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Looking for a decent broker

  • #1
  • First Post: Jan 5, 2017 2:14am Jan 5, 2017 2:14am
Hello..ive been underground for quiet some time and i have now decided to trade..been reeding threads and demoing for quite some time now..since the last i went on live account was in 2009..im quite lost with brokers..

I need help with brokers recommendation..i dont mind if its not the best spread..or if it charges a little commision..as long as it could open/close positions without any problems..even on high volume times..

Please do suggest me some brokers or atleast your peace of mind..thank you..
  • #2
  • Jan 5, 2017 2:24am Jan 5, 2017 2:24am
Welcome back to FX trading bro. Although it's best to do your own due diligence on the brokers, after my personal due diligence I realized that it's best that one sticks with brokers regulated by regulating agencies in UK, USA or Australia. I use three brokers based on that. Check the brokers' section of FF and Babypis.

Trade safe and proper.

KP
Do your homework, follow the footprints of smart money
  • #3
  • Jan 5, 2017 2:46am Jan 5, 2017 2:46am
Quoting KeenPips
Welcome back to FX trading bro. Although it's best to do your own due diligence on the brokers, after my personal due diligence I realized that it's best that one sticks with brokers regulated by regulating agencies in UK, USA or Australia. I use three brokers based on that. Check the brokers' section of FF and Babypis. Trade safe and proper. KP
Yes bro..please do recommend some regulated brokers..name me some please..

Edit : sorry i am viewing and writing this on my mobile..im not at home
  • #4
  • Jan 5, 2017 4:09am Jan 5, 2017 4:09am
Ive decided to go with vantage fx..an aussie broker..

Comments are welcome..please do..
  • #5
  • Jan 5, 2017 8:26pm Jan 5, 2017 8:26pm
Quoting beatentrader
Hello..ive been underground for quiet some time and i have now decided to trade..been reeding threads and demoing for quite some time now..since the last i went on live account was in 2009..im quite lost with brokers.. I need help with brokers recommendation..i dont mind if its not the best spread..or if it charges a little commision..as long as it could open/close positions without any problems..even on high volume times.. Please do suggest me some brokers or atleast your peace of mind..thank you..
You may as well try XM. I have just opened a live account with them although I'm against the idea of any broker who offers "BONUSES". I like their Prepaid MasterCard!!!
en.D
  • #6
  • Jan 10, 2017 8:47am Jan 10, 2017 8:47am
I'm also looking for a an honest, reputable, transparent Broker.

I am new to trading and looking to start off small, I have been doing a lot of research on brokers and realising how much of a minefield it is! I am based in the UK and I am looking for a professional reputable Forex broker NOT a bookie so I am not interested in bonuses or gimmicks etc. Ideally I'd like to find a broker that can offer the following:

 

  1. ECN - No dealing desk business model (I do not want my broker trading against me, stop loss hunting or manipulating prices for their own gain - I want complete transparency) - orders sent direct to interbank market
  2. Regulated by FCA and offers segregation and protection of my account funds
  3. No Re quotes/slippage
  4. Comission on trades rather than a mark up on spreads (which is a Market Maker trait)
  5. Depth of market Data and direct access to interbank market
  6. tight spreads
  7. Fast processing of orders and no orders being cut by the broker if it doesn't suit them! (I've read a few horror stories on here!)
  8. Fast Withdrawals
  9. Mini lot contract size (as I am just starting out)
  10. MT4 trading platform
  11. Minimum deposit £500
  12. A reputable brokerage who have their own finances in place and are unlikely to go bust


Basically all I am after is a genuine broker, who will just let me trade without scamming or manipulating my positions, won't put barriers up if I start to make profits, protect my funds and generally treat me as a client and not a punter who they want to make a quick buck out of!

I am not 100% sure if the above checklist is completely unrealistic and does not exist!!

I have spent many hours searching around and just when I think I have found the broker who offers what I am looking for, I read some horror story reviews which totally makes me doubt them.

I don't want to be dealing with a Market Maker broker as I feel these brokers are more like bookies, I have read that STP brokers can pass orders through two different processes, A Book clients who generally have larger accounts and win often are passed through to the interbank market and B Book clients who generally have smaller accounts are beginners and lose often are passed through to a dealing desk and the broker takes the other side of their trades - which I would really like to avoid!!

It's been frustrating just trying to find a broker that is genuine and who will offer me a platform to start my trading journey without trying to con me!

Any advice/broker recommendations based on the above would be much appreciated!

