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Best Forex Broker

 

In this day and age, Forex brokers have come a really long way and there is now a lot of competition. Forex brokers know that if they don’t offer you a good product someone else quickly will and that means you can get a really good broker.

Gone are the days where traders cannot afford to trade the cross Forex pairs such as the GBPAUD or EURNZD just because the spreads are too large.

Even though some brokers are still ripping traders off on these pairs, the competition is now such that these traders can turn around and within a few minutes have another live account up and funded with another broker with better trading conditions.

 

What Should You Look For With Your Forex Broker?

There are a few really important non-negotiable points that you should be looking for with your broker. Some factors when trading are super important and when it comes to placing a trade the security of funds is a huge issue.

With this in mind it is very important that whatever broker you are looking to trade with that they are regulated and that they segregate client funds.

It is important that brokers are regulated by a financial watchdog such as ASIC in Australia or the FCA in the UK because the broker has someone policing them then and they are not a law unto themselves.

This also gives you a financial institution to go to if something happens that you don’t agree with. A lot of Forex brokers are not regulated and if they do something you are not happy with and they are no regulated, you have no one to make a complaint to or get something done about it.

 

One of Your Biggest Trading Expenses!

The biggest outgoing expense that a trader has to run their trading business is their broking costs i,e, their spreads and commissions and for this reason it is super important that the broker chosen has tight spreads & commissions.

The other reason this is important is because with many brokers traders are getting ripped off on the cross and more exotic pairs with the higher spreads making these pairs not worth trading. This can then make these traders miss high quality price action setups simply because they were with a broker that was charging too high spreads.

Whilst the above points are the really non-negotiable must have points, there are other points that are also really important for traders to take into account when looking for their ideal broker as well.

These are all things like making sure the broker has the correct New York close 5 day MT4 charts and that the broker carries more than just the basic 20 or so Forex pairs to trade.

A lot of traders when first starting only have small amounts of money to start with and will only be able to fund a small account so it is important to know if the broker of your choice allows live accounts to open and trade small lots, because it would be a waste of time opening a live account if that new broker did not allow anything under a standard lot to be traded.

 

Using the Correct New York Close 5 Day MT4 Charts

As pointed out above; it is important that the charts that the broker uses are the correct New York Close 5 day MT4 charts. Why is this so important? Quite often the MT4’s charts will come as a six-day chart. This sixth day candle is not a full day and is normally a 4hr candle that throws out the rest of the price action chart. Because the sixth candle is only made up of 4 hours and the other five candles are made up of 24 hours, this sixth candle throws out the price action and does not give a true or accurate reflection. Instead of getting five accurate candles, the chart has a whole heap of smaller candles all over it that should not be there.

The other important reason why traders should be using New York close charts for their daily charts is because of how the timings of the candles are set up. The candles are formed in-line with how the market forms, giving a more accurate reflection for price action traders.

The daily candle opens at the start of the week when the Forex market first opens in the Asian session and it trades right through to close at the end of the week when the US market closes. This is the same for the daily close during the week. The daily candle starts/opens with the Asian session and trades right through to close when the US market closes.

Do not confuse the MT4 time on the platform with the candle closing time. Whilst traders can go in and change the platform time to anything they like, trades cannot change the time that the candles close and open. This is configured by the broker only. In other words; the broker is either a New York close charting broker or they are not. It cannot be changed.

 

Recommended Brokers For Traders Outside the US

ic markets Forex

Awesome Note! If you sign up to this broker through Forex School Online you will NOT have to pay any deposit or withdrawal fees with credit-card or any method!

