One of the hardest thing to find and settle on in the forex space is a broker. My goal and requirement was to find a broker that had decent spread, no / hardly any slippage, well etablished, software platform / capability, and reputable. I read the various reviews and boards, but I wanted an open mind (I suggest you do the same - beginner or pro) and review things for myself. This review is by no means exhaustive review, but a high-level one. I have spent at least 12 hours per day in the past month just to provide a general feedback. Here's a summary of my current finding so far.
1 - FXCM: bad reviews by various people, and good also. Had the top 3 charting system I found and used. Most newbies start with this platform and learn (good or bad) about currency trading due to the ease of use; I can see why they lead in the space - they make it very easy. Excellent customer service and resources online. I personally did not find any problem in the demo and order entries. UK account is what you want to use if you want to set automated entries for stop loss / limit; specially request for that (great for scalpers). Don't bother with Metatrader unless you have special scripts / plugins you wish to use and stay away from the Flash application of Active Trader. Use the excellent Tradestation platform. Tradestation also works for all their account type including Active Trader; Micro account use the same platform, just different account number. The account number determines your account options and features.
2- Oanda: Reputable and had very good reviews, and slight negative; good far outweighs the bad. This broker is known for one of the lowest spreads around. The issue I had was their trading tool / lack of. Some traders use the platform for trades only and supplement with Ninjatrader as their charting and indicator system.
3 - ATC: ECN connection to FXCM technology. They tout themselves as Metrader provider to ECN technology using different technology from typical ECN bridge. Excellent spread and comission based fee; true ECN model. One of the best platform. They use FXCM feed.
4 - Advanced Markets - uses proprietary technology from Fortex (STP technology / ECN type connection). Very nice platform and lowest PIP spread I saw (lower than Oanda). They are in the states (East Coast), but seems small.
5 - FXDD: MT4, one of the favorites for scalpers, and well established Traders use this platform. The plus is its Currenex connections. Decent spreads. If you like MT4, this is a good broker, but if you don't, move on.
6 - Dukascopy - a highly regarded broker in the community due to their service, and platform. Scalpers and all alike are okay here. Their charting is so so, but spread, technology, and service are among the best reviewed and exprience. Their software interface is JAVA based, and looks close to FXCM in terms of layout (but not as good looking - who cares how it looks if it makes money though). Currently they MT platform in Beta.
7 - MB Trading: one of the highly preferred brokers for scalpers and FX community alike. I did not have any problem on their platform, but I personally do not like MT4 (one of their platform), so I continued on. Highly rated by others. NOTE: Although they do have one of the lowest spread, they are the most expensive in the SWAP rates compared to anyone I have reviewed on this list and off. They also have MBT Desktop platform asides from MT or Metatrader.
8 - Smart Trade FX: One of the better platform in terms of software interface. They also provide MT4, but the SmartTrader application is alot better.
9 - CitiFX: Not too well known and is a market maker but with a twist; see the difference yourself. It has decent pricing, and has an option of being FDIC insured. The interface is very good (.Net and not JAVA or MT4). Chart Interface is hideous at first, but customizable to look better than any of the above - easy for beginners too. I will go live with this for several reasons: spread are decent, charting is awesome to customize, FDIC insured, and backed by a large bank. By the way, their software is custom version of Saxo bank and their technology; derived from that platform. They have MT platform available.
10 - PFG Best- one of the top fx provider. Many different platform to choose from including Currenex. Good execution and reputable. they also have numerous platforms to choose from.
These are just some of my preferred brokers that I have reviewed in the past month - on a demo platform. The views expressed here are just a personal opinion - NOT a commercial recommendation for any. The major factors for me are ease of the software, user interface of the programs and available options, spreads, the financial stability of company / parent company, charting capability, and overall performance during testing. I reviewed all these simply because I want to make sure the platform I use when I go live is what I am comfortable with and not from what someone else recommended; I do take into account what others say, but I was open minded by performing my own due diligence. Good Luck everyone.
Regards,
Pinoyboy
NOTE:
By the way, you will notice I am not too fond of Metatrader - from the charting perspective. I am not opposed to using it; however, with my current style of trading, I trade from the charts. Using Metatrader's charts is not very good compared to the clean interfaces provided by FXCM's charts, CitiFX Pro charts, CMS VTrader charts, and others. Currently, I just want to work with one platform and charts. The professionals and more intermediate/advanced traders typically use MT4 or broker's platform, but rely on either ProRealTime or NinjaTrader as their choice of charting software. ProRealTime is a charting software I would have to choose if I have to use a broker I preferred and had only the option of using MT4. As for now, the current broker I have chosen provides everything in one package / platform. It's all about choices and preference. UPDATE: After extensive use of Metatrader, I actually prefer the charting due to the abundant customizations and resources available for the platform.
