Choosing a reliable forex broker can be tricky, especially for beginners. However, with some help, it can be made easier. I’ve listed some parameters on various forums that all beginners should keep in mind while choosing a broker - Regulations - For transparent pricing & safety of funds Multiple Deposit/Withdrawal Methods - Just in case, one method isn’t working, you have the option to choose another Trading cost - It includes spreads and commission. The lower their value is, the better. Swap is also there, but only for overnight trades Trading conditions - These consist of leverage, margin call & stop-out level, scalping & hedging strategies Bonuses - For trading higher positions with a limited capital Copy trading - To copy trades of experienced traders Customer support - In case you come across any issue while placing/exiting positions or processing funds Here’s the list of brokers which are good for beginners and their details: Links of Forex brokers discussed in the table: https://fxview.com/ https://www.avatrade.com/ https://aaafx.com/ https://pepperstone.com/en/ https://www.icmarkets.com/global/en/ https://www.forex.com/en/ https://www.xm.com/ https://www.fxpro.com/ https://www.fxcm.com/markets/ https://roboforex.com/ NOTE: - Avatrade & Forex.com are the only Market Makers, rest all are ECN Brokers - All brokers listed on the table offer decent customer support via live chat, email or telephonic support. You can choose the method according to your convenience. Links of Copy trading platforms discussed in the table: https://www.zulutrade.com/ https://www.copyfx.com/ https://www.duplitrade.com/ https://ctrader.com/ https://www.myfxbook.com/ Feel free to suggest any advice/tips for beginner from your experience or anything I’ve missed in the thread. Thanks!
Interactive Brokers or Dukascopy. Nothing else that is reputable and geared towards beginners. What you listed are absolute trash brokers. As a rule of thumb any fx broker that offers more than 100:1 leverage is out there to get you. And you won't make it with any broker that quotes wider than 0.2 or 0.3 in the majors and charges more than 3 bucks per 100k USD notional equivalent. The above metrics pertain to smaller sub 5mln in size. Larger positions are an entirely different ballgame.
I wouldn't bother about all these. You will get a horrific spread. You can't plot volume-based chart. After you are ok with trading forex, go trade currency futures. You can find many reputable futures brokers.
As much as I hate Interactive Brokers, I would highly recommend it to any forex traders. I wouldn't look at anyone else tbh.
There are brokers on the list that offer spreads as low as 0.2 or 0.3 pips and a commission of less than $3/lot. As far as leverage is concerned, most brokers these days offer dynamic leverage, so a trader doesn’t have to take 500x or 1000x.
Sure but which of those brokers on the list do offer Tight market spreads without markup Charge reasonable commission Offer a large liquidity pool without last look Have decades of track record of safekeeping, prudent management, and customer safety of fund segregation, all audited year in year out Offer a wide array of APIs, all free of charge Have highly competitive financing rates, roll charges Prestine quality of execution with often times price improvement Let me know if you still think anyone else aside IB and Dukascopy offers that in the fx retail world. Would love to know. I can easily submit market orders instead of limit orders outside of news releases and fast markets and get top execution. And I can't trust any of the listed names with my funds at all.
IC Markets in Australia is not too bad. They do B-Booking but if you end up on their A-Book, it would fit all of your criteria except API and roll rates. To compensate, they offer a pretty good platform cTrader that's built on C#. And roll rates is a double-edged sword really. If you happen to be net long in a paying currency, sure you will earn some financing interest but if you happen to be short in it, then you will be paying more in financing interest so it's kinda a moot point. They are regulated by ASIC so they are required to disclose the fact that they do B-Booking. They process your fund transfer, deposit and withdrawals fast, instantly in fact. I traded with them when I was starting out in forex and my experience with them wasn't too bad.
Lol, you clearly have not traded cash fx in size. In case you don't understand the a and b book gimmicks, it means the broker's interest are stacked against you they are trading against you. Good luck with that. Your point on roll rates also reflects that you don't really know how it works. The impartance of roll rates are that the broker does not mark up the rates, meaning, you get or pay close to market rates. Financing rates are often the item that contributes to a brokers bottom line the most as most people don't get it. Most naive retailers only compare commission rates and the ability to leverage 100:1 or more. They often omit to check average spreads of various currencies throughout different time zones. They even more rarely compare financing rates. I stand by my conclusion that none of the mentioned brokers comes even remotely close to IB AND dukascopy in retail space. With mentioned brokers you start underwater and will always be underwater. The only way to get out ahead is to get lucky. Over many trades the law of large numbers will take care of pulling your funding out of your pockets.
I already wrote IB is the best forex broker for beginners before: But from my personal experience of trading with IC Markets, I find their quality as a broker is not too bad either despite the fact that they do A and B-booking. You obviously have not traded forex at all the way that you explained A and B-booking and also how rolling interest works for us retail traders. From your posts in other threads, you are just a troll.
After contributing the majority of useful information in this thread? What did you contribute? Get the fuck out.