Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Reliable Broker with nano lot, micro lot broker, leverage 1:400, 1:500 35 replies

EFX, Why will you choose them ? 29 replies

FXDD, FXsol, Fibogroup, which one is better? 3 replies

Your experience of widened spreads/stop loss at Oanda/FxSol/GFT/other brokers at NEWS 0 replies

FXDD or Interbankfx 8 replies

Attachments: MICRO-LOT broker you already used/will choose,Oanda,FxSol,InterbankFx,FXDD,EFX,other?
Exit Attachments

MICRO-LOT broker you already used/will choose,Oanda,FxSol,InterbankFx,FXDD,EFX,other?

  • Poll

  • Which mirco lots broker would you choose-Oanda, FxSol, InterbankFx, FXDD,EFX, other?
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  • Post #1
  • Quote
  • First Post: Edited Jun 5, 2007 12:11am Jun 4, 2007 11:23pm | Edited Jun 5, 2007 12:11am
Hi,

I wonder if many people out there are trading mirco-lots (smaller than mini-lots) to allow flexible money management technique? Of the following micro-lots (or even smaller) brokers, which one of them you already have an account with or would you choose (or not choose) if you don't have an account with them yet and please list reasons why.

As far as I know, during news

Oanda - variable spreads, spreads widen during news. Swap is OK.
FxSol - fixed spreads during news? Swap is bad?
InterbankFx - variable spreads, spreads widen during news. Swap is OK.
FXDD - Fixed or variable during news? Swap is good?
EFX - variable spreads, spreads may or may not widen during news, depends on market at that time. Swap is bad.

2 questions:
1) Are there other well-known brokers that offer micro-lots or smaller (MT4 or not) and
2) which one has fixed spreads during news? (please list a few if you know them. Thanks)

I don't trade news but I hate Stop-Loss being taken out because of the widened spreads just moment before news announcment. I hold trades up to a few days and during the news releases of those few days it's really annoying my stop loss are hit when spreads are widened (yet no real market price has traded past my stop loss but the widened spreads took it out). With 2 - 3 news (like the GBPUSD) being announced everyday it's unavoidable the market price sits close to my SL and bang, the spread widens to 15 or up to 20 pips and my SL are taken out instantly and a moment later the price goes to your original favourable direction and you discover that no real market price has traded at your SL price (only that the widened spreads has touched your SL).

What would you do to avoid these situations? Do you reset your SL a little further just before news?
  •  tesla
  • | Joined Oct 2006 | Status: Friendly Neighborhood Programmer | 533 Posts
Quoting forex778
Are there other well-known brokers that offer micro-lots or smaller (MT4 or not)
Alpari has started to offer micro lots I believe.
Quoting tesla
Alpari has started to offer micro lots I believe.

Thanks for your info. Does Alpari have fixed or variable spreads (especially during news) and do they still do the swap the old way which is to integrate the swaps into your positions (rather than just debiting or crediting the swaps in a seperate columns). I don't like the way they handle the swaps.
I've used FXDD and forex.com before switching to interbankfx. I liked FXDD but interbankfx offered a little more thats why I switched but I personally did not like forex.com and I'm sure there probably a good broker but wasn't what I was looking for. So far so good with interbankfx and I never had any problems with FXDD.....
ibfx very excel, yes, ok.

about spred widen ...
yes, simple sovle: chanje s/l befour/aftir newz.
ok, thank you.
It seems that interbank fx is pretty popular, though I heard some bad things about them in some of the threads.
Started with Forex.com (school of 'Hard Knocks') I was stupid, I'll not complain here.
Tried FXCM. Took a position against L/T trend & they sent me an email warning traders of the dangers of doing so. Haven't trusted them since.
I almost went to EFX, but... (Post# 777 on EFX Group-Introduction thread)

