Newbie here, looking for broker suggestions.

Discussion in 'Forex Brokers' started by fxforlife, Aug 6, 2021.

  1. Hello traders. I am a newbie learning to trade in the forex market. But I have no idea from where I should start, which broker should I go with? Any suggestions?
     
  2. Onra

    Onra

    Nobert and Lou Friedman like this.
  3. padutrader

    padutrader

    Pepperstone...........if you are not a American resident

    they are true ecn i used them for 10 years ...........their razor account is the best
     
  4. Dr_Trade

    Dr_Trade

    As you are a beginner I suggest using a demo account first and then you can shift to live trades as you get some familiarity. As for a broker, fxview is a good option. But first I’d suggest you learn and then jump out in the wild.
     
  5. tomorton

    tomorton

    When selecting a broker be methodical. Important areas to consider are their reputability, their regulator and their commercial features.

    For reputability, give preference to older and larger brokers.

    The regulator has a big impact on how much you can trust your broker. A broker regulated by a tiny government office in a tiny town on a tiny island should give you a tiny level of trust. Check the corruption index score for the country where your broker is headquartered and where your own account will be run from. If possible, look for some really good safety features -
    • negative balance protection
    • segregation of clients' funds
    • ban on stop-hunting
    • client deposit protection
    • tight national control on who can be an investor and director of a brokerage
    etc.

    Commercial features that might be important depend on your strategy and trading style - tight spreads, fixed spreads, range of markets, news flow, chart features, platform usability, demo account availability, guaranteed stop-losses, acceptability of scalping, etc.
     
  6. I'm a newbie in forex, have been trading with a demo account for a while and looking to start live trading. Any suggestions on which broker would be suitable with lower investments?
     
    earnforex likes this.
  7. Adler

    Adler

    I can recommend FP Markets because of its minimum opening balance of $100 AUD, and their commission costs are also lower than other ecn brokers.

    I recommend them because of their customer service, which is prompt in answering all your queries, and it can be an advantage during the initial stages when learning about forex.
     
  8. Hey, you can check Fxview. Their commissions are pretty low and the minimum deposit is just 5 Euros.
     
    fxforlife likes this.
  9. I currently trade with FP Markets. Since I scalp a lot, the spreads and commission were important in trade, and FP Markets spreads and commissions cost is lower when compared with other similar brokers.
     
  10. Jasper21

    Jasper21

    I recommend trading with an ASIC broker, FP Markets, since they offer some of the lowest commission costs, and spreads begin at 0pips.

    You can switch to the St.Vincent licence for higher leverage, and the customer service is quick in replying or solving client queries.
     
    #10     Aug 31, 2021