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Forex Master Trillionaires Club 115 replies

Forex Club Experience? Any One? 2 replies

Forex Club

  • #1
  • First Post: Dec 3, 2007 11:41pm Dec 3, 2007 11:41pm
Have anyone traded live with them? Please feel free to leave your good and bad comment about them. I intend to trade live with them, as they do not charge on withdraw and deposit and is a regulated broker.

I have one question, as they do not have the NFA minimum requirement of 5 millions, is it ok to trade with them?

Regards,
Zhenhui
  • #2
  • Jan 9, 2009 8:19am Jan 9, 2009 8:19am
Quoting jzh
Have anyone traded live with them? Please feel free to leave your good and bad comment about them. I intend to trade live with them, as they do not charge on withdraw and deposit and is a regulated broker.

I have one question, as they do not have the NFA minimum requirement of 5 millions, is it ok to trade with them?

Regards,
Zhenhui
Expressfx is great, super user friendly and fair.You can buy and sell at the same price. How big is that?! And, you pay commission (there are no spreads) only if you close a trade in profit! I also liked it that you set your stops and limits in dollar amount. And most importantly, they don't have any slippage. I think it is a great place to start on Forex. They really do make it easy to figure out how it all works for the beginners. And for us, their whole approach to forex deserves attention.
  • #3
  • Jan 9, 2009 8:25am Jan 9, 2009 8:25am
Giant Bucket Shop - stay away. Think about how they make their money. IF YOU LOSE YOU DONT PAY A COMISH. I wonder why?
  • #4
  • Jan 9, 2009 8:36am Jan 9, 2009 8:36am
Quoting jzh
I have one question, as they do not have the NFA minimum requirement of 5 millions, is it ok to trade with them?

Regards,
Zhenhui
I've just checked them on CFTC web site. In October 2008 they already had $16,489,469
  • #5
  • Jan 9, 2009 8:36am Jan 9, 2009 8:36am
Quoting fxtrader42
Giant Bucket Shop - stay away. Think about how they make their money. IF YOU LOSE YOU DONT PAY A COMISH. I wonder why?
How can an NFA regualted broker be a bucket shop?? It is like saying an FDIC-insured bank is not really a bank.
Anyhow, I don't think you even read what I wrote...
  • #6
  • Jan 9, 2009 8:56am Jan 9, 2009 8:56am
Quoting lavatrader
How can an NFA regualted broker be a bucket shop??
C'mon, you can't be serious...
  • #7
  • Jan 9, 2009 9:33am Jan 9, 2009 9:33am
Quoting TC East
C'mon, you can't be serious...
What, you imply that NFA does not do it job right? It may not be perfect, but the fact remains, there is only a handful of brokers out there who can 1) afford to be NFA member, 2) comply with its regulation.
  • #8
  • Jan 9, 2009 9:44am Jan 9, 2009 9:44am
Quoting lavatrader
What, you imply that NFA does not do it job right? It may not be perfect, but the fact remains, there is only a handful of brokers out there who can 1) afford to be NFA member, 2) comply with its regulation.
Lava do you know much about how fx brokers are regulated? There is no regulation against bucketing trades... did you know that big guy?
  • #9
  • Jan 9, 2009 12:57pm Jan 9, 2009 12:57pm
Quoting fxtrader42
Lava do you know much about how fx brokers are regulated? There is no regulation against bucketing trades... did you know that big guy?
I guess I need to ask what you mean by "bucketing trades" ?
  • #10
  • Jan 9, 2009 3:06pm Jan 9, 2009 3:06pm
They do not hedge customer positions at a real exchange that's why you don't need to pay fees if you lose. However. I would not say it is a bad broker only because they don't hedge the positions. To the trader, that does not any impact because the price feeds are the same at any broker
Forex is a losers game.
  • #11
  • Jan 9, 2009 3:13pm Jan 9, 2009 3:13pm
IMO they are a very honest broker and a good broker generally. For me, the only fault I find with them is their manual execution. Sometimes you have to wait for up to a minute before you get a quote! As regards slippage etc, I have not experienced any such thing. If you set an order, it is guaranteed to be filled at the exact price you requested.

Overall they are a very good broker, but if you are looking for quick in, and quick out scalps with manual execution, forget it!
Patience + Discipline - Greed = Success
  • #12
  • Jan 9, 2009 5:00pm Jan 9, 2009 5:00pm
Quoting jzh
I have one question, as they do not have the NFA minimum requirement of 5 millions, is it ok to trade with them?
I could be wrong on this but starting from May 19th, 2009 the capital requirement will be raised to $20,000,000.00. So you might want to contact them (their live chat tech support was not be able to answer this) and ask them how this will affect their operation. I am still waiting for a response from their financial department.

IMO A brokers financial health can be assessed (to some degree) by taking a quick look at the adjusted net capital. Having said that though a brokers transactions and positions, exposed to market events (CEO mishaps, better informed traders) blah blah….can impact capital levels quickly (I don’t know if you remember REFCO). The best thing you can do if you’re looking for a new broker is “DO YOUR HOMEWORK”. Its important to know how a broker manages its risk when it comes to the protection of its own assets and its customer assets. A better way might be to apply your won management and only deposit what is absolutely necessary to trade and withdraw money or profit as you see fit. Any ways that’s just my to cents.

