Trade forex with XM, Exness, Oanda, Rakuten Securities Australia, XTB and Tickmill and OctaFX

logo xm broker legit or scam
XM logo

Well, this is a continuation of my previous story after trade binary options with Olymptrade and IQ Option.

Btw, because I was interested in forex, I just started learning from the basics, choosing a broker, and also learning to use a trading platform (such as MetaTrader).

Finally, the choice to try a broker, and what I tried for the first time was XM (xe market)

XM itself is good for trading where orders quickly executed.

I feel a significant difference from when trading forex at the OlympTrade broker.

The logical reason for that was when I chose the XM broker because the Alexa rank was thin, and it looked good.

Another reason is that the broker has many members in Asia, and besides that, I see that the broker regulated by FCA, CySEC, and ASIC (Before I did not understand the regulator mean).

Like when trading in binary, trading on my XM is also with sufficient capital and at least. I tried a few times and often hit by a Margin Call.

Btw because MCs are often standard/mini accounts, then try another type of account, the Ultra-Low account.

For an ultra-low account, I deposit a minimum of 50 USD. But behind the minimum deposit, the spread on the ultralow account is very thin (though not as thin as in the Zero account with the commission).

I then deposit the account, then I trade and it turns out that I can profit little by little. But apparently, I just tried to trade in another spot (OIL WTI) where at that spot I exposed to MC :(

After trying the XM, I then tried another broker, namely: Rakuten Securities Australia and Oanda.

The reasons for choosing the two brokers are clear that Oanda is arguably the king of regulations where most of the bona fide regulations Oanda has, including regulations from the United States which are arguably very difficult to get (NFA and CFTC), also owned by Oanda.

Besides that, the reason for choosing the Oanda broker is that I heard that the broker is available for deposit options via PayPal. So, I chose the broker because I have a Paypal balance because of blogging. :)

As for the reason, I chose Rakuten Securities Australia because it regulated by ASIC, and it also considered this RSA reliable because it sponsored a Spanish football club, namely Barcelona CF.
logo Rakuten broker legit or scam
Rakuten Securities Australia logo

Besides, RSA is also a branch of Rakuten Securities Japan, which regulated by the FSA Japan and is a well-known broker in East Asia (especially in Japan).

To register at the RSA is fast, and for the deposit is also easy because it can directly bank transfer via internet banking (paytrust88), almost like an Olymptrade deposit. However, deposit options via Fasapay are not available.

Well, for registration in the Oanda brokerage very complicated and arguably the most complicated among other brokers I've tried so far.

Besides the registration time, there were lots of questions in English (because Oanda did not support the local language), finally while understanding little by little it was over.

It's already similar to an interview on the Oanda list because it's so complicated.

Apparently, it does not stop there, after that it has to wait for verification and also upload ID and also (residence address document) such as Bank E-Statement.

After waiting a long time because Oanda's CS was less responsive.

After waiting, the document turned out to reject because the document used the local language, so I had to translate it first.

I then translated the document and then I uploaded and sent the results of the translation.

And it turns out after I sent the translation it turned out that asked was the sworn translation. So that my document rejected again, wtf!

And they recommended a sworn translation from one of the local translation services because it obsessed me I ended up using the local translation service and had to spend around 15-30 USD.

logo Oanda legit or scam
Oanda logo

And the results of paid translations are almost the same as those translated by Google Translate, but the difference is that sworn translations have the stamp and signature of the person who translates.

After waiting for the order for a few days and getting the results of the translation sent via email, then I immediately uploaded it to the Oanda site.

A few days later, my account verification received and ready to deposit/fund the account.

And this makes me very disappointed. Apparently, there is no PayPal option on Oanda.

After I saw that PayPal only supports Oanda, which based in Singapore.

While my account entered the territory of Australia, which ASIC regulated. Apparently, there was no PayPal deposit option. :(

It disappointed me and emailed several times wanting to move to Oanda Singapore, and found a similar response, where the country where I lived managed by Oanda Australia.

I was also surprised because I saw that there were forums listed in Oanda and entered the SG region.

