Which Forex Broker Should You Use?
In this weekly video:
00:29 – Which broker should I use?
01:03 – I use Pepperstone, AxiTrader, Go Markets and Blueberry Markets
02:12 – ASIC Regulated brokers
02:30 – Oanda and Traders Way are the 2 brokers I suggest for US traders
03:55 – A new Trade Copier Service is now available
Which Forex broker should you use and why? It's an important subject. Let's talk about that and more, right now.
Hi, Forex traders. Andrew Mitchem here. The Forex Trading Coach video and podcast number 234.
Which broker should I use?
Now, a day doesn't go by without me getting a handful of emails asking me, “Andrew, which broker should I choose? This broker's not been fair to me. I can't get my money from that broker. I've read bad reviews about this broker. Who should I use?” So I can't tell you actually who you have to use. That becomes your choice. What I can tell you are the four brokers who I personally use with my own funds. I've been with them for a number of years. I like them, I trust them, and they're working well and I've sent a lot of people to them. But still you need to do your own due diligence and it needs to be right for you.
I use Pepperstone, AxiTrader, Go Markets and Blueberry Markets
If you're in America, there are two other brokers I'll mention shortly, but the four brokers who I personally use are Pepperstone, AxiTrader, Go Markets and Blueberry Markets. Now all four of those use the MT4, MetaTrader 4 platform. All four of them have the correct 5:00 p.m. Eastern Standard Time, that's New York time, start of day charts. So they all open a new day on the charts at 5:00 p.m. American, New York time. Really important that you have that on your charts, regardless of who you choose as your broker.
And what I've done is, I'll put a link below this video to the page on my site where you can go and find out more about those four brokers. If you're listening to the podcast, you can then go to forextradingcoach.com, click onto the products page, and then drop down to the Forex brokers page. So, once again, Pepperstone, AxiTrader, Go Markets and Blueberry Markets. To be perfectly honest, there is not a huge amount of difference between all four of them. All four are based in Australia. I'm based three-and-a-half hours away in New Zealand. So I'm not doing it because they are in the same country, which they're not. They're not even close to me.
ASIC Regulated brokers
The reason I'm using them is because all four, in my opinion, are good brokers. They're regulated in Australia, which is quite a high, strict ASIC-regulated area. And I've been with them for a number of years. You can have your accounts in various denominations. If you happen to live in Europe or somewhere else that's not close, doesn't matter, because they have servers in different countries around the world.
Oanda and Traders Way are the 2 brokers I suggest for US traders
If you are in America, then the two brokers who most of my American clients use are OANDA and Trader's Way.
And with all six of those brokers, I'm not endorsing them. You will find negative comments about all of them. Wherever you go, you're always gonna find people who get grumpy and get upset and blame the broker for losing trades and widening spreads and all this. What I'm saying are these are the four brokers who I personally use myself. I've never had an issue with them. And the two American brokers, OANDA and Trader's Way, are the two brokers that a lot of my US clients use and seemingly like.
And so have a look at them, do your own due diligence. It's really important. It's your money, you need to be comfortable with them. It's not just because I say they're good, you have to be comfortable yourself. So go and do that due diligence and do some research on them, but don't be surprised when you see negative comments about certain brokers. I get negative comments about myself and my coaching course, but having said that, I've got the overwhelming vast majority of clients over the last eight plus years who have done exceptionally well from the coaching course. You're always gonna find negative comments from some people. As the phrase goes, you cannot please all the people all of the time, and you can try your best but you can never please everybody. So have a look into that. I hope that helps. As I mentioned, there is a link below this video.
A new Trade Copier Service is now available
One other thing just to mention this week, and I'll put a link also below the video, to mention that a trade copier service from one of my very best coaching clients has gone live. If you're interested in having your account 100% automatically copied using this master account, then it's something to have a look into. It's an exceptional service and I really strongly recommend it. And again, have a look at the link below this video. If you are listening to the podcast, go to forextradingcoach.com, go to products, and then drop down, you will see a signal service trade copier button there.
So once again, this is Andrew Mitchem, the Forex Trading Coach. Have a great weekend. I'll see you this time next week.