Going live with USD100k, which broker should I choose? | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Broker Comparison Table/chart - best way to choose the right broker 14 replies

Which broker to choose ? 15 replies

Which broker should I choose 11 replies

If you could choose 4, 6 or 8 pairs, which would they be? 6 replies

Technical or Fundamental-which one to choose? 4 replies

Attachments: Going live with USD100k, which broker should I choose?
Exit Attachments

Going live with USD100k, which broker should I choose?

  • #41
  • Oct 7, 2008 4:09pm Oct 7, 2008 4:09pm
Quoting fxterrapin
Here is Sandyfx again, spreading false-hoods and pumping Dukascopy as always. There is NO INSURANCE on funds at Dukascopy. This what they even told me directly. This is very different from IB, which actually has SPIC and Loyd's London insurance, which together covers up to 1,000,000 USD in securities. This is more than you'll get in an American Bank. If you can prove so otherwise, then please, be my guest.

We like cold, hard facts here on FF not some random gossip used to pump a particular company.
SIPC is only insurance to protect individual securities holdings should your brokerage firm go down in flames for whatever reason. All SIPC will insure is if your shares of CSCO suddenly disappear due to broker fraud or the like. Even then, they will only reimburse you with the same amount of CSCO shares, regardless of market price. IE, if you intended to sell your shares when CSCO was trading higher but your shares disappeared for whatever reason, TS.

Also, FDIC will protect up to $100k for each individual account. In other words, if you have ten bank accounts at ten different banks, then you've got a cumulative $1,000,000 in insurance all told (but only $100k for each one account, remember).

The Lloyd's insurance protection is there to supplement the SIPC insurance.
Never underestimate the powers of the Force.
  • #42
  • Oct 7, 2008 5:04pm Oct 7, 2008 5:04pm
Quoting The Jedi
SIPC is only insurance to protect individual securities holdings should your brokerage firm go down in flames for whatever reason.
SIPC also covers $100k cash in securities accounts. I'm not aware if any other FX broker falls under SIPC coverage like IB does.

http://www.finra.org/Investors/Prote...ection/p085678
  • #43
  • Oct 7, 2008 5:39pm Oct 7, 2008 5:39pm
One word:

DIVERSIFY


Dont put all your eggs in one basket.

Even the most financially strong broker will go bankcrupt on a variety of reasons. And when they go bankrupt, you kiss your monies good bye even if its in "segregated accounts".

Always remember, traders are classified as investors. When a company goes bankrupt, creditors and government have the priority over the money. Investors are at the bottom of the food chain.

Segregated Accounts? WHATA BULLCRAP! This is one big lie
  • #44
  • Oct 8, 2008 6:15pm Oct 8, 2008 6:15pm
Quoting Trader KGB
With a sketchy bank no one's heard of and a guarantee letter with the Duka president listed as the beneficiary. Don't waste your time, trust me. I and others have already been down this route, complete waste of time it turned out to be.
Care to share a little more info?
  • #45
  • Oct 8, 2008 7:06pm Oct 8, 2008 7:06pm
Quoting BurgerKing
One word:

DIVERSIFY


Dont put all your eggs in one basket.

Even the most financially strong broker will go bankcrupt on a variety of reasons. And when they go bankrupt, you kiss your monies good bye even if its in "segregated accounts".

Always remember, traders are classified as investors. When a company goes bankrupt, creditors and government have the priority over the money. Investors are at the bottom of the food chain.

Segregated Accounts? WHATA BULLCRAP! This is one big lie
I couldn't agree more with 'Diversify' BK.

Totally disagree with you on segregated accounts. A TRUE segregated account is yours. The broker just has access to it.

I think you are getting mixed up with brokers who claim they hold client money in a separate account. As one.
Bundy's status today: "Waiting..."
  • #46
  • Oct 9, 2008 4:25am Oct 9, 2008 4:25am
Quoting JRowaboat
Hi Samuri, I suggest you take your money to a high-quality and secure broker such as dbfx. They do not necessarily "play" to the retail trader, but their services are industry-leading(such as Thomson-IFR markets feeds), liqudity is good(no more "chart spikes"), and their prices are competitive(2 pip spread on EURUSD). But, most of all, they are essentially Deutsche Bank... and with retail brokers falling left and right, finding with a SECURE broker should be first and foremost in your decision-making. Also, a lot of pople have said they are just "FXCM"... which is not true... they just use the same platform. The Marketscope charting software is horrible, but if you just open up Metatrader on a demo account and use the Trading Station platform for execution, you'll be good.

