Which Broker UK? Newbie!

[arfan786]

Hi Guys,

New to this and being my first post id like so say hi to ALL.
Anyway to get me started which Broker and Platform would you guys recommend in the UK? i mean i have see forex.com but read some bad reviews about them.
Also looked at pricemarket.com as well as plus 500.

I am looking to trade Forex only no spread betting or cfds, i have started some research and been on the demo platforms for some deeper understanding but will be speeding things up soon in terms of research etc.

Again thank you all for any response, and hope to get some guidence on these forums in future as am hoping this will be a path for me for many years till we graduate :smart: if thats ever a possibility on this path

 

[Traderallen]

Welcome to this Forex forum. Link from the United States I can't help you with a broker other than to say years ago I used Forex.com and did not make any money with them I switch to a different broker usually identical method and started making money.
And starting out I would always suggest demo trading only to the point that you learn the functions of your trading platform from that point on every trade you place should be one micro in size. I'm not a big fan of demo trading as a please your emotions out of the market which makes it worthless since psychology is a big part of the game. If you cannot afford a string of losers when you're learning that one micro you probably should not be trading Forex in the first place. Forex is profitable but you have to be willing to put forth the time and effort to learn. There is no easy path. And be wary of anyone trying to sell you anything related to Forex. All you need is a trading platform and a broker. There are many good books to learn from and lots of research that can be done on the web for free. Good luck on your trading career.

 

[arfan786]

Thanks for your reply i do hope this will be long term thing for me.

i will probably do some reasearch on UK brokers, also hope some on here will share some light on the best brokers.

As for the learning, what would you reccomend research on? i.e. what types of indicators? setups and even any good books with good solid information would help me stay on track,
Sometimes too much information can become confusing and some guidence from the experienced guys to which methods and types too focus on would be great.

Also any good websites which give solid info effecting the daily movement of currency?

Thanks

 

[Traderallen]

First and foremost before you take on learning anything about Forex you need to first look at yourself decide how much time you want to devote to trading. If you can't devote 5 to 8 hours a day then forget any type of scalping or intraday trading. Medium-term IE swing trading is one of the fastest ways to lose money. Therefore your only other option would be long-term trading commonly called position trading. This can be done on a weekly basis and doesn't require near as much time as intraday trading. Once you've decided what you have time for take a look at what you have the stomach for. Some people just wasn't cut out for trading. Now let's assume you want to be a scalper like me. Search the web for real scalp traders learn what they do and mimic what they do. If you only have time to position trade search out real position traders. Read their books study what they do. I can tell you firsthand 99% of books on trading be at Forex, equity, options, or futures are all crap. Most are rehashed versions of someone else's book. I do like Bob Volman's book Forex price action scalping. But it's not really for a beginner, but is one you should have on your bookshelf. Also Tim LuCarelli's book Forex secrets but it's deftly not for the beginner. For a basic understanding you could read Raghee Horner's book Forex and five hours a week or Kathy lein's book daytrading and swing trading the currency market it also has a good basic knowledge but I don't like any of her trade methods however it will give you a good basic knowledge of Forex. I think Kathy knows a lot about the Forex market but she can't trade. By the way I can't tell you here but most books can be found free on the Internet. In my opinion and this is controversial steer clear of all the indicator crap the pros don't use them so neither should you. Many people recommend the free course at babypips.com you can get some good basic information there to get you started. There's a free trading room at fXinstructor.com I'm familiar with all the instructors they all have different personalities and trading styles and you can learn a lot from them. Tell William traderAllen said hi.

 

[arfan786]

Hi thank you for the response, I will most likely trade daily as I have pleanty of time on my hands, and I don't have the patients to hold out for weeks and months. as for looking for real scalp traders do you have any that you would recommend? and by mimic do you mean just follow their trades and jump in and out as they do? is that something which works well for people?
as for indicators should i be learning about setups, trends etc so I get idea of patterns and setups?

thanks so much for your reply

 

[special4x]

Why no SB?

Hi Guys,

New to this and being my first post id like so say hi to ALL.
Anyway to get me started which Broker and Platform would you guys recommend in the UK? i mean i have see forex.com but read some bad reviews about them.
Also looked at pricemarket.com as well as plus 500.

I am looking to trade Forex only no spread betting or cfds, i have started some research and been on the demo platforms for some deeper understanding but will be speeding things up soon in terms of research etc.

Again thank you all for any response, and hope to get some guidence on these forums in future as am hoping this will be a path for me for many years till we graduate :smart: if thats ever a possibility on this path

Hi,
I have to ask why you dismiss spread betting. The tax advantages in the UK are a definite plus.

