Who are Some of the Best Brokers so far

peelachooza

Recruit
Messages
4
I am just new in this forum. Actually I am a newbie in forex trading, currently doing some demos. I have researched on forex brokers over the internet but couldn't get the right one fulfilling my needs actually. Due to shortage of time :rolleyes:, I can't go deep in piling up more and more facts to determine who is good and who is not. Searching through many webistes, forums and blogs I finally found you and now I think that its the right place to get the reliable solutions. Though, there are lots of information in this forum regarding forex education, pros & cons etc. but I have already mentioned that I am one of those users who don't have much time in reviewing all the information in one go. Furthermore, I am kind of a guy who adopts shortcuts most often to get full benefits in less effort. I want to make it easy for you to shortlist some of the best brokers suitable for me :).

These are some salient features I want to see in a broker:

Trading style: (Any kind specially Scaling)
Leverage: (Up to 1:2000 or even more)
Spread: (Very tight as low as <= 1 Pip)
Regulation: (Well regulated e.g USA or UK Based)
Swap Free: (Doesn't Matter)
Bonus: (Doesn't Matter)
Platform: (MT4)
Payment/Withdrawals: (Skrill, Western Union, Moneygram)
Customer Support: (24/5 Quick Response for Chat, Call and Email)
Brokerage Type: (NDD, ECN)
Commission or Fee on Funds: (No)
Reputation over the internet: (Must have 90% Good votes)
Orders Filling: Fast Execution, No Slippage, No Re-quotes



Regards!
Ahsan Farooq
 

RahmanSL

Major
Messages
2,536
Go to 100ForexBrokers site and click on "SEARCH BROKERS"....then fill in all your "wish list" and see what comes up.
BUT, I really don't know how good the brokers, whose names might come up, are.
 

peelachooza

Recruit
Messages
4
Thanks RehmanSL for your response.
I visited 100forexbrokers website but the confusion is still there. I searched through filters but it didn't concluded any result. Please check it yourself. Because either the application is not working or I am making some mistake in filtering the requirements.
 

Pharaoh

Colonel
Messages
19,786
Your wish list contains conflicts. The only brokers who could meet it are lying to you about something.

USA regulation won't allow that much leverage. I'm not sure UK regulation will permit it either.

Real ECN accounts are also unlikely to give that kind of leverage - there's too much chance that a sudden price shift could move the account into negative territory before a margin call could be executed.

In a real NDD or ECN environment, slippage and requotes will happen.

Although it would be nice, I haven't heard of any brokers offering Western Union.
 

RahmanSL

Major
Messages
2,536
Thanks RehmanSL for your response.
I visited 100forexbrokers website but the confusion is still there. I searched through filters but it didn't concluded any result. Please check it yourself. Because either the application is not working or I am making some mistake in filtering the requirements.
That means there is no broker out there which can meet your wish list....which means you will just have to settle for a broker that meets most of the requirements on your wish list:p......which prove there is no such thing as a perfect broker:cool:
 

peelachooza

Recruit
Messages
4
Thanks Pharaoh for your suggestions. So you say that a good broker should be regulated in USA? What about so many others who are not based in USA. Are they not authentic as USA based brokers? Moreover, what about the ads which are running in FPA? Are they all trust worthy? Because when you support, you simply promote. I hope that my question is not harsh to yo but I am sorry in case if it is.
 

RahmanSL

Major
Messages
2,536
"So you say that a good broker should be regulated in USA?"

No, that's not what the Ancient One is saying....what he is saying is that US Regulators do not allow brokers registered and regulated by US National Futures Association (NFA) to give out high leverages and a few other restrictions to "protect" forex traders.

In other words, try not to have high leverages (over 100:1) in you trading account and stick with those well regulated (not just registered) brokers with NFA/FSA/ASIC/Swiss....stay well away from those "registered/regulated" by exotic island nations and Eastern European countries.
Also, be aware of New Zealand laws which protect only their own citizens against rouge brokers.

The brokers advertised here at the FPA are basically all still "ok", but those that have been confirmed & labelled "scam" by FPA court findings have been removed even though that means a loss of advertising revenue to the FPA.
 

