Help-I Need A New Broker | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Need help finding a new broker for a Canadian 19 replies

I Need Some Broker Help (Newbie) 24 replies

Need help finding a scalping broker 12 replies

Finding a new broker - need help please 6 replies

Need help with 10M chart - got it already but need some help! 1 reply

Attachments: Help-I Need A New Broker
Exit Attachments

Help-I Need A New Broker

  • #1
  • First Post: Nov 28, 2007 4:02pm Nov 28, 2007 4:02pm
I'm sick of my broker so I want to make a change. Any help would be appreciated. I'm not opening an account with any brokers outside the U.S. and only with CFA members.

How about FXCM? I don't try to scalp or do any news bracketing or any BS like that. I just want to know that a "horror story" won't occur-like a day after a good trade they decide to wipe out my profit. Don't need charts either, because I use a North Finance demo.

I'm not worried about a little slippage either. I just want to know that my account is safe. Any ideas?
  • #2
  • Nov 28, 2007 4:06pm Nov 28, 2007 4:06pm
Interactive Brokers is one of the best. Never seen anything like that there.
  • #3
  • Edited 4:34pm Nov 28, 2007 4:23pm | Edited 4:34pm
If only I could understand what the hell they're talking about. And they don't have a demo with live prices either.
And let me add no commission. I think paying commission is total insanity.

All the dealers have the same prices anyway. I buy at 1.4000 and I look to sell at 1.4025. Both the commission and the non-commission dealer have 1.4025. I close with the non-comm broker at 25. I close at the comm broker at 25 AND I pay comm. What is the sense of that? The comm broker isn't giving me a better price.

This whole thing about the benefits of tighter variable spreads completely mystify's me. The ECN's CLAIM to have tighter spreads, but the price you PAY and the price you CLOSE at is all the same between the dealers. In other words-what do I care if the ask is 3 or 4 or 5 pips away-when i'm closing my long position at the bid?
  • #4
  • Nov 28, 2007 4:56pm Nov 28, 2007 4:56pm
Quoting NewstraderFX
If only I could understand what the hell they're talking about. And they don't have a demo with live prices either.
And let me add no commission. I think paying commission is total insanity.

All the dealers have the same prices anyway. I buy at 1.4000 and I look to sell at 1.4025. Both the commission and the non-commission dealer have 1.4025. I close with the non-comm broker at 25. I close at the comm broker at 25 AND I pay comm. What is the sense of that? The comm broker isn't giving me a better price.

This whole thing about the benefits of tighter variable spreads completely mystify's me. The ECN's CLAIM to have tighter spreads, but the price you PAY and the price you CLOSE at is all the same between the dealers. In other words-what do I care if the ask is 3 or 4 or 5 pips away-when i'm closing my long position at the bid?
Check out. Oanda, https://fxtrade.oanda.com/

Tightest retail spreads I have ever seen, no commission.
  • #5
  • Nov 28, 2007 6:19pm Nov 28, 2007 6:19pm
Quoting NewstraderFX
I just want to know that a "horror story" won't occur-like a day after a good trade they decide to wipe out my profit.
What do you mean by this? Did they just do it for no reason? What happened?

If they did it with no good reason, you need to contest it. They can't be just wiping out your profit like that.

Are you with EFX or MB Trading? You posted to that "MB Trading" thread where last night we had that weird occurrence happen. My Account Value was reset to the previous day's when the maintenance happened, so I am thinking that may be what you mean by wiping out your profits?

My Account Value got fixed though and back to where it should be, so did yours not, as well?
  • #6
  • Nov 28, 2007 6:55pm Nov 28, 2007 6:55pm
PLEASE PLEASE... why would you even think of them... yeah your money is safe there as long as you never make a trade !!!! Here I go with another infraction no doubt...

example with FXCM.... you've just made some nice pips... but you see price starting to move in the other direction... so you want to get out... press the close trade button... what's that.... platform froze up... maybe it's my internet connection.... let me re-boot... press the button again.... comunicating with server you say.... wait wait... nothing happens.... etc,,, etc,,, etc......... and then... all your pips are gone !!! Just a coincidence...??? Yeah... until it happens again tomorrow !!!!

OK merlin... I really am just trying to help someone... there are no doubt lots of brokers out there just like fxcm... my experience has been with them... BUT there are good brokers out there too...


Quoting NewstraderFX
I'm sick of my broker so I want to make a change. Any help would be appreciated. I'm not opening an account with any brokers outside the U.S. and only with CFA members.

How about FXCM? I don't try to scalp or do any news bracketing or any BS like that. I just want to know that a "horror story" won't occur-like a day after a good trade they decide to wipe out my profit. Don't need charts either, because I use a North Finance demo.

I'm not worried about a little slippage either. I just want to know that my account is safe. Any ideas?
  • #7
  • Nov 28, 2007 6:57pm Nov 28, 2007 6:57pm
YES, oanda is great... but not based in the USA...

