Forex broker recommendations

[jiggy]

Hi Everyone

I'm looking to get into Forex trading and would like advice as to whom you have had the best experience with in terms of using a forex broker for exucution, good trading platform, tight spreads etc.

You input is very much appreciated

Cheers

 

[BrightGreenGlow]

What broker should I use?

Perhaps u need to tell others what kind of trading you plan to do before people can give appropriate response?

E.g. size, frequency, use of charts, duration, hours etc

-I already use Comsec to trade share and am very happy with them so I am only interested in a Forex broker.

-I would use cash of around $20,000 as my deposit.

-I would rather use a software program to trade on, not a website based trade page.

-I am only interested in small trades 50c/pip as I am only learning. A demo account would be nice to try too.

-I am only interested in a trade or 2 per week.

What options do I have?

 

[craigj]

i am in a similar position can someone gives the pros and cons of various forex brokers in regards to someone wanting to start trading forex at small pip sizes

 

[lindsayf]

there are plenty of options - I trade with GOMarkets on hourly and above with no problems - just go to the website and download a demo and away you go. Minimum trade size is about 10c a pip. FXPro is another good one with a wider range of instruments - but a larger minimum trade size - and they are not aussie based.

there is a thread in here

https://www.aussiestockforums.com/forums/showthread.php?t=14503

that shows that they have has some problems with executions over recent times - this hasnt worried me since I moved to higher timeframes though.

good trading

 

[Tanaka]

This link has rankings of all the big brokers:

http://www.forex-ratings.com/

 

[craigj]

thanks for the reply the forex ratings website looks a good one
i have added it to my list of favourites

cheers

 

[klrman]

I'm new too, but looking at the forex broker rating link, it's hard not to notice that basically all forex brokers seem to be crooks, some, part, most or all of the time. What gives, are they all trading against our trades and making it difficult to cash out if we do make good bucks?

 

[Tanaka]

I'm new too, but looking at the forex broker rating link, it's hard not to notice that basically all forex brokers seem to be crooks, some, part, most or all of the time. What gives, are they all trading against our trades and making it difficult to cash out if we do make good bucks?

Since I posted the previous ranking link I found this one which gives you the ones that don't bet against you (no dealing desk).

http://www.100forexbrokers.com/stp-ecn-brokers

The above link explains how forex systems work and which brokers allow you direct access.

The first link seems to have been hijacked by lots of bitter poor performing traders and hidden posts by other forex companies trying to bad mouth the competition.

 

[klrman]

Since I posted the previous ranking link I found this one which gives you the ones that don't bet against you (no dealing desk).

The above link explains how forex systems work and which brokers allow you direct access.

The first link seems to have been hijacked by lots of bitter poor performing traders and hidden posts by other forex companies trying to bad mouth the competition.

Thanks Tanaka, I will have a good look at your new link as I still do not feel comfortable with using a broker yet.

Do you think though any broker could give us Direct Access? My understanding so far is that if any broker claims this, then they are dishonest as only the interbank club has direct access.

 

[klrman]

Since I posted the previous ranking link I found this one which gives you the ones that don't bet against you (no dealing desk).

I did not see any reviews on that link, just the companies with their profiles.

I did go to another site though reviewing forex brokers and it is very funny. Many have 5 star ratings, and if you look at the reviews, 30 reviews within the same hour of the same day one after another praising the broker. Obviously it is going to be real hard for me to find an honest broker.

 

[Tanaka]

I did not see any reviews on that link, just the companies with their profiles.

True, it doesn't rank them but it lists the ones with straight through processing with no dealing desk which are more trustable than other brokers IMO.

 

[klrman]

True, it doesn't rank them but it lists the ones with straight through processing with no dealing desk which are more trustable than other brokers IMO.

Yes, it helps a little thanks! I'm still disappointed at how dishonest so many of the brokers are and not convinced about companies with straight through processing as there seems to be enough info to still be cautious.

I did find one ECN which seems far more trustworthy and genuine than all the others so far and that is Dukascopy. Would love if anyone here has had some long term experience with them and could share their thoughts?

 

[bounty]

I have come across a broker which claims to offer direct market access. They are called Advanced Markets and I'm currently looking into trading with them.
Their demo is on a desktop platform which offers variable interbank spreads.

 

[TulipFX]

Their spreads seem quite good. Are they NFA regulated? (Personally I dislike NFA regulations)

A couple of Australian ones to compare them with are GoMarkets and Pepperstone.

Not offering an opinion on which is better, just pointing out the two best Australian providers.

 

[cogs]

U.S ECN Vs Non ECN

Just thought I'd share some info which is obvious to some but others may find it useful in trying to select a M.M. or ECN to trade with.

Spread snap shots taken at close this morning.

First image is a short position AUDUSD with Go that was over $800 profit @$0.99364 1 bar before close. At closing, the price went well in my favour to $0.99071 but spread widened to 65.1 which reduced profit to merely $106.30. I am holding and are well aware of opening and closing times and events.
For the unititiated this may be a worse case scenario, but is not, or rarely experienced with a true ECN broker as shown below. In addition there is no slippage at all with an ECN.
Fixed spread market makers may say spread widening will not happen with them also, but they have the tools to widen at any stage, call it slippage if you like.

The following are EURUSD at close this morning.

Gomarkets at close

VantageFX at close

PFGbest Direct ECN at close

This is not an endorsement or naming and shaming of any kind, but purely to help those who are trying to find a market maker or broker to trade with.

 

[Paradiso]

@cogs : 65pip spread is *insane*, I simply cannot fathom that someone would voluntarily trade with a broker that has a f**king 65pip spread. I mean that is ridiculous even for a dealing desk broker.




Any one here trade currency futures?

 

[cogs]

Normal weekend spreads that close up on market opening. Spot FX is always exposed to spreads like this particularly during news hrs. You won't always escape it with FX Futures either.

I closed out that position this morning with $1645 profit to wait and see what london has in store but it does look like a bearish breakout on the way.

This is getting a little bit off topic, just wanted to show the large weekend spreads of some spot FX market makers.

 

[ShawnL]

The funny thing in this retail FX is, execution platforms are usually never good charting platform; same for the opposite.

If it's broker, then should be more concern on spread etc.

If charting platform, you might want to be particular with the closing time of the broker. 5pm EST time is the commonly accepted closing time, retail and IB level.

 

[>Apocalypto<]

Normal weekend spreads that close up on market opening. Spot FX is always exposed to spreads like this particularly during news hrs. You won't always escape it with FX Futures either.

I closed out that position this morning with $1645 profit to wait and see what london has in store but it does look like a bearish breakout on the way.

This is getting a little bit off topic, just wanted to show the large weekend spreads of some spot FX market makers.

Yeh Go posted about this over at forex factory, they had a error from their liquidity providers. what was good was all effected have been sorted out, some even before even having to contact go about it! some crazy spreads though, one of many reasons I never hold over the weekends.

 

[Dan507]

Hi Everyone

I'm looking to get into Forex trading and would like advice as to whom you have had the best experience with in terms of using a forex broker for exucution, good trading platform, tight spreads etc.

You input is very much appreciated

Cheers

I am with Weltrade broker. They provide quick execution, 3 trading platforms - MT4, MT5, cTrader, fast funds withdrawal. Besides, they have a very good 24/7 support. What about the trading accounts, the more you invest, the better your trading conditions and benefits are.