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What broker should I go with?

  • #1
  • First Post: Mar 31, 2009 3:13pm Mar 31, 2009 3:13pm
Hi guys, I'd appreciate if you could recommend me a broker based on your experience. I have the following requirements (I know it may be wishful thinking that every single one will be met):

Essential:

Allows scalping (<3 minute trades)
-Tight spreads (<2 EUR/USD, <3 EUR/JPY) during normal market conditions
-Easy no-fee withdrawals (preferably Paypal) with no limits on amount or frequency
-Good execution

Non-essential but desired:

-MT4
-Mini-lots ($10,000) allowed

Right now I'm with IBFX and I'm not happy with their antics. My research thus far has me considering FxPro. It seems to have all that I need but I've only tried it on demo. Can anyone talk about FxPro based on personal experience or recommend other brokers?

Thanks!
  • #2
  • Mar 31, 2009 4:52pm Mar 31, 2009 4:52pm
http://www.mbtrading.com

Their MT4 is in BETA right now. So if you dont need it right away you should start there. They'll let you scalp to your hearts content. - I'm not sure about their withdrawl fees but It better to have a broker you can trust. They have TERRIBLE swap rates but they dont trade against you. NO funny biz.
  • #3
  • Mar 31, 2009 5:14pm Mar 31, 2009 5:14pm
I took a look at MB Trading, looks very secure but the commission + spread seems to amount to over 2 pips. It is an option though.

What does "trading between the spread" mean?
  • #4
  • Mar 31, 2009 5:22pm Mar 31, 2009 5:22pm
Quoting Peter Pipper
I took a look at MB Trading, looks very secure but the commission + spread seems to amount to over 2 pips. It is an option though.

What does "trading between the spread" mean?
You can place order BETWEEN the Bid/Ask and possibly get your order filled if there are takers. They are one of the few brokers (atcbrokers.com can too) that will let you basically ignore the spead and try to get a better deal.

This explains it far better than I can and explains why ECN brokers will ALWAYS be a better choice than dealing with MarketMakers.
Attached File(s)
File Type: txt ECN.txt   3 KB | 452 downloads
  • #5
  • Mar 31, 2009 10:20pm Mar 31, 2009 10:20pm
Quoting Peter Pipper
Hi guys, I'd appreciate if you could recommend me a broker based on your experience. I have the following requirements (I know it may be wishful thinking that every single one will be met):

Essential:

Allows scalping (<3 minute trades)
-Tight spreads (<2 EUR/USD, <3 EUR/JPY) during normal market conditions
-Easy no-fee withdrawals (preferably Paypal) with no limits on amount or frequency
-Good execution

Non-essential but desired:

-MT4
-Mini-lots ($10,000) allowed

Right now I'm with IBFX and I'm not happy with their antics. My research...
your demand on the spread is incredibly low, I also would like to know is there will be such one
  • #6
  • Apr 1, 2009 8:17am Apr 1, 2009 8:17am
Any other suggestions would be much appreciated...
  • #7
  • Apr 1, 2009 9:50am Apr 1, 2009 9:50am
Hi,

Can anyone please suggest me a broker with MT4 platform that closes the daily candle at or neat the EU/UK session close?

Thanks.
  • #8
  • Apr 1, 2009 10:54am Apr 1, 2009 10:54am
ODL Securities... Candle Close: GMT(0), greenwich time. Just using their daily candles for trading.
  • #9
  • Apr 1, 2009 8:01pm Apr 1, 2009 8:01pm
Quoting Peter Pipper

Allows scalping (<3 minute trades)
-Tight spreads (<2 EUR/USD, <3 EUR/JPY) during normal market conditions
-Easy no-fee withdrawals (preferably Paypal) with no limits on amount or frequency
-Good execution
-Mini-lots ($10,000) allowed
This is my ideal broker selection criteria too! I am camping here for suggestions.
  • #10
  • Apr 1, 2009 8:07pm Apr 1, 2009 8:07pm
But read this before jumping in for paypal payment:

Quote
If your transaction involves a currency conversion, it will be completed at a retail foreign exchange rate determined by PayPal, which is adjusted regularly based on market conditions. This exchange rate includes a 2.5% spread above the wholesale exchange rate at which PayPal obtains foreign currency, and the spread is retained by PayPal. The specific exchange rate that applies to your multiple currency transaction will be displayed at the time of the transaction.
https://www.paypal.com/us/cgi-bin/we...y-fees-outside

Firstly I am not sure where do they get their wholesale exchange rate, and secondly 2.5% spread? you gotta be kidding!