  • #7
  • Jan 10, 2017 9:12am Jan 10, 2017 9:12am
Quoting Sibbo
I'm also looking for a an honest, reputable, transparent Broker. I am new to trading and looking to start off small, I have been doing a lot of research on brokers and realising how much of a minefield it is! I am based in the UK and I am looking for a professional reputable Forex broker NOT a bookie so I am not interested in bonuses or gimmicks etc. Ideally I'd like to find a broker that can offer the following: ECN - No dealing desk business model (I do not want my broker trading against me, stop loss hunting or manipulating prices for their own...
Sorry, but you have a totally wrong imagination. You are looking for a jack of all trades solution in terms of broker.

Just to name some of your misassumptions:

- a market maker is a solid solution for small deposit traders and newbies like you. Unlike ECN accounts(!) they can provide less or no slippage and can give u security in case of heavy market situations. Many of them will switch you to the STP/ECN type automatically once you are profitable.
-depth of market data .. how should this work?!?! FOREX is a decentralized market! So except the trades executes by your own broker, you are not able to see volumes created externally.
  • #8
  • Jan 11, 2017 12:52am Jan 11, 2017 12:52am
Quoting Drolph
{quote} Sorry, but you have a totally wrong imagination. You are looking for a jack of all trades solution in terms of broker. Just to name some of your misassumptions: - a market maker is a solid solution for small deposit traders and newbies like you. Unlike ECN accounts(!) they can provide less or no slippage and can give u security in case of heavy market situations. Many of them will switch you to the STP/ECN type automatically once you are profitable. -depth of market data .. how should this work?!?! FOREX is a decentralized market! So except...
That's great thanks you for your reply, much appreciated, this may be the reason as to why looking for a broker is like banging my head against a brick wall!

If the criteria I am looking for is completely unrealistic then that's good to know and I can start to widen my search and not discount brokers that don't tick all of the boxes.

Most of the information I have regarding brokers are from a book called 'Forex for Beginners' which outlines the different types of brokers, which ones to look for and which to avoid. The author (a pro FX, equities and commodities trader for over 20 years) states that a true ECN broker is the best option as they do not trade against you, are completely transparent and can be identified from most of the criteria in my post - including that of Depth of market Data which is quoted from the book as follows:

"In order for a forex trading broker to be classified as a true ECN, the brokerage must display something called DOM or ‘Depth of Market’ in a data window, to show clients their own order size within the system, and allow other clients to trade against those orders. In other words, forex traders should be able to see the liquidity, and execute trades accordingly. Put simply, it means transparency!"

Personally a market maker isn't the kind of broker that I would like to trade with, I do not want to be trading against my broker I want to trade against the market in a fair and transparent environment without the risk of a broker trading against me, manipulating prices and hunting my stops.

According to 'Forex for Beginners' ECN brokers and Non Dealing Desk brokers are the only types that will not have a conflict of interest with their clients, therefore will not trade against them, will not offer re-quotes, will offer real time quotes from the Interbank liquidity pool and are not in a position where they want to see you lose.

Whether you win or lose will make no difference to them as they charge a commission per trade and make their money from you that way, effectively you pay for an environment without any manipulation and your trading success is solely based on your ability to trade and not effected by manipulation from your broker - which I would be happy to do.