After registering at Oanda, I also registered at another broker, this time a broker originally from Poland, namely XTB.

logo XTB legit or scam
XTB logo

At the beginning of the XTB broker, I was interested because many haves reviewed that this broker is a broker that can accept deposits via PayPal.

I immediately lost in this broker and it turns out I like this broker.

What I applaud from this broker is that the CS response is quick, at the beginning of my list, they rejected me because my ID card is invalid where it has expired. They asked me to upload another document, but I said there was none, then I emailed and explained the problem.

Then I emailed XTB and explained that my ID in my country of residence remained valid even though the validity period had been inactive.

By attaching my ID card and bank statement (data previously used to register on Oanda) and sending a news site link explaining that my ID is still valid.

And then, finally, my account status verified. After I opened the deposit option, it turned out that PayPal was no longer available. And I then created a Neteller account for a deposit at this broker.

Btw, I am very interested in this broker because of the xStation mobile platform that suits me.

On that platform, there is also a trading calculator available where I feel this platform is very good.

Compared to the Oanda (fxTrade) platform, honestly, I prefer the XTB (xStation) platform. A plus on Oanda's platform is the availability of timeframes under one minute.

XTB broker is a good broker, even one of the forex sites (Investopedia) and also Broker chooser assesses if XTB is a very good broker and the best CFD broker.

Finally, the dream of using a PayPal account balance has disappeared, and finally, the balance disbursed to a bank account and for trading capital as well.

After disbursing it a bit sorry, too, it turns out that the most famous True ECN broker in Australia (IC Markets) supports deposit via PayPal.

Oh, I almost forgot. I also have experience when trading at Exness broker.

I tried Exness because I thought this broker was popular. I tried on Exness, I tried many accounts and changed emails too.
logo Exness legit or scam
Exness logo

Exness broker is a good broker for order execution, it's just that I don't like the appearance of the website.

I have experienced a bad incident in this broker, where when I open a position in the DE30 index when my position is open then the pair index disappears and I cannot close the position when the profit is.

I contacted the CS and there was also no solution to close the position until the account finally got an MC. The incident very surprised me, maybe this was one event that made me have to be more careful when choosing a broker.

Btw, at Exness broker this is the first broker I felt withdrawn. Yes, here I have experienced Withdraw for the first time and I am also surprised that WD on Exness is lightning fast.

You could say that WD is instant because we only enter the amount that will be in WD, then I can text to my telephone number about WD's request, and the dollar directly got to my e-payment.

After trading on Exness I focused again on XTB broker where this broker is a broker that is very suitable for me, (I am not an IB broker).

Again, CS's response at the XTB broker was quick. When I wanted to change leverage, it was also served quickly enough by CS.

To change the leverage you must pass CS because the Client Area is not available, change the leverage menu.

I don't know whether this broker is good, but I haven't seen whether this broker is good when WD (because I have never been to this broker) because of frequent losses

But what I know for WD at this broker is draining because if WD, they will charge with 30 USD commission when less than 100 USD, but if it is above 100 USD the fee is free.

But here's the problem again, that they still charge this broker to us.

Well, that may be one reason I later want to leave this XTB broker, because besides WD can only be through bank wire (which cuts a hefty fee), it also includes spread on this broker is thick.

Therefore, although I feel quite enjoyed in this broker, after a long time the stress is also because of wide spreads and also often widening (similar to spread at the Oanda broker) which can sometimes stretch.

Well, lately I also tried the Tickmill broker.

logo Tickmill legit or scam
Tickmill logo

Tickmill choice because it is the cheapest in terms of commission. Which is equal to 4 USD / lot (each open position). Well, at Tickmill itself the initial deposit is 100 USD.

At the Tickmill broker, even though the commission is low, the spread can compete. Even if you look at the total cost of the spread + commission at the Tickmill broker for the pair, EUR / USD and XAU / USD is quite cost-effective ...

Keep in mind that the pair is one of the favorite pairs of traders. Either believe or not that the pair (especially Gold) is most often analyzed by people in any forex groups.

But to be honest, I have traded most recently on Index. Btw it turns out that Index moves as scary as Gold.

Well, Tickmill is popular because it is affordable and easy to deposit/withdraw. But unfortunately for my region could not choose Tickmill, which was FCA regulated and could only register under CySEC and FSA SC regulations.

