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Looking for a broker with these 5 qualities

  • #1
  • First Post: Dec 13, 2009 6:00am Dec 13, 2009 6:00am
i have been reading and doing research on forex from long time,and now i understand that the more important is trading plan and strategy and all the things what we require for trading successfully,good broker with instant execution and lower spread can also boon for a trader.


i am looking for a broker with this qualities

 

  1. lower spread
  2. fastest execution
  3. mt4 trading platform
  4. good customer care
  5. secured fund deposit and withdrawal


if i am missing some thing please add on

  • #2
  • Dec 13, 2009 6:03am Dec 13, 2009 6:03am
fastest execution is most important,coz i think this days lower spread is common with most brokers.
  • #3
  • Dec 13, 2009 6:04am Dec 13, 2009 6:04am
slow execution and slippage is a problem which can turn winning trade into a loser
  • #4
  • Dec 14, 2009 10:33am Dec 14, 2009 10:33am
I used to have a live account with Oanda since early this year but now I won't use that account to trade anymore because I always got disconnected from its platform, sometimes for several times per hour in a day. Make 'No frequent disconnection' one of your major criteria in choosing a good forex broker.
  • #5
  • Dec 14, 2009 10:38am Dec 14, 2009 10:38am
Quoting swingtrader
i have been reading and doing research on forex from long time,and now i understand that the more important is trading plan and strategy and all the things what we require for trading successfully,good broker with instant execution and lower spread can also boon for a trader.


i am looking for a broker with this qualities

 

  1. lower spread
  2. fastest execution
  3. mt4 trading platform
  4. good customer care
  5. secured fund deposit and withdrawal


if i am missing some thing please add on

Well, I trade with Oanda for 2 years now, and can't complain.... but it must fit your style... I don't trade news, and know it's a Market Maker.

#4 and #5 are the most important, IMHO

lower (fixed) spreads, 100% execution, mt4.... do you realise you are searchin for a market maker, right? Not problem at all (I use Oanda, remeber), but one must be aware of that...

Cheers!
Many share my views with me. But I don't share them with them...
  • #6
  • Dec 14, 2009 11:32am Dec 14, 2009 11:32am
Quoting swingtrader
i have been reading and doing research on forex from long time,and now i understand that the more important is trading plan and strategy and all the things what we require for trading successfully,good broker with instant execution and lower spread can also boon for a trader.


i am looking for a broker with this qualities

 

  1. lower spread
  2. fastest execution
  3. mt4 trading platform
  4. good customer care
  5. secured fund deposit and withdrawal


if i am missing some thing please add on

You can get all of this at ATC Brokers (which uses FXCM-UK). Also, MB Trading and PFG. All 3 are ECN brokers that offer MT4. Best customer service probably ATC (I have had live accounts with all 3). You used to only be able to go to a market maker for MT4, but not anymore.

Not sure what you mean by "secured" fund deposit though. No forex accounts have the same protection as like a stock trading account. Meaning if the broker goes bust, you probably lost your money. It's in all the disclosures you sign when you open an account. Just a fact of life in forex; no way around it...
  • #7
  • Dec 14, 2009 3:37pm Dec 14, 2009 3:37pm
Quoting swingtrader
i have been reading and doing research on forex from long time,and now i understand that the more important is trading plan and strategy and all the things what we require for trading successfully,good broker with instant execution and lower spread can also boon for a trader.


i am looking for a broker with this qualities

 

  1. lower spread
  2. fastest execution
  3. mt4 trading platform
  4. good customer care
  5. secured fund deposit and withdrawal

if i am missing some thing please add on

Unfortunately Swing, there is no such thing as a MT4 bloker with,

  1. lower spread
  2. faster execution

Mt4 brokers usually offer "variablere" spreads which means, the spread will vary from second to second. Because MT4 backoffice innerworkings, your execution will be delayed from either, slippage or quotes.

