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Who's you favourite for live MT4 broker?

  • #61
  • Feb 20, 2007 2:18am Feb 20, 2007 2:18am
Does CompassFx have anything to do with FXDD?
on the compassfx site it has a link to "MetaTrader / FXDD Live Account"


Quoting asmocon
I think the spread on the GBP/USD has gone up because of how volatile that pair is becoming. I remember trading a year or so ago with this pair, and the news made "movement" in the pair, but nothing like it does now-a-days. Even non-news crosses drives that currency up and down 40 pips within a small time. It's becoming scary.

Quick note on the taxes mentioned earlier. From all the accounting classes I have taken, including a course based on Income Tax Law, even if your earnings are in a different country, you still have to pay taxes on those gains in the US. If Coca-Cola issues a plant in China, makes tons of money, they would have to pay the taxes to China, then the earning comes back to the US books, and they have to pay taxes on that remaining profits. The only thing is, the US usually has special situations setup for this, so that your profit comes from certain countries, you don't get "double-taxed" as hard. You basically end up getting to write off the taxes paid to that country, and you only have to pay on what remains after the write-off (it's not 100% though, just an example).

Finally, I use InterbankFX (I also was destroyed in the Refco situation. So much paperwork to fill out to try and get my money back) and I don't news trade. All my orders are filled using my EA that I have built, usually within 1-2 seconds of when the order should be placed. My only complaint is that if I ever call about a general question, I never get an answer. Usually I am just brushed off the phone, which does not settle well with me.

Right now, I am thinking about CompassFX or FXDD. STarting to lean more towards CompassFX because of a lot of the FXDD flames. Compass is based in Texas, and they are a huge futures trading company (CompassFinancial). When I was heavy into futures, that is who I went through and they were extremely friendly, and would even take the time to help when called. Ofcourse, it could be a different ballgame when it comes to using them for FX trades instead, but I will hope for the best.
  • #62
  • Feb 20, 2007 2:22am Feb 20, 2007 2:22am
Quoting thebts
Does CompassFx have anything to do with FXDD?
on the compassfx site it has a link to "MetaTrader / FXDD Live Account"

You know, I honestly do not know. That is very odd though. Maybe Compass is like an InterBank thing, where they are just placing the orders, and just filtering them through the FXDD channels. From everything I know about Compass, I know they are not the same company. But I will be calling them tomorrow and checking this out. Otherwise I would no longer see a reason to pick one over the other. :-/

Again, my main reason for wanting to try Compass was the fact that I traded futures through them. Meh.
  • #63
  • Feb 20, 2007 5:08am Feb 20, 2007 5:08am
I think i understand what is going on. Compass is an introducing broker for two fx firms. One is FXDD. If you chose to use metatrader with compass then FXDD is the clearing house.

Quoting asmocon
You know, I honestly do not know. That is very odd though. Maybe Compass is like an InterBank thing, where they are just placing the orders, and just filtering them through the FXDD channels. From everything I know about Compass, I know they are not the same company. But I will be calling them tomorrow and checking this out. Otherwise I would no longer see a reason to pick one over the other. :-/

Again, my main reason for wanting to try Compass was the fact that I traded futures through them. Meh.
  • #64
  • Feb 20, 2007 5:27am Feb 20, 2007 5:27am
Anyone use United Global Markets (UGMfx)?
they say they do fixed spreads with MT4. GBPUSD 3pips
  • #65
  • Feb 22, 2007 12:20am Feb 22, 2007 12:20am
Quoting thebts
I think i understand what is going on. Compass is an introducing broker for two fx firms. One is FXDD. If you chose to use metatrader with compass then FXDD is the clearing house.

Basically, you got it right on the nose. I called them and asked why they were associated with FXDD and they said they were simply an IB for FXDD. I then asked Compass why I shouldn't just go with FXDD, instead of going through them. Their answer went something like:

"We hold your money in a secure bank-fund, so even if FXDD was to go under, you are still protected and will not lose your funds. Also, when situations like spikes happen, since we are a massive IB for FXDD, we can push and pull things for our clients if something irregular happens." --- Not exact wording, but very close.

so, I am still up in the air about it all. :-P
  • #66
  • Mar 5, 2007 8:51am Mar 5, 2007 8:51am
Quoting asmocon
Basically, you got it right on the nose. I called them and asked why they were associated with FXDD and they said they were simply an IB for FXDD. I then asked Compass why I shouldn't just go with FXDD, instead of going through them. Their answer went something like:

"We hold your money in a secure bank-fund, so even if FXDD was to go under, you are still protected and will not lose your funds. Also, when situations like spikes happen, since we are a massive IB for FXDD, we can push and pull things for our clients if something irregular happens." --- Not exact wording, but very close.

so, I am still up in the air about it all. :-P

VERY nice answer from them, "so even if FXDD was to go under" - at this point I almost felt from my chair...
  • #67
  • Mar 23, 2007 2:06am Mar 23, 2007 2:06am
I have recently closed my account with CrownForex. They are Swiss based and offer 1 pip spread on majors. Don't charge swap and pending orders must be 10 pips away. Customer service is very bad and when you call to try and get answers you will be led in circles until finally they will tell you " the decision is final and non-negotiable"
For manual trading, alot of slippage and requotes. For EA's , if it makes money they will email you to change it because you are trading "unreasonably" This happened to me, I changed it, started making money again and they shut me down. When I asked to speak to their risk department , they would not allow me saying their decision was final. Some of you have written about slippage... believe me, this is better to have than losing all your $$$ or profits. Let them have a few pips here and there. But beware of those who will take big chunks from your account.
  • #68
  • Mar 23, 2007 6:40am Mar 23, 2007 6:40am
I'm using NorthFinance for serious trading and LiteForex for strategy testing.
  • #69
  • Mar 23, 2007 7:02am Mar 23, 2007 7:02am
Brent57:
Thanks for sharing your experience. More stories like that will hasten the day that the spot Forex becomes regulated.