Hope that helps.
dbfx is a market maker. I have tried their demo and found they seems trade against you. Your order could always be filled when the prices are not good to your interst but if good, you always receive requote.
  • #47
  • Oct 9, 2008 5:02am Oct 9, 2008 5:02am
as you know fx is a leveraged market, when u say 100k, is that the amount that you are gonna trade fully or this is the initial investment amount?

If it is the latter i can only suspect the max exposure u may have is at most 30k-40k on full leverage i.e. 1.5mio - 2mio exposed on a 50:1 lev. (Geez thats quite big actually) but anyway, if thats the case, Oanda, IB, manfinancial may be decent choices. Best bet for huge funds is to go to banks directly but im not sure if 100k would give u such dealing facilities
  • #48
  • Oct 9, 2008 5:09am Oct 9, 2008 5:09am
Quoting manfree
dbfx is a market maker. I have tried their demo and found they seems trade against you. Your order could always be filled when the prices are not good to your interst but if good, you always receive requote.
manfree, dbfx is indeed a market maker. However, contrary to the retail belief, this is not a bad thing. Whether you are trading with a broker who does or doesn't have a dealing desk, there is a market maker on the end of your trading, quoting you a price for your trade and filling you at that price(if the price is still available by the time you submit). Having a market maker allows you to have access to the dealing desk to either close out trades or refund you on platform mistakes, etc. As far as "trading against you" a bank like dbFX that trades about 19% of the total market volume is probably not moving any positions to force yours and my miniscule trade to close.

Also, the reason for your trade not being filled at the exact price you wanted is that when the market is moving in the direction you want it to, there are simply more people buying in your direction and not selling... that causes your trade to have to "fight" to find a seller on the other end. This also works opposite for a poor trade being filled so easily... if you're in a poor direction, your trade is being bought against in the opposite direction heavily and you are more likely to get filled because there are more buyers against you.
  • #49
  • Oct 9, 2008 5:34am Oct 9, 2008 5:34am
Quoting JRowaboat
manfree, dbfx is indeed a market maker. However, contrary to the retail belief, this is not a bad thing. Whether you are trading with a broker who does or doesn't have a dealing desk, there is a market maker on the end of your trading, quoting you a price for your trade and filling you at that price(if the price is still available by the time you submit). Having a market maker allows you to have access to the dealing desk to either close out trades or refund you on platform mistakes, etc. As far as "trading against you" a bank like dbFX that trades about 19% of the total market volume is probably not moving any positions to force yours and my miniscule trade to close.

Also, the reason for your trade not being filled at the exact price you wanted is that when the market is moving in the direction you want it to, there are simply more people buying in your direction and not selling... that causes your trade to have to "fight" to find a seller on the other end. This also works opposite for a poor trade being filled so easily... if you're in a poor direction, your trade is being bought against in the opposite direction heavily and you are more likely to get filled because there are more buyers against you.
I think it is silippage. When I submit an order lower than the market moves, i understand I can not get the exact price that I want. But at the same time when I see the changing prices and click, bad prices to me can always be filled but good prices never be filled. I think the possibility to get good prices and bad prices should be basically the same if it's fair.
  • #50
  • Oct 9, 2008 6:53pm Oct 9, 2008 6:53pm
Quoting manfree
I think it is silippage. When I submit an order lower than the market moves, i understand I can not get the exact price that I want. But at the same time when I see the changing prices and click, bad prices to me can always be filled but good prices never be filled. I think the possibility to get good prices and bad prices should be basically the same if it's fair.
i use DBFX and have gotten that a couple times. the reason behind it is that they have institutional prices powering a retail platform. whenever you buy or sell in retail, you see two prices: the bid and the ask. in institutional trading, you get an expanded view of the bid and ask. you might have four prices on the bid and six on the ask. the reason behind this is because you're actually buying/selling money that people are buying/selling. you are actually on the opposite end of an order from another trader. therefore, if you are buying 1M (10 lots), and if the guy opposite you is selling 700K at 1.1234, you have to get that extra 300K from someone else, maybe someone who is selling at 1.1233 or 1.1235. this is where you see that slippage. this is just a function of institutional trading. happens all over the place.

if that doesnt bother you too much, dbFX is a great broker. their platform is easy to use once you get used to it (it's the same as FXCM's) except you might want to use a MT4 demo account for charting. their withdrawals and deposits are fast, plus they always have someone on the dealing desk in case your platform freezes or there's some other type of emergency. in fact, you can technically trade over the phone if you want too lol. i would say go with them just for the safety. biggest bank in FX and all. just my opinion.
  • #51
  • Oct 10, 2008 1:43pm Oct 10, 2008 1:43pm
jest1081, it looks as if he's funding with 100k, not the leveraged lotsize. That wouldn't be nearly enough to trade through a bank.

