Forex Brokers for Beginners
- Thread starter Hough Stafford
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AntjeWagner
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In order to not burn your fingers, newbie traders should find a good balance. The brokers should have good trading conditions, fast execution of course and needs to be well regulated and secured. I always recommend EU brokers more than others.
trading conditions depend on the own trading needs but since newbies do not have a strategy at the beginning, since they need to find their way, just care for having smooth conditions and Spreads below 1 pip. ... it often SEEMS that all brokers have below 1 pip in eurusd, BUT real conditions while trading are mostly others
so do not look on what they publish on their page, but check out via Demo or small live as well as research on the Broker.
trading conditions depend on the own trading needs but since newbies do not have a strategy at the beginning, since they need to find their way, just care for having smooth conditions and Spreads below 1 pip. ... it often SEEMS that all brokers have below 1 pip in eurusd, BUT real conditions while trading are mostly others
so do not look on what they publish on their page, but check out via Demo or small live as well as research on the Broker.
In order to not burn your fingers, newbie traders should find a good balance. The brokers should have good trading conditions, fast execution of course and needs to be well regulated and secured. I always recommend EU brokers more than others.
trading conditions depend on the own trading needs but since newbies do not have a strategy at the beginning, since they need to find their way, just care for having smooth conditions and Spreads below 1 pip. ... it often SEEMS that all brokers have below 1 pip in eurusd, BUT real conditions while trading are mostly others
I agree! Well, I have been researching about it but most of the brokers I talked are a bit hesitant on telling the prospect time to see changes and results. have you tried it with your broker? It is just recently I have looked upon some brokers which particularly offers ECN accounts. I am depending on recommendations for now of which I am quite disappointed on my previous broker and for what I have researched. So far there's only one I am trying for now which is a recommended broker from my colleagues which is from JAFX. Although I need more to know about them but as I can see on their site which is here, www.jafx.com/jafx-ecn-account, they are quite legit and highly recommended from my workmates at the bank.
A
AntjeWagner
Guest
yeah, well. i give exact numbers and figures to my clients when they ask. it does not help me if i tell them some lower Spread to gain them as client and at the end they see the truth. but well, i do not have to hide our conditions or be shy - our trading circumstances are great, so
JAFX, seriously? there is no regulation. in their FAQs they right "JAFX is currently not regulated. Regulation takes a very long time to setup and we are in the process of applying for regulation"
further info on the T/Cs:
"Customer will bear the risk of all unauthorized instructions by its Representatives and will indemnify and hold JAFX harmless from all claims [...] unauthorized or fraudulent instructions by the Representatives."
Very important info regarding fund protection:
"Customer acknowledges and agrees that Accounts are segregated in the JAFX’s books and records only, and Customer’s funds are not FDIC-insured."
Another one with the intent to get as much funds as possible from clients:
"Customer shall provide and maintain margin in such amounts and in such forms as JAFX, in its sole discretion, may require. Customer agrees to deposit by immediate wire transfer such additional margin when and as required by JAFX, and will immediately meet all Margin Calls in such mode of transmission as JAFX shall, in its sole discretion, designate. JAFX may change margin requirements at any time without prior notice."
and everywhere:
"AFX may change its charges without notice"
"without prior notice"
"without notice to Customer"
"JAFX may without notice"
Well. sorry for those direct words but... trade with them and you gonna lose all! no security, no regulation, you HAVE to meet their requirements and you MUST not hold them liable.
JAFX, seriously? there is no regulation. in their FAQs they right "JAFX is currently not regulated. Regulation takes a very long time to setup and we are in the process of applying for regulation"
further info on the T/Cs:
"Customer will bear the risk of all unauthorized instructions by its Representatives and will indemnify and hold JAFX harmless from all claims [...] unauthorized or fraudulent instructions by the Representatives."
Very important info regarding fund protection:
"Customer acknowledges and agrees that Accounts are segregated in the JAFX’s books and records only, and Customer’s funds are not FDIC-insured."
