Author Topic: Best Forex and Commodity Online Brokers  (Read 50712 times)

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Best Forex and Commodity Online Brokers
« Reply #-1 on: October 25, 2008, 12:24:36 PM »
Best Forex Brokers

Below are the online forex brokers that are highly recommended. Why do we highly recommend these forex brokers?  Well, first of all we don't. The retail forex traders of the world do. Our opinion plays no role in deciding which brokers make this list. See our notes below the list for details on how this list was compiled.

There are 11 online forex brokers on this list and we have over 220 brokers identified on this web site. This is therefore, in the collective opinion of the world's retail forex traders, the cream of the crop, the top 5%. While we do believe these are the best, there are still positives and negatives among those in this list so we urge you to read about them in more detail and do your own due diligence before entrusting your hard earned money with any of them. You may also want to check out our Recommended Forex Brokers List, our Top Rated Online Forex Brokers List, which currently includes more than 115 online forex brokers along with their independent trader ratings, and our Most Popular Online Forex Brokers List.

http://www.bestonlineforexbrokers.com/

« Last Edit: October 25, 2008, 12:29:18 PM by Farzooq Haider »

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Best Forex and Commodity Online Brokers
« Reply #-1 on: October 25, 2008, 12:24:36 PM »

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« Last Edit: October 25, 2008, 02:02:47 PM by Farzooq Haider »

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« Last Edit: October 25, 2008, 04:51:53 PM by Farzooq Haider »

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Re: Best Forex and Commodity Online Brokers
« Reply #2 on: October 25, 2008, 04:36:49 PM »

found the demo of hymarkets easy to use
sadiq bhai your comments on above mentioned brokers

Offline Sadiq Jafri

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Re: Best Forex and Commodity Online Brokers
« Reply #3 on: October 25, 2008, 05:13:04 PM »
Sarkar, of all the brokers listed, I would have to go with cmcmarkets, and mbtrading

I have not used many of the brokers listed on the review sites, but i can recommend the above two because of genuine experience of people I know.

Let me reiterate something though. I would strongly suggest you, or anyone else, not go into trading fx directly. Always use currency etf's. I have outlined why trading fx directly can be a losing proposition for retailers like us, in an earlier post elsewhere on this forum.

Offline Farzooq

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Re: Best Forex and Commodity Online Brokers
« Reply #4 on: October 26, 2008, 06:10:03 PM »
Sarkar, of all the brokers listed, I would have to go with cmcmarkets, and mbtrading

I have not used many of the brokers listed on the review sites, but i can recommend the above two because of genuine experience of people I know.

Let me reiterate something though. I would strongly suggest you, or anyone else, not go into trading fx directly. Always use currency etf's. I have outlined why trading fx directly can be a losing proposition for retailers like us, in an earlier post elsewhere on this forum.

Your views on hymarkets standard account which needs deposit as little as 750$ and margin per trade of 100$ .
Which could b good option for small traders


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Offline Sadiq Jafri

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Re: Best Forex and Commodity Online Brokers
« Reply #5 on: October 26, 2008, 06:39:17 PM »
If a/c opening amount required is that low, you can certainly give them a try. They are regulated by the FSA in the U.K. and the DFS in Dubai. I would suggest you try them out with a very small amount i.e. 500-750 dollars, like you said.

If their platform works well, customer service is good and they give you no problems when you want to make a withdrawal, you can increase your a/c size after a few weeks/months.

I know only one person who has used them, and though he lost his money on fx trades it was probably his only foolishness, and he did like the platform and service.

Offline Farzooq

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Re: Best Forex and Commodity Online Brokers
« Reply #6 on: October 26, 2008, 07:18:53 PM »
mini account with 50$ and 1/50 premium contract
And standard account with 750$ and 1/10 premium contract

Which one should b tried ?
Have downloaded and demo and would do some trading tomorrow
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Offline Sadiq Jafri

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Re: Best Forex and Commodity Online Brokers
« Reply #7 on: October 26, 2008, 07:37:32 PM »
Try the 750 dollar a/c...make few, very small trades...continously check their customer support....use different types of orders like stops, trailing stops, oco's etc or whichever ones they offer....rollover a couple of small positions overnight as well, just to test them....

Also make sure the order limits you put in, are filled at exactly the same or better levels....a big problem with fx trading is the order is filled by the broker at a different rate, especially in fast moving market times....
« Last Edit: October 26, 2008, 07:45:27 PM by sadiqjafri »

Offline Farzooq

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Re: Best Forex and Commodity Online Brokers
« Reply #8 on: October 26, 2008, 07:50:22 PM »
Try the 750 dollar a/c...make few, very small trades...continously check their customer support....use different types of orders like stops, trailing stops, oco's etc or whichever ones they offer....rollover a couple of small positions overnight as well, just to test them....

Also make sure the order limits you put in, are filled at exactly the same or better levels....a big problem with fx trading is the order is filled by the broker at a different rate, especially in fast moving market times....

How are they offering these types of accounts ?
Wont it b real trading ? 


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Offline Sadiq Jafri

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Re: Best Forex and Commodity Online Brokers
« Reply #9 on: October 26, 2008, 08:04:08 PM »
As I said in my post earlier, in the forex thread, a lot of the times or actually MOST of the times almost ALL forex brokers do not give access to 'Real' trading for small accounts like yours or mine, in the FX market. What they do is, they take the opposite position from us, which means that we are actually trading with them and not the real market....they apply a small difference of a few pips or ticks to the actual mkt rate and therefore earn on the spread they create for themselves.

