How can choose the best Forex Trading Account

trade2bpro

Active member
158 1
It depends on what you need from your forex trading account as spread, the minimum deposit, comission, payment... I open my account because I want tight spread, no commission, fast payment, small initial deposit so I opened a Premium account in hot forex, through it offer various type of accounts.
 

Traderallen

Active member
248 41
I use MB trading here in the US. I highly recommend them as I found them to be overall a great broker and I make a lot of money trading with them. Allen
 

trade2bpro

Active member
158 1
Follow me, best trading account is an ECN account offer you 0 spread, no commission, fast execution, no requote and slippage,... And I find out there is nothing call best trading account since broker can't earn anything with it.
 

fxways

Junior member
19 0
Hi Albertpick,

there are many different opinions about good and bad brokers. There are many traders that don't know by which criteria to differentiate a good from a bad broker. Its important to know the details yourself. There is an ebook on amazon that explains all the nasty tricks brokers play. So it makes sense to invest half an hour to understand how you might get ripped off by a dodgy broker. I think I can not post the name of the book here for spamming reasons... But my recommendation is to go for a regulated broker and do not choose a micro account.
 

forexjudge

Junior member
19 1
Each broker offer varying accounts. These account types are design to suit each trader. I have seen some account tagged VIP account. Maybe such account are design for those who have thousands to invest. Another type of account is the swap=free account. With this account, you will not be charged or paid commission for trades carried to the next day. It is made for those whom they belief does not allow the use of interest for money lent or borrowed. Lastly, the standard account is for both the rich and middle class trader.
 

fxways

Junior member
19 0
In case of swap free accounts the entry level of the position is adjusted every day. So you have changes in the P&L of the position but no interest effect.
 

Tecnofireman

Newbie
5 0
A honest and good Fx Broker is those who:

- Have negative and positive slippage

- Don't try to induce you to use a high leverage

- Has variable spreads

- Is regulated by 1 or more reputed organisms

- Don't act as the counterpart or doesn't trade against you
 
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fxways

Junior member
19 0
Good point.
Positive slip: rare.
High leverage: user stupidity. Its required by many traders to have 200+ levs.
Has variable spreads to both sides and not only skewed against the clients position.
Regulated: agree
Dont act as counterparty: almost impossible. You rarely find true brokers. Most are broker dealers...
 

fxways

Junior member
19 0
Difficult... I don't trust any of them but B-Booking itself would be ok as long as the pricing mechanism remains fair, unskewed and unchanged ex-post! The price data is often manipulated and therefore its hard to prove wrongdoing... To get an idea: go to youtube and search for Virtual Dealer Plugin.
 

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