Pharaoh

Colonel
Messages
19,786
Thanks Pharaoh for your suggestions. So you say that a good broker should be regulated in USA? What about so many others who are not based in USA. Are they not authentic as USA based brokers? Moreover, what about the ads which are running in FPA? Are they all trust worthy? Because when you support, you simply promote. I hope that my question is not harsh to yo but I am sorry in case if it is.
There are good brokers outside the USA. You asked for US or UK regulated and I pointed out that US definitely could not legally meet your leverage request and that I think UK also may have some limits.

US broker regulation is far from perfect, but it's one of the best out there in terms of client protection. In my opinion (others may disagree), UK and Switzerland are next, followed by Australia. Cyprus and New Zealand are showing signs of improvement, but still have a way to go to gain my confidence.

If I was the evil, greedy person you seem to be inferring, I'd just tell you to go to whatever broker is currently showing the most banners here. I'll make you a deal. If you can find a single post of mine here where I seriously endorse a specific brokerage as THE best broker for someone, I'll send you $1000. Do note the word "seriously". I have sarcastically recommended some scam-rated brokers to a few people who deserved it and joked about how "honest" a few brokers were in threads about how dishonest they were.

The truth is that I don't personally recommend any specific brokerage, not even the bucketshop I use. A broker's offerings and a client's needs have to be matched. The most I've done is to tell someone that a broker that they asked about would be worth checking out more closely and possibly testing with a small account. Years ago, I wrote an article on the subject and suggest you take the time to read it:

http://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/2333-how-select-forex-broker.html

I do recommend that you select a broker with as good of regulation as you can find. I also recommend you consider a trading style that doesn't require such extreme leverage. Although no one forces a trader to use high leverage, anyone I see looking for more than a few hundred to one is likely to be a person who doesn't follow a decent risk management strategy. Here's another article you should read:

http://www.forexpeacearmy.com/forex...2272-how-manage-risk-while-forex-trading.html

If you want to complain about advertising or an advertiser, talk to AsstModerator. He's cancelled ad contracts from more than one company that abused clients. If you think the FPA shouldn't have any ads, make sure to tell him how much you are willing to pay each month to make the FPA banner-free.
 

peelachooza

Recruit
Messages
4
Thank You Pharaoh for your kind response.
I think I have cleared enough of my mind though your key suggestions.
At the moment, I have another serious topic to discuss.
I had sent an email to instaforex on Feb 13. The body of that email was;

"Thank God I didn't open a real account with you. Those guys saved me. Thanks to them. Just have a look at:
http://www.forexpeacearmy.com/public/review/www.instaforex.com

Regards!
Ahsan Farooq"

and Today, I received an email as reply from instaforex
Here is the body of that email;

Dear Client,
Forex Peace Army is a scam project. This anonymous
project often blacks our company. Moreover, they carry out
such policy against other Brokers like FXCM, Forex.com and
etc. Our company can not confront FPA, because they do not
have any real address and office, FPA is just an internet
ghost:

instaforex.com/forexpeacearmy.php
You can check information about this scam project in google:
google.com/search?hl=en&q=Forex+Peace+Army Forex Peace Army - Google Search
+forex+bastard&btnG=Search&aq=f&oq;=&aqi=g10

Thank you.
If you have any questions please do not hesitate to contact us in
future. Thank you for your letter.

Sincerely yours, Client Service
InstaForex Companies Group
instaforex.com


I didn't fully search all the references given by instaforex. Though I am not convinced only by reading the email but I am little bit curious and confused in this tug war which is running between forex brokers and scam alert websites.
I think there is a huge difficulty to understand that who is on right and who is not. I have no question to ask at the moment. What I want right now is only to hear your words about it.
 

Pharaoh

Colonel
Messages
19,786
InstaForex is using a standard tactic of large corporations that have done bad things - do whatever it takes to damage the credibility of those reporting the problems and try to distract from the fact that the company itself is engaged in unethical activities.

Read the InstaForex Scam Finding. They were advertising at the FPA at the time. The dispute between the traders and InstaForex was for much less than the amount of the contract. If the FPA was interested in making money at all costs, it would have been easy to tell those traders that there was nothing the FPA could do for them. Instead, the case was pursued exactly the same was as it would have been if InstaForex had never advertised.

Then dig through Scam Alerts and see how many more victims InstaForex has racked up since then.
 
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