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Brokers in the USA

  • #1
  • First Post: Edited Dec 18, 2017 12:20am Dec 16, 2017 10:02pm | Edited Dec 18, 2017 12:20am
Could I get some suggestions for American Forex Interbanks?

I used to have IBFX, and they were out of Utah, and they were excellent!
Unfortunately they are no longer in operation and I have been with FX Choice.
Now, FX Choice is an international broker with pretty good ratings.

Preferably I would like another broker like IBFX that is in the USA & safe.
One that I have considered is Forex.com, but has bad reviews on FPA.
Trading is a fine art that comes with randomness and yet predictability
  • #2
  • Dec 18, 2017 3:25am Dec 18, 2017 3:25am
Oanda or Forex.com - not so much to choose from.
If your account big enough tohandle 0.10 lot - go with futures broker and e-micro contracts. It will be more expensive than spot fx.
  • #3
  • Dec 18, 2017 4:38am Dec 18, 2017 4:38am
Quoting brodank
Could I get some suggestions for American Forex Interbanks? I used to have IBFX, and they were out of Utah, and they were excellent! Unfortunately they are no longer in operation and I have been with FX Choice. Now, FX Choice is an international broker with pretty good ratings. Preferably I would like another broker like IBFX that is in the USA & safe. One that I have considered is Forex.com, but has bad reviews on FPA.

If you have a larger capital or is a serious trader then you can trade anywhere in the world. For traders with a smaller capital, it is probably not worth it.
  • #4
  • Dec 20, 2017 6:58pm Dec 20, 2017 6:58pm
  •  Baldi
  • | Joined Jan 2007 | Status: Reading news and comments... | 77 Posts
I had no absolutely no problem with forex.com. I can suggest them as American broker company. Everything was OK with them.
  • #5
  • Edited Dec 21, 2017 12:20am Dec 20, 2017 7:04pm | Edited Dec 21, 2017 12:20am
Quoting Baldi
I had no absolutely no problem with forex.com. I can suggest them as American broker company. Everything was OK with them.
No problems with spread hikes? Stop hunts? Slippage?

Forex.com states:
"While our 100% margin requirement and real-time margin system is designed to limit your trading losses and help ensure that total losses never exceed your total account balance, you do risk incurring losses greater than your account balance, especially during periods of extreme market volatility. While it is not FOREX.com’s policy to hold clients responsible for modest negative balances, we do reserve the right to hold clients responsible for large debit balances and when special circumstances apply. For this reason, we strongly encourage you to manage your use of leverage carefully."

Meaning, they hold their clients liable for lawsuits of negative accounts!

Plus they have NO historical data to download! And is it because they are market makers?

How safe is the slippage? How safe are stoplosses? How safe are client accounts who are profitable? Read the reviews! They have been known to delete highly profitable orders and terminate clients accounts just for being profitable!

The proof is in the numerous charges brought up with the NFA & the hundreds of thousands if not millions they have been fined as a result of their predatory ways.
Trading is a fine art that comes with randomness and yet predictability
  • #6
  • Dec 22, 2017 6:54pm Dec 22, 2017 6:54pm
Quoting brodank
{quote} No problems with spread hikes? Stop hunts? Slippage? Forex.com states: "While our 100% margin requirement and real-time margin system is designed to limit your trading losses and help ensure that total losses never exceed your total account balance, you do risk incurring losses greater than your account balance, especially during periods of extreme market volatility. While it is not FOREX.com’s policy to hold clients responsible for modest negative balances, we do reserve the right to hold clients responsible for large debit balances and...
Virtually all brokers state that your account can go into the negative. Because, well, it can! Even brokers that have negative balance protection state that it could your account could still run in the negative. Now this rarely ever happens. But I saw a trader in one thread talk about how he got screwed over and ended up with a negative balance, and subsequently gave the broker a bad review. Then one of the broker's representatives explained the situation, how the guy was doing some high risk hedging on the USD/ZAR, and then news broke that another African Financial Minister was arrested on charges of corruption. That caused the pairing to swing wildly, and the normally already very high spreads on that pair spiked big time, blowing out his account. The vast majority of successful traders will never encounter that situation, since they control their risk beforehand. But people that play fast and loose with the rules do put themselves at greater risk of getting hit by an unexpected swing.

Forex.com stated that modest negative balances aren't an issue. A true ECN broker would likely eat up a small negative balance just to maintain a good reputation. But if you're negative $7000, and the order was passed off to another financial institution as ECN brokers do, that financial institution is going to want their $7000, and your broker is not liable to pay that for you. You pay them commissions so they give you access to their liquidity pool. It's not their responsibility to pay your debt if you trade very irresponsibly. I should also add, if some trades were "deleted", it was likely the trader was using an EA that did arbitrage during news releases, which is a big no no. Not a single trader I've talked to that trades their own strategy, without using any script or bot, has had any profitable trades deleted. Yet there seem to be these people that can magically turn a $20 account into a $12000 one in an hour, that keep complaining about having trades deleted. I have no sympathy for liars and cheaters that try to rig the system by gaming a broker's latency.
  • #7
  • Dec 29, 2017 5:40pm Dec 29, 2017 5:40pm
  •  Baldi
  • | Joined Jan 2007 | Status: Reading news and comments... | 77 Posts
Quoting brodank
{quote} No problems with spread hikes? Stop hunts? Slippage? Forex.com states: "While our 100% margin requirement and real-time margin system is designed to limit your trading losses and help ensure that total losses never exceed your total account balance, you do risk incurring losses greater than your account balance, especially during periods of extreme market volatility. While it is not FOREX.com’s policy to hold clients responsible for modest negative balances, we do reserve the right to hold clients responsible for large debit balances and...
Hi! I wrote my personal experiences. I WAS their client. And I had no problem with them. No spread hikes, no slippage. No stop hunts. I was slightly/moderately profitable, and I felt no abuse or anything because of that. I always had good fill (however many times I entered around news time). Withdrawal was also not a problem.

