OK, you know the brokers that I use because I have shared them with you in the live trading section. For
this course, I used OANDA, but I usually get this question: "What if I don't want to open an account
with Oanda?".
Or sometimes people can't open an account with OANDA because it doesn't operate in all the countries.
So students ask me: "Can I use another broker?".
Of course you can use the broker that you prefer. If you already have one and you're doing fine,
stick with it.
There's no reason to change your broker. Anyway, in my beginners' course on Forex trading, I created a
lecture to suggest some alternatives to OANDA.
I'm going to share part of that video here because I think it can be helpful for you.
The best thing to do in this case is to use a website that I have already mentioned:
forexpeacearmy.com.
You can use this website to check all the reviews of other users but you can also use it as a tool
a tool to create a list of favorite brokers that you may want to try.
Here I am on the home page. If you click on reviews, you will have a page like this, where you can select
all the filters that you want to apply to have a list of brokers to consult.
For example, I want to see only Forex brokers, so I'm going to apply this filter. Then,
I don't really mind the about tags but maybe you want a broker that has the MetaTrader 4, for instance,
so you can click on it.
Here we have more filters,
I'm not going to select them.
Then we have the rating.
I'm going to select from 2 to 5 stars because there are some good brokers that have 2.7
or 2.8.
Sometimes people approach Forex without any kind of knowledge or experience,
they lose money and they blame the broker.
So I don't want to consider only Five-Star brokers.
I want to have the chance to evaluate some other brokers.
Let's say that I'm not going to consider anything under 2.5.
So, as you can see, it is quite easy to set all the filters and create a list of brokers to consider.
You can also browse more filters.
I'm not really interested in these two, so I'm not going to select them. After this, you can click on apply
filters and now you have your list of brokers based on what you're looking for.
The first three will probably be advertisements, as you can see from the small orange box with AD
in it. Then, if you scroll down, you will find the brokers that satisfy the conditions that you have set.
I would recommend to have a look at brokers that have at least 40-50 reviews like this one, AccentForex.com
.
So you have many options here.
Make sure that you don't rely only on what other users say on Forex Peace Army.
You also need to check all the other factors that I have indicated to choose a great broker.
First of all, the regulation. That's pretty much about Forex Peace Army
I have also selected other three brokers that
you may want to check if you can't or just don't want to open an account with OANDA. The first one
is Interactive Brokers.
I have to admit that I have never tried this broker but I will, because I particularly like the fact
that it has all the regulations and the reviews are not so bad.
Also, many traders that ask me for an alternative to OANDA are from Asia, especially India or East Asia anyway.
If you scroll down you can see that this broker has many branches and some of them are in Asia.
The headquarter is in the United States and you can check all the details and authorization. Then there's
a branch in Canada, another one in Australia, another one in U.K. Then in India, Japan and Hong Kong
as well.
So it is definitely an interesting broker and a valid alternative to OANDA. Next broker that I have chosen
is Blackbull Markets. The best quality that this broker has is the transparency. All the information
are available on the website,
you just need to find what you're looking for.
I usually check the company first and then all the other information.
If you scroll down you can find all the details about the legal address, the authorization and other
things.
So I can see that this broker is in New Zealand.
But it also has a branch in United Kingdom.
Once again, traders from Hong Kong or China or whoever can speak Chinese will be happy because this broker
also has a Chinese version.
Here we go.
Let's wait for the page to load.
And here it is
the Chinese version.
Well, not that I can understand something. Last broker is ATC brokers.
This is one of the best brokers I have ever seen.
It was my favorite broker years ago,
then it had some problems, especially with American users,
but it came back stronger than before and it is again one of my favorite brokers.
I also have an account with ATC.
You can have a look at the home page to find some important information.
The spreads are very very low.
Then if you scroll down you can see that they are regulated by the NFA and, once again, if you want to
have a look at the legal address and other regulation, you need to go at the bottom of the homepage and you
will see that it is an American broker and they also have a branch of United Kingdom and many other
things.
OK, so now you have three valid alternatives to OANDA
and you also know how to use Forex Peace Army to look for a good broker.