Which forex broker should i use?

Sunday, June 15, 2014 , Posted by Ryanita at 1:57 PM




Phil Ammir


I have done a lot of research learning about the forex market and how everything works. i want to open a demo account, but have no idea what broker to start with. i have heard many brokers have demo accounts that are nothing like their live accounts, and I dont want to waste my time on a demo that is not going to prepare me for live trading. I tried FXCM a few months ago but i just found out their was a class action lawsuit filed against FXCM and so that has scared me away. I am looking for a reliable dealer with a realistic demo account. i plan on doing longer term trades or swing trading, but i am not sure how that will factor into which broker i should use.


Answer
Don't worry about the lawsuits. FXCM is a very popular forex broker and you shouldn't have any issues opening a live account with them. Personally I have registered with Oanda as I found their online java platform more user friendly than FXCM's application and even have an open position in Oanda. You need to factor in the following most important points:

1. What leverage are you going to use...Oanda doesn't offer more than 50:1, but FXCM offers upto 200:1.
2. What currency pair are you going to trade? Both offer the common currencies, but if you are into the exotic ones, each has its own offerings.

Is there a good, web based forex platform?




Vagabond


I would like to experiment with forex, however due to my current location on this rock, I can only use web based, non-java applications. This is due to firewall limitations and can not be overcome. Is such a web-based system available?
The firewall is not my own or PC based. It is a centralized, proprietary, limited permission system. It has to do with residing in a rather restrictive environment. I am not able to bypass it in any way - all traffic must route through it and must be authenticated.
The firewall is not my own or PC based. It is a centralized, proprietary, limited permission system. It has to do with residing in a rather restrictive environment. I am not able to bypass it in any way - all traffic must route through it and must be authenticated.



Answer
you can try this site. no need for any software to trade forex. you only need an internet connection and for a minimum deposit of $100 you can immediately start trading by simply logging in. besides you will be provided a personal Account Service Manager to walk you through their system and who will even trade with you until you become familiar and will then be able to trade on your own. this site is one of the leaders in forex trading and so you can be sure of its legitimacy and reliability.




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