I get a lot of questions about who’s the right Forex Broker to start ones trading with.

Well, there’s heaps of Forex Brokers coming out of the wood works now. Recent brokers that have come to surface is FXDD, ForexMeta (who own IvyBot E.A), United World Capital Forex, DBFX, just to name a few.

Now when choosing a Forex Broker, don’t go to those forex review websites that recommend heaps and heaps of Forex Brokers, they wouldn’t know the first thing about any of them, and they’re only reviewing those websites to make money. Period.

Don’t go to forums either and ask, most of those who trade with a said broker don’t know what what they are really like, and I don’t mean that they pay out when they are supposed to, I’m talking about what really goes on in the inside.

And don’t go with any Broker who resides in the U.S.A either, unless you want to fall into all this bullshit with the Federal Trade Commission that implemented a new rule as of August, 2009 where long trades cancel out new short trades. And the extra cost it’s going to cost you to open a trade.

FXCM For instance are under this stupid rule because they’re based in the U.S. However they do have UK Offices so their UK Branch wont be under this FTC regulation. But having saying that, FXCM are a bunch of scammers any way, they hunt out your stops. So becareful.

Most new Companies on the market do this, hunting out your stop losses. They don’t really care about you or anyone else, they just treat you as a number with a money bag attached to it. The more money they can make out of you, the longer they can stay around. These Forex Brokers are under a rule they must have at least $5,000,000 at hand at any one time. And 90%+ of them don’t have this type of money. Some rules in other countries are not as strict as they are in the U.S and UK, so they head Offshore instead.

Now the best Brokers I have ever come across is FXPRO and FXOPEN. FXPRO unfortunately has just closed the doors to U.S people, again, due to FTC regulations and to be quite honest, the U.S are just a pain in the bloody rear end. Not the people mind you, they’re awesome chaps, but the poxy Government. They drive me bloody nuts.

FXOPEN on the other hand are probably one of the best brokers you can start off with. Unlike FXPRO, FXOPEN will allow you to open a Micro account which basically means you can trade for as little as 10 cents per pip via their 4 digit interface for as low as $1.00.

A Standard Account for as little as $25 to open an account and $1.00 per pip via their 4 digit interface. While their ECN (Electric Communications Network) Account will allow you to trade on a 5 digit account for as little as $1,000 to open up. The Micro and Standard accounts are used as market makers their feed isn’t as good as the one on the ECN Account. So if you do go with FXOPEN as your Forex Broker, choose their ECN Account option.