T2W guide to FX brokers

[igual]

A bucket shop is where when you place a trade the company you place it with is taking the opposite side of the trade so they are betting against you. Here is a link with over 100 reviews of GFT:

GFT

Here is another link with over 100 reviews of forex.com:

Forex

Both of these companies are bucket shops. There are very few forex brokers that are not bucket shops but Interactive brokers, MB Trading and EFX are what are known as ECNs. They do not take the other side of your trade and place you directly into the market place. They also do not set a spread and take a commission instead but because they reflect the true market then you can get slippage and the spread can be more than a bucket shop although this is unlikely.

If you still wish to use a more reputable non ECN then IG Index is as good as it gets in my view


Paul

Thanks Paul, great info and quick too. That'll give me something to waste my sunday on

So, assuming I'm going to make a steady profit and do this for a living am I better off using IG or moving onto an ECN. Or should I start with IG and move on when I am establised and making huge returns!

Thanks

Nick

 

[igual]

Are all these companies, (GFT, Forex etc) just spread betting companies then?

Thanks
Nick

 

[Trader333]

I suggest starting with IG because you can have much lower deposits than with an ECN. If you find that you are successful then make further decisions at that point. IG have very good charting facilities in my view.


Paul

 

[igual]

They've all got pretty bad reviews including IG. It sounds like none of them can be trusted

nick

 

[Crap Buddist]

Well, i'd say have a look at Oanda, they autohedge a punters trade. good spreads 0.9 EuroUSD

GBPJPY typically 4/5 . OK pre news the spreads go mental, so if you are not positiopned prior one would have to wait for the spread to normalise. You can work with it. 24/7 quotes... basic charts, but execution is instant and reliable, slippage, Ive experienced positive and negative... but nothing extreme...

They offer digital box options, not something i go into though,

offer leverage for you to set of 10-1 to 50-1. I'd definately suggest you set 10-1 leverage

They offer a demo account too, 24/7 dealing on that for you to familirise yourself with, offer the ability for you to set your own lots size from 0.1 to $10,000,000 (10milion) under instant execution.

You can Set up a BACS (Free)transfer to send payment to account but they do charge for you making a withdraw....

So maybe try the demo for a few months first...

Ohh they have a very active forum loads of Q n A's

OANDA FXTrade - Forums

 

[rwb]

Trader333 imparted some excellent advice to someone on another thread regarding brokers and mentioned ForexPeaceArmy. They are an invaluable resource when checking out any broker, they are normally my first stop when checking any firm out.

Today I had marketing mail form T2W for a company called iFOREX and I was just about to forward it to my son who is looking to set up a live trading account. After reading the reviews about this firm I certainly won't be mentioning them to my son or anyone else. I know you can't believe every word you hear on the great grapevine but by the same token I'm minded not to believe most of any broker's promo material. I'd rather hear from people with first-hand experience and the weight of negative comment on this company is quite damning.

I would also like to add that given the amount of negative comment I'm surprised T2W have seen fit to associate themselves with this company.

rwb.

 

[igual]

Trader333 imparted some excellent advice to someone on another thread regarding brokers and mentioned ForexPeaceArmy. They are an invaluable resource when checking out any broker, they are normally my first stop when checking any firm out.

Today I had marketing mail form T2W for a company called iFOREX and I was just about to forward it to my son who is looking to set up a live trading account. After reading the reviews about this firm I certainly won't be mentioning them to my son or anyone else. I know you can't believe every word you hear on the great grapevine but by the same token I'm minded not to believe most of any broker's promo material. I'd rather hear from people with first-hand experience and the weight of negative comment on this company is quite damning.

I would also like to add that given the amount of negative comment I'm surprised T2W have seen fit to associate themselves with this company.

rwb.

To be fair, I'm struggling to find a company with more positive than negative reviews!

nick

 

[combotrader]

I am using Gain Capital through Tradestation. Seem ok so far. Transferring money into dollars is the main headache. I am doing it mainly to get access to easylanguage.

has anyone used dukascopy - had good eviews in FFactory last year ?

 

[wilkelec]

Whats another name for a broker???

THIEF !!

I dont know how they are allowed to get away with it. And they have FSA written on the website. Then again the FSA have allowed banks to take peoples money for years without stepping in to say its unfair. There would be a greater percentage of successfull traders if brokers didnt exsist.

Untill things are made fair people should write a book on trading, teach trading courses or open up a brokerage firm. If you was unfortunate to have a bad experience from a broker get a screen recorder and record the theft and post it on you tube.