Another one with the intent to get as much funds as possible from clients:
"Customer shall provide and maintain margin in such amounts and in such forms as JAFX, in its sole discretion, may require. Customer agrees to deposit by immediate wire transfer such additional margin when and as required by JAFX, and will immediately meet all Margin Calls in such mode of transmission as JAFX shall, in its sole discretion, designate. JAFX may change margin requirements at any time without prior notice."
and everywhere:
"AFX may change its charges without notice"
"without prior notice"
"without notice to Customer"
"JAFX may without notice"
Well. sorry for those direct words but... trade with them and you gonna lose all! no security, no regulation, you HAVE to meet their requirements and you MUST not hold them liable.
yeah, well. i give exact numbers and figures to my clients when they ask. it does not help me if i tell them some lower Spread to gain them as client and at the end they see the truth. but well, i do not have to hide our conditions or be shy - our trading circumstances are great, so
JAFX, seriously? there is no regulation. in their FAQs they right "JAFX is currently not regulated. Regulation takes a very long time to setup and we are in the process of applying for regulation"
further info on the T/Cs:
"Customer will bear the risk of all unauthorized instructions by its Representatives and will indemnify and hold JAFX harmless from all claims [...] unauthorized or fraudulent instructions by the Representatives."
Very important info regarding fund protection:
"Customer acknowledges and agrees that Accounts are segregated in the JAFX’s books and records only, and Customer’s funds are not FDIC-insured."
Another one with the intent to get as much funds as possible from clients:
"Customer shall provide and maintain margin in such amounts and in such forms as JAFX, in its sole discretion, may require. Customer agrees to deposit by immediate wire transfer such additional margin when and as required by JAFX, and will immediately meet all Margin Calls in such mode of transmission as JAFX shall, in its sole discretion, designate. JAFX may change margin requirements at any time without prior notice."
and everywhere:
"AFX may change its charges without notice"
"without prior notice"
"without notice to Customer"
"JAFX may without notice"
Well. sorry for those direct words but... trade with them and you gonna lose all! no security, no regulation, you HAVE to meet their requirements and you MUST not hold them liable.
Thank you for your concern! I really appreciate it.
Well, in fact, you are right on some of your information, yet their site was not updated. I have regularly talked to them since I started along with my other colleagues who have invested ahead of me in them. So far, they have no any troubles with them. Most of the expectations are already met that is why I have been trying to work well with them
A
AntjeWagner
Guest
Well, a broker you are promoting here is so new and if it is, I don't get why can't they update the website. I think, updating the information is even more than essential for companies that are not more than 1 year old yet.
And as AntjeWagner has already said, there is no words about regulations.
I hope that traders who will decide to work with them, won't lose their money as fast as with all that '1-year' companies that finally close and disappear...
And as AntjeWagner has already said, there is no words about regulations.
I hope that traders who will decide to work with them, won't lose their money as fast as with all that '1-year' companies that finally close and disappear...
What do you exactly mean by "brokers that offers the best advantage for beginners?" What is the best advantage for beginner traders in your opinion?
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AntjeWagner
Guest
US regulated brokers can be hardly found nowadays to be honest. Most referred and recommended regulation is the european one. FCA, BaFin, CySec. those are also the strictest and most secured.
What min deposit in these brokers? Should I be a US citizen to open an account there?
A
AntjeWagner
Guest
for US brokers? not sure to be honest. I am not much aware of the regulations and requirements for those Brokers as we have no common client group. maybe someone else her knows.
In order to not burn your fingers, newbie traders should find a good balance. The brokers should have good trading conditions, fast execution of course and needs to be well regulated and secured. I always recommend EU brokers more than others.
trading conditions depend on the own trading needs but since newbies do not have a strategy at the beginning, since they need to find their way, just care for having smooth conditions and Spreads below 1 pip. ... it often SEEMS that all brokers have below 1 pip in eurusd, BUT real conditions while trading are mostly others
I agree! Test before you invest. Newbies should really study well about the broker they are planning to choose. I when started trading did complete analysis on trading conditions of a few brokers. Start with demo to learn about the platforms and then test the actual conditions with a micro account maybe. That’s my advice on forex brokers for the beginners.
A
AntjeWagner
Guest
Yes, I too came to know about this news that their activities are suspended in USA. Reading above conversation I too feel nowadays EU brokers are more reliable. While searching for good offshore brokers I came across this link on Babypips (http://forums.babypips.com/forex-brokers/36221-going-offshore-escape-cftc.html). I hope you will find it helpful.