 

[arfan786]

Hi,
I have to ask why you dismiss spread betting. The tax advantages in the UK are a definite plus.

Hi Special, betting is not allowed in islam so I am only going for direct forex market trading, hey which broker do you use if you don't mind asking? am finding it hard to pick as theres so many and they all have good and bad review, what if any are your views on instaforex and hotforex?

thanks

 

[bigmistake]

I'd stay away from insta forex if i were you, too many negative feeds, even from people i know personally, hotforex is ok I also have an account with them and have no issues

 

[arfan786]

I'd stay away from insta forex if i were you, too many negative feeds, even from people i know personally, hotforex is ok I also have an account with them and have no issues

thanks for your reply, i thought they looked good as they have so many great services including a credit card linked to your account...which others would you reccommend? how good are hotforex?

thank you

 

[JoPips]

Hi Guys,

New to this and being my first post id like so say hi to ALL.
Anyway to get me started which Broker and Platform would you guys recommend in the UK? i mean i have see forex.com but read some bad reviews about them.
Also looked at pricemarket.com as well as plus 500.

I am looking to trade Forex only no spread betting or cfds, i have started some research and been on the demo platforms for some deeper understanding but will be speeding things up soon in terms of research etc.

Again thank you all for any response, and hope to get some guidence on these forums in future as am hoping this will be a path for me for many years till we graduate :smart: if thats ever a possibility on this path

Do you require the broker to actually be located in the UK or just be regulated by the FCA (UK) ?

Here is a list of Forex Brokers that have offices in the UK :

UK Forex Brokers

and here is a list of brokers who may not necessarily be located in the UK, however are still regulated by the FCA (UK) :

FCA Regulated Brokers

Personally I have not had any experience with any of the brokers on the lists as I tend to stick with Australian ASIC regulated brokers. I personally would go for brokers which use an ECN/STP model as this is the most transparent model and takes away the conflict of interest that exists in market maker models.

As far as platforms go, I would definitely stick with MT$ (MetaTrader 4). It is not the easiest platform for beginners however it is BY FAR the most popular platform on the market and as a result almost every broker will offer it, so you will not be limited in broker choice further on down the road. MT4 is also probably the best platform for developing EA's (trading robots) and therefore are a multitude of EA's to choose from...

Good luck with it.

 

[bigmistake]

IMO, hotforex is good, straightforward, mainly no issues with withdrawals, but i suggest using a third party such as skrill or webmoney to deposit and withdraw, platform is stable and they do have a good reputation. but always start small to check any broker, dont just take my word for it and good luck

 

[special4x]

Which Broker?

thanks for your reply, i thought they looked good as they have so many great services including a credit card linked to your account...which others would you reccommend? how good are hotforex?

thank you

arfan, sign up with a UK broker and get FCA regulation, and government-backed compensation if broker defaults.
You can PM me from this post if you want further discussion.

 

[JoPips]

Hi Guys,

New to this and being my first post id like so say hi to ALL.
Anyway to get me started which Broker and Platform would you guys recommend in the UK? i mean i have see forex.com but read some bad reviews about them.
Also looked at pricemarket.com as well as plus 500.

I am looking to trade Forex only no spread betting or cfds, i have started some research and been on the demo platforms for some deeper understanding but will be speeding things up soon in terms of research etc.

Again thank you all for any response, and hope to get some guidence on these forums in future as am hoping this will be a path for me for many years till we graduate :smart: if thats ever a possibility on this path

Here is a list of Forex Brokers that have offices in the UK :

www . forexchurch.com/uk-forex-brokers.cfm

and here is a list of brokers that are FCA regulated :

www . forexchurch.com/fca-regulated-brokers.cfm

Remove the spaces in the above links to make them work !

 

[JoPips]

Why would you focus on UK brokers. I think there are other reliable brokers out there. I agree with what you said about forex.com, they treated me badly when I contacted their customer service. Look for smaller brokers who are happy to welcome new clients and would love to see them succeed for better recommendation in return.

I can understand why he wants a broker that is regulated by the FCA. I would much rather go for an FCA regulated broker which would then entitle him to be covered by the Financial Services Compensation Scheme for starters. It would also allow him to sleep a lot better at night knowing that his broker is being regulated by one of the tougher regulatory environments around.

I do agree however that there are other strong regulatory bodies that you could go for, such as ASIC. I would however stay away from some of the brokers located on and regulated by some small island in the middle of bloody nowhere