on regulated trading broker for ensuring secure trading life with certainly ,

I think you have to move the broker which is regulated by UK or US. Because they are real regulated broker and always guarantee their clients funds.
  • #9
  • Apr 29, 2017 2:16am Apr 29, 2017 2:16am
If you are a scalper ,
you have to ensure the broker which always provides lowest trading spreads which is really supportive to make profit with certainly by using scalping approach that brings profit in a short time.

Otherwise that’s not possible at all to make profit by scalping despite of good trading skill.
  • #10
  • May 5, 2017 5:48am May 5, 2017 5:48am
I think scalping is like high action thriller movies that can keep you on the edge of your seat,

it’s really profitable but at present mostly brokers don’t allow trading concept such as this. so, before choosing a broker we the scalpers have to ensure the broker permits this concept or not.
  • #11
  • May 14, 2017 2:38pm May 14, 2017 2:38pm
i find perhaps activ trades and cmc quite good but there is also spreadco which is a smaller more personel broker with good spreads
  • #12
  • May 14, 2017 3:16pm May 14, 2017 3:16pm
There are many things we have to check when choosing a broker ,
from all spreads is mainly considered as an important financial tool which an investor should consider when choosing a broker.
  • #13
  • May 16, 2017 5:45am May 16, 2017 5:45am
For ensuring a better trading life we have to ensure the broker which always provides

-security of funds ,
superior execution ,
easy withdrawal system without long term process,
active customer services
flexible trading leverage ,
minimum margin requirements
usable bonus offer , low transaction cost and much more.
  • #14
  • May 24, 2017 8:56am May 24, 2017 8:56am
I think security is a major issue when choosing a broker. The best broker for all time makes sure secure environment for trading with real trading facilities. And they don’t restrict any kinds of trading techniques with scalping and hedging.
  • #15
  • May 25, 2017 12:26am May 25, 2017 12:26am
Quoting forexfan2017
I also have one question about brokers I`m new in forex, I know something, but i think that is not enough. The thing that I was thinking lately, how do forex brokers made money?
True Forex brokers makes money by commission and spreads. They execute your order and if you win 1$, they get 5 cents. Ez money! But many brokers are fighting with their clients (traders), if you win, they lose, if you lose, they win your money.
  • #16
  • May 25, 2017 6:41am May 25, 2017 6:41am
Personally, I think that in terms of security the broker in question should be regulated by a large, respected regulator like the British FCA, the Australian ASIC, the French AMF, the German BaFIN, etc. I would steer clear from CySEC-regulated brokers though. CySEC might be an EU regulator compliant with EU MiFID law, but their reputation is hardly stellar. Only recently the French AMF ombudsman said that out of all complaints against brokers for the past year, 83% were about brokers regulated by CySEC. It seems that regulator isnt doing as good of a job as it should.

Apart from that regulation, Id look for a broker with low spreads, minimal or no commissions, great customer service, no slippage or requotes and last but not least, a broker offering negative balance protection. People often underestimate how important that is.
  • #17
  • May 25, 2017 6:59pm May 25, 2017 6:59pm
Guys, please help to review etoro and ufx.
-trustworthy?
-withdrawal and deposit ok?
-low spread ?
  • #18
  • May 30, 2017 12:42pm May 30, 2017 12:42pm
If you need to make sure reviews about any broker
please go FPA
where the real traders at all times express their views about their brokers performance.
  • #19
  • May 30, 2017 8:42pm May 30, 2017 8:42pm
Quoting Banet
{quote} If you depend on regulated trading broker for ensuring secure trading life with certainly , I think you have to move the broker which is regulated by UK or US. Because they are real regulated broker and always guarantee their clients funds.
US brokers absolutely DO NOT guarantee client funds.
  • #20
  • May 31, 2017 5:06am May 31, 2017 5:06am
It can be ,
UK regulation obviously strong than others.
But that’s not meant they always make sure security of funds and does not cheating their clients.
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