Need help finding reliable broker
I need help finding a reliable broker,
- Either Market Maker / ECN
- Broker Trading platform must be Desktop application not web-based
(Require a reliable platform and good execution)
- Cost of Trading preferred to be spread based (No commission)
- Require to be able to trade an averagely of 500,000 contracts to 5m.
Hence broker liquidity is important
- Dealing size boundaries or limitations?
- Access to real-time charts / data if possible
- 1:50 Max leverage. Lessor is also fine. Will most probably max out at 1:10 Leverage
It's defined by your Risk Managment. If you use 1:100 margin
gets cheaper and risk stays the same.
Reason for the Leverage is more towards, its good to have it. but lessor is ok. I plan to put in funds of 50k USD first and more later if the platform is stable. I don't require too much leverage as I'm quite sure based on my trading lots, I would be using too much of the margin on 50k USD anyway.
MT4 platform is easy to use, but execution SUCK!
FXCM platform is OK.
GFT platform suck.
Saxo platform is OK.
MBT platform is OK with good spread and fast execution but charges highest commission in the land.
Currenex is the best bet with low commission and tight spread - but a damn HELL Java platform that does not work sometimes on mobile wireless connections.
Personally I would go with ECN brokers even with commision - HELL the spread on non commission based brokers itself outweighs the commission.
GFT has pretty good spreads, their platform does leave much to be desired. However, they are apparently bringin on the FxSpyder plaform which I am a fan. They offer everything for free, and its easy to use. I currently use them for FXCM, but FXCM spreads are insane. They also link to Oanda, but there is a fee, depending on how much you trade, the fee may be irrelevant with their low spreads. Anway, worth checking out, same platform, for all three brokers. Easy to switch if you don't like the current broker.
I agree, MT4 execution is terrible, but why wouldnt it be, it is built for market makers.
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