I doubt someone investing 100k will choose to use a market maker. From what I've read DBFX is a whitelabel for FXCM.

It's not the amount of capital you have backing. Its the amount of positive investor experience that matters for most dealing with a broker. That said, capital is important.

100k would do better away from a market maker.
  • #52
  • Oct 10, 2008 3:24pm Oct 10, 2008 3:24pm
Does anyone have experience working with GFT Prime? I posted some questions about them and working with a million. No, not my money if you are wondering. http://www.gftforex.com/software/gftprime/index.asp
  • #53
  • Oct 11, 2008 8:33am Oct 11, 2008 8:33am
Quoting Samuri
To those experienced traders here,

After almost 5 years of struggle in this beloved field, I come to the result that I am ready to go to the next stage.

My system still belongs to short-term trading(if not intra-day), and I will hold no positions during the weekend. Targeting pairs only 5, eurusd, audusd, usdjpy, eurjpy, audjpy. Weekly average volume is around 10M(round), based on the account equity of USD100k.

It is highly appreciated that you may give me some advise on the available reliable brokers out there.

Refco, CMS, Xpresstrade, RCG, MBT were my former brokers. The latter two I am now still using with satisfaction in a way. Who else, please!

Samuri
almost 5 years....
  • #54
  • Oct 12, 2008 12:00am Oct 12, 2008 12:00am
Hey guys,

Do any of you happen to know what's up with IB's forex demo account ? I'm trying to run/install it and it says some file is missing. I tried downloading their trader workstation, don't know if it has to be installed or it's unrelated. Can I just open an account without funding and sending documents to get access to the tws and check it out ?

Also, what's your experience with spreads there in general during the main sessions on eu ? (Maybe except for the past two months, I realize it probably hasn't been the same.) I'm looking for about a regular one pip during London and NY, at least ussualy - not these days.

Thanks ahead guys much appreciated
On the path to Enrichment.
  • #55
  • Oct 12, 2008 12:04am Oct 12, 2008 12:04am
Quoting ILclitoride
almost 5 years....
I would have to be pretty sure of myself if I was going to start off with 100k too.
  • #56
  • Oct 12, 2008 12:43am Oct 12, 2008 12:43am
Looks to me that GFT prime is working with Currenex as a white label partners check out http://www.currenex.com/about_us_white_label.html
  • #57
  • Oct 12, 2008 3:59am Oct 12, 2008 3:59am
one important piece of advice i can give you is be careful of going live.. you might be comfortable on demo but real money comes with mental challenges, dont start trading with the leverage you are suggesting... start small and gradually work your way up... if you are questioning a broker then you dont have everything thought out, this is something you should have tested through your 5 years of demo..
  • #58
  • Oct 12, 2008 4:37am Oct 12, 2008 4:37am
Quoting Samuri
To those experienced traders here,

After almost 5 years of struggle in this beloved field, I come to the result that I am ready to go to the next stage.

My system still belongs to short-term trading(if not intra-day), and I will hold no positions during the weekend. Targeting pairs only 5, eurusd, audusd, usdjpy, eurjpy, audjpy. Weekly average volume is around 10M(round), based on the account equity of USD100k.

It is highly appreciated that you may give me some advise on the available reliable brokers out there.

Refco, CMS, Xpresstrade, RCG, MBT were my former brokers. The latter two I am now still using with satisfaction in a way. Who else, please!

Samuri

None of them, in this present financial mess.
Keep your money in your pocket until the financial institutions stop failing.
  • #59
  • Oct 12, 2008 11:59am Oct 12, 2008 11:59am
Quoting Kiado
Looks to me that GFT prime is working with Currenex as a white label partners check out http://www.currenex.com/about_us_white_label.html
Thank you Kiado, yeah I am aware of this. Maybe I should be asking if anyone has experience using Currenex.
  • #60
  • Oct 13, 2008 2:52am Oct 13, 2008 2:52am
Jurassic,

as far as I recall the free Demo is only working with recorded quotes and only partial ones,
if you have a live acct you can sign up for a paper trade account with live prices and the equal set as you subscribed to in yr live acct.

Hope this helps,
PP

Quoting Jurrasic
Hey guys,

Do any of you happen to know what's up with IB's forex demo account ? I'm trying to run/install it and it says some file is missing. I tried downloading their trader workstation, don't know if it has to be installed or it's unrelated. Can I just open an account without funding and sending documents to get access to the tws and check it out ?

Also, what's your experience with spreads there in general during the main sessions on eu ? (Maybe except for the past two months, I realize it probably hasn't been the same.) I'm looking for about a regular one pip during London and NY, at least ussualy - not these days.

Thanks ahead guys much appreciated
0 traders viewing now