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Please help me find broker

Discussion in 'Forex Company Comparisons' started by spellshaper, Mar 10, 2010.

  1. spellshaper

    spellshaper Recruit

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    Hello all!
    I am now in the process of finding broker. I want to start with forex (and maybe later move to futures, if I will be successful).

    I found InstaForex and I thought I found my broker, until I read this site and discover there are many scums and unsatisfied people.

    What I like about this broker is that you can choose to pay fee instead of spread. This fee is the same as spread, but you have only one price on graph and when trade (no ask/bid price difference).
    Its not only good for intra-day trading (where you can use 1m or 5m graphs), but its also better for my psyche.

    So my main goal is to find broker with similar fees instead of spread!!! I also want to be able to trade with about 300-400USD (or even 500 if its good broker, but no 1000 USD minimal deposit or something like that) and I would also welcome that fee (or you can say spread) to be as minimal as possible (it could be even fixed fee).
    These requirements are hard to fill as it is, but it would be great if broker uses Meta Trader (I quite like it).

    I mainly want to find broker with these fees (no spreads) and broker where I can trade with about 500USD (because I saw brokers where you can open account with 300USD but cant trade much with these), so that broker dont have to meet all other requirements.

    If you can recommend me better (reliable) broker than InstaForex with similar system (mentioned above)it would be great!

    Thank you very much, because I am still new to trading an confused.
     
  2. West Coast Pips

    West Coast Pips Sergeant

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    Spread vs. Fee

    I hope I can help you.....

    Do not be too concerned about the spread with brokers. In the last few years I have gone through about 20 brokers all with live accounts. By far the majority of brokers will use the spread to make money for themselves.

    Some brokers have fixed spreads and some have variable. You need to assess what your trading style is going to be whether it be making trades based on technical analysis or fundamentals (reacting to news releases). I have used many Metatrader (MT4) brokers and again, some have fixed spread, some have variable.

    If you become successful in forex stick with that. Trading currencies in futures is more complicated.

    Be wary of depositing funds to a company that is a small outfit and not regulated. I contacted Instaforex in July 2008 and asked them many questions about their company and platform. As far as I know this broker is regulated in the British Virgin Islands (BVI). The BVI is regarded as a tax haven. In January 2010 I opened a live account with another Metatrader type broker. Their website claimed marvelous things. I asked them many questions before I opened my account. Alas, this was the first major scam I encountered and I lost a huge amount of money.

    If you are starting out trading with forex I suggest you do a fair amount of demo trades. There are many MT4 brokers you can get a demo account with. Then, once you are comfortable trading on a demo scale I would suggest you open a micro or at the most a mini account.
     
  3. spellshaper

    spellshaper Recruit

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    Thank you very much for your reply.

    As I said I mainly don't like spreads because of psyche and confusion. Its only typical for Forex, in stock market or futures you don't have these.
    I still trying to figure strategy, but when I tried to trade on accounts with spread and InstaForex with fees, I get much better results on fees (i know its just me).

    I really like futures better (but not currencies, rather crude oil, sugar and so on...), but for my first investment of 500USD, my only option is Forex. Because on futures you need 500USD only for margin (or much more sometimes).

    I have tried many demo accounts even for such a short time. I really liked optionsXpress, but its not Forex broker and I dont have money for anything else (also they have quite high fees). And for forex I liked InstaBroker settings for reasons mentioned above.

    I really cant find any other broker with similar Forex charging.
     
  4. spellshaper

    spellshaper Recruit

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    So no other broker offers similar service? :(
     
  5. cowmadagan

    cowmadagan Sergeant

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    I recommend saving your money and waiting until you can put in a lot more than 500USD.
    500USD would only be acceptable for nano or microlots. Even 5K USD is not enough for a mini account.
     
  6. spellshaper

    spellshaper Recruit

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    Thats option too, but I don't want to make a millions out of it. Hundreds would be enough :D
    If I want to put 5000 USD (= 6 months of average salary in our country) on it, I would start with futures and don't even bother to try find a good Forex broker.

    It wont be main source of money for me, I just want to try get into it. Thats why comfort is so important to me.

    I don't really insist on Forex, its the opposite to be honest. I even like stocks more, but if I don't want to put much money into it, Forex seems to be only way how to get noticeable profit with so low money.
    But if anyone can advice how I could use 500 USD on stocks or futures and get good risk/revard ratio it would be even better ;)
     
  7. SHARKspear

    SHARKspear Private

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    I traded Futures, Hong Kong HangSeng Index futures to be exact. You said they don't have spread? They do, you still have bid / ask price difference. And I had to pay brokerage as well as exchange fee and tax etc. And if you trade micros, the spread and slippage can kill you much more often than kiss you.

    When I come to Forex world 1 year ago, I never want to return to futures. Everything is very simple here. You only have spreads to consider and MT4 terminal show you exactly how much you already earned of lost. No need to wait for day end and your broker calculate and deduct the brokerage and fees.

    If you are new to Forex, both Alpari UK and FXCM UK are very good brokers to try. Not only are they big, they provide very good customer service and lot of education materials for Forex Newbies. Well, that's only my opinion.

    Cheers
    SHARK
     
  8. spellshaper

    spellshaper Recruit

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    I said it bad way, of course they all have spreads (its still market after all :D), but you don't have to care about them, since you pay fee and "real" price is only one (don't know how its count, but i believe its last successful trade price). As I already said, its only visual detail, so final results are exactly the same.
    I just like it more, so I was wondering if there is another broker who can offer the same, but don't belong to scam category like InstaForex.

    Thank you for your suggestions. I like they are from Europe, since I live there too (Czech Rep.). I really don't care about education materials on broker, because in this case I want to understand carefully, so I prefer materials in my native language (there are also many of them on Inet).

    From quick review of both sites I like Alpari more, but there are also mixed reviews of that broker on this site. So you have good personal experience with them?

    And thank you for your reply Shark!
     
  9. Ros Fragrance

    Ros Fragrance Private

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    My choice


    What about FXopen....?

    All the best, good luck! ;)
     
  10. diacon

    diacon Recruit

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    Hi,

    try to test Admiral Markets.

    I talk with them an hour ago, demo works great and I am going to test at first their mini account.
    They have nice spreads, and good customer support.

    hope it will be everything fine.
    Here you have a contact: Kontakt oraz lista biur | Admiral Markets
    or Eng site:
    Contacts & Offices | Admiral Markets
    if you would like to check them.

    all the best
    diacon
     

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