• Sharebar

For a personal account, which forex broker is reliable to use? Forex.com is out of the question since I think it's a scammer. Any advice would be greatly appreciated!

Comments (10)

  • Viper's picture

    GFT is better since they allow you to start with 250USD. CMC has a really good daily commentary by Ashraf Laidi, but starting balance is 2500USD.

    I would start with GFT and then move on to CMC while maintaining my account in GFT for charting and other news feed.

  • lifeofpurpose's picture

    Actually forex.com is the best. i think in some magazine, forgot which, maybe forbes or fortune, it was picked as the best or something like that. I am using it btw.

  • m8875's picture

    thank you. I read many things about forex.com being a scammer. I used to use forex.com but my orders were not being executed properly.

  • avarice's picture

    Oanda.com is the one I use and it's also very highly regarded. It's downside (for some people) is that max leverage is 50:1, while most other brokers allow a max of 200:1. Personally, I don't want to leverage more than that, but its something to consider when your looking for a broker.

    However, it has a lot of benefits that most other brokers don't such as no minimum deposit, small spreads, no minimum lot sizes. check it here:

    http://fxtrade.oanda.com/about/about_fxtrade.shtml

    I've also heard some good things about Northfinance. It's one of the few brokers with a low minimum account size that runs on the Metatrader platform. Note that northfinance isn't regulated,even though i haven't heard of people having any problems with them.

  • Viper's picture

    Oanda is good for starters. As long as the broker is regulated, there isn't much of a difference.

    I would highly recommend CMC because of their commentary. GFT has the best charting tools. Oanda allows you to play with the markets with no minimums. If you know your stuff, then all you have to do is feel comfortable with any platform.

    Avoid forexbastards at every cost. People who know how to trade never share their strategies. I remember Lee Oliver once mentioned forexbastards in his Euromoney FIX which made the site look legitimate. Forexbastards or any online blog (except very few) are least helpful. They give you a very basic idea and nothing more. Oanda forums are a good place to learn, but you have to filter out the trolls.

    If you want any genuine advice, make friends on the trading floor and try to learn from them. I get reports from the trading floor every day. Moreover, follow bloomberg and Reuters to stay on top of things. When I say trading floor, I mean BB dealers.

    If you are destined to be successful, then you will either write your own blog or at least not depend on someone's analysis (exception being reading daily in-house research reports).

    Good Luck

  • pillz's picture

    To unlock this content for free, please login / register below.

    Sign In with Facebook Sign In with Google

    Connecting helps us build a vibrant community. We'll never share your info without your permission. Sign up with email or if you are already a member, login here Bonus: Also get 6 free financial modeling lessons for free ($200+ value) when you register!