FUNNY HOW THE SMALL PRINT ON THE SITE ALWAYS MAKES YOU AGREE TO THE TERMS BEING THAT THEY DONT HAVE TO HONOUR PAYMENTS AND THERE IS GOING TO BE SLIPPAGE. THEY SHOULD UPGRADE THERE SYSTEM SO TRADES ARE CORRECT OR NOT BE ALLOWED TO OFFER THE SERVICE.

 

[Trader333]

There would be a greater percentage of successfull traders if brokers didnt exsist.

How is that possible because without brokers there would be no trading. I know what you mean though and in my view it is not applicable to DA in the same way as it is to bucket shops.


Paul

 

[Trader333]

Some scam brokers here

Forex Broker Fraud & Scam Reviews & Ratings

Maybe the ones rated 5 stars could be the real scams and the site owner may have a vested interest in promoting the brokers rated 5 stars

Not surprisingly I see EFX got the highest rating but I also see that CMC were highly rated.


Paul

 

[oilfxpro]

Hi new traders

before opening a broker do some googling and spot the obvious scam forex brokers

scam forex broker fxopen - Google Search

scam forex brokers - Google Search

OILFXPRO

 

[wilkelec]

Well this is clearly where the government's need to step in and have a trade association that brokers need to be approved by. Then a page that links them up. I just had a great idea. I will start one and get the government to back it with grants. I will call it N.T.A THE NATIONAL TRADE ASSOCIATION. Charge the brokers a yearly fee and i'll never need to trade again. LOL

 

[wilkelec]

I dont see the point in brokers trading against your positions. Point being they make money from just letting you play the game. If they trade you out of the game they have no income. Makes no sense to me that the bucket shop approach would be used. I could see them using a collection of clients data i.e 50 people all want a BUY on something so they pool together all 50's money and pay the individuals the sum of profit or loss associated with the individual lot. But again I see this as a big risk for them to take if they get it wrong with leveraged accounts. If I go to the races and a horse wins or does not win the track owner always gets paid. The only thing you need to watch out for is brokers that are not brokers looking to steal your money. You will do a good enough job of giving a genuine broker money anyway.

 

[martin19842]

hi there

anyone got any experience of fxcm please ?

thinking about opeing mini account with them

regards

martin

 

[vvv]

EFX or MB Trading - Not No More!

Yep. Place a market order (during one of the two major sessions - so liquidity is there) and the spread mysteriously widens then closes again up again that very second you place your order so that 1 pip spread just went to 3 (which never happened before) and then add the high commission. Basically a 5 pip spread now, not acceptable.

This is unfortunate but it seems EFX (now owned by MB Trading) is now playing those familiar brokerage games.

This is a sad day indeed.

Just my opinion and thus you can take it for what's its worth. PIPs!

 

[pippin4life]

Hey there,

I am using Hotspot FX. Tight spreads! $3 dollar commissions on 1 standard lot. Or $6 round-trip. I have had no problems with them. Their customer service is also quite good, and quick.

However, their charts suck!!! I just use them for trade execution. They have an api that you can set up with Tradestation.

Cheers

 

[Kidfx]

This is my first post...who else has api that I don't have to pay for?

 

[wasp]

Currenex

According to their site......

White labels:

MFGlobalFXClear
FXCMPro
FimAT
Capital Forex Pro
GFT
ODL Securities
ADM
FCStone
Forex PFG
Marex Financial
bgc
FXDD
PropFX

Currenex | About Us - White Label Partners

Has anyone used, or do use, any of the above and have an opinion........?

 

[kirvis]

What I found:
"Many of you have been asking about which Forex brokers to use and after much thought I have decided the best way to share what I know is to not have a rating scale. Instead I will have only three columns as follows. First brokers that are considered ok (not great because I honestly don’t think any of them are great). Second is brokers that are bad. Lastly is brokers that you must avoid like the plague because they rip clients off (hunting stops, holding money due for months until you get an attorney, huge spreads at news time, etc). Don’t take my word for it, feel free to try as many brokers as you want just like I did, but I believe after 5 years your list will come out about the same as mine. Also I am not going to list any of their website, just do an internet search. Lastly if I do not list a broker it is because I have never used them and yes I have traded live money with every broker listed.

Ok brokers:

ODL, PFG, Dukascopy, ACM


Bad brokers:

IFX, FINI FX, MIG, GFT, MB Trading, Currenex, CMS, MG Forex, Hot Spot, Spencer FX, CBFX, FX Solutions, FXDD, CMC, Saxo, Interbank FX, GCI Financial, Pip Forex, FXCM, Oanda.

Must avoid at all cost:

Coes FX (now shut down), Gain Capital, Forex-swiss.com, Nations Investments (now shut down), CFG (Concord Forex Group is now shut down)