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Best broker for scalpers?

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  • First Post: Jun 27, 2005 8:53am Jun 27, 2005 8:53am
Does anyone have any recommendations/reviews for brokers if you are scalping?
Oanda. Low pips, good execution
They are also quite happy for you to scalp, unlike some other brokers who hate it.
are you sure? i think they dont like scalpers.
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what exactly is a scalper?
Scalper is a trader who trades with big quantity (LOT), set small TP (2-10pips), and can trade few times in only 1 hour.
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I get 55% profit from my account scalping for 2 days , take profit 2-3 pips while paying 8 pips in spreads! Do I care broker get the most of the profit? No.........What I care is I earn money & they earn money as well

Then I thought... I might as well do longer term (within same day) with GBP/JPY which I scalp with and end up losing 33% doing longer term trading...

So I better do Scalping as my trading strategy ...I thought...... then

I get suspended by my broker the next day .... until end of week.. I can scalp again next week ... But maybe I should get a new broker....

With $1k and interest free account requirement, its quite hard to get one.

I get 100:1 Leverage & I use upto 80:1 leverage.. leaving only 20:1 leverage for the margin..... thats risky ? Sure it is... Like the Chinese saying, "Where there is conflict there is opportunity. "
choose ECN for scalping.any problem to scalp on EFX and MB Trading?
none of this we care unless you post screenshots to prove it.

Quoting Syafi
I get 55% profit from my account scalping for 2 days , take profit 2-3 pips while paying 8 pips in spreads! Do I care broker get the most of the profit? No.........What I care is I earn money & they earn money as well

Then I thought... I might as well do longer term (within same day) with GBP/JPY which I scalp with and end up losing 33% doing longer term trading...

So I better do Scalping as my trading strategy ...I thought...... then

I get suspended by my broker the next day .... until end of week.. I can scalp again next week ... But maybe I should get a new broker....

With $1k and interest free account requirement, its quite hard to get one.

I get 100:1 Leverage & I use upto 80:1 leverage.. leaving only 20:1 leverage for the margin..... thats risky ? Sure it is... Like the Chinese saying, "Where there is conflict there is opportunity. "
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Scalping on a fixed-spread or dealing desk broker is suicide, go ECN only. 1 pip or less. IB, MBT/EFX, any broker with Currenex, HotspotFX, etc

Here are the spreads at a random interval on HotSpotFXi, notice nearly all spreads are 0.5 pip or less (except NZDJPY, at 1 pip). HSFXi is institutional though, minimum $100k opening balance. Best bet for retail scalping is IB (IdealPro) or MBT/EFX.
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Trader_KGB: This looks rather impressive, if your picture is a representation for "normal" markets on HotspotFXi. Do you trade on this platform? As far as i know, there are no stop-orders supported on FXi (just bids and offers), how do you cope with that?

How does the retail plaform compare to the institurional, in terms of spreads and liquidity?
shrike - I don't yet trade on FXi as I'm more of a position trader (trade with IB currently).

I'm not sure what time of day it was when I took that screenshot of their demo, but the demo is free, so you can download it if you'd like to view their feed. The spreads rarely widened at any time from my experience (I was comparing it to IB/IdealPro, which is also 0.5 pip spread on the majors during busy hours).

You can download both demos (HotspotFXr retail and HotspotFXi). The retail side appears to be fixed spread, 1-3pip, with no market depth (FXi is 5 or more levels deep). So IB wins on the retail side. Haven't tried EFX yet but will be starting a demo there too.
Maybe today screen shot will do then ?with another broker

150% profit... made 5k into 15k.......demo that is
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Trader KGB: i dont think the demo quotes are representative of the live system tbh. I watched it for some time today, and i could often see the whole bid or ask size disappear. Also they seem to show way less size than EFX on the best bid/offer (maybe because its possible to hide parts of the bids/offers on this platform).
Quoting shrike
Trader KGB: i dont think the demo quotes are representative of the live system tbh.
That may very well be the case, in which case, it's up to all of us to do our own DD before finding the best solution.

My suggestion was for anyone seriously considering scalping to consider the ECN brokers, as they would be best served with spreads of 1 pip or lower. There's a preponderance of misinformation in the FX retail landscape, and dealing desk brokers prey upon this ignorance for profit (proven by the banner ad on this very page showing a 3 pip spread on eur/usd...). No one should seriously consider scalping with any dealing desk/MT4 broker.
Quoting Trader KGB
Scalping on a fixed-spread or dealing desk broker is suicide, go ECN only. 1 pip or less. IB, MBT/EFX, any broker with Currenex, HotspotFX, etc

Here are the spreads at a random interval on HotSpotFXi, notice nearly all spreads are 0.5 pip or less (except NZDJPY, at 1 pip). HSFXi is institutional though, minimum $100k opening balance. Best bet for retail scalping is IB (IdealPro) or MBT/EFX.
Trader KGB, Does HotSpotFXi wide their spreads in news time? Thanks.
Quoting talktome
Trader KGB, Does HotSpotFXi wide their spreads in news time? Thanks.
I haven't tracked it at those times. I would download the demo and monitor.
I scalp most of the time, somewhere between 2-20 pips depending on market movement of course.

I use Oanda and they are just fine. I also have an account with EFX but trading with Oanda is cheaper - don't forget on those 1 pip spreads at EFX you also need to add the commission on top, which ends up being more expensive than Oanda.

My executions at Oanda have been just as good as they are with EFX. Also, Oanda pays me interest on my capital. Big bonus as far as I'm concerned.
bugscope: i came to the same conclusion. Only firm cheaper than oanda is IB - in the retail world atleast. IB is bad on the interest/swaps tho. And their customer support is like a black hole, which gave me quite an uneasy feeling about them.
Quoting shrike
IB is bad on the interest/swaps tho.
Since when do scalpers care about interest/swaps? fwiw, Oanda has the best swaps, I'll give them that.
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