Makes me thinking credit card is better option...
  • #11
  • Apr 1, 2009 8:40pm Apr 1, 2009 8:40pm
If you are dealing with your native currency then I would go with credit card, but otherwise they are the same. All my credit cards also charge a 2.5% fee for currency conversions, and the bank will do the same for a cheque (they'll have a bid/ask). I see no way around it unless you open up an account in the same currency that you trade in...
  • #12
  • Apr 2, 2009 1:57am Apr 2, 2009 1:57am
Quoting Peter Pipper
Hi guys, I'd appreciate if you could recommend me a broker based on your experience. I have the following requirements (I know it may be wishful thinking that every single one will be met):

Essential:

Allows scalping (<3 minute trades)
-Tight spreads (<2 EUR/USD, <3 EUR/JPY) during normal market conditions
-Easy no-fee withdrawals (preferably Paypal) with no limits on amount or frequency
-Good execution

Non-essential but desired:

-MT4
-Mini-lots ($10,000) allowed

Right now I'm with IBFX and I'm not happy with their antics. My research...
FxPro's live execution is average at best; a lot of requotes, so the low spreads don't do you much good.

You might try FXDD. I've had accounts at a lot of MT4 bucketshops (IBFX, MIG, FxPro, Alpari, IKON, etc.), and FXDD's execution is the best by far. They meet all your requirements except spreads; EU=2, EY=4, but no commissions.

Wire withdrawals are free also; I don't know of any other broker that offers that...

They are still a bucketshop, but the only one I'm willing to have an account with.
  • #13
  • Apr 2, 2009 4:15am Apr 2, 2009 4:15am
FXDD is quite good. FXPro is also ok.
From my experience, both of the above brokers dont play games against traders like IBFX does.
  • #14
  • Apr 2, 2009 6:26am Apr 2, 2009 6:26am
i wish to know from jpapin in details whats wrong with Alpari coz i was considering them as my live brokers!. pliz advice
  • #15
  • May 7, 2009 1:36pm May 7, 2009 1:36pm
Quoting Peter Pipper
Any other suggestions would be much appreciated...
Are you still doing the THV journal or even using the method?

As far as brokers I use Alpari UK
Pip Goes The Weasel
  • #16
  • May 8, 2009 6:38am May 8, 2009 6:38am
FXDD is quite good but in terms of spread they are not the best among many MT4 brokers. FxPro also not bad but you may sometimes experience re-quote.
  • #17
  • May 8, 2009 7:25am May 8, 2009 7:25am
Quoting TC East
FxPro's live execution is average at best; a lot of requotes, so the low spreads don't do you much good.

You might try FXDD. I've had accounts at a lot of MT4 bucketshops (IBFX, MIG, FxPro, Alpari, IKON, etc.), and FXDD's execution is the best by far. They meet all your requirements except spreads; EU=2, EY=4, but no commissions.

Wire withdrawals are free also; I don't know of any other broker that offers that...

They are still a bucketshop, but the only one I'm willing to have an account with.
Are you sure those brokers are bucketshops?
  • #18
  • May 8, 2009 7:56am May 8, 2009 7:56am
Quoting AdamN
Are you sure those brokers are bucketshops?
Any deal desk broker is a bucketshop IMO
  • #19
  • May 8, 2009 8:27am May 8, 2009 8:27am
Well, every dealer/broker is a little different and focus on different things. The homework you have is to decide what is important to you (swap, spread, service, execution, etc, etc) and decide from there.

As you can see the question you've asked is rather wrong as others must come first.

Also - to get your head above the 'noise' here at FF, (namely, all the above posts) please read this LINK on the market structure so that you can make a properly educated decision.

Then you can look at the FF recommended brokers and select one of them. They are all good.

Enjoy the pips!
I'm pretty much done with all this ...
  • #20
  • Edited 6:21pm May 8, 2009 6:11pm | Edited 6:21pm
Quoting AdamN
Are you sure those brokers are bucketshops?
Yes, they are all bucketshops. Not sure I follow your line of questioning; do you believe that one or more is not? If so, which one?

As for this prior post saying the FF recommended brokers "are all good", what a joke! And I'm not talking out of my rear end either; I've had LIVE accounts with many of them. I wouldn't touch a lot of those brokers with a 10 foot pole, but of course people are free to do what they want.

And quite frankly Storage Pro, I find it somewhat offensive that in your expert opinion, "all of the above posts" amount to just "noise." Really? So when I and others recommended brokers to this guy when he asked for that, that was simply "noise"? Hmmm...oh well

I don't understand why a lot of people get the warm fuzzies about a broker simply because they are FF "recommended brokers." All I can say is, do your research...
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