Well, I have not worked with many companies mentioned here, so I do believe that demo account is one place which can help one understand things a lot better and can be used for help. As other part is to read reviews on here or place like FPA, but eventually you will have to make the decision since no one will come to pay you in case of loss. My personal pick (fav) is Octafx who I have been with for fairly long time.
Finally, two days later, the penny drops: that was a typo for "rigged" to the core, wasn't it? In which case well said (and in agreement with countless regulators in many countries, needless to say).
I always keep more than one broker, I like Perpperstone have razor ac with them keep most of my funds with them as they are regulated and then i have this other broker turnkeyforex, new kids on the block but i'll say they are a gold find
As search inquiry is full of crap, let me ask here: Which forex brokers offer Bitcoin trading on reasonable terms and with decent leverage? Please don't refer to exchanges with recent bans they are too risky to deal with them.
I have an account for btc trading with justforex , but I'm not aware if it's active for registration at the moment, you may ask them there was such an opportunity a while ago, but now I can't find them for some reason, however, I can still trade them on my acc
WHO I DEAL WITH FOR SPOT FOREX: CitiBank via CitiFX Pro - no longer in retail FX business, so I no longer have an account there, but were the best most secure broker I dealt with, would return to them without hesitation if they returned. Their research was exemplary. They sold their business to FXCM and SAXO. I would never have an account with either of those companies. Since regulators have formally thrown FXCM out of the U.S. why would anyone deal with them in another country? (this was a rhetorical question, I do not want an answer) Interactive Brokers - much said about them in the forum no need to repeat - a significant deposit is required to open a spot forex account and may be too high for many - I trust my money will not go walk about. OandA - decent for what they are, they are a market maker but play it legit, and money is secure - good for experimenting on new ideas with a low dollar account - has an office in Toronto Canada Pepperstone - Australian broker - have a small account with them - still testing them out JURISDICTION I need to know exactly where the broker is located so I can easily go there and smack some little twerp in the mouth. This is a euphemism to my knowing that they are in a highly regulated jurisdiction where I have access to a legitimate legal process through the courts, and worst case, law enforcement. This criteria eliminates the overwhelming majority of fraudsters posing as brokers. It cuts it down to brokers who are regulated and with a legitimate office (not a mail drop for $50 a month) in UK, US, AU, CA. SECURITY OF MY MONEY This is my #1 criteria and ties in with jurisdiction. Without having security of my funds and the ability to withdraw funds through standard, legitimate, banking, what’s the point of anything else? I don’t care about the tight spread, and the pretty colours of their site, if I can never get my money out. ABILITY TO EXECUTE A TRADE I do not care one bit about the charts and indicators that a broker offers. It is an example of desires versus needs. My broker is there to execute my trade quickly and efficiently. I can buy a charting package if there is something that I desire. What I need is trade execution. As it happens my trading strategy is so simple that the most basic charts are sufficient. Why people deal with scam brokers is one of the reasons 90% of retail forex traders fail. If you are so incompetent that you would deal with the obvious fraudster how can you possibly make money in a market where professionals are out to get your money at every turn. A final comment about the 90% of retail trading. Years ago Citibank issued a research paper on this. I am going from memory, so the exact numbers are almost certainly wrong, but the principle remains. They found that the biggest single predictor for profitable traders was initial account size. Accounts of less than $10,000 perished at an astronomical rate (95%). Accounts over $100,000 had a 40% success rate. Not to confuse correlation with causation I would suggest that the higher that account balance the greater the emphasis the trader places on risk management, and the greater the emphasis to treat trading FX as a business and not an alternative to an online casino. But those are purely my hunches without any scientific or empirical basis. = = = DISCLAIMER This post only relates to the following: SPOT FOREX BROKERS I apologize in advance if this post has hurt your feelings. It is simply a brief review of my thoughts on the topic; based on what I actually do, not discuss in the abstract on the interwebs. I do not advocate it for anyone else, it is simply presented as an alternative view to having some jack-off stealing your money. You should in all probability do something else and completely ignore everything I have said. All other views are considered superior and no doubt the possessors of those alternate views have larger genitalia and should be proud of their natural endowments. For those with an absolutely fixed mindset that I am wrong. Congratulations, well done, you win. I try to keep a flexible thought process and if you have data and references to support your position I will look them over at some point. Please provide an exact reference rather telling me to do a search. Do not expect a reply or a rebuttal, since you are so clearly correct, you have no need to hear from me further. But just in case I will utter those words rarely seen on the internet,”Yes, you are right, your brilliant comment has caused me to change my mind.” After all, that is what you are really seeking, so there it is, I truly hope it has brought you joy and contentment. In case there are concerns that I am in a conflict of interest; I do not mentor, I do not want to mentor, I am not remotely qualified to mentor, I sell nothing regarding trading, I do not recommend any specific trade. In real life I am far too abrasive and short tempered to be a mentor. I have PTSD and there is a significant chance I would harm you. = = =
Well, they're my hunches too ... and without your careful wording, I admit I would probably have described them as more than just "hunches", myself. Although I can't, without notice, link to them or quote them accurately, I've seen independent publications (not just the Citibank research you mention above) that bear them out. More specifically, there's been independently audited research done on the proportions/sizes of accounts held at various spot forex brokers, whose findings were no surprise to me - for example, smaller accounts fared much worse than larger ones, as you mention; there was also a significantly higher (than the industry average) proportion of losing accounts held at notoriously deceptive/dishonest brokerages like FXCM, and so on. (I like the "disclaimer", too! ).
You can make valid comparisons providing samples are equal or nearly equal in elements. I mean if there are 10 top vs 1000 smaller accounts you can't say where is better performance. Simply because smaller sample bears considerable less information about its general sample distribution. And its a known fact that price is normally distributed means your expected win is 0. Plus newbies ignorance. But taking swipes on broker is an universal excuse to own mistakes.