Best for FX

Best for FX

  • Spread betting

    Votes: 11 20.8%

  • Oanda

    Votes: 21 39.6%

  • Interactive brokers

    Votes: 5 9.4%

  • FXCM

    Votes: 1 1.9%

  • Currenex

    Votes: 7 13.2%

  • GFT

    Votes: 1 1.9%

  • Saxo bank

    Votes: 1 1.9%

  • Other

    Votes: 6 11.3%
  • Total voters
    53
wasp

wasp

Legendary member
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So,

There is more and more SB complaints now and with 'Ariel communications' link via the 'am I barking mad' thread and numerous queries regarding platfoms in the cable thread. After a nightmare afternoon with CS this afternoon I have to decide on a new broker.

Problem is, which one. Et voila, a poll......
 
You took the words right out of my mouth, that' exactly what I was going to ask....

I only know about SBing so can't comment.
 
would be nice to read some reviews of the live currenex platform.

i've tested the demo with mixed results, i've seen the spread over 40 pips at times!!!

btw, currenex is just a front end.

liquidity & execution depends on the broker.
 
Or better yet, comparisons of Currenex, Lava-FX, Baxter-FX, Hotspot-FXi and FXall by people who have tried two or more of them in real trading.

And comparisons of Prime Brokers for these platforms, which of them get you access to the most liquidity providers, who is least and who is most expensive on their commission rates.
 
From what I have read Oanda's only/biggest problem is slippage and widening of spread at announcements.

Are there any other issues and does the slippage cause anyone much of a problem really? At the moment with CS I just have to re-try a trade and that can mean 20 pips missed so I don't think the slippage will make me any worse off.
 
Is this retail or Institutional business? If institutional 90% of those platforms you have listed cannot be included in the list as they dont have the liquidity.
 
Not being funny target... but he wouldn't have listed them then would he if he was asking about institutional...

Would imagine most users of this site are retailers... I could be wrong of course
 
Priceman said:
Not being funny target... but he wouldn't have listed them then would he if he was asking about institutional...

Would imagine most users of this site are retailers... I could be wrong of course[/QUOTE

Im sure your right but thought Id make sure!

I just see many comments about different platforms about spreads etc and not a lot of people know what they are talking about..comparing apples and oranges...an ex trader could have used Currenex on the institutional side and found it great for liquidity but taking it through a broker the spreads could be very different ....

tks for your reply anyway.
Click to expand...
 
Can anyone tell me the advantages if any of trading currency futures V spot through the likes of FXCM, Oanda etc?
 
mike46 said:
Can anyone tell me the advantages if any of trading currency futures V spot through the likes of FXCM, Oanda etc?
Click to expand...

currency futures is a regulated market, spot is not.

with currency futures you are trading directly in the futures market (unless its a false synthetic garbage indicative price set by a bucket shop).

FXCM & Onanda are both bucket shops and your order is with the broker on "their indicative price" which is not the "spot interbank price").

currency futures typically have a better bid/ask spread than the spot interbank market. You pay a commission (which adds a virtual 0.5pip to the bid/ask), however it still usually works at cheaper even with a market order.

re:markets orders, in a futures market you are guareenteed a fill in a volitile/fast moving market. FXCM may lock you out completly (even if you want to exit a losing position), Oanda will just increase the spread massively even before the event because thier price feed lags the real market, and even though the real market will have wider spreads during this time, Oanda will leave the widened spread for longer than "normal". That said i have also noticed that the futures market can be even more erratic (and risky) during major news events than the spot market.

want to sell the "high" & "buy" the low? well in currency futures you can sell the ask & buy the bid (and pocket the spread, just like a market maker). you dont have this option with FXCM or onanda, since you always pay their them their spread. I only know one "retail broker" that offers this option for trading spot FX (as well as futures).
 
Last edited:
Targetpractice said:
sorry eg...FXCM uses currenex for institutional clients so including Currenex in the list is wrong...
Click to expand...

PropFX (a division of FXCM) uses currenex, and is for professional active traders. SO you dont have to be an "institution"

However, you do typically need US$50K to use this platform. So its not for the start-up retail trader either.

Regardless, there are many other brokers who offer currenex (as a front end. not just PropFX).

Such as http://www.capitalforex.com/bankPortal.php

....who also run that crappy Spread Betting company called capital spreads (LOL Wasp!)

http://www.londoncapitalgroup.co.uk/
 
Last edited:
martin brown said:
currency futures is a regulated market, spot is not.

with currency futures you are trading directly in the futures market (unless its a false synthetic garbage indicative price set by a bucket shop).

FXCM & Onanda are both bucket shops and your order is with the broker on "their indicative price" which is not the "spot interbank price").

currency futures typically have a better bid/ask spread than the spot interbank market. You pay a commission (which adds a virtual 0.5pip to the bid/ask), however it still usually works at cheaper even with a market order.

re:markets orders, in a futures market you are guareenteed a fill in a volitile/fast moving market. FXCM may lock you out completly (even if you want to exit a losing position), Oanda will just increase the spread massively even before the event because thier price feed lags the real market, and even though the real market will have wider spreads during this time, Oanda will leave the widened spread for longer than "normal". That said i have also noticed that the futures market can be even more erratic (and risky) during major news events than the spot market.

want to sell the "high" & "buy" the low? well in currency futures you can sell the ask & buy the bid (and pocket the spread, just like a market maker). you dont have this option with FXCM or onanda, since you always pay their them their spread. I only know one "retail broker" that offers this option for trading spot FX (as well as futures).
Click to expand...
Thanks Martin, that was very useful. I wonder though how far away from the interbank rate the forex brokers and futures prices are? I can imagine differences for a few seconds especially during high volatility, but surely arbitrage would take care of those. I think I'm correct in saying the futures price is based on the interbank rate. The reason I ask all this is because I read a message from a famous and well respected trader in the US who really roasted the forex brokers accusing them of taking peoples money !! I use FXCM and personally have never had a lockout situation and they do maintain their spread. I agree Oanda take the spread out massively especially when people try to trade breakouts on a news event. I have also had lockouts with them.
 
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