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I need a new broker

1 by Forexlearner
I was on XTB but a security issue made me close that acc, so now i have no broker. I just want to trade pairs and indicies, a broker with low spreads/comissions and a user friendly site/platform. When i research this all i see is people trying to push broker x or y for their gain, getting a comission or paid advertising.
I'm in the EU, not sure if that makes a difference.
Be the casino, not the gambler

Re: I need a new broker

2 by Sepo
Forexlearner wrote: Mon Jul 03, 2023 8:40 pm I was on XTB but a security issue made me close that acc, so now i have no broker. I just want to trade pairs and indicies, a broker with low spreads/comissions and a user friendly site/platform. When i research this all i see is people trying to push broker x or y for their gain, getting a comission or paid advertising.
I'm in the EU, not sure if that makes a difference.
Try HFM
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Forexlearner
Trust the process:)

Re: I need a new broker

4 by BeatlemaniaSA
Forexlearner wrote: Mon Jul 03, 2023 8:40 pm I was on XTB but a security issue made me close that acc, so now i have no broker. I just want to trade pairs and indicies, a broker with low spreads/comissions and a user friendly site/platform. When i research this all i see is people trying to push broker x or y for their gain, getting a comission or paid advertising.
I'm in the EU, not sure if that makes a difference.
Personally, I've used IC Markets since I started trading and have had no issues with them. Will they be suitable for you? Only you will be able to decide that after investigating them. :) Best of luck in your search.
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BEATS V5 - "Enjoy The Quiet Between Trades”

Improve Your Trading Psychology - NO FEAR, NO DOUBT

Re: I need a new broker

8 by Ogee
Forexlearner wrote: Mon Jul 03, 2023 9:07 pm i was just casually browsing their website
https://www.hfeu.com
and after 1 minute i can't browse anymore:

Error 1015 Ray ID: 7e0ea8a05ea13392 • 2023-07-03 11:06:22 UTC
You are being rate limited
I don't think this should have happened with just casual browsing, are you sure you've not got a third party app on your computer repeatedly pinging the site while you were browsing?

I was just on it for a while with no problems.

With regards to brokers your first considerations is which regulator,

High - eg. ESMA very strong regulator, very safe but cause high overheads for brokers so they be more expensive.

Medium - eg. cysec Cypress mid level regulations and therefore costs.

Low - Brokers in Caribbean for example, poor regulation and customer service, you don't want keep a lot of money in your account, but very cheap spreads and commissions.

What does it mean when you are being rate limited?
If you are being rate limited on an action it means that you have tried this action to many times in a short amount of time so you will need to wait for this rate limit timer to expire before you are allowed to try again. There is sadly no exact ETA for the timeout period. —23 May 2023
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Re: I need a new broker

9 by RplusT
Is regulations really the most important issue? And poise offshore accounts a high risk?

In the light of the fact that even our regular banks pose a high risk - you go to the bank tomorrow morning and find either the doors closed and/or your bank accounts frozen - it looks like nowadays our money might be even safer in offshore accounts..... :D

I know my broker. As I'm not Australian I can't trade with them in Australia any longer (government changed the law), so they moved me to an offshore account. They are not a newcomer and thus it doesn't really cause sleepless nights that I got a 5000 K account with them. I have earned that money already several times and zero tax makes huge savings too. Thus my worries are not really significant.

Of course that does not mean that there are not plenty of black sheep out there. Which again means, you got to know the broker in and out before you commit a serious amount as a trading fund.

Re: I need a new broker

10 by Ogee
RplusT wrote: Mon Jul 03, 2023 10:49 pm Is regulations really the most important issue? And poise offshore accounts a high risk?

In the light of the fact that even our regular banks pose a high risk - you go to the bank tomorrow morning and find either the doors closed and/or your bank accounts frozen - it looks like nowadays our money might be even safer in offshore accounts..... :D

I know my broker. As I'm not Australian I can't trade with them in Australia any longer (government changed the law), so they moved me to an offshore account. They are not a newcomer and thus it doesn't really cause sleepless nights that I got a 5000 K account with them. I have earned that money already several times and zero tax makes huge savings too. Thus my worries are not really significant.

Of course that does not mean that there are not plenty of black sheep out there. Which again means, you got to know the broker in and out before you commit a serious amount as a trading fund.
yes this is dead right, the importance bit is choosing which level is better for you, some people want maximum safety and are willing to jump through any of the requirement hoops to get it eg, a lot of the EU and London brokers now are demanding years worth of bank records showing a hefty account balance surplus just for a normal retail account with very low leverage.
And on the other hand I know guys who are perfectly happy with a Belize account, next to no background checks, very low costs and very high leverage, though they only keep a set amount in the account, just in case 😉
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