  • Regulated Broker
  • Segregated Client Funds
  • ECN/Straight Through Processing (STP) Broker 
  • MT4 & cTrader Platforms
  • Accounts Can be Opened in 10 Different Currencies Including USD, AUD, GBP, SGD & EUR
  • Correct New York Close MT4 5 Day Price Action Charts
  • Good spreads
  • Forex, Major Indices, Commodities, Silver & Gold
  • Up to 500:1 Leverage
  • Start With as Little as $200
  • IPhone (including iPhone & iPad), Android, Microsoft & Even Apple Mac without the Need to Download Extra Software to Run it
  • Variety of Funding & Withdrawal Options
  • Minimum Trade Size 0.01 Lots

Free Demo Charts

 

Recommended Broker For Traders In the US

 

  • Regulated Broker
  • ECN/Straight Through Processing Broker (STP) Broker
  • Correct New York Close 5 Day MT4 Price Action Charts
  • MT4 & MT5 Platforms
  • Good spreads
  • Forex, Major indices, Commodities, Silver & Gold
  • Segregated Funds
  • Up to 200:1 leverage
  • Variety of Funding & Withdrawal Options
  • IPhone (including iPhone & iPad), Android & Microsoft
  • Minimum Trade Size 0.01 Lots
  • FIFO Rule Not Applicable
  • IMPORTANT NOTE: This broker allows you to trade the major equity index’s such as the US30 and UK100 using Microlots or $1,000 positions
  • Trade Bitcoin

Free Demo Charts

 

 

Recap

The traders relationship with their broker plays a really important role. It is crucial that you have a solid broker that you can rely on to be able to make your trades when you need to and at the best prices.

Too many traders take the attitude of “it’s only a few pips extra”, but this attitude cannot be accepted with any part of trading. Broking is the traders biggest financial outlay and as the trades become bigger and bigger those “few pips” over time begin to really add up and at the end of the year, every pip that is paid to a broker is profit that is not made for the trading business.

If you have any questions about anything discussed in this article or need any help with anything at all, then you can reach us at Contact Us or leave your questions/comments in the section below.

Safe trading,

Johnathon

 

New York Close – 5 Day Week Charts | Get Your FREE Demo was last modified: June 5th, 2017 by Johnathon Fox
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About Johnathon Fox

Johnathon Fox is a professional Forex and Futures trader who also acts as a mentor and coach to thousands of aspiring traders from countries right around the world. Johnathon specialises in helping traders reach their full trading potential by helping them master the art of price action trading and correct money management techniques. To learn more about how you can become a student of Johnathon’s and learn the strategies he uses, then check out the Forex School Online Lifetime Membership

Comments

  1. andrew says:

    whats the best broker you recommend John for people within Australia. ? I’m from perth.

    Pepperstone or ICMarkets ??

    R

    • ForexSchoolOnline says:

      Hello Andrew,

      for outside the US both Pepper and IC are solid Straight Through Processing (STP) Brokers that are not going to trade against you are play any silly tricks. They are not making money when you lose and are making money from your commissions and spreads.

      I have live accounts with both these brokers because they are NY close and as I list below in their stats, they have everything we as price action traders need. They also heavily watched for the financial watchdogs and have to segregate client funds from their own which is good for peace of mind.

      Recently Pepper has been adding markets and now has extra markets such as Nat gas, Palladium, Platinum as well as all the major indices markets and a few other commodities. Not sure if IC is looking to add these as well, but something for you to think about if you trade these markets.

      Johnathon

      Johnathon

  2. Rahman says:

    Hi,
    Can you please recommended any good broker for UK . I have been looking for a long time.
    Thanks,
    Rahman

    • Hello Rahman,

      as per the article above the broker recommend for all traders outside the US are suggested above in Pepperstone and IC markets as they literally have everything needed for a price action trader to start trading and traders can also open accounts in many different currencies including the pound and then deposit/withdraw with a lot of different methods.

      Another thing that interests a lot of traders is that traders can trade with either MT4 or C-trader and the MT4 can be downloaded onto a mac without the need for any conversion equipment whatsoever.

      Johnathon

      • fred tess says:

        do you know a ECN and STP execution broker
        thank for your answer
        Fred

        • Hello Fred,

          all of the brokers discussed in this article (Pepperstone, IC markets & FX Choice) are ECN style, Straight Through Processing (STP) Brokers.