Quoting >Apocalypto<
Check out. Oanda, https://fxtrade.oanda.com/

Tightest retail spreads I have ever seen, no commission.
  • #8
  • Nov 28, 2007 7:05pm Nov 28, 2007 7:05pm
Althought I'm not old in this business, so that I can't assure FXCM it's the heaven of safety, I have an account with them, I feel safer than other brokers, maybe because they are of the "big ones" and the nice reputated also. (Yes, there are a lot of stories saying the are a scam, but I think 99% it's because newbies like me open their first account with them, blow account and say "FXCM screwed me" instead of saying "It's my fault, I better learn how to trade first".

Well, apart from safety my opinion of them:

Pros:

  1. Big ones, regulated, I feel confident.
  2. Inmediate execution, no requotes.
  3. Great customer service, if you have a trouble and it's difficult to explain by webchat they call you by phone, even if it's for newbie silly question, and even after you opened account (not just before to get you in the trap).
  4. Average spreads

Cons:

  1. Spread of some pairs widens even in London time, and even if there are no news coming, I have noticed that especially in GBP/USD, some times up to 10 pips! also NZD/USD and sometimes USD/CHF; with EUR/USD AUD/USD and USD/JPY i haven't noticed that, 3 pips always.
  2. Damn ugly and lagging charts, I like their platform so much, I can't just understand why they place such a piece of garbage in it.

That's it, up to now it's what I think, maybe this helps.

Ado Whether you believe you can do a thing or not, you are right.
  • #9
  • Nov 28, 2007 7:10pm Nov 28, 2007 7:10pm
Quoting Tiki Trader
example with FXCM.... you've just made some nice pips... but you see price starting to move in the other direction... so you want to get out... press the close trade button... what's that.... platform froze up... maybe it's my internet connection.... let me re-boot... press the button again.... comunicating with server you say.... wait wait... nothing happens.... etc,,, etc,,, etc......... and then... all your pips are gone !!! Just a coincidence...??? Yeah... until it happens again tomorrow !!!!

OK merlin... I really am just trying to help someone... there are no doubt lots of brokers out there just like fxcm... my experience has been with them... BUT there are good brokers out there too...
Tiki Trader ... I don't see why your post would cause you a posting infraction, because quite frankly, you are basically just giving your personal experience of what happened to you. I would think it should be fair for you to do so (as long as you are fair in your gripes with the broker).

Does FXCM's platform and/or server shut down often? If it does, then that's a serious problem that FXCM should be looking at, especially if it's not only happening to just you. Was it happening to others, as well?

I would have called FXCM to have them close my position manually however, instead of waiting to reboot, because we all know how long that can take, lol.
  • #10
  • Nov 28, 2007 7:19pm Nov 28, 2007 7:19pm
Quoting Tiki Trader
YES, oanda is great... but not based in the USA...
What does it matter if it is based in USA or not?
  • #11
  • Nov 28, 2007 7:19pm Nov 28, 2007 7:19pm
Quoting leighsww
What do you mean by this? Did they just do it for no reason? What happened?

If they did it with no good reason, you need to contest it. They can't be just wiping out your profit like that.

Are you with EFX or MB Trading? You posted to that "MB Trading" thread where last night we had that weird occurrence happen. My Account Value was reset to the previous day's when the maintenance happened, so I am thinking that may be what you mean by wiping out your profits?

My Account Value got fixed though and back to where it should be, so did yours not, as well?
MB has been OK, but paying a commission is insanity. I just recently started lookng at this-I was OK with paying commission because I thought ECN was better, but if all the dealers have the same price-why pay to get out of a trade?

Oanda i'll look at. Intereactive brokers i'll try the demo even though the prices are not live.
  • #12
  • Nov 28, 2007 7:20pm Nov 28, 2007 7:20pm
There are threads here about FXCM... and there are plenty of reviews OUT THERE about FXCM... I disagree somewhat with the above post since truly, I have had no further problems trading since I got out of FXCM... Minimum trade size at FXCM is 1$ a pip... nothing less... that's OK if you an account big enought to support that...

Quoting leighsww
Tiki Trader ... I don't see why your post would cause you a posting infraction, because quite frankly, you are basically just giving your personal experience of what happened to you. I would think it should be fair for you to do so (as long as you are fair in your gripes with the broker).

Does FXCM's platform and/or server shut down often? If it does, then that's a serious problem that FXCM should be looking at, especially if it's not only happening to just you. Was it happening to others, as well?

I would have called FXCM to have them close my position manually however, instead of waiting to reboot, because we all know how long that can take, lol.
  • #13
  • Nov 28, 2007 7:22pm Nov 28, 2007 7:22pm
Because the original poster said he wanted a broker in the USA...

