GFT VS FXCM VS Forex.com (carry trades only) | Forex Factory

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GFT VS FXCM VS Forex.com (carry trades only)

  • #1
  • First Post: Edited 8:46am Feb 27, 2007 8:12am | Edited 8:46am
Hi guys, i know these brokers are discussed a lot here but i see opinions mainly from news traders. I am a carry trader i hold my positions for weeks if not months in the GBP/JPY pair. Im currently with 1world forex. they are good to me but they are very new and small and that scares me. I want to be with a big time broker thats been around for years such as fxcm , gft and Forex.com(gain capital) .

Would i have problems with these brokers if all i do is hold my positions without trading and just earn the daily $26 swap? I m thinking of opening the accounts with around 35k in them to hold 6 lots.
also a major concern of mine is having withdrawals and deposits processed very fast.


thanks for your opinions.
  • #2
  • Feb 27, 2007 9:16pm Feb 27, 2007 9:16pm
I am also learing the carry trades and have set up some demo to see which brokers are best. I think that Gain- Forex.com is the worst -- a real account--- I think they were charging me on a GBP/JPY long trade instead of giving me interest . I called and they assured me that i was earning money -- they sell and repurchase and you get adjusted at 5 pm for both

The best that i can recommend is FXDD and Money Forex and Oanda that I have found. Money Forex is new but, according to posts on forums, started by experienced brokers in London. jthey have a chart that shows the dollars per day for each currency -- long and short

The other good one is Oanda they alos pay interest on your unused balance. They have a interest calculator that wilol tell you the daily interest for any currency pair long or short.

I have studied but these two are the ones that I have live accounts with

try out demos first to see for yourself which suits you best overall

CARRY TRADES FOREVER --- HURRAY
  • #3
  • Feb 27, 2007 9:39pm Feb 27, 2007 9:39pm
Forget GFT if you are a carry trader.
Do you know how much i $$ they give you for a 1 standard Lot LONG GBPJPY? Last time i heard, its no bigger than 0.25 pips = less than $3.

FXCM and IBFX gives the best swaps in town.

GFT will delay withdrawal process for 5 days before they actually wire it. Last time I withdraw (all money) took a week or so.. FXCM and IBFX took less than 36 hours into my bank.
  • #4
  • Feb 28, 2007 2:49pm Feb 28, 2007 2:49pm
Quoting BurgerKing
Forget GFT if you are a carry trader.
Do you know how much i $$ they give you for a 1 standard Lot LONG GBPJPY? Last time i heard, its no bigger than 0.25 pips = less than $3.

FXCM and IBFX gives the best swaps in town.

GFT will delay withdrawal process for 5 days before they actually wire it. Last time I withdraw (all money) took a week or so.. FXCM and IBFX took less than 36 hours into my bank.
gft actually gave me the institutional rate of $26.10 per night since im putting in like 40k.

but the 5 day wire definately concerns me!! did they say why it took so long. even with my previous fxcm experience it took 2 days max
  • #5
  • Feb 28, 2007 3:45pm Feb 28, 2007 3:45pm
Quoting bond007
gft actually gave me the institutional rate of $26.10 per night since im putting in like 40k.

but the 5 day wire definately concerns me!! did they say why it took so long. even with my previous fxcm experience it took 2 days max
I personally dont like GFT, but objectively, if they are giving you $26.10 swaps then go for it. The 5 day wire wont matter for a 365 day strategy - after all GFT is regulated (just like Refco ... )
  • #6
  • Jul 17, 2007 8:22am Jul 17, 2007 8:22am
I'm doing fine with Oanda too. Small spreads, fast execution, big company, interest paid for the unused balance as well as for the carry trade, 2 days for wire transfers all the way from the U.S. to Colombia where I live, etc.
Pablo
  • #7
  • Edited 12:29pm Jul 17, 2007 12:27pm | Edited 12:29pm
Quoting bond007
gft actually gave me the institutional rate of $26.10 per night since im putting in like 40k.

but the 5 day wire definately concerns me!! did they say why it took so long. even with my previous fxcm experience it took 2 days max
Hey Bond that can't be the institutional rate and if you opened a 40K account to get only $26.10 on GBP/JPY you are losing out. I know as I'm looking at my FXCM account they are offering $27.30 for GBP/JPY daily roll for any standard account so each day you are missing out on $1.20 on your account. I have heard a lot of fishy things about how rolls are paid out at other places and at least at FXCM I have had no problems getting my interest paid and getting a higher rate than most. For that I am very happy with them.

Also I forgot to mentioned.. Each day rolls are paid just a little after 5pm, so instead of waiting 5 days and hassling around with my broker I can check everyday easy. I dont know why firms make it so hard with rolls, unless they are trying to skim clients somehow
  • #8
  • Last Post: Jan 16, 2015 3:22pm Jan 16, 2015 3:22pm
If you want to carry-trade, choose Oanda.
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