I'm looking for a broker that's safe with large deposits, and has good GJ Spreads | Forex Factory

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I'm looking for a broker that's safe with large deposits, and has good GJ Spreads

  • #1
  • First Post: Oct 15, 2008 5:35pm Oct 15, 2008 5:35pm
I am going to be trading 100k+ IRA account with Millennium trust as my IRA account holder. I typically trade the GJ and EU with a typical entry of $5 per/pip and make about 50 trades per week with a target of 15-30 pips. I have been trading with oanda for the past year with great results, but they don't allow IRA accounts so I need a new broker. My biggest concern is safety of my deposit. If anyone has any suggestions, or experiences they would like to share it would be greatly appreciated. Thanks in advance.

This is a list of brokers that Millennium works with that I need to choose from.

FOREX CAPITAL MARKETS (FXCM)
PEREGRINE FINANCIAL FX
TRADESTATIONFX
VELOCITY4X
IFX CAPITAL MARKETS
GLOBAL FOREX TRADING
FX SOLUTIONS
FOREX DIRECT DEALER
INTERBANK FX
GFS Forex & Futures
Royal Forex Trading
ODL Securities
Gain Capital
  • #2
  • Oct 15, 2008 6:07pm Oct 15, 2008 6:07pm
Quoting PipTreidar
I am going to be trading 100k+ IRA account with Millennium trust as my IRA account holder. I typically trade the GJ and EU with a typical entry of $5 per/pip and make about 50 trades per week with a target of 15-30 pips. I have been trading with oanda for the past year with great results, but they don't allow IRA accounts so I need a new broker. My biggest concern is safety of my deposit. If anyone has any suggestions, or experiences they would like to share it would be greatly appreciated. Thanks in advance.

This is a list of brokers that Millennium works with that I need to choose from.

FOREX CAPITAL MARKETS (FXCM)
PEREGRINE FINANCIAL FX
TRADESTATIONFX
VELOCITY4X
IFX CAPITAL MARKETS
GLOBAL FOREX TRADING
FX SOLUTIONS
FOREX DIRECT DEALER
INTERBANK FX
GFS Forex & Futures
Royal Forex Trading
ODL Securities
Gain Capital

ODL have a good name
  • #3
  • Oct 16, 2008 6:21am Oct 16, 2008 6:21am
Quoting lasty
ODL have a good name
Does anyone know anything about ODL? I downloaded their demo and it looks like they have a fixed 6 pip spread with GJ, but does anybody have any experience with them?
  • #4
  • Oct 16, 2008 7:38am Oct 16, 2008 7:38am
If you want to play it safe, then open several accounts at several brokers to spread out your risk.

FXCM probably has the largest capital reserve out of the brokers you listed making it one of the safest. Spreads on GY are not ideal though. I would also consider IBFX and Tradestation because I think both are healthy brokers with a reputable history.
  • #5
  • Oct 16, 2008 8:10am Oct 16, 2008 8:10am
Quoting FrankTheTank
If you want to play it safe, then open several accounts at several brokers to spread out your risk.

FXCM probably has the largest capital reserve out of the brokers you listed making it one of the safest. Spreads on GY are not ideal though. I would also consider IBFX and Tradestation because I think both are healthy brokers with a reputable history.
thanks for the advice, the only problem with that is i scalp and scale in to positions, so it is very difficult to trade multiple platforms at once.
  • #6
  • Oct 17, 2008 6:43pm Oct 17, 2008 6:43pm
Have you looked at Interactive Brokers? Member of SIPC is about as secure as you can get in the trading world. Of course, the spread and platform may not be to your liking.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #7
  • Oct 17, 2008 10:36pm Oct 17, 2008 10:36pm
I agree with Frank. I have several accounts, however, if I was trading my IRA and had to choose one broker, I'd go with TradeStation. My core account is with them and I've been happy. If you want to dabble in other markets you can do it all at TS. You trade way more than enough to get the platform fee waived. Their charting package is light years ahead of Oanda's, but to be fair, Oanda's platform is sufficient for scalping.
Just wondering... If you use Millennium Trust as your IRA custodian and trade with a broker, will your IRA be managed (by Millenium and chosen broker) in a safer manner than a standard cash account? Seems like dealing with an IRA custodian and a retail broker will give you either an additional layer of protection, or possibly an additional element of risk. I'm thinking an IRA would be protected by insurance with Millennium.
  • #8
  • Oct 20, 2008 7:39am Oct 20, 2008 7:39am
Another option is to open an account at a broker that offers 400:1 leverage such as IBFX and FXCM Micro.

This allows you to trade your preffered lot sizes but to keep most of your money in your own personal FDIC Insured account and only send your broker enough money to meet the minimum account size. Just watch your free margin though....

I am doing this currenty and it makes me feel safer.
  • #9
  • Oct 20, 2008 9:19pm Oct 20, 2008 9:19pm
'Nother good point. All your trading capital doesn't have to be with your broker. It's a jungle out there right now. Anything can happen at any minute.
  • #10
  • Oct 22, 2008 7:48am Oct 22, 2008 7:48am
I think your options should be narrowed to PFG, Gain, ODL, and GFT. All financially sounds firms and should give you decent service. I would check out PFG and ODL's currenex first, and if you dont like that, then I would go with the GainPro, and then finally with GFT's variable spread model, which is kind of bogus, but does beat most of the other options Millenium gave you.
  • #11
  • Last Post: Oct 22, 2008 1:36pm Oct 22, 2008 1:36pm
If you are American, the best choice for you (and your 6 digit account) would be an American Company as well (think Buffet - Patronize your own).

And in case it bellies up (like Refco, FXQL, 1World, UGM etc), you have the all mightly NFA, CFTC to blame for their "very good" policies.

This so called "safe broker for large deposits" is another one of those "the Holy Gay threads".

Personally, I'd rather trade on multiple brokers.
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