In today forex faq, I have a question from one of my students asking me about the selection of forex broker.
I would like to have you suggestions about reputed forex brokers. I was with hotforex for over 2 years, but they suddenly decided not to accept Canadian clients any more.
So I am in the process of closing my account and getting the money back. So far I have looked at fxcm, onada and thinkforex. All 3 got positive and negative reviews.
I was wondering whether you could suggest few that I could look into.
Actually when you search the internet for reviews of any broker, you will see people saying some negative things about them. I am not saying that none of them are true but I can tell you that most of them are not true. There are some reviews from people saying that their broker exit their trade earlier or their broker are trading against them causing them to lose their money.
These are reviews by people who actually lost their money in trading due to either lack of discipline or do not have any good trading strategy on hand and they blame it on the broker trying to trade against them.
I am with FXCM for several years and I must say that they have one of the best charting platform ever. Although they stop taking Singapore client a few years ago and I switch to GFT instead. I am confident to say that they are a good broker and I have no problem making winning trades with them. They did not stop me out earlier nor make me lost money by trading against me. I have been making a decent profits every month with them for several years without any problem.
Therefore when you are searching for a broker, you need to see the size of the company as well as their experience in this field. FXCM is a NYSE listed company and I believe they are one of the best in the field.
I cant say much about other brokers as I never used them before. I will only give recommendation on things that I have personally used and have no problem with. Therefore I can only recommend you GFT or FXCM.
However if you guys have any experience with your broker to share with us here in this post, it will be great. You can give either positive or negative comments on your broker or your previous broker as it will be very useful for other traders here in this website.