Company News Updated. By 0 Min Read. The baht rose as much as 0. It stood at Macro funds, a type of hedge fund that seeks to profit from economic events, bought the Thai currency, while direct foreign investment provided more support to the baht, traders said.
Local shares also hit a year high. Such demand prompted stop-loss dollar selling, a trader for a Japanese bank in Bangkok said. The trader said there had been a relatively large amount of dollar stop-loss orders on Monday at levels below The baht has been the best performing emerging Asian currencies so far this year with a gain of about 3.
Tanuwidjaja said his mid-year target for the baht is Still, some investors see the baht's gains as excessive, saying local stocks may be overvalued. Early Tuesday, Thai shares rose 0. Markets Pre-Market. After Hours.
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Typical spreads of major currency pairs among regulated brokers on normal market conditions ranges from 1 — 3 pips, but may reach as high as 6 pips during highly volatile market. Scammers would have spreads around 4 to 8 pips on major currency pairs on normal market conditions, and may reach as high as 10 pips or more during high volatility.
Another way that fraudulent brokers cheat their clients is through stop hunting. Brokers know where their clients place their stops. Suppose you opened a long position at 1. Unfortunately, the trade initially went against you and almost hit your stop loss price. However, your position was closed, but the market did not even touch your exact stop loss price 1.
Then the market begins to take off to your desired direction. There are still brokers that claim to be regulated but practice spread manipulation and stop hunting, especially during times of high volatility. The speed at which your orders get filled is very important and it is mandatory that brokers should fill orders with the best possible price.
Your orders should be executed at that price, or within micro-pips of the price. Reputable Forex brokers offer a hassle-free method to deposit funds and withdraw earnings. Whatever methods they use, brokers have no reason to deny withdrawal of your funds and profits because they only hold your funds to facilitate trading. Note: the amount of paperwork required by brokers has increased much in recent years to protect against money laundering and other illegal practices. Some brokers will require more paperwork than others, depending especially on the country they are in.
Almost all brokers offer two or more account types, which depends on the size of lots traded. The most common type of accounts are micro-accounts, mini-accounts, and standard accounts. The micro and mini-account allows you to trade with a very low minimum initial capital, while the standard account requires a higher minimum capital. Minimum capital for each account type varies from one broker to another.
New forex traders tend to choose brokers with higher leverages. Although higher leverage can lead to bigger profits, it also magnifies your losses in exactly the same way as your gains. A relatively small movement against your position can result to an immediate and large loss which can be greater than your initial investment capital.
Traders who get attracted by high leverage end up benefiting the broker and harming themselves. If the market moves against your position, margin levels are increased and you may be called upon to deposit additional funds into your account to maintain your position.
The final aspect in choosing a forex broker is reputation. Only a few brokers have well deserved reputations and are loved by their clients, while some brokers are despised by many. Disreputable brokers often use high spreads and slippage to prevent huge losses. Others cancel the trade if it turns against the broker.
The moment your profit history becomes consistent, dishonest brokers do whatever they can do to stop you from gaining more profits through them. The only way to protect your investments and money is to keep and an open mind and make smart decisions. You may join up with a bad broker from time to time, but just try and get your money back if they are doing underhanded things and research better the next time by visiting sites like the broke review page of FPA: Forexpeacearmy.
But do not just stop with this one site. Research and read all that you can about all the brokers you researching. Try to find out the truth about them and when you do select a broker make sure you start with a small deposit at first. You may even try to withdraw profits on the account first before deciding to keep more money with them.
A broker will always be tested at the point of withdrawing profits. Contrary to the beliefs of most losing traders, Forex brokers are not designed to make retail traders lose money. Forex brokers want to do business with you, and not to lose your trading business.
If you lose all your money in trading, they too will lose clients. But then again, this is not true of all brokers. Although most brokers that are regulated by financial authorities conduct business ethically, some brokers usually unregulated only wants your money rather than seeing you succeed in the trading business. As a general rule, a broker will only help you when your interests are aligned with theirs.
A broker who contacts you many times in order to convince you to deposit money or open an account with them, is a sign that the broker only wants your money, not to help you succeed in your trading career. The best criteria are the size of the company financial stability , speed of their platform and as well as their credibility and honesty. Also, security of your funds and as well as the assurance that you are in good hands are the most important considerations.
One of the best places to start when looking for a good broker is a review site like ForexPeaceArmy. They have some great reviews here on this site from traders just like you. You can find some of the answers online with their websites but otherwise you can get on with their live support or call them on the phone to ask these questions.
