The broker I chose is called Armada Markets. So far from their demo accounts they seem very promising. If the demo account reflects what the live version represents (and Armada claims that it does), then their spreads look fantastic, and their no minimum TakeProfit or Stoploss will be a very welcome addition to trading system.
I will say that Trading Point did offer good customer service, and was willing to help me with my trading. I even believe that their spreads are adequate, but I cannot over look the minimum TakeProfit and Stoploss they apply to every trade.
What this means is I can't make 10 points of profit (this is after I've covered the spread) with a TakeProfit. I would have to manually exit my trade if I wanted those 10 points, which means I would have to constantly watch the price in order to catch those profit points.
Same goes for stoploss. If I wanted to put my stoploss 10 points below/above my entry point they wouldn't let me. I would have to put at a minimum of X amount below/above the entry price (the minimum depends on the market, but it can be anywhere from 10 to 150 points).
Keep this in mind when choosing a broker:
- The lack of freedom from choosing your own TakeProfit and Stoploss levels will result in losses
