Reliable broker for scalping with MT4 | Forex Factory

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Reliable broker for scalping with MT4

  • #1
  • First Post: Sep 13, 2008 5:28am Sep 13, 2008 5:28am
Hello everybody,

I am looking for a broker with the following specs

- Reliable enough to deposit big money
- Proven to pay profits to its customers
- Allow scalping
- Have MT4
- Fast execution because i am planning to use ExpertAdvisor

Any suggestions please?

thanks in advance
  • #2
  • Sep 15, 2008 7:34am Sep 15, 2008 7:34am
Quoting CBuilder
Hello everybody,

I am looking for a broker with the following specs

- Reliable enough to deposit big money
- Proven to pay profits to its customers
- Allow scalping
- Have MT4
- Fast execution because i am planning to use ExpertAdvisor

Any suggestions please?

thanks in advance
99% of brokers with MT4 are MM.
THEY ARE basically a specialized scalper.
Due to role overlapping, a scalper is always competing with the market maker for profits (if you´ll find a good MM).
Take care .
  • #3
  • Jun 27, 2009 11:58am Jun 27, 2009 11:58am
Quoting CBuilder
Hello everybody,

I am looking for a broker with the following specs

- Reliable enough to deposit big money
- Proven to pay profits to its customers
- Allow scalping
- Have MT4
- Fast execution because i am planning to use ExpertAdvisor

Any suggestions please?

thanks in advance

Pronetfx works for me.
I run multiple strategies including an EA that scalps.
The good thing with their MT4 is it's STP and most of my targets over run ( "posittive slippage" ), and ofcourse, stops suffer negative slip. So if your system is a winner, an stp broker will be more profitable.
  • #4
  • Jun 27, 2009 12:19pm Jun 27, 2009 12:19pm
The bad news:

Pronetfx charges $1.25 per mini lot ( $12.50 per standard lot )

very expensive
  • #5
  • Jun 28, 2009 3:22am Jun 28, 2009 3:22am
seems good, but am not fan with Market-Execution type

Quoting sheyne
Pronetfx works for me.
I run multiple strategies including an EA that scalps.
The good thing with their MT4 is it's STP and most of my targets over run ( "posittive slippage" ), and ofcourse, stops suffer negative slip. So if your system is a winner, an stp broker will be more profitable.
Charting Markets into the Future...MǎҖ€¥.
  • #6
  • Jun 28, 2009 10:09am Jun 28, 2009 10:09am
Hmm... i can't suggest making big deposit on Market makers,
they tends to freeze your account if you're making too much profits in short time, you could loose all your money
And if you have a really good scalping EA, you'll make alot of profits in short time, it will be dangerous.
  • #7
  • Edited 12:36pm Jun 28, 2009 12:15pm | Edited 12:36pm
even fxop** is using a plugin like that to claim as STP.

I guess before long every mt4 look asif ecn lo

hope mbt-f can roll out mt4 as soon as possible to clean up those blurs.

Quoting MaXeY
seems good, but am not fan with Market-Execution type
  • #8
  • Edited 1:50am Jun 29, 2009 1:35am | Edited 1:50am
Quoting billye
even fxop** is using a plugin like that to claim as STP.

I guess before long every mt4 look asif ecn lo

hope mbt-f can roll out mt4 as soon as possible to clean up those blurs.
erm... fxopen has an ECN account option now. They even show the level II data for their ECN on MT4 which is something. As far as I know they never claimed their retail spot forex business to be STP.

http://img32.picoodle.com/img/img32/...2m_2932689.png

There is a simple trick to see if a broker is truthful when it claims to be ECN/STP. Place a trade with them, then ask them who the counterparty is for the order. If they can't tell you, get your money out because they are filling you with BS .
  • #9
  • Jun 29, 2009 2:02am Jun 29, 2009 2:02am
Quoting oakmonster
There is a simple trick to see if a broker is truthful when it claims to be ECN/STP. Place a trade with them, then ask them who the counterparty is for the order. If they can't tell you, get your money out because they are filling you with BS .
What?

They're all counterparty/intermediary, and it's unlikely any of them will tell you specifically who their liquidity providers are.

  • #10
  • Jun 29, 2009 7:09am Jun 29, 2009 7:09am
Quoting pipmutt
What?

They're all counterparty/intermediary, and it's unlikely any of them will tell you specifically who their liquidity providers are.

Ok, I just asked fxopen and they replied Hotspotfxi, LavaFX, Currenex, Dresdner, Deutchesbank, UBS, Citi, but couldn't divulge the others probably because of some agreement. I called some other ECN brokers on the phone (like Interactive Brokers, mbtrading etc..) and they were also helpfull in providing their liquidity provider information.

Perhaps you are being a little pessimistic?
  • #11
  • Jun 29, 2009 7:50am Jun 29, 2009 7:50am
Quoting oakmonster
Ok, I just asked fxopen and they replied Hotspotfxi, LavaFX, Currenex, Dresdner, Deutchesbank, UBS, Citi, but couldn't divulge the others probably because of some agreement. I called some other ECN brokers on the phone (like Interactive Brokers, mbtrading etc..) and they were also helpfull in providing their liquidity provider information.

Perhaps you are being a little pessimistic?
Sure, they'll all reel off the 9 or so banks providing pricing but as far as I know they won't give you specific information regarding the liquidity provider(s) they actually do business with due to non disclosure agreements.
  • #12
  • Jun 29, 2009 7:58am Jun 29, 2009 7:58am
Quoting pipmutt
Sure, they'll all reel off the 9 or so banks providing pricing but as far as I know they won't give you specific information regarding the liquidity provider(s) they actually do business with due to non disclosure agreements.
Yeah, I did ask whether they were just price feeds or actual liquidity providers and they all confirmed that the info they gave was liquidity providers. I'm sure they all have others but didn't mention them due to said NDA's.
  • #13
  • Jun 29, 2009 8:14am Jun 29, 2009 8:14am
Quoting oakmonster
Yeah, I did ask whether they were just price feeds or actual liquidity providers and they all confirmed that the info they gave was liquidity providers. I'm sure they all have others but didn't mention them due to said NDA's.
They may well have all been liquidity providers offering liquidity (prices and volumes at which they are prepared to deal), it doesn't mean they actually do business with them though!

It's a bit irrelevant anyway, just because a broker is counterparty doesn't automatically mean they're a bucket shop, check out the agreements of brokers like IB and MBT, you'll probably find they or one of their associates are named as counterparty and the transaction only appears at the liquidity provider as "Client of xxx broker" if anything.
  • #14
  • Last Post: Jun 29, 2009 9:18am Jun 29, 2009 9:18am
Quoting pipmutt
They may well have all been liquidity providers offering liquidity (prices and volumes at which they are prepared to deal), it doesn't mean they actually do business with them though.
True for brokers that claim ECN status but are really just market makers with ECN pricing only, not the actual order fills. I know they probably wouldn't be able to offer full disclosure because of NDAs, but it would just be reassuring if a broker was able to tell you the counterparty for at least some of your trades in the ECN market. Even if it was just another client in the same brokerage.
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