The Search for a Broker begins:
So, woke up to two emails confirming my acceptance into FXChoice and TradersWay, Wonderful!
I decided to fund both accounts and the options they gave was what they have available and also what I could use, I don’t have bitcoin so that’s out of the question and or
OANDA – What An Experience!!!
So I have to list OANDA first because I was told that Trader’sWay play games with your pips by delaying them. I didn’t want that hassle so I got a recommendation from my team to try OANDA. Within minutes, I was setup, deposited, automatically given a demo account and was ready to trade. I don’t know what their drawbacks are yet but don’t waste your time with others if you are hoping for speed and efficiency.
***UPDATE*** It’s only been a few hours and what started out as a loving relationship has now turned into a liking relationship. Their website begs to be improved, the user interface and experience once logged in is terrible. I had a hard time finding my way around to get my NT4 username, figuring out what the password was and then had to get on the live chat to sort out the rest. There was no indication that you have to logout of the live account in order to login to the practice account and then create a new MT4 account type inside of the practice account arrrggggg. Makes me upset thinking about it all over again. However, I still think that hands down they are still the best choice for US residents wanting to setup their broker’s account (soon).
Trader’s Way Experience – YAY:
Let’s just say that the Trader’sway experience was way better than FXChoice because of the ease of deposit, verifying transaction into your financial institution’s account and being able to make that deposit the same day. Please note that you more than likely will have to call your financial institution to approve the deposit so that it does not get declined once attempted.
My account was fully funded within an hour, or less, from start. NOTE: You need to be careful with the deposit bonus that they offer. I did not take the bonus because I read online that there could be issues when it comes to withdrawing your funds. True or not, I’m playing it safe and using what I have since I’m new to this. Maybe in the future I will take them up on their offer when I need more leverage and withdrawals is not an issue.
FXChoice Experience BOO!:
So, the option that I had with FXChoice was to use a service ePayments at ePayments.com which I never needed to use before in order to complete my transaction. After registering for my account there I had to submit identifying documents, to prove who I am, as well as proof of my address, which should match the identity document. This process was very annoying but it is something that had to get done. So, step after grueling step I submitted and approved and re-submitted everything that I need to and patiently waited for my approval.
I have decided to put my deposit / transfer of money on hold into FXChoice until I have some experience with the others and when my trading experience grows I may want to try some other type of trading with this account.
After going through that experience, I was given a URL that gave 6 crucial things to consider when choosing a broker. I did not receive it in time but hopefully it can help you in some way.