I am looking at these brokers

[Nowler]

Hey folks,

I am considering trying out a new trading broker.
I currently spread bet on FX and Commodities and am willing to change to Futures on FX and Commodities.

Does anyone have any opinion from experience from the list of the following:

- ETX Capital
- InterTrader
- CMC Markets

Perhaps you have one you would like to add for consideration?

What I want:
- Low minimum deposit
- Competitive spreads (including during news releases)
- Competitive overall trading costs

Thanks

 

[Dowser]

CMC Markets has a very good browser based platform IMO and competitive spreads. Though personally I'd choose a broker who offers either MT4 or Prorealtime. I'm trying GKFX at the moment - best spreads on the DOW (1 point Pre-market and cash)

 

[Visaria]

For commodities, the cheapest spread bet firm is Prospreads imo.

 

[mpups]

I like that InterTrader have market neutral execution and no dealing desk. I know Prospreads have direct market access so that one springs to mind. I dont have experience of either of these companies but they look interesting.

I've used City Index SB for about 3yrs. I like the AT Pro downloadable platform but it has its annoyances. I've stuck with it cos it basically works for me. I want to start using MT4 soon though (unless there is a better option), it seems to function a lot smoother for a chart person. Ive plugged in the demo and been getting used to the buttons. I could change provider too if I decide to.

I have used ETX who have a nice enough platform, and IG who have perhaps have one of the best web platforms (and also Prorealtime which is a very slick). The IG web platform has been updated recently and its even more refined - I am tempted to use them again but im not in a rush to move anywhere.

 

[Brumby]

What I want:

- Competitive spreads (including during news releases)

Does competitive spreads exist during news event? If it does, I would like to see the research data in support of it. A news event if it is a risk event will by default result in a widening of the spread until the uncertainty is resolved. Spread bet houses just mirror the spread that arises from the spot market. If your spread tolerance is outside your band during risk event, the best thing to do is not to trade until the spread is normalised. Typically this should not take more than 5 mins.

 

[Nowler]

Thanks for the suggestions folks. I will check out each of them.

I have noticed that a significantly large number of traders state MT4 as their preferred platform or are planning to use it. Why is this?

What makes MT4 so good?

I when I opened up this mini live account with Oanda, they gave me a 2 of their own accounts ("Primary and Spread Bet") and a MT4 account. I began using their own one and that's where I stayed for 2 months before I tried MT4...I just didn't like the change in platform execution while I was trying learn how to trade, so quickly went back to what I was familiar with. Plus Oanda's own chart has economic news releases icons (countries flag) at the bottom. So a quick glance lets me know the runway is clear for take off and gives me an idea of how likely my trade is to run into another new release.

I draw horizontal and diagonal trendlines and then apart from that, just the general well known indicators which are pretty much common across the board. I know they are well suited the Expert Advisors/Bots but I am nowhere near that dimension of trading yet.

 

[Nowler]

Does competitive spreads exist during news event?.

I just mean that I would rather trade with the SB broker which offers consistently lower spreads than competitors during events than one know to be the widest spreads during such events.

I suppose that it doesn't actually matter because them widing at all is the problem, how wide just adds insult to injury

 

[mpups]

I have noticed that a significantly large number of traders state MT4 as their preferred platform or are planning to use it. Why is this?.....What makes MT4 so good?...I know they are well suited the Expert Advisors/Bots ...

I am currently still just testing and getting used to it. I have grown to like the way it functions - this is just a personal preference though. The prospect of using EAs is also attractive but I have not even tried one yet. I like the idea of being able to potentially change brokers and still use a platform i am used to. You can use whatever platform suit your requirements, as you said.

 

[Nowler]

I like the idea of being able to potentially change brokers and still use a platform i am used to.

Good point