# Advice on forex broker for a beginner!



## vicbims (19 May 2014)

Hi everyone,
im new in forex, i know i will loose a bit of money at the beginning! i start with 2 brokers XM and nakitrade... someone have good advice or bad one with this brokers?? the services are good for now, but its always good to have advice!


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## JackThePipper (21 May 2014)

vicbims said:


> Hi everyone,
> im new in forex, i know i will loose a bit of money at the beginning! i start with 2 brokers XM and nakitrade... someone have good advice or bad one with this brokers?? the services are good for now, but its always good to have advice!




Hi vicbims. You are right, you most likely will loose a bit of money at the beginning (if you are luck   .

Because the forex market is decentralized, it is a bit of a casino with  many dodgy scamming brokers out there, so by picking the right broker, you have won more than half the battle. A couple of points on choosing a forex broker:

 - Always go for brokers regulated in reputable countries and that hold clients funds in segregated accounts
 - Always go for ECN brokers as opposed to Market Makers or straight STP. This greatly reduces the conflict of 
   interest that exists between brokers and traders when using the Market Maker model. Be careful too, as a lot 
   of brokers like to call themselves ECN, when they are STP at best. ECN brokers (or accounts) will always be
   Market Execution, always charge a commission and always have variable spreads.

As a beginner, it is best to read up and study as much as possible, babypips.com is a good place for beginners to intermediate, they have many study resources as well as a forum that will answer any beginner questions.

For comparing forex brokers and forex spreads etc, try http://www.****************/

XM are not bad, but there are a lot better brokers, XM are only STP and are not ECN. I could recommend Pepperstone, Exness, RoboForex - all have ecn accounts and I have never had any issues with them.


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## binarytradings (26 May 2014)

vicbims said:


> Hi everyone,
> im new in forex, i know i will loose a bit of money at the beginning! i start with 2 brokers XM and nakitrade... someone have good advice or bad one with this brokers?? the services are good for now, but its always good to have advice!




Both the brokers seem to be ok. Nakitrade is based in Japan. I ever tried them, their customer service was helpful. And also if you want to trade on your mobile device, they have an app... Wasn't with them for very long, not sure about the cons...


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## RADO (31 May 2014)

+1 Pepperstone. LMAX is the fastest I've seen in action with super tight spreads and super fast execution.


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## Wysiwyg (5 November 2014)

*Dirty Tricks*

It is my duty to report on the dirty tricks derivative brokers apply. When I received the initial shock this is the post I made and the screen shot to prove it.



Wysiwyg said:


> I shorted gold but the broker has opened the spread to $4. IC Markets are the thieves.
> 
> p.s. they closed the spread back to 50c now after price bounced up.
> 
> pps that was an 8 dollar drop and I have had to close at B.E.. That is thievery from the broker.







I filed a complaint and sought compensation from the FX Broker and this is their response. *A filter being applied because of the large volume* (remember that for a bit later here) was the reason given. The profits on two of the three trades were near break even because price had bounced back up and I closed before going into loss.



> *In regards to the issue you have raised about spreads on XAU/USD widening on the 31st Oct, the spike was due to a filter being applied because of the large daily movement in gold.* Some of our liquidity provider’s quotes were not being fed through. This only happened momentarily and was back to normal within a minute. The quote was offered by Deutsche Bank, and is still a valid price offered by our liquidity provider/s that you can trade on. Upon reviewing ticket numbers 12003318, 12001842, 12001771, your trades were closed after the spike and closed at a profit therefore we cannot reimburse for any trades.
> 
> We apologise for any inconvenienced, let us know if you have any further questions.
> 
> Kind Regards,




Okay (not), Today, 5 days later, after receiving the FX Broker reply, I opened up MT4 to double check my account records and low and behold the *gold price has plummeted $10 plus.* Now *that is a large daily movement in gold*. But wait, I notice *the spread is 31 cents.* It seems they have not applied the filter even though the price fall is way in excess of my original case. This screen shot proves that a filter is applied b.s. Feel free to disseminate this post far and wide. Yes Trembling Hand, I quit.


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## payday (5 November 2014)

why don't you trade the futures instead?


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## lesm (6 November 2014)

JackThePipper said:


> Hi vicbims. You are right, you most likely will loose a bit of money at the beginning (if you are luck   .
> 
> Because the forex market is decentralized, it is a bit of a casino with  many dodgy scamming brokers out there, so by picking the right broker, you have won more than half the battle. A couple of points on choosing a forex broker:
> 
> ...




ThinkForex has ECN accounts.

Pays to conduct a level of due diligence regardless of the broker, as well as try out their demo to get a feel for the platform. Ask them any questions to ensure that you understand what they are providing where the information is not available on their website or PDS.

As per the question raised by payday in the previous post why FX (assuming you are referring to spot) as opposed to futures?

If you haven't traded spot FX before it can be unforgiving if you get it wrong, just never lose your balls to spot or it's likely to be game over.

An interesting comment was made on the forex factory forum some time ago. To paraphrase part of it: 'Double three demo accounts, once you have achieved that then you are ready to begin trading FX'.


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## Wysiwyg (22 May 2016)

*Re: Dirty Tricks*

With a FX market maker from a 2014 post showing a screenshot of the spread opening up $4. Friggin unreal. :frown: 



Wysiwyg said:


> It is my duty to report on the dirty tricks derivative brokers apply. When I received the initial shock this is the post I made and the screen shot to prove it.
> 
> 
> 
> ...


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