Meaning, since participation in the fx market requires high amounts of margin and liquidity, so these fx brokers instead of going thru the hassle of giving us access to the real market 'MAKE' a mkt themselves for small traders like you and me, based on real market rates plus or minus a few ticks....

So what is really happening is, like a casino, everytime you make a trade you are actually betting against the house (or the casino) itself. Suppose you shortsell eur/usd for 1.2924 with a stoploss at 1.30. Most of the time the rate of 1.2924 will be the brokers own provided rate to you, on their platform, while the real rate would be something like 1.2974. Since the broker bets against you at HIS OWN rate,  even if eur/usd falls or rises, the broker will always make money. Most of the time us small traders lose money because of this.

Typically, brokers only allow large accounts to participate directly in the fx 'real' market. A 500000-1000000 dollar a/c perhaps.

Thats why I tell everyone its better to use currency funds (etf's) to trade the currency, rather than directly in the fx market.
« Last Edit: October 26, 2008, 08:08:36 PM by sadiqjafri »

Offline Farzooq

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Re: Best Forex and Commodity Online Brokers
« Reply #10 on: October 26, 2008, 09:02:07 PM »
which payment method is adviceable thru credit card or bank wire ?
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Offline Sadiq Jafri

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Re: Best Forex and Commodity Online Brokers
« Reply #11 on: October 26, 2008, 11:50:55 PM »
I use bank wires, simply because i dont want my credit card number floating around the net, one way or the other...

:)

Offline Learner7

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Re: Best Forex and Commodity Online Brokers
« Reply #12 on: October 27, 2008, 11:34:19 AM »
As I said in my post earlier, in the forex thread, a lot of the times or actually MOST of the times almost ALL forex brokers do not give access to 'Real' trading for small accounts like yours or mine, in the FX market. What they do is, they take the opposite position from us, which means that we are actually trading with them and not the real market....they apply a small difference of a few pips or ticks to the actual mkt rate and therefore earn on the spread they create for themselves.

Meaning, since participation in the fx market requires high amounts of margin and liquidity, so these fx brokers instead of going thru the hassle of giving us access to the real market 'MAKE' a mkt themselves for small traders like you and me, based on real market rates plus or minus a few ticks....

So what is really happening is, like a casino, everytime you make a trade you are actually betting against the house (or the casino) itself. Suppose you shortsell eur/usd for 1.2924 with a stoploss at 1.30. Most of the time the rate of 1.2924 will be the brokers own provided rate to you, on their platform, while the real rate would be something like 1.2974. Since the broker bets against you at HIS OWN rate,  even if eur/usd falls or rises, the broker will always make money. Most of the time us small traders lose money because of this.

Typically, brokers only allow large accounts to participate directly in the fx 'real' market. A 500000-1000000 dollar a/c perhaps.

Thats why I tell everyone its better to use currency funds (etf's) to trade the currency, rather than directly in the fx market.

Bhai you are sharing a very valuable information for local traders like us who have aboslutely no vision of international trading.
Keep it up brother.
It is appreciated.

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Re: Best Forex and Commodity Online Brokers
« Reply #13 on: October 27, 2008, 01:56:22 PM »
I use bank wires, simply because i dont want my credit card number floating around the net, one way or the other...

:)

enjoyin the demo shorted gold @ 726 which is currently @ 710 made 1000$ profit  ;D

Offline Sadiq Jafri

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Re: Best Forex and Commodity Online Brokers
« Reply #14 on: October 27, 2008, 02:03:47 PM »
 ;D  mubarakan mubarakan

good shot!

trading mini gold futures or spot gold on the demo?
« Last Edit: October 27, 2008, 02:07:24 PM by sadiqjafri »

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Re: Best Forex and Commodity Online Brokers
« Reply #15 on: October 27, 2008, 02:53:30 PM »
;D  mubarakan mubarakan

good shot!

trading mini gold futures or spot gold on the demo?

spot gold

Offline Learner7

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Re: Best Forex and Commodity Online Brokers
« Reply #16 on: October 27, 2008, 03:17:30 PM »
good shot!

Brother, The http://www1.hymarkets.com/english/index.htm is not regulated by NFA rather it is regulated by FSA as appeared in the link below:

http://www.fsa.gov.uk/register/firmRefSearch.do?firmRef=186171

Your commentes are solicited on the regulation body of FSA &
whether we can rely on the broker regulated by FSA?

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Re: Best Forex and Commodity Online Brokers
« Reply #17 on: October 27, 2008, 04:03:13 PM »
;D  mubarakan mubarakan

good shot!

trading mini gold futures or spot gold on the demo?

problem with mini and standards accounts is they allow trading only thru hywebtrader  :( and not thru hy trader

Offline Sadiq Jafri

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Re: Best Forex and Commodity Online Brokers
« Reply #18 on: October 27, 2008, 05:58:49 PM »
"Brother, The http://www1.hymarkets.com/english/index.htm is not regulated by NFA rather it is regulated by FSA as appeared in the link below:

http://www.fsa.gov.uk/register/firmRefSearch.do?firmRef=186171

Your commentes are solicited on the regulation body of FSA &
whether we can rely on the broker regulated by FSA?"

Sarkar, if you look on previous page, I did say that they are regulated by the FSA in the U.K. and by the DFS in Dubai.

FSA as a regulator is pretty good for resolving client disputes and is pretty strict with its member brokers. No idea how the dubai regulators go about it.

[/quote]
« Last Edit: October 27, 2008, 06:00:37 PM by sadiqjafri »

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