Make sure that you get solid answers, not just wishy-washy ones. And this one really looks very useful. Broker Comparison Guide should really help you with your decision when choosing a broker. Trading directly with the exchange market and avoiding the intervention of the Forex broker on the trading process is nearly impossible for retail traders.
Brokers act as mediator between the interbank market and retail market, in return for a commission. These two major categories of brokers conduct business oppositely, but no type of broker is better than the other because it all depend on your trading strategy and type of trader you are. Trading with the right broker is very critical to trading success. Many brokers help their clients succeed, while some brokers are setup to make traders fail.
The choice of broker you make will influence your ability to make profits month by month. Make sure that you trade with the broker that you prefer the most. Giving your time and effort into investigating the factors outlined above can save you from much heartache and grief. No broker is perfect for every trader, but by considering the key factors on choosing the right broker, the chances of your trading success can increase substantially.
Do you have a good broker? Share it here if you think that others would benefit from it. I am also a Forex trader, a programmer, an entrepreneur, and the founder of ea-coder. I have created two of the most popular trade copiers and other trading tools for MT4 that are already used world wide by hundreds of currency traders. As usual, very comprehensive and educational article that every new trader should read.
Having been trading for quite a few years now, I have seen some very suspicious activities with various brokers, including some of the better known ones. I do feel sorry for my US trading buddies though as their govt treats them all like little kids, with all their restrictions in place. Just too risky for my liking. Stick with the more popular better known brokers that have been around for a few years also.
Not sure about your overnight rollover interest calculation, as I always seem to get charged more than I earn when trading the same pair in opposite directions with the same position size. I think it is a money spinner for brokers. Thanks for the article Rimantas. Jim, I am glad you like it. Definitely U. Very comprehensive article. There is not enough transparence in their calculation. Moreover, you end up paying higher interest to hold a spot pair overnight than an equivalent futures contract.
Overall, I prefer futures to spot rates. Robert, glad you like this information. Interest rates can be mysterious for sure. I agree with you. If you are getting close to a margin call they will delay processing your deposit to cover the call. This is a nasty trick, I experienced it before my own eyes. They waited for my margin call and stop out, then appx seconds later my funds went in. Needless to say I no longer trade this way.
I also used to be quite common for brokers to change your leverage during high volutiliy to cause margin calls. Do you ever whatch the market moved against you immediately after placing your trade? Meanwhile all other pricing does not make the same move.
Conway, those are golden stories. I really love reading them and it is so good to learn about them. The one with oil positions is the funniest. That is a great snippet of news about broker tricks.. Can you let us know which Broker tricked you which allowed you to get ASIC to help as I have also been relieved of all my funds by a broker in AU and would be interested in knowing who did this to you? Hi Garry, Although it would be easy for me to name the 2 brokers who tried to scam me, it would serve no purpose in helping you in your situation, indeed you could even be involved in broking yourself and looking to getting your own back on me for naming fraudulent services.
If you have actually encountered a problem with a broker which you think is carrying out fraudulent practices, you need evidence by way of screen shots and statements and any other hard copy details which clearly show corrupt activity. Your evidence must in most cases condradict the brokers P. Hearsay verbal comment is not evidence. They usually take 30 days to assign you a case officer, it is not a fast process, but if you have been done wrong like I had, you stad firm and follow through providing logical honest replies to all their answers with evidence.
When you do make a complaint it gets recorded against the broker, so they want to settle as well. Usually as soon as a case officer gets involved, the broker will want to discuss the matter with you and settle without 3rd party involvement. I was fortunate in one case to have the details directly on the screen in front of me. I took screen shots showing trading disabled on one chart but activ on others, showing all my open positions on the chart and showing live activity taking place, then backed up with time captured statements.
I even took a copy of their P. Here is a snippet from one PDS, which are even more full of catches to clear the broker of any wrong doing while ripping you off. TF Global may at an time without Notice to the Client suspend, withdraw or deny access to the Online Platform for any reason including but not limited to security, quality of service, failure by Client to pay and amount when due or breach by the Client of any provision of this Agreement.
Very good article. Well done. I had deposited funds in a new account and had started to talk with the account manager Alan Levine. By the time that I logged on in China I had most of my account wiped out. Wiped out. I will never forget that. I reported it to the police, but nothing has happened so far. Leaves a bad taste in your mouth. John, that is quite a story. I never though that this could happen when an account manager working for the broker is trading your account.
Thanks for sharing and hope your future investments will be ma success. Hi Rimantas I have a story. Recently was trading with MT4 app on my iPhone. My strategy was to stick to one currency pair the eurusd.
