I'm reaching out to this community for some advice on choosing a suitable forex broker.
Here's a bit about my situation: I'm a newcomer to Forex trading, and I'm based in Malaysia. I'm planning to start my Forex journey by depositing $5,000, following a period of getting accustomed to a demo account. If things go well, I'm willing to invest a minimum of $10,000.
I'm currently in the process of selecting a broker, and I've established a set of criteria that are important to me. I'd greatly appreciate your input, especially if you have experience with any of the brokers I'm considering, which are Oanda, FxPro, forex.com, and FXCM.
Here are my main criteria for choosing a broker:
Hedging Capability: I'm looking for a broker that allows hedging, as this is a crucial feature for me. I don't plan to engage in risky simultaneous hedging strategies during major news events. Instead, my approach involves having a long-term position open for several weeks while also taking shorter-term positions (intraday or lasting a few days). Thus, I may have two positions running in opposite directions at the same time.
Security of Funds: I've come across cases where brokers have closed traders' accounts due to their profitability. I want a broker that ensures the safety of my funds and won't restrict my trading just because I'm successful.
Leverage: I'm looking for a broker that offers 100:1 leverage. While 50:1 is acceptable, having access to 100:1 would provide me with more flexibility.
Execution Type: I'd prefer a broker that operates on a No Dealing Desk (NDD) model, such as ECN or STP. However, I'm open to considering brokers with a Dealing Desk (DD) or Market Maker (MM) model as long as my funds are secure.
Regulation: I would feel more comfortable with a broker that is regulated by either the NFA (National Futures Association) or the FCA (Financial Conduct Authority). Regulatory oversight adds a layer of protection and transparency.
Deposit Methods: I'd like to be able to deposit funds using a credit card. This is the most cost-effective option for me, compared to wire transfers.
Account Opening Process: I prefer an online account opening process that doesn't require mailing a plethora of documents to the broker. A streamlined online account setup is more convenient for me.
While the other points are somewhat flexible, I'm particularly interested in finding a broker that meets my first criterion regarding hedging. I believe this feature will be crucial for my trading strategy.
Your advice and experiences with any of the mentioned brokers or other suggestions that align with my criteria would be immensely helpful. Thank you in advance for your insights!
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