          Any other questions just let me know,

          Johnathon

  3. How must I know if a broker has new York close 5 day mt4 and why the people in US must use the different broker to the people outside US.
    which broker can you recommend for people in South Africa? and please explain to me meaning of segregated fund.

    • Hello Senzo,

      you will know if a broker has charts with 5 day New York close candles or not by the time their daily candles close and if they have 5 candles per week or 6. Their daily candles should be closing in-line with NY each day.

      The reason we have a broker that is different for US traders is because a few years back now the US government clamped down on trading and make a bunch of strict rules. When they did this the vast majority of brokers outside of the US stopped allowing US traders to trade with them apart from a few and the ones that did still accept US traders normally had the same very strict rules in place such as max 50:1 leverage etc.

      So in answering your question; US traders are not accepted with the first broker because of what I have just explained, but they can join the second broker. This second broker is one of the very few that does not hold US traders to the normal CFTC rules because it is not based within the US.

      You should look at the first broker that is outside the US. I have accounts with both of these brokers, but for you the outside would be the best option.

      Segregated funds means that they are keeping clients funds “Segregated” away in a safe bank completely separately to all the company funds and not actually using them for other purposes they should not be; such as joining them with their own brokers funds and then sending them overseas as part of hedging.

      If you need anything else let me know,

      Johnathon

  4. Senzo says:

    Thank you Johnathon for this kind of usefull information it help me a lot but how can I found out if a broker has a segregated fund or not?

    senzo

  5. Hello Fox

    I just want to know the difference between mt4 and ctrader plantform?

    Senzo

    • Hello Senzo,

      there is not a major difference in the way that cTrader functions. It is still a solid platform to make trades, but the major differences are how it looks, feels and it set up.

      Other than the look & feel the biggest difference is that brokers can access “True Ecn” trading rather than just “Ecn Style” with the cTrader platforms with spreads starting from 0 pips. This means that you will pay smaller spreads, but commissions on every trade you make.

      The other changes of note are the extra time frames in cTrader compared to MT4, but this is not a huge deal because there is a work around.

      What you need to keep in mind is that if you are using anything like change time indicators or position size indicator or any other indicators at all that are built for MT4, these obviously wont work in cTrader as well.

      You can read about all the differences of the cTrader platform here: cTrader Platform

      Safe trading,

      Johnathon

  6. Hello John

    thank you for answering my question but I got other questions here.

    there is this broker that I tried to use and they have 6 candles a week if I tell them that I can not work with them because they have 6 candles instead 5 candles a week they telling me that once I deposits the money they can change the platform to New York close 5 day chart. I want to know from you that is it possible to change for me only while other of their client using 6 candle chart?.

    • Hello Senzo,

      It sounds like a load of rubbish, but I can’t know for sure until you tell me who it is and then I can tell you.

      Who is the broker? Some brokers can give you both 5 day and 6 day charts depending on their feed, but this is only a few major brokers and they should be able to give you this on demo as well if you want it.

      The whole reason a broker gives you a demo is so that you can try them out, you like them and then you sign on with them as a live client.

      Don’t give any broker money into a live account looking to get some service that you have not already seen.

      Johnathon

      • Elaine G says:

        HI Jonathan, reading through your site and saw this question: OANDA told me this also. I’ve been trying them out on Demo and found that their spreads are ridiculously high, even in non-news times. I couldn’t figure out how a trade had been stopped out when no daily candle had come within 28 pips of my stop. I sent an email to my acct mgr who called me and told me it was because there was a 30-pip spread! He then tried to justify that although it was over 12 hours AFTER the news event, that because it “is an odd currency pair and not a major”, (AUDUSD?? Seriously?) that the spreads extended longer after the news. THEN he quickly changed topics and tried to convince me I could “build your new career” if ONLY I opened a live account with $50. After I picked my jaw up off the floor, I told him “I already gave to charity this year”.
        He hasn’t called back… 😉
        I’m going to try out FXChoice-but I have to admit, I’ve been VERY happy with another broker (Tallinex) despite them not having 5-day charts. They DID say they are looking into implementing them in the near future since quite a few people have requested them,

      • Elaine G says:

        Hi again Jonathan, since I’ve been really happy with my non-5-day broker, (who may well implement 5-day in the near futureH; do you know any Chart services, NOT broker, that offer this? I haven’t checked yet-I will as soon as I’m done with this, but 2 examples of what I’m taking about would be TechnicianApp by ChartIQ or TradingView. I’m sure there are others out there.
        I’ll check the 2 above and let you know if I can figure it out.

