What’s a decent forex broker which is not a seedy bucket shop but still not to high priced?
I want something that I can start off with with around $500 or so just so I can learn the ropes and make my little trades. I’ve read warnings about certain forex brokers which are unregulated bucket shops and aren’t insured properly either. But are there any decent forex brokers which don’t charge terribly high fees but still are decent?
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7 Comments
First, you aren’t going to be a talking to a broker. With forex, you will have an account with a dealer who will be taking the other side of your trades.
Second, since they are dealers, they make their money off the spread, not by charging fees or commissions.
Third, they are not banks or brokers, so there is no such thing as “proper insurance”.
If you want to learn how the trades work google “forex” and you will see a list of dealers. Any legit dealer will give you a demo account free for 30 days.
Since forex is not governed by law anybody can be a forex dealer, but all the legitimate ones voluntarily register with the National Futures Association even though they don’t have to because they are not actually futures brokers.
I have done some trading and in retrospect the best way to start is to practice with no money down free trades first so that you execute some trades and get a feel of the “game” before you throw in your money.
Learn how to control your emotions, have an exit plan, that is knowing when to take your gains and move on Trading concept and Fxdd are good places to start.
If you want a forex system that can do your trades automatically depending on how you set it up. Here’s a review of how it works:
At http://www.systemsfortraders.com, we use Alpari and ODL. They are both UK based, like us, and we have never had any problems at all with them. Spreads are not the best out there but are acceptable and their Customer support id also good.
Hope it helps.
Go with a regulated broker like Oanda. They let you start with as low as $1 but obviously, anything around $100 will let you place realistic trades.
FXCM is one of the worlds largest forex brokers. If you are looking for low spreads, take a look at the discount brokerage division FXCM Micro. http://www.fxcmmicro.com
hi
here you can find a list of best forex brokers that most people use to learn or trade forex markets
http://forexplatformslist.com
good luck!