I'll give IBFX a try since I've been able to develope and test a system using MetaTrader. If I loose this time, at least I won't feel like I've been played. It's ironic that brokers tell us that only people who can afford to loose should play, but then are more than willing to take a few hundred or thousand $ to 'learn the real market'. Personally, I won't even concider an FX broker UNLESS they offer micro lots. That alone shows me they are willing to let us experiment with new systems on a live platform without going broke. Just maybe these brokers want to be compensated for a service they provide rather than simply looking for liquidity however they can find it.
This is a great thread. I hope that more bucket shops get the message and realize if they don't want noobie bucks and all the noobie complaints, just raise the required minimum to open an account.
Quoting Micro-MiniMe
Started with Forex.com (school of 'Hard Knocks') I was stupid, I'll not complain here.
Tried FXCM. Took a position against L/T trend & they sent me an email warning traders of the dangers of doing so. Haven't trusted them since.
I almost went to EFX, but... (Post# 777 on EFX Group-Introduction thread)

I'll give IBFX a try since I've been able to develope and test a system using MetaTrader. If I loose this time, at least I won't feel like I've been played. It's ironic that brokers tell us that only people who can afford to loose should play, but then are more than willing to take a few hundred or thousand $ to 'learn the real market'. Personally, I won't even concider an FX broker UNLESS they offer micro lots. That alone shows me they are willing to let us experiment with new systems on a live platform without going broke. Just maybe these brokers want to be compensated for a service they provide rather than simply looking for liquidity however they can find it.
This is a great thread. I hope that more bucket shops get the message and realize if they don't want noobie bucks and all the noobie complaints, just raise the required minimum to open an account.
I want to open an account with IBFX too. If you have any good or bad things to say about them after a couple of months later, please update (since you just open your account and you can't tell right now).

Thanks.
Have you had a look at Marketiva? I like it
Trade what you see, not what you think.
Quoting forex778
I don't trade news but I hate Stop-Loss being taken out because of the widened spreads just moment before news announcment. I hold trades up to a few days and during the news releases of those few days it's really annoying my stop loss are hit when spreads are widened
This is currently my main problem with Oanda. I wonder if there isn't anything that could be done..I'd immediately trade in a "lock out" for smaller spread widening during news. Just got kicked out of USDCAD for no good reason.

Stop was situated at 1.0734, no other broker feed shows that price trading in the last 24 hours. Oanda hit it without a problem the second the CPI news got released. I just moved in "real" money to them and if this happens to me on a proper position I am inclined to contact their customer service towards this end.
I don't mind locking out newstraders, but killing off longer term people that tighten stops every 4-24 hours isn't exactly good practice.

Attaching spike image (spike to 1.0740, which was conveniently 6 pips above my stop).
Attached Image
Trust price. Know yourself.
Quoting SeekingLight
This is currently my main problem with Oanda. I wonder if there isn't anything that could be done..I'd immediately trade in a "lock out" for smaller spread widening during news. Just got kicked out of USDCAD for no good reason.

I don't mind locking out newstraders, but killing off longer term people that tighten stops every 4-24 hours isn't exactly good practice.
SeekingLight,

Totally agreed with you. Did you see my thread here?
http://www.forexfactory.com/showthread.php?t=33112

As mentioned in the thread, my idea is that fixed spread brokers didn't frustrate their clients who already hold positions, but probably frustrate those who don't have positions but to jump in to trade news and then getting requotes/platform freeze.

But I think variable spreads brokers like Oanda should consider this too. Why do they spike out those long term traders who already hold positions? Why don't they have an option on their platform that allow us to select "SL is triggered only by "trade through", but not get triggered by widened spreads (I read in one of my other threads that a poster suggested EFX offers such option but I don't have an account with them yet. I wonder if any other platforms offers such options)
Quoting forex778
SeekingLight,

Totally agreed with you. Did you see my thread here?
http://www.forexfactory.com/showthread.php?t=33112

Yea. Well this is the big dilemma. I'm going to give Oanda and myself another month to adjust, but if they consistently spike me out I'll have to withdraw all my money I just deposited with them again. I'll try to talk to them about it, but from my experience their customer service is 99% talk and warding off people and pretty much no action. Also they're in no position to change anything, obviously. They just file tickets and suggestions.

