Forex Trading Platform with USD$400 Budget

[vandals]

Hi guys, i have used easy-forex as a forex trading platform before with a little bit of money. Unfortunately the pips spread there is terrible for mini accounts and i was just wondering, can anyone recommend me a better trading platform that i can start for USD$400 or less?

I am looking for a platform which can give me a better pip spread as well as good and useful tools incorporated into it! Thanks hope some experienced traders here can give me some recommendations!

[MickMason]

Originally Posted by vandals

Hi guys, i have used easy-forex as a forex trading platform before with a little bit of money. Unfortunately the pips spread there is terrible for mini accounts and i was just wondering, can anyone recommend me a better trading platform that i can start for USD$400 or less?

I am looking for a platform which can give me a better pip spread as well as good and useful tools incorporated into it! Thanks hope some experienced traders here can give me some recommendations!

Hi

What kind of tools are you looking for, charting?

You might want to take a look at Oanda, they have tight spreads (1.2 on Eur/Usd, 2.8 on Gbp/Usd) which widen across data release. Fills are good though, very little slippage, reliable platform, and the whole thing operates without a dealing desk.

Worth a look, https://fxtrade.oanda.com/

[vandals]

Hi i look thru the past threads and most people are like recommending major and big platforms like Interbank FX and etc?

[vandals]

oh btw i am not from usa thus i can't use onada's paypal deposit. I am looking at credit/debit card deposit! Really looking at platforms which gives a more competitive and lower spread!

[MickMason]

More competitive than 1.2 pips, without commission?

You didn't mention what tools you are looking for.

InterbankFX would be ok as well from the look of it but I've never traded with them so can't comment, I think they do micromini accounts for trading anything from 100 units so you could still use sensible money management even with $400 or less.

Make a list of what you're looking for, demó a few platforms and see what you like, open an account and see how they perform. If you don't like them you can always move.

[WhipsawFX]

Originally Posted by vandals

oh btw i am not from usa thus i can't use onada's paypal deposit. I am looking at credit/debit card deposit! Really looking at platforms which gives a more competitive and lower spread!

Honestly I would not trade anywhere other than OANDA with $400 or less (I would probably just game until I had more cash to play with). Although, I haven't heard anything bad about Interbankfx. I have checkout out their demo, and found the pairs they offer to be fairly limited (unless Im doing something wrong). Also, I really dont like the mt4 platform, although unlike OANDA it does allow free automated trading.

You do not need to be from the USA to fund an account, you simply need to open a USD account with OANDA and fund it in US Dollars by paypal - with paypal you can send in any currency of your choice. However, you need to check you are in a country in which you can also recieve funds with paypal . Just post a question on the oanda site if your not sure.
Go for it,
Good Luck,
WhipsawFX

edit

The post below is spam. Its only purpose is to get a link (displayed in his signature) to his website displayed here and promoted in search engines such as google (spamdexing - link spam), to simply (along with clickthroughs from this site) drive traffic to his spamsite and generate adsence revenue. He has no sincere interest, or capability to pass on traders tips. The only thing he's barely capable of doing is spamming , as such any post he makes is worthless... For example which of the companies he suggested does he actually trade at if he trades at all... thats right none. Im speaking from my own experience at OANDA

A real traders tip

Ignore the poster below and the Spammers website.

[jgerousis]

forexbasards has never been a reliable source...

[WhipsawFX]

Take care looking at anyother site and anonymous reviews on forexbastards. You would do a lot better just searching the moneytec forum for posts about any broker your interested in. Do your own research and whatever you do ignore tips from spammers. Mgforex I dont know much about, but I do know their spreads are just as bad as what you are getting now (3pip EUR/USD & 5pips GBP/USD) about 1-2 pips larger than what you would get at OANDA. Additionally, they are fixed spreads - which suggests that you will either get requotes or lockups during news time. You can see OANDA's historical spreads over the past week here http://fxtrade.oanda.com/spreads/recent_spreads.shtml

Here's the recent spread for EUR/USD 1.2 pips at most times, except news where it generally goes to the weekend rate of 10 pips. Yes, you can trade at the weekend if you need to at OANDA.



Another consideration when sending your money to an unknown entity, is what is its regulatory history, and what is its excess net capital. You can check the later at http://www.cftc.gov/tm/tmfcm.htm?fro...=mktfcmcontent for January OANDA had an excess net capital of over $38 Million http://www.cftc.gov/files/tm/fcm/tmfcmdata0701.pdf. http://www.cftc.gov/opa/enf98/opaforexa15.htm is worth a look as well.



http://www.moneytec.com/forums/f33/f...highlight=fxdd

http://www.moneytec.com/forums/f33/w...highlight=fxdd

take particular care after reading here that FXDD have been spamming moneytec under multiple id's with false satisfied client comments.
http://www.moneytec.com/forums/f33/w...highlight=fxdd


FXDD only have 4 pairs (OANDA has 40)
http://www.moneytec.com/forums/f121/...highlight=fxdd

You will notice the fxdd spam on the next page as well
http://www.moneytec.com/forums/f121/...highlight=fxdd

As I posted in my previous post in this thread the post above is spam. Its only purpose is to get a link (displayed in his signature) to his website displayed here and promoted in search engines such as google (spamdexing - link spam), to simply (along with clickthroughs from this site) drive traffic to his spamsite and generate adsence revenue. He has no sincere interest, or capability to pass on traders tips. The only thing he's barely capable of doing is spamming , as such any post he makes is worthless... For example which of the companies he suggested does he actually trade at if he trades at all... thats right none. Im speaking from my own experience at OANDA

A real traders tip

Ignore the poster above and the Spammers website.