Quoting charlinks
What does it matter if it is based in USA or not?
  • #14
  • Nov 28, 2007 7:29pm Nov 28, 2007 7:29pm
Oanda is a US Corp. Here is the info from the 'About Page"
The Company, a Delaware corporation, was established in 1996 and is headquartered in New York City, USA with operations in Toronto, Canada and Zurich, Switzerland. OANDA is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA ID #0325821).
In trading, there is no bullshit. You either make money or you don't.
  • #15
  • Nov 28, 2007 7:33pm Nov 28, 2007 7:33pm
Quoting NewstraderFX
but if all the dealers have the same price-why pay to get out of a trade?
Point noted.

For me, I'm with an ECN because I had read posts regarding "DDs trading against you," as well as posts regarding spikes that seemed to only happen on the certain broker's chart (when they compared other charts that didn't show the spike) ... but I've seen a lot of really good reviews on Oanda and some others, so always good to know who's reputable and trustworthy in the case one needs to switch.

I'm making my list from the sharing that goes on here, just in case I ever become unhappy with my broker, lol (so thank you to everyone who shares their experiences)
  • #16
  • Nov 28, 2007 7:42pm Nov 28, 2007 7:42pm
Quoting Tiki Trader
There are threads here about FXCM... and there are plenty of reviews OUT THERE about FXCM... I disagree somewhat with the above post since truly, I have had no further problems trading since I got out of FXCM...
That's good to know, cuz quite frankly, on my list of possible brokers in the case I ever needed to switch ... FXCM wasn't one of them, lol.
  • #17
  • Nov 29, 2007 1:12am Nov 29, 2007 1:12am
I use IBFX and they have been good to me, the only thing is that they widen their spreads during news but doesn't affect me since I don't trade the news.

Good luck
Trade what you see, not what you think.
  • #18
  • Nov 29, 2007 1:34am Nov 29, 2007 1:34am
I think you should read through this forum and you can get all your info you want.
Donīt live for working, but work for living.
  • #19
  • Nov 29, 2007 6:44pm Nov 29, 2007 6:44pm
Quoting NewstraderFX
If only I could understand what the hell they're talking about. And they don't have a demo with live prices either.
And let me add no commission. I think paying commission is total insanity.

All the dealers have the same prices anyway. I buy at 1.4000 and I look to sell at 1.4025. Both the commission and the non-commission dealer have 1.4025. I close with the non-comm broker at 25. I close at the comm broker at 25 AND I pay comm. What is the sense of that? The comm broker isn't giving me a better price.

This whole thing about the benefits of tighter variable spreads completely mystify's me. The ECN's CLAIM to have tighter spreads, but the price you PAY and the price you CLOSE at is all the same between the dealers. In other words-what do I care if the ask is 3 or 4 or 5 pips away-when i'm closing my long position at the bid?
Not sure how long you've been trading or how much researching you've done on how brokers operate, but if you insist on "no commission", you are absolutely guaranteeing that you'll end up at a bucket shop, and almost certainly ensuring you will experience all the same problems you're having now.

If a broker doesn't charge commission, how do you think they make money? By making money on the spread, so by definition they are intentionally manipulating prices for THEIR benefit, not yours. What's more, you are never getting true interbank market pricing, but simply what the broker feels they need to offer to make enough profit for themselves. A dangerous proposition indeed.

I'd recommend first you seek an ECN broker and pay the commission. Then, due some research on what a "bucket shop" is, so you'll realize why you want to avoid them at all costs. As a rule of thumb, if you're not paying commission, you're at a bucket shop. Try MB Trading; yes you pay commission (you should be relieved by that), but they offer tight spreads, and no price manipulation. In the end, you will come out ahead-trust me.

And to answer your point above about buying at 1.400 and selling at 1.425 and what's the difference as long as you're selling at the bid, well the guy trading at the ECN probably bought at 1.395 or better while you bought at 1.400. If you don't understand how the spread can totally screw you, you should maybe lighten up on your trading until you do understand. A high spread will ultimately rape you of your profits...
  • #20
  • Nov 30, 2007 5:44am Nov 30, 2007 5:44am
Quoting NewstraderFX
MB has been OK, but paying a commission is insanity. I just recently started lookng at this-I was OK with paying commission because I thought ECN was better, but if all the dealers have the same price-why pay to get out of a trade?

Oanda i'll look at. Intereactive brokers i'll try the demo even though the prices are not live.
I am currently using Oanda, FXCM and FXSOL. I use Oanda for basic visual charts and excellent spreads during non violate times (Hate the occasional spikes but Oanda has always corrected though sometimes have to personally follow up to get it right). FXCM I use one click execution and plan to open UK account once account is large enough for international wire transfers to not be significant. The UK account is segregated and even if they go bankrupt you would get your money back. (not the case with all US forex spot accounts. Learned the hard way with refco.) I use FXSOl for fixed spreads and high leverage when I want to use it. No significant issues.
All brokers have strengths and weaknesses its just a matter of matching personal trading styles with broker.
0 traders viewing now