J
Jrndm
Guest
Hi all,
Newbie intros aside, I've been looking into Forex (and commodity) trading, and whats involved.
One thing I think I've found is that there's a big difference between a Forex broker and a Forex trader. To me, a broker works for a financial company and trades on behalf of someone else, whereas a trader basically just trades, and may not work for anyone. I used to think that brokers were more reputable- typically working for big banks and financial companies, but it seems that indie traders also use smaller broking companies, typically in the form of software/an online broking platform.
Just reading some of the reviews of those brokers on this site,there are very few with a large number of consistently 4-5 star ratings, and many telling of warnings such as manipulation of spreads; closing of positions at critical/profitable moments and denial of fund/profit withdrawal for very successful traders.
I consider myself the type who likes to check info thoroughly before making any commitment. My previous experience is with stocks/shares and mutual funds. The risk warning there goes something along the lines of "the value can go down as well as up and you may not get back as much as you invest". With Forex, the warning on some platforms states "losses may exceed initial investment" (!) so we're talking about a step up in terms of risk, and I'd want to use a demo account to start with.
I was offered a "free" Forex training placement with a certain online Forex Training company, which- apparently- would cost nothing other than the initial £200, which would be mine to trade, under their guidance. They use Avatrade, which may have been one that had some negative reviews, I think. Not quite sure what to make of their offer in terms of scams, etc, but I suppose they might benefit from lower spreads with more platform referrals, thereby partially justifying the training offer.
Another company approached me offering their tuition serves at a fee, and they use Infinox, which I couldn't find out much about.
Quite few people on this site seem to use Oanda, with mixed feelings and experience.
It seems to me that most of these platforms are fairly small-scale "middleman" broking companies. One even seems to have been at risk of going bankrupt a while back, others have had plenty of complaints and-because they're in a powerful position could quite easily take advantage of traders, especially if they're not experts.
I wanted to ask- if someone was a professional broker- lets say for a big, well-known banking company. What software/platform would they use to place deals? I know it may not work quite the same way because they might link directly to other traders to make their deals- but is there an industry-standard professional software/platform?
Assuming there isn't, what would users here say would be the best platform to use all things considered, including spreads/commissions, demo account facility, reliability (and non-misuse of their power) and user support?
Thanking you for any comment.
Newbie intros aside, I've been looking into Forex (and commodity) trading, and whats involved.
One thing I think I've found is that there's a big difference between a Forex broker and a Forex trader. To me, a broker works for a financial company and trades on behalf of someone else, whereas a trader basically just trades, and may not work for anyone. I used to think that brokers were more reputable- typically working for big banks and financial companies, but it seems that indie traders also use smaller broking companies, typically in the form of software/an online broking platform.
Just reading some of the reviews of those brokers on this site,there are very few with a large number of consistently 4-5 star ratings, and many telling of warnings such as manipulation of spreads; closing of positions at critical/profitable moments and denial of fund/profit withdrawal for very successful traders.
I consider myself the type who likes to check info thoroughly before making any commitment. My previous experience is with stocks/shares and mutual funds. The risk warning there goes something along the lines of "the value can go down as well as up and you may not get back as much as you invest". With Forex, the warning on some platforms states "losses may exceed initial investment" (!) so we're talking about a step up in terms of risk, and I'd want to use a demo account to start with.
I was offered a "free" Forex training placement with a certain online Forex Training company, which- apparently- would cost nothing other than the initial £200, which would be mine to trade, under their guidance. They use Avatrade, which may have been one that had some negative reviews, I think. Not quite sure what to make of their offer in terms of scams, etc, but I suppose they might benefit from lower spreads with more platform referrals, thereby partially justifying the training offer.
Another company approached me offering their tuition serves at a fee, and they use Infinox, which I couldn't find out much about.
Quite few people on this site seem to use Oanda, with mixed feelings and experience.
It seems to me that most of these platforms are fairly small-scale "middleman" broking companies. One even seems to have been at risk of going bankrupt a while back, others have had plenty of complaints and-because they're in a powerful position could quite easily take advantage of traders, especially if they're not experts.
I wanted to ask- if someone was a professional broker- lets say for a big, well-known banking company. What software/platform would they use to place deals? I know it may not work quite the same way because they might link directly to other traders to make their deals- but is there an industry-standard professional software/platform?
Assuming there isn't, what would users here say would be the best platform to use all things considered, including spreads/commissions, demo account facility, reliability (and non-misuse of their power) and user support?
Thanking you for any comment.