Which Broker for Forex Beginner?

[Treyd]

Hi All,

Just starting out my trading journey, been practicing on an MT4 Demo for a few months and decided to take the plunge. I'm really struggling to select a broker and I was wondering if anyone could help??

I know I'm looking for ECN type brokerage, one who allows scalping, and preferably one with a 'no negative balance' policy. I know it's rare such events would occur that I'd need this policy, however, after the EUR/CHF events the other week I'm a little paranoid and thought it would be better to be safe than sorry. I'm not depositing a lot of capital to start, £400-500 GBP.

I looked at FXPro but was put off by some negative reviews I found. I also looked at MB Trading who still look quite promising.

Any help at all would be appreciated by this newbie.

Thanks.

 

[sergiosv]

I've started with MT4 as well...but since I tried forex station I understood how to trade for real...go for FXCM open a spread betting demo account (or live) because you don't pay commission on the orders and you can calculate easly and instantly where you stand (if you up or down) but use the forex station platform wich is far much better than MT4
Hope that my opinion will help you
;-)

 

[dazza533]

Forex Broker

I'd say look for brokers domiciled in countries with strong regulation eg FSA in UK or ASIC in Australia. There are quite a few in UK and Australia to choose from who provide the MT4 platform.

 

[verial]

I just made a low-quality video on this subject!

https://www.youtube.com/watch?v=KMLn-czoyZM

 

[gerryg]

Hi All,

Just starting out my trading journey, been practicing on an MT4 Demo for a few months and decided to take the plunge. I'm really struggling to select a broker and I was wondering if anyone could help??

I know I'm looking for ECN type brokerage, one who allows scalping, and preferably one with a 'no negative balance' policy. I know it's rare such events would occur that I'd need this policy, however, after the EUR/CHF events the other week I'm a little paranoid and thought it would be better to be safe than sorry. I'm not depositing a lot of capital to start, £400-500 GBP.

I looked at FXPro but was put off by some negative reviews I found. I also looked at MB Trading who still look quite promising.

Any help at all would be appreciated by this newbie.

Thanks.

Where do you have you demo platform? They'll happily assist your move on their real account I guess

But to the point, which trading instruments are you going to go about with? Currencies, metals, commodity CFD's? Do you prefer single-spread transaction cost scheme or also handy with commission account? Нotforex,where I trade, has very tight spreads on gold, offers both types of transaction charges and negative balance protection by default (as stated in their T&S). But they won't definitely suit you if you are from US.

Feel free to scan through the FPA ratings (I'm talking about this http://www.forexpeacearmy.com/public/review/www.********.com) as well as Myfxbook real time spreads, sure they'll clear out a lot..

 

[billyjean]

Hi All,

Just starting out my trading journey, been practicing on an MT4 Demo for a few months and decided to take the plunge. I'm really struggling to select a broker and I was wondering if anyone could help??

I know I'm looking for ECN type brokerage, one who allows scalping, and preferably one with a 'no negative balance' policy. I know it's rare such events would occur that I'd need this policy, however, after the EUR/CHF events the other week I'm a little paranoid and thought it would be better to be safe than sorry. I'm not depositing a lot of capital to start, £400-500 GBP.

I looked at FXPro but was put off by some negative reviews I found. I also looked at MB Trading who still look quite promising.

Any help at all would be appreciated by this newbie.

Thanks.

If you're looking for the true ECN broker, Tickmill should be on your list. They offer a lower spread (average 0.4 pips, sometimes i;ve got lower. 10 pips Spread on gold). upon CHF event they dont have any issue upon this event, you may found several brokers sound had their protection but eventually put an 'adjustment' upon their clients trading position.
I'm using tick scalper ea type, a modified version of xmt-scalper, with low spread, 0 pips stop levels/limit this are best fit condition for scalping (if you're do scalping you know what I do mean with stop levels ).
which will give better result on any trading strategies that you're using.
best part is they offer 15% deposit bonus, but unfortunately i cant got this offering because its only limited for new clients.

 

[george6]

Hello
seen you live in uk, I you tips to choose a regulated broker, a lot of good tools and time consuming a read and comment on the broker you want to choose is also important. Good luck.