Don’t. Don’t. Don’t.

Before diving into Forex you need to learn patterns. You need to learn account management. You need to learn the eb and flow of the market.

Best Demo Account

If you really want to get started trading forex, you need to start with a demo account. Before you even think about trading real money, you need to learn how FOREX works.

Why Demo

Sometimes trades will go bad. You need to learn the basic of how to trade forex before you start losing your shirt.

So trade a demo, but start small.

Setup a free demo account at a quality FOREX broker.

X-Trade Forex Broker is a regulated, Poland-based trading company that has been online since 2006. They offer MetaTrader 4 support, which is a huge plus for most forex traders. The company tries to put focus into their customer service, as well as having a stable automatic platform. Their automatic trading system makes trades faster, although sometimes there are requites that does not please most clients. However, X-Trade forex broker does excel when it comes to outstanding customer service, and they do offer over the phone support. X-Trade forex broker’s trading practices are also Muslim-friendly. Transactions are also executed within one business day, and if there are any problems with orders, a quick chat with an online representative over Skype can fix the problem.

Basic Broker Details

Pros of X-Trade Forex Broker

*Muslim-friendly trading

*Very good customer service

*Regulated by official body

Cons of X-Trade Forex Broker

* Complicated account opening

*High minimum account requirement

*Slippages

Ava FX is one of the most popular, hence one of the biggest, online Forex traders today. They have an estimated $16 billion worth of assets, and claim that the money clients entrust to them are secured. Ava FX also boasts of their stable trading platform, with “tools that will help both novice and professional traders”, and their always updated streaming FX news. The company’s slogan is “Integrity is our Most Valuable Currency”. They are also one of those brokers that allow demo account, which really draws in a lot of prospective clients.

Basic Broker Details

Pros of Ava FX

*Numerous available funding options

*A lot of Ava FX clients claim that the customer service is fast and efficient

*Stable trading platform

*Too many promoters that at times put up fake reviews

Cons of Ava FX

*Handful of reported withdrawals taking more than a week- sometimes even taking a month- to arrive

*Server logins fails occasionally

*No regulations, as they are situated in an isolated location, providing low security for investments

FXOpen specializes in online forex trading, with minimum requirements for an account opening. The company mainly prides itself for having easy opening procedures; you can have your account opened in as easy as 5 minutes. They also claim to have fast and efficient customer services.

Basic Broker Details

Pros of FXOpen Investments Inc.

*Fast customer response- Many traders claim that they have friendly staffs, and that emails (or other forms of inquiries) are replied to most of the time.

*Online customer service- They have both ICQ and Skype customer service access, which is great for those who are not willing to spend on phone credit.

*Easy to open an account- Their 5 minute account setup is true. Most applications get through quickly.

*Non-USA regulations- This makes them a bit more flexible than other USA-based brokers.

*Active Forum- FXOpen also maintains a very active forum for their current and prospective clients

*International support- FXOpen has native customer support staff for the residents of USA (also considered as international support), Egypt, United Kingdom, France, Switzerland, Hong Kong (or Taiwan and Mainland China).

Cons of FXOpen Investments Inc.

* Lack of information on “About Us” page- a lot of people are complaining about the lack of physical address and company background in the site

]]> http://www.itradeallday.com/fxopen-investments-inc-review/feed 0 http://www.itradeallday.com/forex4you-forex-broker-review-3 http://www.itradeallday.com/forex4you-forex-broker-review-3#comments Mon, 07 Sep 2009 04:26:14 +0000 forex http://www.itradeallday.com/?p=697 About Forex4you Forex Broker

Forex4you, a United Kingdom based forex broker, has only been in the online scene for 2 years. The company is quite young, and currently unregulated. The mother company is E-Global Trade & Finance Group, Inc., and has the lowest possible amount requirement which is $1.

They allow MetaTrader 4 support, which is a huge plus for most clients. Annual interest rates for account balance are given, a good thing for those irregular forex traders. They also have good spreads (2 pips) and leverage (of up to 1:500), and trading is available 24 hours from Monday to Friday. Phone trading is also available in selected countries.

Forex4you also has local offices in UK (head office), Russia, India, Ukraine and Uzbekistan. Customer service however is not online, and there is no instant chat or call services over the Internet.

Basic Broker Details

Pros of Forex4you Forex Broker

*MetaTrader 4 support

*Account balance (on selected accounts)

Cons of Forex4you Forex Broker

*Unregulated forex broker

Fxcast opened on 2005, but they only started worldwide operations on 2007. If you want to go with a forex brokerage company that has an active online staff, then you should consider FXcast. They are one of those few companies that reply to public posting regarding their services. The company also puts up a lot of contests for clients to participate in.

