Every trader has had to face this question and surely read forum comments, checked out various dealing centers’ websites and analyzed obtained information more than once.
During my trading career I, the author of this blog, have changed about 5 brokers for different reasons. As a result, I’ve discovered an interesting tendency.
Forex brokers come in two categories:
– one kind of brokers offer advantageous trading conditions (micro accounts, tight spreads, favorable swaps, locked positions, scalping) but there’s no talk about reliability here. Besides, if your trading balance grows considerably, you can’t withdraw your funds oftentimes;
– the other kind of brokers offer trading conditions that scare you off (a $100,000 deposit, no scalping, you need to provide a huge number of papers to open an account, including your dog’s bill of health from the vet) but these brokers guarantee 100% reliability.
Since I don’t have a $100,000 lying around and my deposit is rarely over $10,000, the second broker option is off the table for me. Here comes the crunch – who can I trust with my hard-earned money?
As mentioned earlier, I’ve worked with five different dealing centers in my lifetime and for now decided in favor of one broker – NordFX.
Why is that? I guess if you have a look at the list of advantages on their website, you won’t have many doubts:
– quick and easy account registration;
– a wide range of payment systems for account funding;
– minimal deposit $5;
– minimal spreads on Forex and minimal commissions on the stock and futures market;
– one account for all trading instruments (Forex, futures, stocks);
– position hedging by large market-makers MF Global Inc. (MFGI) and FXCM.
As you can see, currently NordFX offers trading with small deposits (from $5) as well as guarantees the safety of your investment due to the fact that all positions are hedged by such prominent market-makers as MF Global Inc. (MFGI) and FXCM.
I’ve been working with NordFX for almost half a year and have nothing to complain about so far. My balance has gone up from $1,980 to $17,738.