Oanda Review – Trading With Oanda

Oanda, a market maker broker that I don’t think need a lot of introduction. Oanda’s name is bound to pop up on your computer screen sooner or later if you are looking around for a Forex broker.
They are one of the pioneers of online Forex broker, established since the mid 90s and regulated in the following countries, US, Canada, UK, Japan, Australia and Singapore and with offices in those countries too.

Oanda Trading Accounts 

They offer leverage of 20:1 or 50:1 with no minimum trading lot size if using their fxtrade interface. However if you are using Oanda MT4, then you need to trade in lots size ranging from micro to standard. And there will be discrepancies if you are looking at your MT4 interface and have place trades in the fxTrade platform because the MT4 interface is not able to show the proper numbers for any size trdes.

Deposit and withdrawal of funds is very easy and convenient, cheque, credit card, debit card or wire transfer are accepted.
There’s also no minimum deposit amount required but you have to take note that the minimum lot size for trading on MT4 is a micro lot and your leverage if 50:1. So you have to ensure that you deposit enough to fulfil this amount in order to place a trade.
This is great flexibility for one to foraging into the Spot Forex market where you don’t need large capital to start trading.
They also pay interest on positions held by you for all currency pairs. Interest is calculated continuously, second-by-second and this could also work to your advantage.

Oanda offers both web based trader and MT4 trading platforms.
With their fxTrade webtrader, traders can access this trading platform from anywhere in the world thus making trading easily accessible.

They are also committed in helping traders become successful offering very comprehensive educational events and arming them with knowledge to help them trade confidently.

To Trade With Oanda Or Not?

As with every broker, you will find supporters and those who are against them. I have traded with Oanda for 3 years now and don’t have a problem but there’s one thing I would like to point out if you are planning to trade with them or already doing so but not aware of.

Their spreads do open up before and during critical news release. It’s not permanent and only last for awhile and then spread goes back to normal after that. So with that in mind, it would be best if you avoid trading during those time as to avoid unnecessary stress or unhappiness due to pending trades opening or open trades closing due to stop loss hit because of the spread opening.
Please not that I only use Oanda to trade higher time frame, H1 and beyond. H4 and Day works better for me.

To conclude, with a long established history and regulated in many countries with no minimum deposit and trade size, Oanda remain a very popular broker among many traders, me being one of them.

Good luck and safe trade!



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HotForex Review – Trading With HotForex

Welcome to my HotForex review. I have been trading with HotForex since early 2013 and sharing with everyone my trading experience with them. HotForex name kept coming up when I was searching for more Forex brokers to trade with at that time and I have been with them ever since.

It’s not that HotForex is the best for all types of trading strategy and because each broker do have their pros and cons, this trading account has been serving me well for some of my trading strategy and serve it’s purposes.
 
Brief Summary of HotForex

They have been in business since 2008, registered and located in Mauritius and has a Category 1 Global Business License issued by the Financial Services Commission (FSC) of the Republic of Mauritius under the name of HF Markets Limited.

Many convenient trading platform are available to suit different trader needs with the most popular being MT4.

Same goes for the type of account available from micro to unlimited trade sizes, they offer the flexibility to trade at a level each individual is best suited for. Flexible with leverage up to 1:1000 and no restriction to EAs, scalping and hedging.

Lots of trading tools that you can use from analysis, economic calendar, VPS hosting, risk to reward calculator, pivot point, Fibonacci calculator and others. Traders are spoilt for choice with the number of tools available.

Funding and withdrawals is through various means such as bank wire, credit cards, skrill and neteller (my favourite not only for HotForex but other brokers too).

Check out HotForex Demo today
 

My Experience Trading With HotForex.

Started manual trading before migrating over to trading with EAs. Didn’t see any problem with either and then decided to try using my micro account for trading news release.

However, things just don’t look quite right when trading news release as compared to other brokers MT4 M1 chart. Couldn’t quite put my finger down on it so decided not to use this account.

Tried using a fixed spread account. Things look ok but trading journal always show off quote when I tried trading news release. After trying for more than a month with no success, decided to moves fund back to my micro account and stick to manual and other semi-auto EA for trading.

Trading with this micro account minus trading news release has been working fine to date. EA execution is good.

No problems with deposit and withdrawal so far.

Customer support via live chat is excellent and available in multiple languages. I have never move beyond English or live chat support so I can only vouch for the English live chat support which I will rate 10/10.
 

Will I Continue Trading With HotForex?

I have not encountered any problem trading with HotForex since I started with them so I am going to continue to use them as one of our preferred broker. That is, until something happens that changes my trading experience which might make us change our mind.

Whether it’s going to work for you or not is dependant on individual trader’s experience. What works for me may not work for you.

They have unlimited use of their Demo so you can test it out to your heart’s content. However, demo trading is not the same as live trading so don’t wallow too long in demo trade or you will never go into live trading.

Test out  HotForex Demo  Unlimited Demo Today

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FXPro Review

Here is my FXPro review. I have a live fix spread account with this broker and here is my frank opinion of trading with them.

I must emphasize I am a sucker for fix spread account because I love to trade news release and
brokers with fix spread that doesn’t open up during news release are my favourites.

 

General Info About FXPro

Registered its business since 2006 and there are 2 registered business. FXPro Fiinancial Services
Limited, regulated CySEC and FSB whereas FXPro UK Limited is regulated by the FCA.

With No Dealing Desk execution and also offering Negative Balance Protection using an automated monitoring system to protect clients from losing more than their original investment.

Flexible deposit and withdrawal methods covering almost all avenues making it very easy for clients to open and fund their accounts. Clients can choose to deposit in one of the following currencies, USD, GBP, CHF, EUR, PLN, AUD, and JPY

With a choice to use floating or fixed spreads on the various trading platforms, MT4, MT5, Ctrader.

There are PAMM account and also the FXPro SuperTrader account, a fully automated invested platform to those who want to copy automated trading strategies to meet their investment goals within their own risk parameters.

Customer support is great, available in multiple languages through email, live chat or on the phone.

Trading with FXPro

I have been using FXPro to trade for about a year and I thought I have found THE broker for news trading however my happiness was short lived.
My trades were executing and closing nicely with some slippage which is understandable and risk that I am willing to take since slippage during news release is very normal with price moving very fast.

However I have been seeing very large slippage in my trading lately.
Slippage such as opening price is beyond my TP price thus leaving my TP at 0.00 when trade opens.
Now of course this is serious slippage because when such things happen, I have to be there to close my trades manually since there’s no TP.
Consolation is SL is there, so worst case is price go back to hit SL which will result in higher loss
than originally planned.

Will I Continue To Trade With FXPro?

I will continue to trade with FXPro for the time being till I find another broker that better meet my needs for news trading.
Meanwhile, I have already switched to trading other strategy with this account.

Good Luck and Safe Trading



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