I am considering opening an account with United Global Markets. They are not very popular as FXCM, GFT, Oanda are etc and was only able to find several comments about them on FF. Anyone have bad experience with them? Good? What are their strengths and weaknesses?
Thanks
The market is my nation. Traders, my family. Hello, brothers and sisters!
StockJay,
I was looking at them as well because of their tight fixed spreads and the fact that they are happy to let you use scalping strategies. I have not used them, so i would be interested to know if you ever find any opinions from real account holders.
I am considering opening an account with United Global Markets. They are not very popular as FXCM, GFT, Oanda are etc and was only able to find several comments about them on FF. Anyone have bad experience with them? Good? What are their strengths and weaknesses?
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Joined Mar 2006
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Status: Pip Samurai
|975 Posts
I dunno, I'm not really concerned because I wasn't planning on using them.
However, you have to sort of know how they calculate Excess net capital. In theory, a company could have small excess capital because their capital requirements are higher. However, that doesn't pose a problem to solvency. It really depends on how the CFTC calculates the broker's capital requirements.
My concern is mainly reputation, and to an extent regulation. If I see few if any customer complaints and the positive feedback from other's I've heard outweighs the negative feedback that I've heard from others, then I consider using a particular broker.
If I'm neutral on a broker, I probably won't consider using them until I'm positive that they will operate in a manner that will fit my trading.
Even being regulated at this point is a step in the right direction, I would think, but that's not enough for me to be convinced one way or another.
I have been live for about a month now, and been pretty happy, fixed spreads are nice, very few requotes, pretty good on fills. the one problem I am trying to figure it out, is I cant get certain EAs to work on their platform, when they work fine on SBFX or IBFX. If I can get that figured out, I will be like 90% happy with them
I have been live for about a month now, and been pretty happy, fixed spreads are nice, very few requotes, pretty good on fills. the one problem I am trying to figure it out, is I cant get certain EAs to work on their platform, when they work fine on SBFX or IBFX. If I can get that figured out, I will be like 90% happy with them
Ignored
Do the EAs in question work on a UGMFX demo account? Do most or other EAs work on the live account?
StockJay,
I was looking at them as well because of their tight fixed spreads and the fact that they are happy to let you use scalping strategies. I have not used them, so i would be interested to know if you ever find any opinions from real account holders.
Ignored
I think they have only been open sine Nov. so at this point they will take who and whatever they can. (scalping & news traders)
I just got words from a friend of mine who traded with UGMFX.
He said that profits made from his winning positions were removed from his account.
He is not a scalper. He holds positions longer than 1 week.
I still could not get more info as he is very pissed at the moment filing complaint with BBB, NFA and Atty Gen of Mass.
If this is true, we shall be hearing a big news from these groups.
Ignored
Thanks for info BK. It will save us a lot of time and effort wit regards to this broker. Looks like quit a few new brokers have set up shop lately expecting to earn from the 95% of losers. But once a few good traders (news traders or scalpers) sign up with them and start making profits, they cant afford to pay them and therefore cancel their trades.
Remember what happened to the broker Profinum a while back. They also started cancelling winning trades and eventually they had to closed down.