  7. Harrish Sharma says:

    Dear Johnathon,

    IC Markets are charging 3% Bank Processing Fee on all deposits and withdrawals made with credit cards in all currencies other than Australian Dollar. This fee is too much for the small and new traders like me. Can Forex School Online members be exempted from paying this fee to IC Markets on deposits and withdrawals? Pepperstone is not charging such fees. Thanks.

    • Hi Harrish,

      if you sign up through Forex School Online you will not pay any fees for depositing or withdrawing through either Pepperstone or IC markets. This goes for all methods including credit cards.

      After signing up send me an email and I will help you.

      Johnathon

      • Harrish Sharma says:

        Hi Johnathan,

        I am very pleased to inform that the 3% Bank Processing Fee charged by IC Markets on my initial deposit was refunded to my account on your intervention even though I did not sign up for a live account through FSO website. This fee has also been waived for all future deposits and withdrawals.

        I am thankful to you by heart for the personal efforts taken by you to solve this issue with IC Markets.

        I am sure that FCO members will take this opportunity to open live accounts with the recommended brokers without any processing fees as clearly mentioned in the ‘Awesome Note’ on this page.

        I appreciate your willingness to help new traders not only to train them in trading but also solving their problems arising during their learning process.

        Many-many thanks to you.

        Harrish Sharma

  8. Paula Penn says:

    Hi Johnathon

    I was wondering Johnathon if you are able to keep your demo account if you open a live account.

    • Hi Paula,

      yes! A Demo account and live account are two completely different things with two different numbers.

      The other things is; you can open as many demo accounts as you want and I strongly encourage this over time. You will probably find that your demo will only last 30 days, but what you do then is take the balance of your current demo, for example; say you have managed to build your demo from $5,000 to $6,000, take the $6,000 figure and open the new demo with $6,000 instead of the normal $5,000, that way you are continually going up and down and keeping track as you open new demos.

      You just use your trade journal then for trade tracking.

      Johnathon

  9. spencer says:

    Hi Jonathon,

    I am in the states and currently using the broker Tallinex. If you could give me your opinion on them I would greatly appreciate it. I have not had any problems but do not know if they operate on New York 5 day close charts.

    Also in regard to FXchoice which account type should I choose? For example MT4 pro or MT4 classic variable.

    Thanks,
    Spencer

  10. Hi Spencer,

    I am not sure about Tallinex to be honest with you. In this day and age there are now so many brokers and white label brokers it is very hard. Individuals are literally popping up as brokers and there are now thousands of brokers around the world. I have tested a lot of them, but Tallinex is not one of them. This is not to say they are not great, it’s just as I have just said, there are many these days. To find out of they are NY close you just need to see if their daily candle closes at 5pm New York time also making sure they only have 5 candles per week and not 6.

    Whether you get the pro or classic is a personal choice. This is how most STP brokers work things. They have one account that has good spreads, but they do not charge commissions and this would be the Classic account and the other account would charge commissions, but have better spreads and that would be the pro or ECN. Completely personal choice which way you go.

    Johnathon

  11. FCA regulkation is great for UK based brokers, as they guarantee safety of funds.
    i had an account with Alpari UK, before the swiss tsunami earlier this year. my account went bust, but i later got my funds returned. since then, i look for FCA regulation before opening any account with any broker.
    my fear is neither peeperstone nor IC markets is FCA regulated.
    what is your take, John?

    • Hello Deji,

      Each country or area has their own financial regulations or financial watchdogs. The reason Pepper and IC are not regulated by the FCA is because they do not operate out of the UK. They are also. The same for other brokers not being regulated by the strict CFTC controls in the US. Once again it is the same reasons.

