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Question: Who is the best forex broker to use?

(Posted by: Tommy L on 2009-08-10 17:08:07)

With a good reputation what do you guys think of forex.com?

Posted by: Dennis D on 2009-08-11, 21:20:03

If you are new at forex, I would suggest Marketiva. It's a very reliable broker that will give you $5 free to start trading. You can join at: marketiva.com/ ?gid= 27259 It's also famous for its live support system and multi-language chat rooms. ------------------------------------ Etoro is another good broker to join(you may trade currencies, gold, silver and other commodities as well). It's well known for its innovative platform, where trading at Etoro is like playing games. Also, you can receive up to $1000 for your initial deposit. In addition, there are weekly contests where you can earn cash prizes. Join here: etoro.com/ B641_A15263_TClick.aspx

Posted by: MikeJ on 2009-08-10, 19:14:45

I don't trade "retail forex " myself, but Oanda seems to get some good recommendations, relatively speaking. See this site for ratings of various brokers: elitetrader.com/ br/ BUT, I would be hesitant to trade with ANY retail forex broker. The reason is that with retail forex, you're not trading in a public market; you're trading against your broker. Essentially, your broker is issuing you an OTC derivative, the opposite side of which is held by them. I would be more inclined to open a real futures account and trade against the CME/ IMM for foreign currency. This requires a little more knowledge and probably more money, but at least in that case you're trading on an open market where prices are set competitively in real-time. But even if you were to go that route, you still need to really know what you're doing, as it seems that most people who venture into these waters fail. (For retail forex, I've seen failure rates consistently quoted as being in the 90-99% range.) One way you can reduce your chances of losses (which are very high) is to "paper trade ". Just pretend you're trading for several weeks/ months and see what the results would have been. Remember to take into account transaction costs such as commissions and bid/ ask spreads. Some "retail forex " brokers offer "paper trading " packages themselves, but use these with caution as the broker may have a large incentive to make you think that you'll make a lot more money than you really will.

Posted by: Mike on 2009-08-10, 20:41:49

First of all, check out brokers in your own country. Always easier to resolve any potential dispute. A lot depends on the style of trading and how much money you want to commit. Smaller traders and scalpers might want to take a look at OANDA.com. I trade with them and like it. Bigger traders, who don't scalp could take a look at gftforex.com. I trade commercial accounts with them and have no complaints.

Posted by: Brian on 2009-08-11, 12:36:52

I would agree that Oanda is one of the more reputable brokers out there. They have very tight spreads compared to other brokers. For example the EUR/ USD spread is less than two pips. Pretty good if you ask me. I would stay away from easy-forex.com. They market themselves as the best broker for beginners, but in reality, their spreads are way too high. It is not suitable for someone just starting out. Other big, reputable names I can think of is marketiva and fxcm.

Posted by: Elliott on 2009-08-12, 03:28:41

The most important things to look for in a forex broker is the spread, leverage, unlimited trading and the platform. Forex brokers should be compared to your needs and requirements. How often you trade and how much you trade should be some of the questions considered when selecting a forex broker. I have reviewed some brokers and you can take a look at forexlane.com/ brokers.html

Posted by: Bio-SYNERGY on 2009-08-13, 19:06:38

Forex. com does not favor the small trader (who should use mini-lots). Alpari US is my personal favorite. They are very reputable. **If you want the best signaling service out there, check out the link below. They will send links to your email about exactly which trades to take. No guesswork, no thinking, just instant results!**