Broker specifically for MT4 EA?

Hi,

I've heard decent things about Alpari UK. But what else on LIVE account, can people tell me about EXECUTION (I'm not necessarily scalping - 15 min + charts) and spread/prices? I'm looking for a good broker for EA.

Also, US brokers don't allow "hedging" anymore so I can't even place two limits in opposite directions (or similar, as in IBFX).

Please recommend a broker if you use EA on LIVE account.

Thanks!

Skyhr,

I don't know what strategy you wish to employ and this will determine what broker you use. I am a prolific scalper and I target specific brokers for specific currency pairs.

First off, I believe that the fixed spread broker model is inherently flawed. A broker cannot give you a spread of 3 pips when the best interbank spread is 6 pips. Your fixed spread broker will slip you or if you have tightened up your slips then they will requote you.....as simple as that and let me point out that 3 pip fixed spread + 3 pip slippage means you may as well have a 6 pip spread.

That said, Alpari UK is probably one of best fixed spread brokers available. At least they had the balls to stand up and say they could no longer provide 3 pips on the EURGBP and upped it to 5 pips. They may be competitive on some spreads but they do not offer GBPCAD at all and their EURCAD spreads are untradeable at scalping level. Hence my statment that you may want to shop around for spreads based on your specific currency pair and strategy.

I am with PFG Best Direct in the US and I have also opened an account with FXCM(yet to fund it, so no comment at this stage). If hedging is a requirement for you, my next choice would be FXCM UK with the Boston Tech liquidity bridge. I have not personally used it but I know of one big scalping EA seller that uses them for their product demo and if its good enough for them, then its good enough for me.

Also, if excution is important to you them make sure you get a VPS with low latency. If you have a highly liquid broker with ticks coming in hard and fast, and your VPS latency is poor, the price will change before you get your order in and this will mean slippage/requote.

I agree with the http://PFGBest.com choice. They seem to be the best of breed right now. It you're in short term trades you can add http://MBTrading.com to the list (since most pairs have NEGATIVE swap on both sides!!)

I agree completely.

[/quote]
I am with PFG Best Direct in the US and I have also opened an account with FXCM(yet to fund it, so no comment at this stage). If hedging is a requirement for you, my next choice would be FXCM UK with the Boston Tech liquidity bridge. I have not personally used it but I know of one big scalping EA seller that uses them for their product demo and if its good enough for them, then its good enough for me.[/quote]

Is the demo live? Do you know how many lots are involved? Is FXCM fixed spread - how do they work? What are the hedging/order policies for PFG Best?

[/quote]

Also, if excution is important to you them make sure you get a VPS with low latency. If you have a highly liquid broker with ticks coming in hard and fast, and your VPS latency is poor, the price will change before you get your order in and this will mean slippage/requote.[/quote]

Sorry, but what is a VPS, how much do good ones usually cost (if the question makes any sense)?

My final broker candidates right now are FXDD, and MB Trading (and perhaps FXCM)

Hey, thanks for replying to pretty much all my posts, hahaha.

What do you mean "best of breed" - in terms of what? Execution, price, spread, etc? What are hedging policies and commissions like? Where can I find their balance sheet?

Also, swaps are not important to me.