Well, news trading is not always straightforward, while brokers can really limit your ability to make profit during news release, there are some objective reasons, like changes in market parameters that hamper early execution. I often trade news with Hotforex using collocation VPS, optimised EA which calibrates lot size, according to preceding market parameters like volatility, news importance, spreads and some other variables. Understanding where you have to put TP and SL also takes time and comes with experience.
If I were to play FX on news, I'd go for CME contracts anyday over any OTC FX firm. Reason is simple and compelling: there is no conflict of interest: it's a centrally organised market place, there are rules and regulations in place to protect everyone and the clearing house ensures all contracts are financially honoured at any given point in time. I have compared even the micro FX lots to the wholesale rate and for major pairs there is plenty of liquidity. You should easily be able to find 5-20 lots bid or offered, although liquidity is not constant and a function of many things, time of day, general level of volatility when bid/ask will widen out. And in the extreme case like say UK referendum or other big events, that market may be shut. Check the trading hours. Although almost continuous from Sunday night to Friday evening, every day starts with a 1h gap, so be mindful of that. As for charts. The difference between spot FX and FX futures are the forward points. In practical terms, you can chart spot FX any which way you want and would never have to be bothered with contract rolls. Not so with futures contracts. In a quarterly cycle they will gradually converge to the spot rate, so you could not use those for indicators. What I did a long while back was this: I traded the futures contract "blindly" based on what I saw in the spot market. I knew the points on that day, so I knew at what spot reference I bought/sold. These points rarely change throughout the day, so you can for intraday trading purposes pretty much ignore them, just keeping in mind that your futures is trading say 20 points above spot say. CME's mini and micro FX contracts and spot FX are all kept in tight line due to arbitrage. Do check your costings though, commission and exchange fees are proportionally higher for the micro than the standard sized FX lots. But when it comes to that, personally rather spend 2 bucks on a trade to the exchange and NFA than getting unknowingly (!) screwed by some silly prices on some obscure platform. Disclaimer: 3 years back I made a little experiment. I have real time Reuters, so I signed up for some demo account. I noticed that there often was a bit of latency between what they quoted and what the spot market traded at. So, I tried to "sting" them when they were out of line. That should have been a free lunch. But no sir,the second I got booked on a trade that should have been in the money, that particular brokerage then moved the market away for a considerable time so that my trade showed a loss and not a profit. I tried this maybe 50+ times, every time that happened. And that was merely a demo account. So as far as I am concerned, I don't touch these FX brokers and the only game in town is a regulated exchange for me.
Tell me which forex brokers bet against customers? Do any such brokers tell you on their we site that they are on the other side of your trades? Give me links, please. Or it is only your imagination? Here are over 100 forex brokers.Tell me which brokers bet against customers? https://www.myfxbook.com/en/forex-broker-spreads
I will not mention any names which would be besides the point. For all intents and purposes, I did choose a known name in the retail FX space at the time which featured in to top 5 of google search results. Read the T&C/disclaimer/risk documents very very carefully, it typically states in there somewhere whether they may act as principal on the other side. Stuff like that is never in plain view on any website. This is not my imagination. I am very familiar with FX dealing at an professional/corporate level. For this experiment I used the Reuters Eikon platform for real time streaming. (I could have easily used 360T or FXAll, but these platforms time you out and after a while I would get calls from the banks' sales desks... the results would have been the same as FXAll/360T show the wholesale rate based on your panel of banks.) Reuters' streamed quoted come from dozens and dozens of banks worldwide, this is the real wholesale rate. In one of his video clips, Anton Kreil illustrates the A and B book approach: winning client trades get hedged, losing trades not. This is pretty much close to the truth. You'll find this on youtube. You do not have to believe me, I have no vested interests in this whatsoever. Neither am I getting paid to promote CME's contracts nor to rubbish anyone's brokerage biz. Do feel free to conduct the same or similar experiment.
Stop post misleading information, unless you provide proof. I give you 100+ brokers and you could not pick out one that you claimed to bet against customers. Brokers who bet against customers need to disclose this inforamtion or they conduct illegal activities and will be penalized by authorities. Now you can not find one that discloses it is betting against customers, and yet you spread false information, claiming all forex brokers conduct illegal activities..
I did tell you to go and read the fine print of the T&C's of these firms. Have you read them? I am not doing that work for you. I don't get it why you're attacking me now. For all I care, have fun in your trading and I even wish you good luck but ultimately I couldn't care less.
For Beginners, the best one I can recommend is OpsreyFX. Easy to understand and no quotes manipulations. They also have a 24x7 service, so you can ring them up anytime you want.