Recomended Brokers

[Gera 10]

Are there any experienced traders that would recomend their broker or is there a place where I can find brokers licensed by the FCM and CFTC? Thanks.

[Lark 10]

I would like to chose between liteforex and instaforex how do you think which broker is the best?

[Dahan 10]

I suggest you can find reliable broker from FPA forums, there are many honest traders provide their review and feedback about broker experience, ps. never try to find best one, just suitable is enough.

[jpennybags 11]

As someone just striking out on this wonderful venture, you probably wouldn't go wrong with Interactive Brokers. The rates may not be the best, but they have a good track record as far as being on the up-and-up. Not many worries there. All brokerages make their money pretty much the same way.

 

If you've already decided on a trading platform, you would need to find a broker that supports it. Other than that compare commissions, ask about margin requirements, and even though it's like pulling teeth sometimes, get a list of other fees and charges.

 

As a matter of due diligence, you can check the FCM website to find past rulings for or against a firm, which will also provide details on the nature of the filing, and fines levied. None of that will make much sense to you, but if you see a lot of activity in that regard you may want to look elsewhere. No need to pay much attention to "failure to supervise" as they all get hit with that from time to time... then again, unless it's a lot. Even after you have selected a broker, it's just good business to check the website occasionally just to keep yourself current.

 

Edit: I meant to say "NFA" website not "FCM"

Edited October 22, 2015 by jpennybags

[Lark 10]

  Dahan said:

I suggest you can find reliable broker from FPA forums, there are many honest traders provide their review and feedback about broker experience, ps. never try to find best one, just suitable is enough.

 

thank you for your advice

[Dahan 10]

I recommend hotforex, I have traded with it for more than one year, withdrawal, spread and system are all well for me. You can check FPA, it's a very good place to share ideas.

[Lark 10]

i do not trust to FPA they have bad reputation

[barako 10]

  Lark said:

i do not trust to FPA they have bad reputation

 

they do not have bad reputation, except for instaforex i guess, many brokers dont like FPA due to the truth being revealed there. forexpeace army helped lots of traders, and exposed lots of bad brokers like 5starforex and capitalone and the issues with ironfx etc. the best place to actually know a broker is forex peace army. i have not seen any other site that can be actually better than them .

[pinkpips 10]

I recommend making sure that your broker of choice is STP/ECN, not a market maker.

[Lark 10]

  barako said:

they do not have bad reputation, except for instaforex i guess, many brokers dont like FPA due to the truth being revealed there. forexpeace army helped lots of traders, and exposed lots of bad brokers like 5starforex and capitalone and the issues with ironfx etc. the best place to actually know a broker is forex peace army. i have not seen any other site that can be actually better than them .

 

i heared that traders can not trust to fpa, because they are lying

[pinkpips 10]

You have to always be careful.

 

Forex Peace Army does check ip addresses to catch companies who post about themselves...

 

 

remember one angry clients does not necessarily mean a company is a fraud...it could be something valid

 

but if you find thousands of clients who haven't gotten their money back, you know you have an issue -- like with iron fx.

[barako 10]

of course, avoid market makers, its only them who earn, and a big percentage of traders dont, go with good stp ecn brokers like hotforex and lmfx these are decent that i currently trade

[fxeconomist 11]

  barako said:

of course, avoid market makers, its only them who earn, and a big percentage of traders dont, go with good stp ecn brokers like hotforex and lmfx these are decent that i currently trade

 

What account with Hotforex do you have? How are their spreads on gold or you don't trade it?

[SephirothxCloud 10]

  pinkpips said:

I recommend making sure that your broker of choice is STP/ECN, not a market maker.

 

I have been with a couple brokers and i second this!

[barako 10]

  fxeconomist said:

What account with Hotforex do you have? How are their spreads on gold or you don't trade it?

 

I mainly trade gold, though trading is more of a hobby like coz i only open 2-4 trades a week gold ang eurusd. and just watch the chart for days. 3 days after new year the prices starts to revert going back to where it used to be in november.