      Pepper and IC are regulated by ASIC which is the super strict Australia’s corporate, markets and financial services regulator. This same regulator that looks after these brokers also looks after the Australian stock exchange that is processing all the billions of dollars of trades every single day.

      Johnathon

  12. Reesa says:

    Hi Jonathon

    I’m looking at using a different platform than mt4.

    The ones I’m looking at are ProRealTime, Tradestation, Multicharts.

    Do you know of these, if so what are your thoughts

    Thanks in advance
    Reesa

  13. Juan Bete Ngalob says:

    What’s the difference between a Standard Account from a True ECN Account?

    • Heya Juan,

      most brokers have the same or very similar setup. They will have a standard and an ECN account.

      Basically it is just the two options with how the accounts are set up and how you want run your broking account.

      The standard account means you will have solid spreads, BUT will NOT pay commissions.

      The ECN account means you will get tighter spreads, BUT you WILL pay commissions and these will vary from broker to broker just like the spreads vary.

      Safe trading,

      Johnathon

  14. Do you have any experience with fxpro? Please help me if the broker is reliable in term of spread and ECN etc. Thanks much

    • Hi Prea,

      the experience I had with FXpro was quite a few years ago now when there was literally no competition arouund, they were one of the very few New York close brokers using MT4 charts. In the last 5/6 or six years everything has changed. Every man and his dog offers 5 day trading and MT4 charts.

      I know they have changed what they offer as well so I can not say any more with a honest, good and up to date review for you what they are doing now.

      You can do this though if this is the broker you have your eye on and want to trade with as you think you would be most comfortable with them.

      Do as i recommend in this lesson; Make a list of the “Major things that the broker MUST MEET” such as >> They must be regulated, they must segregate their funds, they must have NY close charts, etc, etc and all the musts that YOU NEED.

      Then if the brokers meets your list, test them. Open a very small live account to test how they are with deposits & withdrawals. This is how I found one broker lost my money and could not locate it for 50 days. This is how you learn not to go with them! Best to learn these lessons with $200 though right?

      I used this method I just gave you for tons of brokers to round down the bests ones to live test with because obviously you don’t want to be depositing and opening accounts with them all and you need a checklist to find the ones to try out.

      All the best,

      Johnathon

  15. I was suggested this website via my cousin. I am not sure whether this
    submit is written by way of him as nobody else understand such certain about my trouble.
    You are wonderful! Thanks!

  16. Sir, pls have you used forextime? Do they use New York Close 5 Day chart? Or is there any broker, you can recommend for people from Nigeria, plsss.

  17. Hi Meky,

    I am not sure about Forextime. Send me an email if you like and I will send you a list of a few brokers who do this.

    Johnathon

  18. Elaine G says:

    Just FYI: YES, TradingView DOES have 5-Day, NY Close Forex charts!!
    This was one I just did: https://www.dropbox.com/s/zldttp0gmm461iu/File%20May%2005%2C%2012%2026%2025%20AM.jpeg?dl=0

    I’ll check TechnicianApp later…

    • Hi Elaine,

      I recommend you download a free demo platform of any of the above New York close 5 day charts.

      You can trade with whatever broker you want to trade with. This does not change. Just use the demo charts to plot, watch and trade your price action using the full power that the charts offer for free.

      Johnathon

    • Doctor says:

      What about ironfx. It’s a good broker or what

      • Hi,

        when testing and evaluating brokers, I tested 30 and paper rejected almost 50 more and through this weeded out a lot of them, some who I though I would/or was going to like, but during a process of things like opening small live accounts and going through deposit, trade, withdraw finding really bad practices like money disappearing for 45 days at a time.

        There are now thousands of brokers in the market place and the vast majority are white labels or a another shop front of the big guys. I get asked almost every single day about a new broker that has just popped up.

        I cannot review them all, but I don’t need to. The reason I recommend these brokers is because of the backing they have and because of the authorities they have watching them. They are major players who not only are giving us the best prices and offers, but we know that if something goes wrong we have somewhere to go to as they are covered with financial watchdogs.