This is the core business model of the broker I am looking for and if anyone knows of any that offer this type of model then that would be very much appreciated.
  • #9
  • Feb 10, 2017 5:02am Feb 10, 2017 5:02am
To me the definition of a decent broker is depends on how they are regulated? Their spread, slippage during high volatility and more importantly Low Swap rate.
ECN and MM broker is not the fact unless you know how to make profit. But yes STP is most welcome.
I found Hanseatic Broker well regulated and has lower spread. Due to a scalper I need lower spread, wider spread can miss my TP or hit the SL earlier!
  • #10
  • Mar 7, 2017 7:40am Mar 7, 2017 7:40am
I think the decent broker is a broker which first of all makes sure security of funds at any kinds of investments with a wide range of trading technologies. And they don’t restrict any kinds of trading techniques with scalping and hedging.
  • #11
  • Mar 7, 2017 11:22pm Mar 7, 2017 11:22pm
Quoting Drolph
{quote} Sorry, but you have a totally wrong imagination. You are looking for a jack of all trades solution in terms of broker. Just to name some of your misassumptions: - a market maker is a solid solution for small deposit traders and newbies like you. Unlike ECN accounts(!) they can provide less or no slippage and can give u security in case of heavy market situations. Many of them will switch you to the STP/ECN type automatically once you are profitable. -depth of market data .. how should this work?!?! FOREX is a decentralized market! So except...
Agree completely. Unless you aren't going to start with 100K your best choice is a market maker. Both brokers I trade Tickmill and Hotforex are market makers on some OTC contracts what they explicitly state in their ToS
  • #12
  • Mar 13, 2017 2:50pm Mar 13, 2017 2:50pm
I have seen many of us recommend only the broker which is regulated , but I think in order to my trading understanding the regulation of a broker is not a big deal when choosing a broker , main issue is the credibility of brokers ,
  • #13
  • Mar 13, 2017 3:49pm Mar 13, 2017 3:49pm
I like the broker which is regulated by the high authorize in this market place , because real regulated brokers guarantee their clients with certainly. So, I think for choosing a right broker first of all we have to make certain the broker is regulated or not.
  • #14
  • Jun 1, 2017 2:09pm Jun 1, 2017 2:09pm
Quoting JamesFaulkn
I like the broker which is regulated by the high authorize in this market place , because real regulated brokers guarantee their clients with certainly. So, I think for choosing a right broker first of all we have to make certain the broker is regulated or not.
Change the Old mentality that regulated broker is reliable and always emphasis the clients funds. You can find security of funds from a non-regulated broker , basically regulation is not a big deal right now, so many regulated brokers cheating with their clients , according to me, we have to emphasis the brokers credibility by the traders.
  • #15
  • Jun 2, 2017 4:29am Jun 2, 2017 4:29am
I got your point.
It true security of funds depends on brokers credibility. But we cannot deny regulated broker because it’s trustworthy by the traders especially when it is regulated by the FCA.
  • #16
  • Jun 6, 2017 11:05am Jun 6, 2017 11:05am
Quoting Banet
{quote} Change the Old mentality that regulated broker is reliable and always emphasis the clients funds. You can find security of funds from a non-regulated broker , basically regulation is not a big deal right now, so many regulated brokers cheating with their clients , according to me, we have to emphasis the brokers credibility by the traders.
Why not regulated broker is reliable?
Can you explain?
Regulated broker more trusted and comfortable by the traders especially when the regulation belongs UK, US or Australasian.
  • #17
  • Jun 30, 2017 5:52am Jun 30, 2017 5:52am
Quoting MarkFxAnde
{quote} Why not regulated broker is reliable? Can you explain? Regulated broker more trusted and comfortable by the traders especially when the regulation belongs UK, US or Australasian.
Yes UK US regulation can be trusted than others. But I am not willing to rate Australian. I got many negative reviews in FPA about some Australian regulation.
  • #18
  • Jul 10, 2017 6:01am Jul 10, 2017 6:01am
I too trust the FCA more than I trust other regulators, at least for the moment. Despite all the Brexit confusion they’re still urging the brokers regulated by them to file for MiFID II authorization which will come into effect on January 3. 2018 and they’ll be implementing new transaction reporting requirements and other wide-ranging measures designed to improve investor protection and promote market integrity and transparency. I do keep questioning, however, how things will change once the UK does leave the EU.

The point being, the idea is not only to trust regulated brokers, but to know what regulator to trust as well. Some aren’t nearly as trustworthy as others.
  • #19
  • Jul 10, 2017 2:12pm Jul 10, 2017 2:12pm
Than any others broker regulated trading platforms are more secure and comfortable for the traders. but problem is that generally they don’t allow all kinds of trading techniques in their platforms , so beginners sometimes fall a great trouble especially the scalpers.
  • #20
  • Jul 10, 2017 9:50pm Jul 10, 2017 9:50pm
Quoting beatentrader
Hello..ive been underground for quiet some time and i have now decided to trade..been reeding threads and demoing for quite some time now..since the last i went on live account was in 2009..im quite lost with brokers.. I need help with brokers recommendation..i dont mind if its not the best spread..or if it charges a little commision..as long as it could open/close positions without any problems..even on high volume times.. Please do suggest me some brokers or atleast your peace of mind..thank you..
You have to do great work yourself in researching. If I should recommend I would recommend Global Prime, IC Market and Pepperstone. Some traders are too negative with Market maker Brokers. If you do not know how to trade, even if you like trade with Banks, you would still loose. Some Market Maker brokers are doing great and they pay you. What else do you need. They don't want client to leave them, otherwise they cannot operate without you
Make all mistakes in demo and rain in pips in live account
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