Whom do you use to trade the forex?? 1 Reason Why??

Verno said:
Is oanda effectively a spread betting company, ie if I use them will I be taxed on my profits?
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With regard to the taxation part you may have to ask your tax accountant, it depends on your particular situation, eg. tax domicile etc.

As to the spread betting question, I would say Oanda is not. The spread betting companies usually refer to UK companies.

According to its site http://fxtrade.oanda.com/about/about_fxtrade.shtml "OANDA is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA)".

Its business address is in Canada.
:)
 
Tax paying

I asked a lot of FOREX brokers if they were obliged to report the profit/loss of their clients to the IRS or any other tax authorities. They all told me that they did not have to report anything!! !!! It is each individuals duty to report the profits and pay the tax. In my opinion this prity much means that if we do not pay our tax after trading forex no one will come after us. Any other opinions?

Just for comparison all futures brokers are obliged to report profit/loss to the tax authorities. So this is one more reason to specialise on trading FOREX!

Herringtrader


MineralWater said:
The post you are referring to talked about differences for residents of Great Britain. Spread betting is tax-free there (according to gambling laws). Standard forex is taxed in GB.

You've got to figure out by yourself what taxes apply to you in Canada. Or maybe some Canadian trader on this board can help you on this.

Regarding the topic of this thread, I use three different brokers. Each has their own advantages. Moreover, I feel my money is safer that way (diversification of funds).

:!: To the poster here mentioning ACM - forget them. Run, don't go, away from them if you don't want to be parted from your money. It's enough to say that it doesn't cost them a cent to give you demo profits. Live trading is a completely different ball game with them. :devilish:
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2 pip + No DEALING desk

G-Man said:
Main broker is FXSol. Originally chosen for flexibiltiy on leverage and lot size. Current platform changes starting to p**s me off though.

Also opened an account with GFT to gain some of their features, but platform stability means I am going to close this.

Now also have an account with InterbankFX. 2 reasons: you can run automated trading strategies with them, which can alleviate screen watching for non-descretionary traders, and they also claim to act purely as a broker, placing trades in the interbank market, reducing the 'always counterparty' risk.G-Man
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Is this interbankfx ?


http://www.interbankfx.com/

Welcome to Interbank FX

NEW 2 Pip Spread EURUSD

NEW Commission Free Trading

Revolutionary Trading Platform

Automated Trailing Stop

Fully Automated "Black Box" Forex Trading

Standard Account 100:1 Leverage

Mini Account 200:1 Leverage

Direct Interbank Dealing - NO DEALING DESK!!!

Instantaneous Execution - no request for quote

Guaranteed Liquidity up to $10,000,000 per trade

No dealing desk ? has anyone used this firm?
 
It should be useful to know who its counterparty is.

Does its 2 pips spread widen during volatile trading?
 
I use Saxo Bank and Etrades Global Trader (white label of Saxo), because I need their 3 free newswires and their charts. With Global Trader you only have a 2 pips spread in eur/usd.
 
Saxo Bank and Etrades Global Trader (white label of Saxo)
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If Etrades Global Trader is a white label of Saxo why do you need both accounts? Assuming Etrades Global Trader is using Saxo Bank as its counterparty there is unlikely to be any arb opportunities between the two is there?
 
Anonymous said:
If Etrades Global Trader is a white label of Saxo why do you need both accounts? Assuming Etrades Global Trader is using Saxo Bank as its counterparty there is unlikely to be any arb opportunities between the two is there?
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I don't arb - I use both because if one of them goes down, there's always the other one. And Saxo has better (lower) margin than Global Trader, while Global Trader has better spreads than Saxo. But it's basic the same trading station, Saxo Trader.
 
Fair point

Baruch said:
I have been trading with Saxo 3 years, and never had any problems.
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Fair enough - the posters may have been trying to blame their own ineptitude on the broker rather than looking to themselves for the cause of their problems.
 
Oanda is my preferred co.

Sizing is exactly the level you wish it - not lumped into lots. only proviso being whole dollars/other currency units.

Platform is simple, responsive, well integrated.

Pricing is very keen.

Trading through is automated at their end and NOT in the hands of someone holding a book who can manipulate that book.

Transparency.

Their main business is not about small traders punting against their mm's, but about SME's offsetting Currency risk.

Spread and pricing is a refelction of underlying spread and pricing and as a result as near to underlying as anyone is likely to get at the retail end.

API is available to anyone, and without cost above a certain turnover.

Multi-account capability.

Multi-log-in capability.

Easy reconnect on disconnect for any reasons.

Automatic Math-based sizing on various different scales.