        I do say though; if you have a broker you particularity are keen on; do what I have done in the past and what I discuss in this lesson; make a checklist and test the broker out with a small live account, making deposits, withdrawals. Test out their support and check that they segregate their clients funds from company funds so that if the crap hits the fans you will be okay.

        Safe trading,

        Johnathon

  19. Robert says:

    HI Jonathon,
    Can you post a link to your screenshot of your chart that shows the New York 5 pm daily close? I downloaded the MT4 form ICMarkets. Their daily candles opens at 00:00 at the beginning of the week. This week for example, I don’t see the 8/14 date on the week or daily chart when I put the cursor on the candle. Am I missing something? I don’t know if my chart is the same as yours. Thank you

    • Hi Robert,

      you are not going to see either the 13th or 14th daily chart candles as these days are Saturday & Sunday.

      The major difference with these charts is moving away and making sure we are having correct 5 day weeks that start and open with Asia and close with New York and not a 4 hour tiny odd looking Sunday candle all over the chart throwing off the price action.

      If you need to check your chart, jump over to trade setups / charts page.

      Safe trading,

      Johnathon

  20. Langelihle says:

    Hi Johnathon,

    I would like to know how do you see that a broker is using a New York 5 day chart?

    • HI Langelihle,

      both of these brokers are NY close so you can compare off of them.

      You can also know that NY close is 5pm NY time, so Google what time 5pm is your time to see when your daily chart should be closing.

      Johnathon

  21. Newage says:

    But forex is open 22:00 gmt sunday and close 22:00 gmt friday, so this is real chart,why looking NY time close?

    • The charts open/close correct time, but instead of having 5 candles forming correctly and then having 1 x Sunday candle that only has 4 hour hours of price action information and 5 x candles of 24 hours price action information, and then having a completely lopsided chart full of inside bars and engulfing bars that are false and should not be there because of the 4 hour candles, we use 5 x 24 hour charts.

  22. Newage says:

    Hi Johnathon
    Why not choose a broker with negative balance protection,actually ASIC and FCA not much differnce,deposit can exceed more than 50k?
    Not even know what cover.

  23. Makamba says:

    Hi Jonathan,

    Does Hotforex use the New York Five day chart? Would you recommend them?

  24. David Elton says:

    Hi,
    looking at the IC markets options, would you recommend the standard or ECN for trading on your timescales? Their description would imply standard would be fine. Do you know if there is a time limit on funding the account or must you do it during setup? I’m from the UK and have played with spreadbetting accounts & their platforms, all 6 day candles. I’ve had the usual lack of success that most of your students come with. I’ve been reading your beginners course for a couple of weeks now and think I might be missing some setups due to the charts I’m currently looking at. Do you have to be an advanced (paid) student to get the zero funding / withdrawal fee bonus through your signup link? I also read that you now use MT5 but IC don’t seem to offer this yet, just state coming soon. Are you aware of any timescale for IC’s MT5?

    Cheers,
    Possible future advanced student, when the day job wage allows (UK is getting expensive!)

    • Hi David,

      check out the answer I give to Juan on the standard/ecn debate above. I personally go standard myself just because with these brokers they give us so good spreads and if you go ECN it is so hard to keep track of commissions you don’t see leaving your account and at the end of the year you can be thousands down.

      If you want MT5, just hit the FXchoice above and download their demo!

      And no – don’t need to be a member to get the deposit withdrawal offer!

      Anything else let me know.

      PS: Sorry be being a little late – has been a tricky few months.

      Johnathon

  25. Busola says:

    Hi,
    Thanks for wonderful and easy to understand training.
    I’ve heard and read a lot about forex trading and would like to get started right away.
    As I’m a beginner, do you advise if go through a broker? By that I mean give some money to a broker to trade for me or should I get professional training and trade myself. P.S I have a full time job.

    Thanks
    Busola

  26. Kamoru says:

    Jonathon,
    Does your brokers accept Nigerians also do they have representative in Nigeria? What are the means of funding of your brokers?