About 2 months into trading I opened some positions in other currency pairs, following this, the MT4 app displayed the negative value of trades as a positive in the free margin. In all the confusion I would have lost about 10 grand. The broker is Tallinex but because the malfunction was only on my app it would seem meta quotes are responsible. Thanks for sharing. It sure sounds like a MT4 malfunction. Sorry to hear you had such a big financial loss.
I have personally witnessed brokers trading against clients by using order delays. I have also seen brokers delay withdrawal requests past 1 business day. This business is quite something. I am using an indicator that shows me what the spreads are and tonight, I will not consider trading period, because all the spreads are a complete rip off, and they keep changing by the minute.
And I could go on and on. It was hard to find any pair that had a spread of 0. Notify me of followup comments via e-mail. You can also subscribe without commenting. Skip to content Share on Facebook. The role of Forex brokerage firms Not all major commercial banks have the same quoted price.
Dealing desk vs. By charging extra overnight interest rates Brokers charge and pay disproportionate swaps based on the gap between short-term interest rates associated with currencies pairs set by central banks. By engaging in spread widening This mostly occurs during times of high volatility.
By encouraging over-leveraging One way brokers trick traders is over-leveraging. By offering good initial customer service Customer service and support is incredibly important for any type of business, including a Forex broker. By stop-hunting Suppose you think a currency is heading up. Distinguish swindling brokers from honest ones The following pointers help you to distinguish swindling brokers from honest ones.
Security The first and foremost distinction of a trustworthy broker from the fraudulent ones is the high level of security. Trading platform reliability The MetaTrader trading platform is commonly used by most forex brokers, which has hundreds of custom-made indicators and templates for every trading strategy.
Capitalization A broker must comply with the minimum capitalization level required by the regulatory authority. Broker type Understanding how your broker conducts business according to the model they use is very important. Customer support Customer service and support is incredibly important for any type of business, and Forex brokers are not exempted.
Transaction costs and commission structures The Forex market has many unique features that many brokers use to entice traders to open a live account with them. Depending on the broker and account type they offer, there are three commission structures used by brokers: Variable Spread Fixed Spread Commission charge based on a percentage of the spread With the variable spread , the spread may be as low as 0 pips or as high as 3 pips on most major currency pairs.
Make sure to research with a demo account the difference in spreads between an ECN account like the spreads show here and a standard account. If you are going to be trading with a standard account, the spreads will be larger. Commissions charged per transaction made Most brokers who offer the least spread charge the transaction cost on every executed trade through commissions.
Other transaction costs Overnight Financing Cost Trades held overnight are subjected to overnight rollover or interest fees. Inactivity Cost Some brokers apply inactivity fees if you do not make any transactions within a set period of time. Slippage or requotes A very volatile market condition and lack of liquidity can force a broker to apply a slippage on the currency price.
Spread Manipulation and Stop Hunting There are certain brokers that cheat their clients by manipulating the bid and ask spread. Spreads will increase naturally during high-impact news events, and especially when market volume is low end of day trading times for example. Execution The speed at which your orders get filled is very important and it is mandatory that brokers should fill orders with the best possible price.
Deposit and withdrawal Reputable Forex brokers offer a hassle-free method to deposit funds and withdraw earnings. Account types based on lot size traded Almost all brokers offer two or more account types, which depends on the size of lots traded. Leverage New forex traders tend to choose brokers with higher leverages. Margin call policies If the market moves against your position, margin levels are increased and you may be called upon to deposit additional funds into your account to maintain your position.
Reputation The final aspect in choosing a forex broker is reputation. How can we choose the right broker to trade with? Use ForexPeaceArmy. Additional websites you can call upon to research and find the best broker for your trading business Here are a couple of extra websites that can help you with your search: www.
What you should take away from this Trading directly with the exchange market and avoiding the intervention of the Forex broker on the trading process is nearly impossible for retail traders. Jim July 28, Rimantas Petrauskas July 29, Thank you for your comment and for reading. Regards, Rimantas Petrauskas Reply. Robert Main July 29, Conway July 29, Another good article Rimantas. Brokers play all sorts of tricks. So many tricks, but I still trade. I think I enjoy catching these guys out.