Something else you might want to consider is while it is true NFA members have series three licenses, have to back up customer’s money with there own capital to some degree LOL, under go yearly audits, etc etc... The segregation rule dose not really apply to FOREX brokers IMO because if a broker gets into trouble there customers may be “left in the position of unsecured creditors of the entity with respect to trying to collect anything from the FCM”, and there is no guarantee you will get any of your earnings/deposits. I have confirmed this through many discussions with brokers including mine. So is your money safe with over-the-counter derivatives or off-exchange such as FOREX absolutely NOT.

On another note, I downloaded the ExpressFX demo out of curiosity because they are offering the zero spread, and found it to be very confusing.

For example: On my demo download

There are very few options for chart setups.
You set your stops and limits in dollar amounts.
There coloring choices for the charts make reading price action hard.

Unless you are a completely new to forex and this your first platform all these things IMO favor the broker more than client.

I also agree with fxtrader42 on the whole “IF YOU LOSE YOU DONT PAY A COMISH”

You have to read between the lines when it comes to investing/purchasing anything like cars, houses, furniture, and FOREX is no different…...LOL I think either they will still get paid. Most brokers already have their losing customers set up on a separate server they can collect on, and the ones that win will just be past on to the clearing house which they will collect the commission.

Brokers are not all bad, and this is a business, I am just not a big fan when it comes to what forex brokers can and cannot get away with. I have nothing against the broker in question, just trying see it from the clients point of view to add some insight.

Happy Trading,

Will
It's me...
  • #13
  • Jan 9, 2009 11:28pm Jan 9, 2009 11:28pm
i have nothing against the broker either, i just happen to know there is a lot better out there. if you lose, every broker is the same and it doesnt matter where you trade. however, if you win then you have to look for the best option(s) and the safest...

all the best
  • #14
  • Jan 10, 2009 4:39pm Jan 10, 2009 4:39pm
Lava,

If a broker doesnt get paid when clients lose money, how does a broker make money, especially when at the very best only 10% of traders make money? Also, if you make money more times then you lose why would you pay 4 pips on majors when just about every other broker charges half as much?

Answers?
  • #15
  • Jan 10, 2009 6:23pm Jan 10, 2009 6:23pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting Infinity
IMO they are a very honest broker and a good broker generally. For me, the only fault I find with them is their manual execution. Sometimes you have to wait for up to a minute before you get a quote! As regards slippage etc, I have not experienced any such thing. If you set an order, it is guaranteed to be filled at the exact price you requested.

Overall they are a very good broker, but if you are looking for quick in, and quick out scalps with manual execution, forget it!
"Sometimes you have to wait for up to a minute before you get a quote! As regards slippage etc, I have not experienced any such thing."

thats funny.. to wait 1 minute IS the slippage.. i ve seen movements of more than hundred pips in a minute
  • #16
  • Jan 10, 2009 8:52pm Jan 10, 2009 8:52pm
Quoting onu
"Sometimes you have to wait for up to a minute before you get a quote! As regards slippage etc, I have not experienced any such thing."

thats funny.. to wait 1 minute IS the slippage.. i ve seen movements of more than hundred pips in a minute
As I said bro, they are not the best broker around when it comes to manual execution but I make a lot of money with them so I can't complain....

I cannot call it slippage because manually closing does not involve stop or limit ORDERS...... you have 4 seconds to make up your mind when you request a quote manually.... If you don't like the price, you don't take it. I have never placed an order with them that was not filled at the price that I initially set....ever. To me that is credible.

That's just how they are. All brokers have pros and cons and I use them as my fixed spread broker and I have no problems with them otherwise...
Patience + Discipline - Greed = Success
  • #17
  • Jan 10, 2009 9:26pm Jan 10, 2009 9:26pm
Quoting Infinity
As I said bro, they are not the best broker around when it comes to manual execution but I make a lot of money with them so I can't complain....

I cannot call it slippage because manually closing does not involve stop or limit ORDERS...... you have 4 seconds to make up your mind when you request a quote manually.... If you don't like the price, you don't take it. I have never placed an order with them that was not filled at the price that I initially set....ever. To me that is credible.

That's just how they are. All brokers have pros...
so you are the guy that paid 100K for the same car that I paid 50K for!
  • #18
  • Jan 10, 2009 10:00pm Jan 10, 2009 10:00pm
Quoting fxtrader42
so you are the guy that paid 100K for the same car that I paid 50K for!
No!!! ....I am the guy that you paid the 50k for a car that you thought was worth 100k..... It was really worth 5k stupid...

Look .... trade with whoever the hell you want to trade with.. I have nothing more to add to this thread.
Patience + Discipline - Greed = Success
  • #19
  • Jan 10, 2009 10:05pm Jan 10, 2009 10:05pm
Quoting Infinity
No!!! ....I am the guy that you paid the 50k for a car that you thought was worth 100k..... It was really worth 5k stupid...

Look .... trade with whoever the hell you want to trade with.. I have nothing more to add to this thread.

haha, nice return ace... but you're the one over paying, if you really made money you would know that.
  • #20
  • Jan 11, 2009 2:39pm Jan 11, 2009 2:39pm
Quoting Infinity
I have never placed an order with them that was not filled at the price that I initially set....ever. To me that is credible.
I am 100% agree with you. Because you can pay 1-2 pip(round-turn) but one executed stop with a 50pip slippage can destroy everything you was working for. All we need is guaranteed fills!
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