Which Broker?

[bpr]

Hi All

I have recently bought FAP turbo pro and running it on demo account of ForexMeta. In the mean time I want to decide on the Broker for Live account.

After doing my research ...I have finalized the following 4 ..

1. ForexMeta ( Actually uses FXDD internally. Recommended by FAP turbo team. Does not have any details in its home page)
2. FXDD
3. FXOpen (Charges $50 for withdrawls)
4. liteforex ( Does not support Wire transfer)

My main Requirements:

1) Should suit Scapling and FAP Turbo tool.
2) My initial deposits will not be more than $500. So I am looking at Mini/Micro accounts.
3) I am considering wire transfer for withdrawal/deposit.
My current location is France and I am having International Account with a France Bank which i am going to use for to /fro transfer between Forex Account. So I will prefer a broker which does not charge for these transfers and also the turn around time for these transactions are less.
4) Should have good reputation and reliable.

Please help me choose the best.
If you have any other suggestion please feel free to share.
btw I am completely new into forex trading and this is my first post in this forum :)

[oneoleguy]

Check the results in my spreadsheet, You may be able to open an account with ActivTrades in London.

Bill

[fiqe]

I am looking for a MT4 broker too. Here are my recommendations:
1. Check forexpeacearmy.com for reviews. You can sort the list by the broker rating and start from the top. It may take a couple of days.
2. If a broker appears to have a high rating, go to their website and check if the brokers uses MT4.
3. If the broker uses MT4, go to the "Contact us" menu. If you can't find an address or if the address is a PO box, skip this broker and go to the next one. Also skip brokers located on small islands (Cypress, Seyshells etc). I would only trust a broker located in US, UK and, less so, Switzerland. A bunch of MT4 brokers are "bucket shops", which have shady practices (that is why they tend to have headquarters in money-laundering places).
5. Once you find a "decent" broker, download its MT4 platform and check the spread. For EURUSD, it should 2-3. For a scalper, I would not use anything above 3.
6. Once a broker passed all the above checks, send them a message asking
- if the broker is OK about automated scalpers and under what conditions
- it accepts US citizens

My fincings are as follows:
ODL - does not like scalpers
ActivTrades - does not accept US citizens
FXDD is OK but very high spreads on pairs other than EURUSD
FXCM - floating spreads and high account minimum
InterbankFX is OK but very high spreads on pairs other than EURUSD

[bpr]

Thanks for the info...
ActivTrades looks ideal for me...
I will check their demo account today..

[bpr]

I have been running Activtrades demo for around 1 month now...
I got very good results with FAPT
And I was just about to start a live account...
But suddenly just 2/3 days back they put me into variable spread ...
When I checked their site they are no longer allowing scalping on their standard accounts ...instead they are providing scalping accounts...
here are the details

Scalping Account
--------------------

Variable spreads in 5 digits
Leverage up to 400:1
Trade minilots
Automated trading via Expert Advisors
Commission free trading
Minimum deposit EUR 250
Please note:
Associated closing orders (stop loss or take profit) must be placed separately from the entry order
Microlot trading and partial closures of positions not permitted

Standard Accounts
------------------
Tight fixed spreads
Leverage up to 400:1
Trade minilots and microlots
Automated trading via Expert Advisors
Commission free trading
Minimum deposit EUR 250 or equivalent
Please note: This account is not available to Scalpers, details of our Scalping Account can be found here.


Now I have to start from scratch for my search for good Broker...
I am looking forward to alpari uk but i heard they are going to variable spread mode from feb second week.:rolleyes:

In the coming days I am planing to check out the following brokers
VarenGold
Ikon Royal
swissfx
FastBrokerFX(RetailForex)

Anybody having experince with these brokers pls share.
I am also eagerly waiting for the MBT MetatraderECN platform.

[AngelSpike]

This is may be due to the fact as many broker does not allow scalping trading and if the are offering they want to generate maximum revenue from the scalpers.

Well, how about FXOpen? I heard they're OK.

[jhansen]

Well, how about FXOpen? I heard they're OK.

supposedly fxopen is playing tricks as well - but thats only something I read at their own forum (you can register to read the forums if you want).

but as someone else stated here - there are resources for different broker opinions at for instance:

http://www.forexpeacearmy.com/public/forex_broker_reviews

have you looked at fxpro - they have good spreads - although the risk is probably a bit too high when scalping with them with only $500 on your account - you can only trade minimum 0.1 lots (meaning you risk 1 dollar per pip move) with fxpro.

You can trade as low as 1 Cent I heard at liteforex - and they say they are adding Paypal transfers real soon - so that might be good to test - just remember that once you activate your live account with fapturbo, you can not activate another without buying a new license:-)

[moneydream]

I am looking for a MT4 broker too. Here are my recommendations:
1. Check forexpeacearmy.com for reviews. You can sort the list by the broker rating and start from the top. It may take a couple of days.
2. If a broker appears to have a high rating, go to their website and check if the brokers uses MT4.
3. If the broker uses MT4, go to the "Contact us" menu. If you can't find an address or if the address is a PO box, skip this broker and go to the next one. Also skip brokers located on small islands (Cypress, Seyshells etc). I would only trust a broker located in US, UK and, less so, Switzerland. A bunch of MT4 brokers are "bucket shops", which have shady practices (that is why they tend to have headquarters in money-laundering places).
5. Once you find a "decent" broker, download its MT4 platform and check the spread. For EURUSD, it should 2-3. For a scalper, I would not use anything above 3.
6. Once a broker passed all the above checks, send them a message asking
- if the broker is OK about automated scalpers and under what conditions
- it accepts US citizens

My fincings are as follows:
ODL - does not like scalpers
ActivTrades - does not accept US citizens
FXDD is OK but very high spreads on pairs other than EURUSD
FXCM - floating spreads and high account minimum
InterbankFX is OK but very high spreads on pairs other than EURUSD

ODL is totally out as they officially banned all fapturbo users. FXCM is quite good if you have the high deposit to enter. Floating spread is not a problem as in risky market condition brokers mostly widening the spread for cross pairs so if you have proper filters set up in fapturbo short term you won't get hit much on it. And in good market condition spread comes lower for fapturbo to trade normally.

[cd.1963]

Try using FXCM using referring broker "The Aslan Group" which requires only $1,000 USD (this was newly negotiated by The Aslan Group - website still says $2,000 USD) to open an account.

Although the spreads are variable, they do work well with Fapturbo and other eas.

And, you get a bonus paid to you each month thru your paypal account just for trading...

Customer support is readily available...

I have 2 accounts with them right now and just received my bonus check after being with them for only one week.

So far, so good...

Check them out and see what they can do for u...

cd :):)

Note for Canadians - Now I've found out that there's an FXCM-Canada - and you can use the same Referring Broker - "The Aslan Group" and get the monthly bonus still; Since I'm Canadian, guess I'll be moving my accounts here - and I still get to use Hedging on my accounts here... :)