Although the company strives to be one of the leaders in forex trading, their lack of regulation is more of a hindrance than help. They also do not allow scalping, which does not coincide with other trader’s techniques. The management of FXcast strictly prohibits such techniques, and are quick to widen the spreads of accounts which ignore regulations.

Basic Broker Details

Pros of FXcast Forex Broker

*MetaTrader 4 support

*Active online customer relations

*Muslim-friendly accounts

Cons of FXcast Forex Broker

* Charges on certain transactions

Interactive Brokers Forex Broker started their online forex trading in 1998, and are regulated by many financial intuitions, such as the United States Securities and Exchange Commission (www.sec.gov/), National Association of Securities Dealers (NASD), New York Stock Exchange (www.nyse.com/) and other financial institutions all over the globe.

Interactive Brokers Forex Broker accepts bank wire, checks and e-checks, but do not accept methods such as PayPal and Moneybookers. Their leverage starts at 1:20 to 1:50, not the best in the market. Their minimum lot size is 1 lot, and spreads vary (EUR or USD). Interactive Brokers Forex Broker is also oil trading forex broker, and also trades various other commodities.

Interactive Brokers Forex Broker is also notably one of the more reputable forex traders out there. Their assets are well managed, and they definitely have enough money in their company to keep on operating their online forex business.

However, it seems that Interactive Brokers Forex Broker needs to re-evaluate their customer services, as many clients of Interactive Brokers Forex Broker are complaining about the lack of response to consumer complaints.

Basic Broker Details

Pros of Interactive Brokers Forex Broker

* Very good institution, well funded

* Regulated by many financial institutions

Cons of Interactive Brokers Forex Broker

* Slow, unresponsive customer service

* $5000 needed to open an account

StartForex Forex Broker started their operations in 2007, under their mother company StartForex Ltd. They seemed to have good leverage, as they offered a maximum of 1:400. However, StartForex Forex Broker is not regulated by any financial institution, which raised some eyebrows in the beginning, but still attracted a good number of investors.

Notably, many current and previous clients of StartForex Forex Broker claim that they have had one or more bad experience with StartForex Forex Broker. Some claim that StartForex Forex Broker would not release their funds, due to different, un-verifiable lies. Withdrawals were very difficult, even when they traded by clean techniques.

Up until now, many clients claim that their hard earned funds have not been released by StartForex Forex Broker. Customer service support would not reply to numerous client inquiries, despite their growing apprehension and annoyance.

We do not recommend anyone to open trading accounts with StartForex Forex Broker.

Basic Broker Details

Pros of StartForex Forex Broker

* No pros, since StartForex is confirmed as scam

Cons of StartForex Forex Broker

* Confirmed scam forex trading company

ECN Broker Forex Broker started its online trading in ECN Broker Forex Broker 2004. Their mother company is DTSecurities, and is based in Austria. They have very limited deposit and withdrawal options; in fact they only accept bank wires. PayPal and the other more convenient and popular payment options are not accepted.

However, despite their lack of payment options, ECN Broker Forex Broker is still a good option because they are affiliated with some of the most well-known financial institutions in the world, despite ECN Broker Forex Broker’s small minimum account requirement, which is only $200.

ECN Broker Forex Broker also offers live chat as well as email support. Native speakers of Italian, österreichisch and Dutch are also available.

Basic Broker Details

Pros of ECN Broker Forex Broker

* Low minimum requirement

* Member of a financial regulation commission

* Good leverage

* Futures trading available

Cons of ECN Broker Forex Broker

* MetaTrader 4 not supported

Aurora Global Markets Forex Broker (www.agmtrader.com) started its online forex operations in 2009, and they are based in United Kingdom. They are relatively new to the online forex scene, so their presence on the Web is not very much felt yet.

However it seems that the company is trying its best to make Aurora Global Markets Forex Broker (www.agmtrader.com) popular in the industry, but offering big incentives to new clients. Aurora Global Markets Forex Broker (www.agmtrader.com) is regulated by the Financial Services Authority (FSA, No. 479801). They accept wire transfer, checks and credit cards for account funding and withdrawals.

Aurora Global Markets Forex Broker (www.agmtrader.com) offers live chat, e-mail and telephone support to their clients and prospective customers.

Since Aurora Global Markets Forex Broker (www.agmtrader.com) is still relatively new to the forex trading scene, customer feedbacks are hard to find. However, it is worth taking note that Aurora Global Markets Forex Broker (www.agmtrader.com) only offers web-based forex trading platform, so MetaTrader users are advised to look for another broker.

Basic Broker Details

Pros of Aurora Global Markets Forex Broker

* Offers futures, shares, indexes and CFD trading

Cons of Aurora Global Markets Forex Broker

* No mini accounts

*Complicated account opening

* No MetaTrader 4 support

* Citizenship restrictions