If you had £100k, which one would you go with? | Forex Factory

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If you had £100k, which one would you go with?

  • #1
  • First Post: Sep 30, 2020 2:15pm Sep 30, 2020 2:15pm
If you had £100k to deposit with a broker, which one would you go with?
  • #2
  • Oct 9, 2020 8:27am Oct 9, 2020 8:27am
Quoting normtold
If you had £100k to deposit with a broker, which one would you go with?
I would go with Trade Station:
https://www.tradestation.com
With Futures the broker is NOT the counterparty
every Saint has a past. Every Sinner has a Future
  • #3
  • Oct 9, 2020 8:55am Oct 9, 2020 8:55am
Quoting normtold
If you had £100k to deposit with a broker, which one would you go with?
Hi Norm,

Am I right in assuming that the reason you mention the £100k amount is because you are concerned with the broker's solvency?

Note that if you deposit funds with a UK-regulated forex broker, your funds with them are FSPS-insured for up to £50k. Split your funds between two or three UK-regulated brokers, and you are completely protected in case of broker insolvency.

Among brokers regulated in the UK, I trade accounts with FXCM, FOREX.com, OANDA and IG. They all support MT4, but each has their own proprietary trading platforms which may be a deciding factor.

You should also look into the unique trading products each broker offers in case those interest you. Some offer special trading baskets or indices. Other factors to consider are any unique benefits they offer for your account size such as discounted spreads or premium charting.

The key point is this: If you have £100K to invest, that should not be the deciding factor for you. There are several UK-regulated brokers to choose from where your money is safe.

YP
  • #5
  • Oct 13, 2020 12:54am Oct 13, 2020 12:54am
I will go to a CySec regulated broker as I reside in EU region. I will never ma mistake of depositing such a capital in any unregulated broker.
  • #7
  • Oct 13, 2020 11:27am Oct 13, 2020 11:27am
Divide it into 2 and go with 2 brokers, you'll be comfortable.
  • #8
  • Oct 15, 2020 8:02am Oct 15, 2020 8:02am
Thanks for the replies.
I am in the UK and only trade the Russell2000 spot.
Currently using 10:1 leverage which is ok, would prefer 30:1
I can trade maually but mostly us a robot on MT4 which allows me time away from the screen.

YenPounder, it is not so much the Brokers solvency I am concerned about but the honesty of a Broker.
I have read so many times that most retail Brokers are bucket shops with shady practices.
My main concern is a huge many hundred point price spike which could wipe the account out, it happened to me with a Broker a few years back and there was nothing I could do. My other live broker at the time had a fraction of the size spike.
I have a small amount with my current Broker and was intending to scale up but I find on the 2 occassions I have needed to contact customer services they have been slow and unhelpful, spread widening at odd times with no explanation, only the US2000 prices froze for 2 minutes during the last 2 NFP all other indices and pairs updating as normal on the platform. I do not news trade by the way, just an observation.
My current margin level is 1500% so I do not sail close to the wind in that respect.
  • #9
  • Oct 15, 2020 12:14pm Oct 15, 2020 12:14pm
Quoting normtold
YenPounder, it is not so much the Brokers solvency I am concerned about but the honesty of a Broker. I have read so many times that most retail Brokers are bucket shops with shady practices. My main concern is a huge many hundred point price spike which could wipe the account out, it happened to me with a Broker a few years back and there was nothing I could do. My other live broker at the time had a fraction of the size spike.
I have not had any problems like the kind you describe with the brokers I use, but I only trade major currency pairs, not the Russell 2000. When dealing with a large UK-regulated broker, you can file an inquiry with them if a trade error occurs. If you are not satisfied with their resolution, you can take it up with the FCA.