Garry August 1, Conway That is a great snippet of news about broker tricks.. Many thanks Garry Reply. Conway August 2, Rimantas Petrauskas August 2, Conway, thank you for this invaluable information. Garry, hope this will help you! Conway August 3, PDS are full of these and I could talk about them all day. Rimantas Petrauskas August 4, Wonderful addition. Thank you, Conway. John December 13, Is that broker reliable or unscrupulous? As certain brokers may attempt to use these methods to attract more clients into the company or hire marketing people to boost their image to potential customers, you should always do a very thorough research.
Forex trading brokers should always let the client handle their own Forex trading. If the Forex trading broker determines or limits the amount of money a client can take, this is definitely a red flag that they may not be a reputable or honest broker. What if that client has a margin account and sustained losses because prices went too steep?
If the trader has no power over his own account, the broker can simply liquidate position on a margin call at a lower price. There are certain acts that are illegal in Forex trading, such as sniping and hunting. These acts involve a broker by purchasing or selling close to preset points ahead of time. This illicit activity is difficult to detect, so it is vital to talk to other traders in order to prevent this from happening.
Currently, there is no list containing the names of brokers that commit sniping and hunting, so it is another important reason to do careful research. If the Forex broker is engaged in other criminal acts, such as corruption, money laundering, or sale of illegal arms or drugs, this is obviously a broker to avoid.
Should a Forex broker be caught by law enforcement, all money invested with that broker could be seized and all investments would be lost. There has been a growing number of Forex rating and review websites available online in As mentioned earlier, due diligence is essential before beginning any kind of investment.
No one has ever wanted to have their hard-earned money disappear. However, sadly, this has been the case in the FX market for quite a while now. The number of Forex companies entering the market are climbing in , and many of them are not entirely trustworthy. They hype their products and services through marketing and advertising, and wait for their targets to fall into their trap. Those new to the Forex trading market are the usual victims, and this is what TopBrokers. By providing only top-quality and reliable reviews, TopBrokers.
The team behind our portal carefully selects the Forex companies that are included on their list. In addition to providing basic details about account types, trading platforms, payment methods, and regulatory compliance, reviews from seasoned traders are also available on their website to provide newbies with helpful insights about the essential qualities of a Forex broker.
You can check all customer reviews of Forex brokers in on our website. The team is aware that, for a long time, it has been a practice of some Forex companies to hire people to write fake and misleading reviews. Users who create spam reviews will receive a warning and possibly be banned from posting to the website.
As you shop around for the best Forex brokers, you may want to explore some of the great Forex broker bonuses that are available. But, be cautious when temptation hits, because you still need to ensure that you are working with a highly reputable and trustworthy Forex broker and not being blinded by certain perks that may be offered.
It can be smart to get outside financial advice from a trusted advisor before diving into Forex trading. Make sure that you are properly equipped with knowledge about investing, specifically with Forex, and that you are not jeopardizing your financial health and your personal goals. Unfortunately, any time you invest, success is not guaranteed. What you can do is equip yourself and be prepared, and fully understand the benefits and risks of Forex trading.
A top Forex broker will help you to avoid many of the potential pitfalls, and this should be evident in any reviews that you find in your research. New traders need to be especially careful about ensuring their trading is stable, being properly disciplined to closely follow the market, making trades at the right times, and not overly trusting automated systems that may be making your trades - make your trades manually rather than using some of the automated technology until you learn the intricacies that will protect you.
Your broker should be helping you to keep your money safe. Trades should be executed promptly and accurately. When you learn more about how brokers keep liquidity high and keep the market active, you will begin to understand the best times for trades, how to watch for widening spread, and how to manage your investment to keep it as stable--and growing--as possible.
Your broker should demonstrate that you are valuable as a client and you should feel that you can trust your Forex broker to help you protect and grow your investment. Of course there are brokers who merely want to gain more profit by employing illegal schemes. But earning more money at the expense of clients is unforgivable.
Engaging in any illicit act may put a broker in danger as that perpetrator can face administrative charges or criminal cases or his license may also be revoked by financial regulators. By doing thorough due diligence, a trader can learn to spot and distinguish the differences between respectable and fraudulent brokers. It is important to always find out whether or not any complaints have been filed against the broker. If possible, look into that case and get in touch with the user to verify that complaint.
It is also crucial to read and scrutinize every detail of documents and agreements before signing any contract and opening an account with a Forex trading broker. Contracts are in place to help a potential trader to understand provisions of the contract and contingencies in case of unfortunate events. Start small. Many Forex experts encourage clients to begin trading currencies with a small capital.
When new traders start this way, withdrawing funds from their accounts after at least a month can help determine if it is wise to continue to conduct transactions with the broker. A delay in withdrawal is sometimes the issue. If this issue does ever arise, the best course of action is to first discuss it with the broker. However, if the same problem continues to occur, it may be time to entrust money to another Forex trading service provider.