Automatic Math-based stop/target calculation on various different scales.

Ability to easily split lots into ANY division at a whole number (whole Dollars/Euros Pounds etc.)

Ability to handle both large and small sized orders efficiently.

+ many many more reasons - all good.
 
neil said:
Fair enough - the posters may have been trying to blame their own ineptitude on the broker rather than looking to themselves for the cause of their problems.
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I'm the poster who reported Saxo's dishonesty and stand by my posts on the topic, which are drawn from my first hand experience. I'll be glad to discuss again and in greater detail -- with anyone who is interested -- what we encountered with Saxo and the information I learned about Saxo in the wake of its misconduct in our account. Bottom line: we lost a great deal of money in the account because Saxo jobbed the account, not because of poor trades on our part.

Additionally, in case any reader wants to look into the topic independently, I suggest he or she try finding out something, or anything, about Saxo from the Danish government agency that Saxo holds out as its regulator. Whoever does so will learn what we learned too late, which is that Saxo's retail fx dealing is not regulated at all, and that Saxo's hype on that topic is fiction. Honest fx dealers don't need or employ deceptive hype. That so-called Danish regulator cannot tell even Saxo's own customers anything about Saxo. That's what the regulator (which is the Danish FSA) told us in writing when we inquired.

Or check with the Australia Financial Services Authority, which shut Saxo down in Australia.
 
Info the brokers give to the Gov.???

herringtrader said:
I asked a lot of FOREX brokers if they were obliged to report the profit/loss of their clients to the IRS or any other tax authorities. They all told me that they did not have to report anything!! !!! It is each individuals duty to report the profits and pay the tax. In my opinion this prity much means that if we do not pay our tax after trading forex no one will come after us. Any other opinions?

Just for comparison all futures brokers are obliged to report profit/loss to the tax authorities. So this is one more reason to specialise on trading FOREX!

Herringtrader
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This is a good point and did not see much response to it.
I have been asking these same questions and found the same answers.

However in one FX broker they were asking me for personal information that is not there business --I told them so and they did not like it.

I even question there right to have our SSN numbers if thay are not reporting to the IRS on the 1099 form. I question their right to have our DL numbers if they are not in the business of road laws and such.

The point is do they go to far in the private information -- the Brokers request on us and do they have any legal right to demand it -- of course if you do not give it then they refuse to give you an account.

Have any of you investers had any bad experinces in this matter?
 
Chris,

You need to have proof to substantiate your claims. If you have them try the relevant authorities, or your local trade missions or senators, etc.
 
Hi GFT is sadly ceasing business with all UK clients from 15th August 2005, presumably because there software is used to trade Spreadbets and not FX with GFT so it costs them money. They are referring us to http://www.whselfinvest.com/en/index.php

Selfinvest uses the same charts as GFT but with fewer indicators and we will not, I understand have Heikin Ashi candles which are superb.

Sincerely

Phil

olimits7 said:
Hello, everyone.

I just wanted to start this thread to get an overview on who everyone uses to trade the forex.

Just simply answer the following 2 questions.

1. Who do you use as your forex broker (or brokers if you use more than one)?

2. One or Two major reasons that made you choose this particular broker? (For example: great software, tight spreads, great customer service,...)

I'll go first.

1. I use 0anda as my broker, but I'm looking into also opening an account with G.F.T.

2. The reason I picked 0anda was due to tight spreads, no minimum to open account.

Looking into G.F.T because I like their trading platform.


Thank you,
olimits7
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Chris Hood said:
I'm the poster who reported Saxo's dishonesty and stand by my posts on the topic, which are drawn from my first hand experience. I'll be glad to discuss again and in greater detail -- with anyone who is interested -- what we encountered with Saxo and the information I learned about Saxo in the wake of its misconduct in our account. Bottom line: we lost a great deal of money in the account because Saxo jobbed the account, not because of poor trades on our part.

Additionally, in case any reader wants to look into the topic independently, I suggest he or she try finding out something, or anything, about Saxo from the Danish government agency that Saxo holds out as its regulator. Whoever does so will learn what we learned too late, which is that Saxo's retail fx dealing is not regulated at all, and that Saxo's hype on that topic is fiction. Honest fx dealers don't need or employ deceptive hype. That so-called Danish regulator cannot tell even Saxo's own customers anything about Saxo. That's what the regulator (which is the Danish FSA) told us in writing when we inquired.

Or check with the Australia Financial Services Authority, which shut Saxo down in Australia.
Click to expand...

Saxo Bank is regulated in Denmark. All Danish banks are regulated. This is not Somalia. :cheesy:
 
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