Soft stops vs hard stops would help a lot, yes. I'd much prefer just not being subjected to anti-newstrader tactics as a non-newstrader.
Trust price. Know yourself.
Quoting SeekingLight
Yea. Well this is the big dilemma. I'm going to give Oanda and myself another month to adjust, but if they consistently spike me out I'll have to withdraw all my money I just deposited with them again. I'll try to talk to them about it, but from my experience their customer service is 99% talk and warding off people and pretty much no action. Also they're in no position to change anything, obviously. They just file tickets and suggestions.

Soft stops vs hard stops would help a lot, yes. I'd much prefer just not being subjected to anti-newstrader tactics as a non-newstrader.
SeekingLight,

Yes, I agree. I am also looking for some brokers that don't widen stops too much during news (don't mind platform freeze or requotes during news as I have no plan to enter during news). Sometimes platform freeze and requotes for those fixed-spread brokers are understandable, as long as they don't do dirty tricks like stop-hunting, phamtom spikes, I am fine with that. Stop hunting is the dirty tricks of all.

I am looking for brokers that offer fixed spreads during news (or at least don't widen spreads by too much) and offer micro-lots. At the moment I am considering

FxSol
FXDD
InterbankFx
EFX Group

Have you ever used them or what's your thoughts on them?

Thanks.
Quoting forex778
At the moment I am considering

FxSol
FXDD
InterbankFx
EFX Group

Have you ever used them or what's your thoughts on them?

Thanks.

Mike's(mbqb11 )been with FxSol I believe, Baddison I think with EFX and Habeeb with InterbankFx. All three say they're all alright respectively, but I personally have zero experience with any of them.
I considered all three before as well.
EFX does officially only offer mini as smallest, FxSol I am not sure.
Trust price. Know yourself.
I use both Oanda and EFX. 99% of my capital is with Oanda since they are cheaper to trade with and offer interest on my capital. Oanda's execution has been just as good as EFX (which was a main selling point for me when I first went to EFX), no reqoutes, instant fills, etc.

As for the widening of spreads during news - If you know your broker is widening spreads for a news release, move your stop or just remove it. If you can't withstand the risk, you're probably trading beyond your means to begin with.
Quoting bugscoe
If you can't withstand the risk, you're probably trading beyond your means to begin with.
How can you know the risk if you remove the stop..

If you have 1% risk from entry to stop and you remove the stop, you have...er...everything and nothing.
Trust price. Know yourself.
I've been trading with Oanda for close to a year.

I trade on the daily and although Oanda widen their spreads during news time, it never affected me.

I think S/L of anything less than 50 pips are what I call intrady s/l. If you consider yourself a position or long term trader (even a swing), you have to have a wide s/l. It doesnn't make sense to me if you have a 20-30 pip s/l and you say you trade on the daily. Look at the chart and look at how insignificant those 20-30 pips are compared to the overall moves of the market in excess of 100's of pips.

I think S/L is meant as a way to determine that your original assumption of the movement is wrong, so, if price moves 20-30 pips up against you intraday on the daily, does that consider to be a reversal and that your assumption is wrong? I think it's just a case of implementing a day trader's s/l while trying to profit from long term price movement. It's just contradictory.

Wide s/l is a way to go and configuring your account (1%, 2%, or whatever) to that s/l.
Working towards CME membership
I wish TdAmeritrade had a forex platform. : I am extremely happy with my experience so far with them.

I have been pleased with Oanda, but now I need to find one that works with MT4.
I did have one question though. What exactly are "dealing desk" brokers, and what is the difference?
PipMasterFlex
see the link I posted above- gives the most comprehensive explanation I've seen so far...

Quoting isufreak24
I wish TdAmeritrade had a forex platform. : I am extremely happy with my experience so far with them.

I have been pleased with Oanda, but now I need to find one that works with MT4.
I did have one question though. What exactly are "dealing desk" brokers, and what is the difference?
wow what a funny thing!!

I am trading with MBT for more than 1 month and I didn't notice I could trade with micro lots. Thanx to this topic! lol
0 traders viewing now