Could you provide more details on the hundred point price spike you mentioned? Also, are the brokers you were trading with regulated in the UK?
  • #10
  • Oct 15, 2020 3:42pm Oct 15, 2020 3:42pm
Quoting normtold
Thanks for the replies. I am in the UK and only trade the Russell2000 spot. Currently using 10:1 leverage which is ok, would prefer 30:1 I can trade maually but mostly us a robot on MT4 which allows me time away from the screen. YenPounder, it is not so much the Brokers solvency I am concerned about but the honesty of a Broker. I have read so many times that most retail Brokers are bucket shops with shady practices. My main concern is a huge many hundred point price spike which could wipe the account out, it happened to me with a Broker a few years...
Why not make transition over to futures?
It's bad luck to be superstitious
  • #11
  • Oct 16, 2020 3:08am Oct 16, 2020 3:08am
Ok, TradeStation has been suggested. What would be other good options for EU-based traders? Are trading costs of futures higher than FX with your average forex broker? How much are the over-night holding fees with futures? Anything else one should know if they want to go with a futures broker?
  • #13
  • Oct 17, 2020 9:27am Oct 17, 2020 9:27am
I would go with FBS. Really cool broker.
Risk Management is of utmost importance!
  • #14
  • Oct 18, 2020 10:19pm Oct 18, 2020 10:19pm
I would look for a regulated broker who can offer high leverage and the negative balance protection as well.
  • #15
  • Edited 4:14am Oct 19, 2020 2:50am | Edited 4:14am
Quoting Gracewilson
I would look for a regulated broker who can offer high leverage and the negative balance protection as well.
Listen guys, that is not what was asked. OP wants to know what is the next level from ordinary retail trader brokers, but you keep suggesting the same old bucket shops. High leverage, negative balance protection and regulation (they are all regulated anyways) has nothing to do with it.
If Soros seeks for a new broker, would you in all seriousness suggest Oanda or Dukascopy to him??

Retail trading is funny, everything is secret from us, even what the better brokers are..
  • #16
  • Oct 19, 2020 3:45am Oct 19, 2020 3:45am
Quoting drbrain
{quote} If Soros seeks for a new broker, would you in all seriousness suggest Oanda or Dukasckopy to him?? Retail trading is funny, everything is secret from us, even what the better brokers are..
No, it's you who does not understand.

I've never traded with Dukascopy, but I can tell you from personal experience that OANDA is one of the better brokers. People who lose money trading with an established FCA-regulated broker like them have only themselves to blame.

While 100K is about 100 times more than what the average retail trader has in their account, it's still retail. To put things in perspective, George Soros' net worth is about 10,000 times what the OP is talking about depositing.

The journey from 1K to 100K does not begin with finding some mythical unicorn broker. It begins when a trader realizes his success or failure in trading with a well-regulated broker is entirely up to him and how well he trades.
  • #17
  • Oct 23, 2020 9:03am Oct 23, 2020 9:03am
Quoting zoo
{quote} Why not make transition over to futures?
I am curious as to why you suggest that?
My current broker offer Futures.
  • #18
  • Oct 23, 2020 9:07am Oct 23, 2020 9:07am
Quoting RCtrader
I would go with FBS. Really cool broker.
Never heard of them.
Why do you say they are cool?
Anyway isn't your broker Tickmill?
  • #19
  • Oct 23, 2020 9:09am Oct 23, 2020 9:09am
Wow, 5 of the posters in this thread have had their membership revocked, what is going on?
  • #20
  • Oct 23, 2020 10:01am Oct 23, 2020 10:01am
Quoting normtold
Wow, 5 of the posters in this thread have had their membership revocked, what is going on?
I suspect it's people posting under false pretenses. They pretend to be customers when they are really employees of Fxview: https://www.forexfactory.com/thread/...g-for-a-broker

There's nothing wrong with a broker having an official representative on trading forums as long as they disclose their connection as an employee.

Steer clear of shady brokers like Fxview that would create so many fake accounts to try and fool people into thinking they have many satisfied customers. Fxview seems to have more employers making fake posts than they have real customers.

This goes back to my original point: Go with an established broker. If you live in the UK, go with an FCA-regulated broker.
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