I am having a bit of trouble in selecting between Fxtm and IC Markets. I had my requirement doc setup and needed someone who is regulated and have no restrictions for metatraders. Both check these boxes. As I am not an advanced trader, I would need to collect your thoughts to come to a conclusion where I am balanced with leverage, spreads and commissions. Million thanks for your advice.
You claim to be from NY. Both brokers you listed don't service U.S. customers. Oanda is the best option for U.S. customers IMO. Max. leverage is 50:1 in the U.S.
I’m glad that for a new trader you are aware of the importance of spreads and commissions in trading. With ic markets if you go for their raw spread account you’ll get low spreads no doubt, and the commission charged will be $3.50 for $100k of trade. On average you can expect 0.1 pips on EURUSD. With fxtm this amount is slightly more with $4 both sides.
Both icm and fxtm will give you up to 500 leverage. But please don’t go around using it. Why don’t you create demo accounts with both these brokers? That’s what I did before I started trading ib! Tried a couple of brokers demo accounts and finally started using one.
I have been using acttrader on both my accounts: fxview and avatrade. And avatrade is one of the oldest standing brokers around. The range of assets to trade with them is insane (200) but cost-wise fxview fares better. They do offer mt4/5 also though, in case you be interested.
Don’t go for FXTM. They’ll rob you off the little profits you might make. CFD fees, inactivity fees, withdrawal fees, all are high
Don’t tell me you have to pay for withdrawals! The gall of brokers to charge you for using your own money.
There’s nothing out of the ordinary in that. All brokers charge for withdrawals for small amounts. Only above a certain amount they are free. I’m sure the same is with this broker. I would suggest that as long as your broker is regulated, be it fxtm, ib, ic markets, fxview, xm, avatrade, it does not really matter. Your profits are going to just depend on your skills as a trader: your ability to analyse the market, enter and exit at right time, know which pair to trade and what tools to use. Concentrate on evolving your skills, rest will fall in place.
I absolutely agree with you but I think a new trader has to be very careful to not end up paying large amounts just for making a trade. Not all brokers are the same, some just play on the ignorance of the traders.