Hi everybody- I have a question- who is your broker? I need help :)

It depends upon a number of things really, where you live (in particular USA or non-USA). What you want to trade (Dukascopy Europe for example are a great broker but only offer currencies plus gold & silver) and how advanced a trader you are here.

Do let us know who you finally choose and why

 

If you were trading microlots $5 would mean leverage of 200:1 minimum. The FX market can move 0.5% at random and stop losses need to be wide enough to deal with the markets noise.

They say that 95% of FX traders fail, maybe but amongst those using 200:1 leverage I'm sure the failure rate must be more like 99.99%

Totally correct to be dubious of such a broker in my opinion.

 

At present am using mayzus, fxopen only.

 

Oanda minimum deposit is $1

 

Yes, but Oanda let's you trade on size of just 1 unit of currency, so it's still risk appropriate for such a deposit.

Most others the minimum size is a microlot ($1,000)..

 

Hotforex and Fxpro. Those are regulated and it's safe to keep your money there.

 

Do you honestly believe the standard for evaluating counter party risk stops at being regulated. This is insane!

 

I know it's better if your broker is regulated by a economic association. We can see that everywhere.

If one broker want to get trustful from trader or client, they should be regulated and have trading broker business license.

If one broker is not regulated. Certainly we shouldn't trade with them.

 

I would look at Australian brokers. They are hard regulated.

 

I am also getting good reviews about Australian brokers and it is wise to trade with them. There are some brokers that are cheating is smart way so avoid those providing high bonuses.