Unbiased Forex Brokers Review
Here is my Unbiased Forex Brokers Review of brokers that I have personally used. The reviews are in my opinion only and doesn’t mean what works or doesn’t work for me is going to be the same for you.
Hope that the reviews will help others with their selection and not follow in the same footsteps where I opened my first trading account without doing my homework and just listening to the recommendation of others by word of mouth.
There is no right or wrong and there are always brokers that will meet ones requirement because of individual trader’s unique trading style and there is no one size fits all.
First and foremost, nothing beats the convenience of having a Forex broker that has a local office.
I hail from the Island of Singapore and the Forex brokers here typically offer a leverage of 1:50.
Your local broker may not offer you the best leverage depending on each country’s law but remember, leverage the killer. It can work for you or work against you.
After all, your broker is there to ensure that you don’t trade beyond your means and go bust, and the same works for them too.
Forex Brokers with Local Office
Leverage
First and foremost, nothing beats the convenience of having a Forex broker that has a local office.
I hail from the Island of Singapore and the Forex brokers here typically offer a leverage of 1:50. Different countries with different monetary laws could mean different leverage.
True, the local broker here may not offer the best leverage depending on each country’s law but remember, leverage the killer. You may think you can take advantage of the leverage and make a killing, but remember, it can kill you too. It works both ways.
After all, your broker is there to ensure that you don’t trade beyond your means and go bust, and the same works for them too. You are protected by the local law that governs the opening of the Forex broker’s office in your country so depending on how much you believe and trust in your country’s law, you will be better off in sense of security.
Deposit and withdrawal
Funding of accounts should be relatively simple with the use of internet banking nowadays. Local funding shouldn’t incur too high or even no charge for local transfer of local currency within one’s country. Exchange rates offered by your broker for converting your local currency to the trading base currency will be dependant on the company’s policy and exchange rate.
Don’t be taken in by foreign brokers that offer no charges for deposit. They will absorb all those charges and such. You will be in for a surprise by what some of these brokers charges for an international wire transfer to your local bank. I find some of those charges exorbitant but there’s nothing much you can do about it.
Do your homework and check on the methods and withdrawal fees of the broker you intend to use before you make your first deposit. Withdrawal fees are sometimes not displayed on the broker’s website so it’s best you check and get answers first! The withdrawal fees can really eat into your withdrawal amount and you will feel the pain.
Forex Brokers List
The list of Forex Brokers below are those that we have used and may or may not be in use at this point of writing. This list will likely grow longer as time goes by and reviews added after they have been in use for some time.
- Pepperstone Review – Is Pepperstone The Broker To Trade With?
- CityIndex
- HotForex Review – Trading with Hotforex
- FXPrimus Review – Good Broker?
- FXPro Review
- Oanda Review- Trading with Oanda
- InstaForex Review
Note: Each of broker above will have the word Review added to the link after I have written my review about them. Meanwhile, the links above currently link to each individual broker’s site.
Not all Forex brokers are created equal, searching and testing each one before finding one that meet your requirements is going to take time. Although everyone want things done fast but over the years, we have found that there’s no short cut and some things just cannot be sped up.
Will One Forex Broker Do The Job?
I do not believe in using just one broker and always like to have second one or even third in case the broker in use goes bust for whatever reason and your funds will be stuck. Although your funds may be protected because they are in a segregated account doesn’t mean you can withdraw your funds straight away and it could take some time before it finally reaches you. You can be caught in a situation with no funds and no trading for a period of time!
Second, not all brokers matches my style of trading or your style of trading for the matter. I use self programmed EAs for semi-auto trading and also place manual trade.
For my testing purposes, I start with demo account and make sure my strategy is working before moving over to live trading because both accounts can perform very different. All these tests are really time consuming but it has to be done!
For true comparison, I use the same strategy trading with different brokers trading at the same time. Believe me, with the same settings and get you can get very different results from different brokers.
For strategies and settings that don’t work with a particular broker, I will not write it off immediately and will try to do some tweaking. However, in the event that no matter how much the parameters are tweaked and it’s not going to work, then that Forex broker will be abandoned.
Hope this article on Forex Brokers Review is able to help you with your selection. Remember, it’s all about individual preference and you have to feel good about your choice.
Good luck and safe trading!