I trade with FXDD (another Swiss based broker). They are quick to increase a spread during higher volume times (not just news times either!); but overall, I have found them to be reasonably fair and balanced. But I haven't challenged them with EAs either!
...\larry.bye
  • #70
  • Mar 24, 2007 2:52pm Mar 24, 2007 2:52pm
I am just about to go live with FXDD but have also found another ODL. I have spoken extensively to both of them and they have promised that other than slippage, they will not mess with my EA. FXDD has 4 pip on Pound/US and pay almost $24/day on GBP/JPY carry trade. ODL is 3 pips on Pound/US.
Why I am looking at both of them and not Interbankfx is because when you hedge a position, your margin amout returns to $0 , whereas with IBFX, it will accumulate to one side of position.
Also both of them have US offices, not that this is a guarantee (Refco) but hopefully more secure.

Brent
  • #71
  • Mar 24, 2007 6:16pm Mar 24, 2007 6:16pm
Personally, I think ODL is better than FXDD. Only issue is ODL does not support 0.01 Lots, and looking at the EURUSD H1 charts on ODL demo, there seems to be alot of gaps in the chart. Maybe their IT admin tripped over the MT server or something and it crashed or whatever the excuse is, but seeing that scares me. As I need uninterrupted data for my EA. Besides that ODL is much better than FXDD in my opinion.
  • #72
  • Mar 24, 2007 6:46pm Mar 24, 2007 6:46pm
Could the gaps be from weekend gap ups/downs?

Quoting KillerKhan
Personally, I think ODL is better than FXDD. Only issue is ODL does not support 0.01 Lots, and looking at the EURUSD H1 charts on ODL demo, there seems to be alot of gaps in the chart. Maybe their IT admin tripped over the MT server or something and it crashed or whatever the excuse is, but seeing that scares me. As I need uninterrupted data for my EA. Besides that ODL is much better than FXDD in my opinion.
  • #73
  • Mar 25, 2007 9:26am Mar 25, 2007 9:26am
Quoting sulz
Northfinance is off-shore. Registered in Belize.
what's this mean? i really want to know the reliability of this place..

sp
  • #74
  • Mar 25, 2007 9:41am Mar 25, 2007 9:41am
Quoting ainars777
I tried their demo, looks ok.
But the most interesting is that they have relation with FXCH (swiss - with what I had very bad experience ). I send an email to Velocity, and respond was from FXCH? I asked about their relation, bet never got an answer!!!

So, I do not trust this broker!
Look at their seat and offices before you call them Swiss!!!
  • #75
  • Mar 25, 2007 10:11am Mar 25, 2007 10:11am
Crown Forex. I have posted sometime ago about Crown Forex. I won't rewrite it but here is some information of the inside of this company. If I my information is correct, it is under Jordanian ownership
Attached Image
  • #76
  • Mar 25, 2007 12:16pm Mar 25, 2007 12:16pm
Quoting tdion
Could the gaps be from weekend gap ups/downs?
No, its not weekend data. Regular days. Definately seems like the servers was down and it caused gaps in data. I have send them e-mail and they said the server might have went down. ODL is new to MT4 so. I am just waiting to see ODL get their stuff together for MT4 then probably open live with them.
  • #77
  • Edited 11:06pm Mar 25, 2007 8:45pm | Edited 11:06pm
i was with northfinance but i switch to beaverheadfinancial

why?

# Up To 500:1 Leverage
# Low Spread EURUSD 2,GBPUSD 3 ,USDJPY 2,USDCHF 3,EURJPY 3,GBPJPY 7
# NO SWAPS
# No Commission
# Minimum USD 25
# Meta Trader Platform
#Accept egold

link removed
  • #78
  • Mar 27, 2007 1:55pm Mar 27, 2007 1:55pm
Quoting hanz
i was with northfinance but i switch to beaverheadfinancial

why?

# Up To 500:1 Leverage
# Low Spread EURUSD 2,GBPUSD 3 ,USDJPY 2,USDCHF 3,EURJPY 3,GBPJPY 7
# NO SWAPS
# No Commission
# Minimum USD 25
# Meta Trader Platform
#Accept egold

link removed
exactly the same as NorthFinance
  • #79
  • Mar 27, 2007 3:38pm Mar 27, 2007 3:38pm
Quoting kentastisfx
exactly the same as NorthFinance
I think NF requires a $100 minimum initial deposit rather than $25 ... but NF looks like a very good option for a low investment MT4 platform broker.
  • #80
  • Mar 27, 2007 4:05pm Mar 27, 2007 4:05pm
The only Swiss Brokers I know that I would call them good are
1. www.realtimeforex.com
2. www.dukascopy.com

You pay honest spreads and you get your trade executed even at news time. Hardly any reqoutes.
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