My rules for picking brokers:
1. I prefer spreadbetting because it has easier to use platforms and is tax free. Otherwise trading FX in lots is fine, but more complicated.
2. I prefer brokers that I personally know the CEO, and work with.
3. I prefer brokers which are international and large.
4. Even then, ones I’ve used like MG Global, Bear Stearns (used by my hedge fund) still go under!
5. I advise clients not to have more than £100k in any one broker account
6. [Update] As of June 2017 I am also Brand Ambassador for 24Option, whose CEO and team I have met and were introduced to me by Bloomberg and trust them therefore too myself: www.alpeshpatel.com/24
My favourites are:
- Please remember the Pips Predator is for FX not I have a separate indicator for the index which I will launch soon. FX and indices are different in their price action is the reason for this.
- FXCM feeds are the market live rates – they are sourced from the various banks the PipsPredator.com mentoring course explains this during its 12 weeks of training. We are only using FXCM’s MT4 demo for live rates, not for trading
- Brokers who do not trade FX, but CFDs or spreadbets, trade their ‘own book’ this means they you are trading with them and they set the price based on the underlying market – it’s a bit like buying FX at the airport. Now is this a bad thing? Not necessarily, because if you buy and sell when the indicator tells you, it should not matter which broker you use, UNLESS, the broker moves its price not in line with the market, but to suit their own book of trades. Some brokers have a reputation for this.
- I trade through these brokers:
Do I Recommend Guaranteed Stop Losses
These and other broker questions you can get the answers from www.alpeshpatel.com/community