1 - FXCM: bad reviews by various people, and good also. Had the top 3 charting system I found and used. Most newbies start with this platform and learn (good or bad) about currency trading due to the ease of use; I can see why they lead in the space - they make it very easy. Excellent customer service and resources online. I personally did not find any problem in the demo and order entries. UK account is what you want to use if you want to set automated entries for stop loss / limit; specially request for that (great for scalpers). Don't bother with Metatrader unless you have special scripts / plugins you wish to use and stay away from the Flash application of Active Trader. Use the excellent Tradestation platform. Tradestation also works for all their account type including Active Trader; Micro account use the same platform, just different account number. The account number determines your account options and features.
2- Oanda: Reputable and had very good reviews, and slight negative; good far outweighs the bad. This broker is known for one of the lowest spreads around. The issue I had was their trading tool / lack of. Some traders use the platform for trades only and supplement with Ninjatrader as their charting and indicator system.
3 - ATC: ECN connection to FXCM technology. They tout themselves as Metrader provider to ECN technology using different technology from typical ECN bridge. Excellent spread and comission based fee; true ECN model. One of the best platform. They use FXCM feed.
4 - Advanced Markets - uses proprietary technology from Fortex (STP technology / ECN type connection). Very nice platform and lowest PIP spread I saw (lower than Oanda). They are in the states (East Coast), but seems small.
5 - FXDD: MT4, one of the favorites for scalpers, and well established Traders use this platform. The plus is its Currenex connections. Decent spreads. If you like MT4, this is a good broker, but if you don't, move on.
6 - Dukascopy - a highly regarded broker in the community due to their service, and platform. Scalpers and all alike are okay here. Their charting is so so, but spread, technology, and service are among the best reviewed and exprience. Their software interface is JAVA based, and looks close to FXCM in terms of layout (but not as good looking - who cares how it looks if it makes money though). Currently they MT platform in Beta.
7 - MB Trading: one of the highly preferred brokers for scalpers and FX community alike. I did not have any problem on their platform, but I personally do not like MT4 (one of their platform), so I continued on. Highly rated by others. NOTE: Although they do have one of the lowest spread, they are the most expensive in the SWAP rates compared to anyone I have reviewed on this list and off. They also have MBT Desktop platform asides from MT or Metatrader.
8 - Smart Trade FX: One of the better platform in terms of software interface. They also provide MT4, but the SmartTrader application is alot better.
9 - CitiFX: Not too well known and is a market maker but with a twist; see the difference yourself. It has decent pricing, and has an option of being FDIC insured. The interface is very good (.Net and not JAVA or MT4). Chart Interface is hideous at first, but customizable to look better than any of the above - easy for beginners too. I will go live with this for several reasons: spread are decent, charting is awesome to customize, FDIC insured, and backed by a large bank. By the way, their software is custom version of Saxo bank and their technology; derived from that platform. They have MT platform available.
10 - PFG Best- one of the top fx provider. Many different platform to choose from including Currenex. Good execution and reputable. they also have numerous platforms to choose from.
These are just some of my preferred brokers that I have reviewed in the past month - on a demo platform. The views expressed here are just a personal opinion - NOT a commercial recommendation for any. The major factors for me are ease of the software, user interface of the programs and available options, spreads, the financial stability of company / parent company, charting capability, and overall performance during testing. I reviewed all these simply because I want to make sure the platform I use when I go live is what I am comfortable with and not from what someone else recommended; I do take into account what others say, but I was open minded by performing my own due diligence. Good Luck everyone.
Regards,
Pinoyboy
NOTE:
By the way, you will notice I am not too fond of Metatrader - from the charting perspective. I am not opposed to using it; however, with my current style of trading, I trade from the charts. Using Metatrader's charts is not very good compared to the clean interfaces provided by FXCM's charts, CitiFX Pro charts, CMS VTrader charts, and others. Currently, I just want to work with one platform and charts. The professionals and more intermediate/advanced traders typically use MT4 or broker's platform, but rely on either ProRealTime or NinjaTrader as their choice of charting software. ProRealTime is a charting software I would have to choose if I have to use a broker I preferred and had only the option of using MT4. As for now, the current broker I have chosen provides everything in one package / platform. It's all about choices and preference. UPDATE: After extensive use of Metatrader, I actually prefer the charting due to the abundant customizations and resources available for the platform.