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Soon to enter forex!

Discussion in 'Beginners Bootcamp' started by Protacio, Apr 1, 2010.

  1. Protacio

    Protacio Recruit

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    I'm soon to enter forex and have been researching the industry quite a bit (2-3 years) also been playing with numerous demo accounts, now the only problem I have is picking a legitimate broker..although I have came across Forex.com which is owned by Gain Capital Group.

    Does anyone have experience with Forex.com or recommend a legitimate broker with a minimum deposit of $250-$500?

    PS: Tips are welcome :)

    Thanks for your help!
     
  2. Forexwatchman

    Forexwatchman Sergeant

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  3. Protacio

    Protacio Recruit

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    Thanks for the information after extensive research I've decided to go with Forex.com subsidiary of Gain Capital.

    There information seemed to be legitimate to have multiple outlets around USA and UK (NY, London) they also have a revenue of $20.6M which is good to hear that a forex company is doing good so they shall be in the business for quite a long time, I have also done whois background checks on there website (GAIN Capital | 24hr forex trading | forex white label solutions | managed accounts / Forex | Currency Trading | FX/4X Trade | FOREX.com) and they both check out as owned by Gain Capital with non false information.

    I have also called the numbers and talked to numerous customer service agents to confirm it is them and not in fact someone else then I have googled there addresses to check it is not some random house and in fact there company headquarters and it is.

    So after checking who went with Forex.com and who liked and who didn't I decided hell I'll give it a shot the worse thing is, is that I can lose $250 but not to mention they are asking for personal identification materials such as passport and utility bills I am very cautious about this material so I hope they do not use it for fraudulent things *knock on wood*.

    Anyways thank you again for the information, wish me luck!
     
  4. Agent86

    Agent86 Sergeant

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    forex.com

    Hi, I don't personally have a problem with forex.com

    However, their rules for trading with MT(meta traders) ends up making their spread about 8 pips, no 3 as adverstised.

    However if trading on their web version or mobile then the spread is accurate.

    it's not that they change the spread, it's that the change their min. stop loss rules to 5pips with metatrader so if you set stops and targets and you trade on smaller time frames you could end up with a stop loss minimum of 8+ pips

    Anyhow just FYI on that.

    I personally like MGforex.com, but there are others I would have not problems trading either, but I don't use windows, so I went with MGforex.com because of their spread and nice java dealstation that works on linux and mac also.

    I also enjoy Oanda which has lower spreads, but their web-based dealstation is nice too and much lower spreads, i think as low as .9 on EUR/USD very nice.

    Happy trading
     
  5. Danny boy

    Danny boy Recruit

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    Hi

    why dont you try finspreads or IG index, i have used IG and they are very efficient but dont offer the best spreads however if you are new to tradign they do have a introduction offer of 10p per point
     

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