Even though this broker is well, but for the safety of the funds, it can't guarantee because they include it as an offshore broker (although some brokers mentioned above are also offshore).

But we cannot deny it if this broker is a recommended broker even if viewed in terms of age, this broker is including a young broker.

Oh yeah, this brief story in the broker is also a broker where traders account is used to being at the Armada markets broker. Armada Markets is one broker that is popular and reportedly only serves institutional traders.

Those are some brokers that I have tried to make real accounts. Henceforth, if I will try the broker again, maybe I will post it again in this blog ... Btw, for now, I am interested in several brokers, including FP Markets, IC Markets, CircleMarkets, and Trade.

Btw, for my region, most of the brokers provide branches in offshore countries, for example in the country of Belize, Malta, Seychelles or in Cyprus. Maybe because in that country they can develop their business where the tax in that country is easy, to get regulations that not too complicated (does not have to be big capital), and there are also more flexible rules, for example, it can use more 50: 1 leverage, may hedge, and not bound by FIFO rules.

Therefore, do not surprised if a large and bona fide broker is now also following in the footsteps of building offshore branches. What we need to pay attention to is what it also registers in the offshore country.

So, brokers in offshore countries have their own advantages although in terms of security it is not as strict as the rules of the FCA UK, which dares to compensate up to 50,000 USD to clients if the broker concerned goes bankrupt.

Those are some forex brokers that I have tried until I write this article. Of the several brokers I tried, all of them are good and trustworthy brokers. There are no significant obstacles when trying to broker and even if I lose, yes because I'm still a newbie and still need to learn more.

Btw, of all the brokers above I am nostalgic again with my first broker, hehe. Previously, because my account not used for a long time and now I want to trade again in the XM broker hehe, the reason I want to go back to trying XM broker is that:
  • I have experienced a lot of losses, so my capital limited so I prefer to XM with low minimum deposit, actually, from the broker, there are Exness and Oanda but somehow I prefer XM hehe
  • The second reason is that the XM deposit is easy, in my country now XM already supports transfer via a local bank so it's easier (actually Tickmill and other brokers also now support, but for reasons no. 1, so choose XM). Usually, I use e-payment which is often subject to a lot more cuts using a wire transfer.
  • The last reason, I realize I've lost several times for weak margins. Therefore, I am interested in the XM micro account. Of all these brokers, I think Tickmill is a broker with cheap commissions and very thin spreads. I think Tickmill is a good broker, but somehow I am too greedy trading there, especially there is no micro/cent account. So, for now, XM is the most enjoyable for me. (each person is different)
  • Well, this is also one reason. Somehow I dislike the commission even though you could say the commission is more profitable because the spread is low and when calculated the total commission account is also more profitable. However, now I like accounts without commissions because I can see in the platform directly my profit, whereas if there is a commission usually can not see directly hehe. (Everyone has different opinions)
Well, if I have a problem with the XM broker later. Maybe I'll post it here ... hehe.

Btw, I'm not the IB of XM and I'm also not sponsored by a broker. I'm just writing here what is on my mind. I also have no affiliates and referrals from any broker, so I don't put a link to a particular broker.

I have a problem after I try XM in 2020, and I write that in this post XM become a scam broker in 2020? Bad rating on Trustpilot and Forexpeacearmy. It is my knowledge after trying this broker again.

Because disappointed with my first and last broker on XM. Finally just want to try OctaFX broker. The main reason I chose this broker is because of the ease of deposit and swap-free and because it supports the cTrader platform with a low minimum deposit.

I want to find new experiences using other trading platforms besides Metatrader. In addition, OctaFX broker provides a swap-free account that can be used by non-Muslim traders. Where most brokers are usually a no-swap account is limited and can only be used by Muslim traders with certain conditions.

Although you could say this broker is an Offshore broker, but hopefully I'm comfortable in this broker ... hehehe and hopefully this can be the last broker I tried. :)
OctaFX broker logo
OctaFX broker logo

Thank you for reading this boring story. But I can guarantee it that this story is a story I experienced myself and only my opinion.

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