I did not noticed there are no historical data - I never needed them. Otherwise previously I also heard bad news about them. I did not want to go there, I was migrated to them from another broker (Ally/TradeKing). Very long ago I was an MBTrading client. But I always traded my way, and I always took responsibility for my trade decisions: I never complained about the broker. They never harmed me. When I had losses, they were my faults, not the broker's fault.

Even if it is strange, but this is my opinion: Forex.com is a good broker, I never had any issues with them. I left them only because I could get better leverage at European brokers, since I am from Europe. I realized, I do not need to be a US broker's client...

Otherwise I think that nowadays most of the brokers try to be fair to their clients. The success of a trader is independent from the broker, believe me! Trade well!
  • #8
  • Edited 10:11pm Jan 8, 2018 5:48pm | Edited 10:11pm
Hi again
Forex.com while an original American & Forex broker, seemingly unscrupulous, their minimum deposit is 50.
Just thinking maybe I will deposit the minimum and see how it goes.

@Baldi I was wondering what deposit you had with forex.com.

btw as I said there is No Historical data which puts a damper on a 200 period ma, in fact seeing as I can only get 5 days it looks like i must wait quite a while before I may even begin trading with FoReX.com

I spoke to FoReX.CoM about the historical data, and the following transpired:


Quote
Info
at 22:32, Jan 8:
Thank you for choosing to chat with us. An agent will be with you shortly.
Info
at 22:32, Jan 8:
You are now chatting with Kyle.M.
Kyle.M
at 22:33, Jan 8:Hello and welcome to Client Services.
How can I assist you?
brian lillard
at 22:33, Jan 8:
historical data is not available?
Kyle.M
at 22:34, Jan 8:
In order to access your history you will have to download the MT4 platform.
Kyle.M
at 22:35, Jan 8:
From there go in the Account history tab > right click anywhere in that section > click custom period > select time frames > click save as detailed report > then save it onto your computer.
brian lillard
at 22:36, Jan 8:
???
brian lillard
at 22:38, Jan 8:
I hit F9, tried to download eurusd(pro), on MT4, and it said "There are no new data for symbol 'EURUSDpro'
brian lillard
at 22:39, Jan 8:
5 days isn't enough for a 200 moving average...
Kyle.M
at 22:39, Jan 8:
Are you talking about your historical data or the currency pair's historical data?
brian lillard
at 22:39, Jan 8:
my live acct. on forex.com out of NJ
brian lillard
at 22:41, Jan 8:
???
brian lillard
at 22:41, Jan 8:
i only get 5 days?
Kyle.M
at 22:42, Jan 8:
Let me know if this link gives you a better range. http://ratedata.gaincapital.com/
brian lillard
at 22:48, Jan 8:
Am I asking too much for downloadable historical data through the metatrader 4 platform? I mean, I am quite dismayed of the circumstances with forex.com's unscrupulous predatory practices as seen from lawsuit settlements looking at over atleast a million in regulatory fines..
brian lillard
at 22:49, Jan 8:
dismayed that there are slim to none us forex brokers..
brian lillard
at 22:49, Jan 8:
what gives?
Kyle.M
at 22:51, Jan 8:
I am going to transfer you to someone who can better assist you.
Info
at 22:51, Jan 8:
Please wait while your chat is transferred to Brandon.H.
Info
at 22:51, Jan 8:
You are now chatting with Brandon.H.
Brandon.H
at 22:53, Jan 8:
Hello how can I assist you today?
Brandon.H
at 22:53, Jan 8:
I see that you would like to download historical data into your MT4 platform.
brian lillard
at 22:53, Jan 8:
Yes I would
Brandon.H
at 22:54, Jan 8:
My colleague sent you a link that connects to the historical app data for the platform that has a large range from the beginning of the company to now. This data can be downloaded and put into the MT4 platform.
Brandon.H
at 22:54, Jan 8:
That would be the historical data that you were referencing in your previous message.
brian lillard
at 22:56, Jan 8:
ok so ,, im guessing there's no other way
Brandon.H
at 22:57, Jan 8:
Unfortunately, no. The platform is limited to the rate data that it has which is why we created a separate website for all of the rate data for each pair and time period.

OK so gain capitol pretty much runs the forex industry in America ..but just how dependable and accurate is that?
Trading is a fine art that comes with randomness and yet predictability
  • #9
  • Jan 12, 2018 11:54am Jan 12, 2018 11:54am
  •  Baldi
  • | Joined Jan 2007 | Status: Reading news and comments... | 77 Posts
Hi Brodank!

I sent you a private message.
  • #10
  • Last Post: Jan 12, 2018 1:47pm Jan 12, 2018 1:47pm
I've been using both for a while and no issues. There are no other better choices ATM.
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