  27. Alistair says:

    Jonathon.
    Thank you for all that information. Re broker – I’ve tried to open an account with both IC Markets and Pepperstone, both of which for regulatory reasons cannot accept accounts from New Zealand. Vantage can, for some odd reason, but the range of FX markets they offer to small accounts is very limited, which in itself doesn’t bother me much, but Vantage spreads are significantly wider than Pepperstone and that does bother me quite a lot. Vantage also opens and closes according to European time, not US, for the same reasons that you identified – to avoid a partial Sunday bar. I don’t know if Euro v US matters or not. I also had a look at FXCM, their spreads don’t seem to be any smaller than Vantage.
    Pepperstone looked so good – great charts and a great market range!! So disappointing. Do you have any other recommendations?
    Thank you
    Alistair

  28. Alistair says:

    Re me previous comments. Not to malign Vantage, it is FXCM that have the very small market range. Vantage has a larger but not as extensive as Pepperstone.

  29. Hi Alistair,

    yes things have changed only very recently for NZ traders and I am not sure it this is going to be permanent by it is from your government and so I am guessing it probably is not going to change anytime soon, which sucks really as they have just taken away a couple of great brokers.

    The first thing is; spreads and commissions are important very much so, but what is crucial is making sure that you have a broker that is not saying they are offering you one thing and the dealing you shadows in reality.

    You need to make sure you have protection and someone like an authority to make complaints to and you need to make sure the broker is segregating yours and other traders money away from their own!

    Then you look at the other things I talk about above as well.

    I highly recommend for you to read the lesson above – NEWS search recent news of brokers you are talking about in your comments and then test what you like.

    Safe trading,
    Johnathon

  30. Alistair Babbage says:

    Jonathon.
    FX Choice Live Chat says they will accept NZ accounts. Do you see any problem with that? I was puzzled by your US only recommendation for FX Choice.
    Thank you
    Alistair

  31. Hello Alistair,

    FXChoice is not a US only, anyone can join them. But like you (I am guessing you are from NZ – they cannot join IC markets or Pepper) – so they need something else).

    US traders had with their tight restrictions of margins and other strict rules a few years back – similar to yourself and unless IC and Pepper move over to NZ and open licenses on country…? You have to make best with what you have got.

    A broker like FXchoice which I think is one of the last left – takes US and now NZ traders and is not restricted to the same rules. US traders can get more than the normal 25:1 margins.

    Safe trading,
    Johnathon

  32. John B says:

    Hi Johnathon,

    I have a question on FX Choice and live chat was not that helpful. I asked if they used the NY close and the only thing they could tell me was they were GMT +3. Now that would put them 3 hours ahead which is not a NY close. They also stated they change to GMT +2 later in the year (I assume daylight savings). So does FX Choice use the 5 Day NY close for real? Why wouldn’t the chat know this or did they change?

    • Hi John,

      FXChoice are NY close.

      GMT = Greenwich Mean Time is a standard time everyone can use and it is going to be different for different parts of the world, for example it may be 6am in Australia but 9pm in the UK when it is GMT3 as a random example.

      As daylight savings changes brokers change either forward / back to stay inline.

      Johnathon

  33. Johannes says:

    Hi Jonathon Fox I would like to join IC Markets through forex school online please assist me thank you.

  34. I can see you are in your way Johannes, but if you do need anything or get stuck with any questions, let me know.

    Johnathon

  35. Daryl Simmons says:

    Join please tell who you think this new yorker could use as a broker i would really love your input

  36. Hi Daryl,

    FXchoice is the one. As I list above the take US traders, are regulated and have a heap of markets. If you need anything let me know.
    Johnathon

  37. Obijuru gift says:

    Hello Jonathan, am just a new member of ur school. What is the advantage of opening a demo account rather than opening a live account.

  38. Hi Obijuru,

    there is no advantage of opening a demo account. If you know the broker you like you should open a live account.

    If not test them out.

    Johnathon

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