Brokerage debate

Which brokerage would you recommend? I am considering opening an account with GFT any inputs?

You might check the preferred brokers on this forum. Not sure exactly where but there are alot of comments about them. Also, it would be good to check there demos before going live to be sure you like the platform.

I am presently on a demo with GFT. I think i will be switching over to them from FXCM. The main thing i like about GFT is that they have a very extensive charting sotware that comes included when you open an account. You don't have to go out and pay for charting software. Customer service has also been amazing!

Black Pearl

Have a look at www.interbankfx.com To date I've found them excellent in all respects.

I have an account with GFT, they have good charts ( I think CMS are better)

their customer service is very good. One word of caution the way they handle rollovers is a little strange. They actually close your position and open you a new postion every day (assuming that you have an open position at the end of day) which totally throws me off. I found this out the hard way, just looking at the chart for your open position is not really where you started, so you have to keep that in mind.

As far as I am concerned their statements suck, they have just made them to complicated to read.

My 2 pips,
AL

garciaal,

Have you tested out CMS automated dealing service?

I don't auto trade were the software actually executes the trade, I don't trust them that much. You can set it to give you the alerts but not trade auto. Thats what I do, just wait for the sound alert and place the trade, I have never sat and watched to see if would work or not. The demo is too flakey to rely on.If you are interested in CMS go to visualtradingcharts.com, that should keep you busy reading for a good long time.

Al

Well to be honest, I still haven't started my live acocunt ever yet, but I have been demo trading for around 2 months now. If anyone is interested, you can try MG Financial, mgforex.com, they are good, charting software is not the best, but fine, pocket pc trading available without installing a software on your pocket pc or pda, leverage up to 400:1, 1 free wire transfer per month, many order types, market, stop, limit, one cancel other (OCO) which include an integrated stop loss & limit order, If done order in which you can base a stop or a limit or an oco on the execution of another one, and many other things.

The only drawback of MG Financial which I got from here on the forum is that sometimes they experience slippage, but I intend to open my first live mini account with them.

Another very nice thing with MG is that you can trade up to 50 lots, which means $5 Million a pip value of $500 up or down

Thanks for the information about MG.

I just looked at their website, and they look attractive. I like the fact that their platform can run in different environments. Sometimes, you are away from home and you don't always have your laptop with you, so you may jsut grap a computer somewhere and use their platform HTML or Java version and check your account.
But I am a newbie and got a few questions...

1- what do you think about their spread ? For EUR/USD, it seems to be 3, but higher on other currencies. Are they still competitive ?

2- To be honest, I never understood about forex brokers slippage...Can you please give some example of that ?

3- just for information, I was also thinking about FXSOL, since they offer a bonus for new accounts depending on its size. But, indeed, it won't be a good idea at all to take this kind of incentive into account in order to pick and choose a broker...

Well, that is not correct.
Actually, they say they won't charge any "MG fee", but they WILL charge your their bank fee...and who know how much this is going to cost you...
Regarding this point, I'd rather prefer a broker who will tell you exactly how much a withdraw will cost you...

a good thread on MG...

http://www.forexfactory.com/forexfor...ead.php?t=1910

oanda is better

Oanda isn't bad. Their platform is lacking certain features though. I have a small account there just for the fact I could put the small amount of paypal I was lumped with some time ago to good use