Hi everybody- I have a question- who is your broker? I need help :)
- Thread starter Lena888
- Start date
US or Non-US resident?
Trading style? Frequency? Average trade duration?
No one broker fits every trader perfectly, more info might help.
I think you can try the AXI Traders . Their execution is so fast in the market and that is the prime need of every trader but most of us just keep trading with those slow brokers.
I recommend you to trade with HotForex, a good broker so far.
Super tight-spread, min deposit from $5, and a lot of type of accounts for you to choose.
They're also only regulated in Mauritius.
If you're going to go offshore, at least stick with well regulated brokers that have stricter capital requirements and actually oversee their members.
(Seriously, look up actions by the FSC in Mru of late, then toss in their membership reporting requirements, capital requirements, and conditions they impost on their members... outside of standard AML, it's a joke.. and as you browse through their history, there's even a hint of an unwirtten rule that you can do whatever so long as you don't make the FSC look bad...
Heck, the last time they did any serious house cleaning (2010), it was rumored that the real reason was to make room for Mru's new GBOT exchange.. but I recall one dumped broker claiming it was punishment for not bribing the right people. That's not an environment I'd want to do business/trade in if such was proven true.)
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FCA in the UK, ASIC in Australia, IIROC in Canada (restrictive leverage but great funds protection program,) registered brokers in Switzerland are even a good choice.
I just want to be clear, this isn't about dumping on Mru's FSC.. I'm just saying that no matter how good your broker might treat you, you want to make sure you have a regulator overseeing them that you, as a client, can approach should something go wrong. (Or an appointed ombudsmen with authority.) And where you can expect results / resolution to your issue. (Which I can say I've seen take place, in the clients favor, under ASIC, FCA(UK), and IIROC... and even in the US, but I can't say I've heard the same for FSC yet.)
I think the reason stems from Mru's stance toward regulation: They want to be an offshore financial centre to replace their failing sugarcane and textile industries and bring more jobs to the island.. (Mru has been trying to do this for many years now..) To achieve this goal, they've chosen loose and less-obstructing rules in hopes it will attract more financial institutions. . . so clients and client funds aren't exactly the first thing they considered.
That was actually a good read, I've learned a couple of things today, although i trade with hotforex for almost two years now on and off, I'm no much of detail seeker so there are a lot of things that i dont know, the most recent update i have is the CySec regulation hotforex have i think it was early this year aside from the FSC Mru, but setting aside regulatory, on a personal note, I do have a decent small account with this broker that i have been trading on and off for the past 20 months or so, I mean there was no major issues encountered, and yeah we all know there is no way a trader can make it big with a mere 5$ deposit right, I think you can open an account with Oanda with 1 buck
. bottom line is as long as traders let it be with hotforex or any other broker can trade with minimal interference and still get their money/withdrawal with in the given time then i guess thats a good broker. happy pip hunting everyone 