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What is the best trading platform for FX starter?
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Oanda is super simple and arguably has the best mobile trading platform. You wont learn as much on the mobile platform because the charting is understandably limited, but a good mobile is helpful when learning market timing and developing habits. Their desktop platform is good also, but make sure you use advanced charting. The little default window is pretty useless. Great for trading on the chart.
Oanda charges 20 to 40 $ per bank-withdrawal. I dont know about them otherwise, but this aspect doesnt sound like a beginner-place (aka small capital). Withdrawal fee for debit card is zero, but only for first withdrawal of month.
Ill only withdraw once per month. It is pretty low capital friendly actually.
The default pricing and general money maker fees are reasonable until youve got a pretty sizable amount. At that point, you can ask to have commission/money maker hybrid system so its cheaper for the user.
I havent reached that sizable amount….yet.
Ive been demo trading on Oanda for several months. I made a small deposit to a live account just to make sure everything went well and everything went quickly and smoothly. Ive had no problems with their mobile app or their website and I am able to use tradingview as a platform for charting against their API. A great experience so far.
This question is a lot like asking, I am learning to play guitar, which one will work the best for me?
The answer is that they all pretty much work the same. The platform itself will almost certainly be MetaTrader 4, but the broker COULD make a difference. However, most that are left are reliable. I mean, the days of outright theft in the FX markets are all but over after a lot of enforcement.
The pairs offered. (If you want to trade CAD/JPY and they dont offer it….well thats an issue.) The spread. (This adds up over time.) The countries in which they are regulated. As a rule, if you would be scared to drink the water, then any regulation in that country is probably suspect as well.
For what it is worth, I am with Oanda, but then again – I am in the US, and Interactive Brokers stopped taking FX clients.
I started with CMC Markets. Seems to have everything you could need and they offer to talk you through the platform and trading basics when you join. I really like it but I havent used many others though so I dont have much to compare to.
Thanks for the advice, will certainly look into it
I use CMC for both CFD and STOCKS. They are good but understand they are a market maker, but they are also listed publicly under the ticker CMCX. You can track their financials. Their platform is decent but slower then say Pepperstone with ctrader. The good thing is recently CMC upgraded their next generatiokln CFD platform to HTML5! You can trade very small lots with cmc, a lot smaller than other brokers. So its great for new traders that dont want to open large position sizes.
I also use pepperstone for fast scalping, something that is harder to do on the CMC platform.
I trade on Oanda but prefer FXCMs platform.
What do you think about FXCM Markets? Im considering opening an account with them
I use FXCM for charts but wouldnt trust them with my money/trades.
FXCM is no longer allowed to operate in the U.S.
Ive been with IG for a while now and theyve seemed okay. Im regularly withdrawing large amounts which they pay, not seven figures large but I am getting there. Your comment makes me worried about staying with them long term, what was your experience? Would be happy to pm if youd prefer
They have proper cleaned up their act, They are an excellent Execution only broker and their API is top notch.
Thats the impression I have, been trading with them for over 3 years now and no issues. I am starting to deal with large amount now and Im worried if IG are the best for that.
They are perfectly fine. They are one of the biggest and best spread betting providers in the world, they are world wide reputable company.
Sorry to hear they messed you about, hope it didnt affect you too much. IG were fine to me during the SNB stuff which is another reason I stayed.
A back up broker is a good plan though and something Ill look into as I have capital worth protecting now. What are some signs that they might start being dodgy towards me? What was it that you noticed?
Thanks for the detailed reply, its a shame that brokers can treat customers like that.
What I do currently to avoid the trouble with brokers is keep 10% of my trading funds in with the broker at any one time, I still allow 1% risk per trade which is 10% of what I have in the account. This keeps my exposure low and has been working okay for the past couple of years. I dont really like the idea of tens of thousands sitting in a trading account so not sure I could go with IB, but they are the only one I hear consistently good reviews about.
Do you not find with trading on 4 brokers that your commissions are more then they would be?
Yeah I can understand that, you cant be too careful and if you have to pay for extra security then its not a bad thing.
I will consider IB moving forwards, I feel I need to get a better broker as my capital goes up. Thanks for the heads up.
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