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After switching from brokers to brokers in search for the perfect, I have gained some experience that I can share with the newbies and the people who are considering doing forex. Please rememebr that there is perfect broker, what you choose depends on what your trading style is.

1. FXCM Leverage:1:100, they recently changed it from 1:200, which is annoying because you will have a higher chance of getting a margin call. Minimum deposit: $25 for micro and $2000 for standard. Though not required,but don’t trade under $500!! It is not even enough for margin, and you will lose everything in just one day. Spreads: Medium. Especially during big news events, they increase the spreads, but not as much as the other brokers. Micro accounts have smaller spreads, but you don’t get online chat service. If you have more than 25,000 dollars, you can get even better spreads. Withdrawal: Fast. You can chat online and ask them put your request in front of the line if it is urgent. Regulation: under NFA regulation. But you cannot do two-way hedging anymore. You can apply for FXCM UK which is subject to NFA regulations.

MT4: Yes. Supported by Boston Technologies. They transfer your trades from MT4 to your trading platform. So sometimes there is a delay. If you want to do EURGBP scalping, forget it, too many people are using this service, so you will get bad entry prices.

Other: You can have access more analysis on www.dailyfx.com . They also have trading signals, but I dont use them. You can learn a lot from that website, but just don’t follow their trades recklessly. I doubt about the the analysts’ trading performance.

This is the broker I am using right now. Good execution on their trading platform. I am a news trader, so the execution during news events is very important, The orders are executed fast, and the spreads are normally 10-20 spreads 30 seconds before huge news events.

2. Oanda

Leverage 50:1, not very attractive for retail traders minimum deposit: $1 Spreads: Good. HOWEVER, they increase your spreads substantially during news events. Not recommented for news traders. Regulation: NFA MT4: No Withdrawal: it takes time, because they don’t do direct deposit. They use paypal which will take another two days before you get the money. Trading lots: One big plus for Oanda is that you can trade mini-mini lot (0.01 standard lot). So the minimum lot is $1,000 for transaction size. Other brokers’ minimum are 10,000 (0.1lot) per mini lot. So this is good for traders with small amount of money, like several hundreds of dollar. You can trade small with Oanda.

3. MB Trading

Leverage 100:1 minimum deposit: $400 Spreads: Good. But small spreads come at a price, they also charge you commissions.$2.95/10k transaction size. MT4: Yes. I never tried it. They beta tested for years, and they just went live. Regulation: NFA Withdrawal: this is the worst. They will tell you to wait for 2 days for the settlement of your trades before they can process your request. Within in 2 days, you cannot trade anything, and you also have to close your opening positions as well if you use a lot of margin. Execution: I was once doing scalping on their trading platform, and I set limit orders like TP. The execution was great. But when I do news trading, they also increase spreads a lot, and the execution is not guaranteed. Last year this problem was more prominent. This year it is better. But after a bad experience, I don’t want to trade news with them anymore. Trading lot: LIke Oanda, you can trade small lot size of $1,000 only. It’s a plus for MBT.

So I recommend this broker to people who do scalping and normal trades. News trading may be fine now, but at least I won’t do it with them.

4. Forex.com

I never used their service before. But I demoed it for a long time, because they have a fantastic real-time comment system. It feels like you are a pro. So basically if you are newbie, you see a big spike on EURUSD, and you don’t know because you dont have money to subscribe to the expensive corporate analysis services such as Reuters and Bloomberg. But with Forex.com’s platform, you can comments real-time like “ECB just announced…” So it is definitely worth it to get a demo from Forex.com.

Leverage: 100:1 and 200:1 Minimum deposit:$250

For more information and review about these brokers, please visit www.forexpeacearmy.com

To access my website with free daily forex analysis, comments, signals and Zulutrade rebate program, please visit http://sites.google.com/site/fxfountain/