Have an investment plan, and stick to it. Make sure your expectations are reasonable. It attracts both good and bad entities. That is why one needs to practice due diligence in choosing the most suitable Forex broker in order to understand the nitty-gritty of currency trading. Checking the compiled list of TopBrokers.
The team running TopBrokers. Given its large trading volume, investing any cash may result in either significant gain or substantial loss. Therefore, it is highly advised to have an emergency cushion before investing any amount of money. Never invest more than you can afford to lose.
Forex investing is about saving up for the rainy days. An individual should not embark on any business venture, investment, or make long-term financial plans if he or she does not have an emergency fund. Prior to investing, individuals should set aside a portion of their income, enough to cover daily expenses for three months at the very least, and one year at most, in case of any unforeseen circumstances such as job loss or medical emergency.
Again, no emergency fund, no investment. This is the very step to any investment a client has to make. Think of it as a cushion when a person falls. Financial companies offering international currency trading Forex services to private traders all over the world.
To view the rating of online brokers click here. List of the most popular brokerage companies, filtered by reputation, customer reviews, trading conditions and platform functionality. Open the updated list by clicking here. All brokers, represented on TopBrokers. Find the best Forex Broker Listing in our portal. Comment: hmm I guess this broker is comparatively strong, but I have allocated the issue which I faced when I just joined this company.
Wanted to try cTrader platform but detected that there is no opportunity to choose another type of account. Had to switch on classical MT4 platform with floating spreads and market execution. Basically, it's a very individual thing and traders decide on their own which features are the most attractive for them. Anyway, I am grateful to this broker that it is responsive and honest. For me, it's unfortunately rarely to meet such an honest broker.
Comment: Ever been a victim of investment, trading or any cryptocurrency scam, dont hesitate to reach out to Summitrecoup com to help recover all your funds. Get help while you can. I was introduced to this guys at skyline-recovery com they are the best and helped me recover all of my funds without any hassle in a week. Comment: Currency pairs have leverage of up to and this affords me a higher purchasing power to take up substantial positions sizes with my relatively small sized account.
Comment: It's a pretty decent broker. Hi Emanuel, We really appreciate you taking the time out to share your experience with us. We take pride in delivering exceptional service to all of our clients and we are happy to receive your compliments. Regards, The Exness Team. Risk Warning: Your capital is at risk. Invest in capital that is willing to expose such risks. Best Forex brokers Classic filter Constructor. Minimum Deposit.
Live spread. Bank broker. VIP accounts. Micro account. Cent account. Founded in. Payment systems. Maximum Leverage. No deposit bonus. ECN accounts. Swap-Free accounts. Broker type. Deposit bonus. Trading instruments.
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Foreign currency accounts. OCO orders. Trailing stop. Guaranteed stop loss. Cashback rebate. Availability of API. Autochartist support. Trading signals. Trading with expert advisers. Speed of order execution. Maximum number of trades. Maximum position size. Minimum position size. Locked Margin level. Stop Out level. Margin Call level. Fixed spreads by all accounts.
Floating spreads by all accounts. Deposit Max. Live Average. Interval: 5 min 10 min 30 min 1 hour 24 hours 7 days 30 days. Real Demo. Add for comparison. Was the information useful for you? FxPro Sealiatt 20 June Advantages: tight floating spreads on MT4 platform; FxPro Wallet Disadvantages: no opportunity to choose type of account using cTrader platform Comment: hmm Ak Investment Sarka Olga 18 June Advantages: Summitrecoup to the rescue Disadvantages: Nil Comment: Ever been a victim of investment, trading or any cryptocurrency scam, dont hesitate to reach out to Summitrecoup com to help recover all your funds.
Advantages: fast deposit Disadvantages: you cant withdraw Comment: After weeks of turmoil and sadness that Etalbit brought upon me and my family after I lost GBP, Advantages: Lots of currency pairs Disadvantages: None Comment: Currency pairs have leverage of up to and this affords me a higher purchasing power to take up substantial positions sizes with my relatively small sized account.
Kazi Ruponti 17 June
Relative Strength Index (RSI). Another momentum indicator that is used by many traders is RSI. It is displayed as a line graph that has figures between 0 and. Hello, Forex Peace Army Fellow Traders. I have some disturbing news as regards the Broker Octafx. 1) They do not honour confirmed commitments, made by their. What is the source of any profit that you intend to get from FOREX trading? Where do you think it comes from?”.