  • #8
  • Edited 5:58pm Dec 14, 2009 5:55pm | Edited 5:58pm
Quoting TC East
You can get all of this at ATC Brokers (which uses FXCM-UK). Also, MB Trading and PFG. All 3 are ECN brokers that offer MT4. Best customer service probably ATC (I have had live accounts with all 3). You used to only be able to go to a market maker for MT4, but not anymore.

Not sure what you mean by "secured" fund deposit though. No forex accounts have the same protection as like a stock trading account. Meaning if the broker goes bust, you probably lost your money. It's in all the disclosures you sign when you open an account. Just a fact of...
Not so true as CitiFX Pro now offers FDIC insurance which covers your entire USD deposit! Believe their the first and only though. http://www.citifxpro.com/OurAdvantag...Insurance.aspx
  • #9
  • Dec 14, 2009 6:43pm Dec 14, 2009 6:43pm
Hi,
Is there any ECN with MT4, but not under US jurisdiction (where NFA rules dont apply)?
Cheers
  • #10
  • Dec 14, 2009 6:45pm Dec 14, 2009 6:45pm
Quoting LEXngton
Not so true as CitiFX Pro now offers FDIC insurance which covers your entire USD deposit! Believe their the first and only though. http://www.citifxpro.com/OurAdvantag...Insurance.aspx
Yeah that is true about Citi, but not sure how good a broker they are otherwise. And they aren't MT4 of course. But yes, Citi would be the one exception in forex re. having your funds protected in case of a broker bankruptcy.
  • #11
  • Dec 14, 2009 6:55pm Dec 14, 2009 6:55pm
Quoting The Oracle
I used to have a live account with Oanda since early this year but now I won't use that account to trade anymore because I always got disconnected from its platform....
I've had an account with Oanda for several years, and I think I got only one disconnect this entire year.... I needed to reset my own modem. Of course, I upgraded my computer this year as well. That made a big difference.

Quoting swingtrader
i am looking for a broker
I was recently looking for an additional br0ker and I came across FXSolutions. But I was looking for lower deposit, higher leverage!! (They do take U.S. customers though) Oanda would be perfect except for - no MT4.

You could use MT4 charts and then Oanda for execution.... I'm actually going to use Oanda charts and another br0ker for execution. Go figure.

Which br0kers have you ruled out ??
  • #12
  • Dec 14, 2009 6:59pm Dec 14, 2009 6:59pm
Quoting Price
You could use MT4 charts and then Oanda for execution.... I'm actually going to use Oanda charts and another br0ker for execution. Go figure.


I use FXCM MT4 for charts and Oanda for trading.... just a few disconnections this year, but I bet it's due to brazilian '90s internet service...

Cheers!
Many share my views with me. But I don't share them with them...
  • #13
  • Dec 15, 2009 1:25am Dec 15, 2009 1:25am
Quoting TC East
Yeah that is true about Citi, but not sure how good a broker they are otherwise. And they aren't MT4 of course. But yes, Citi would be the one exception in forex re. having your funds protected in case of a broker bankruptcy.
CitiFX Pro in fact does offer MT4 as one of their platforms to choose from.
http://www.citifxpro.com/Platforms/P...taTrader4.aspx
  • #14
  • Dec 15, 2009 1:51am Dec 15, 2009 1:51am
Quoting TC East
.... But yes, Citi would be the one exception in forex re. having your funds protected in case of a broker bankruptcy.
Oh yeah,
I thought, that all UK (FSA registered) brokers gives a solid funds protection in case of a broker bankruptcy !?
  • #15
  • Dec 15, 2009 1:58am Dec 15, 2009 1:58am
Quoting tomlee
Oh yeah,
I thought, that all UK (FSA registered) brokers gives a solid funds protection in case of a broker bankruptcy !?
Don't know about UK, but in US funds aren't protected that way. But honestly I don't really care. Personally, if was truly worried about it I would never open an account in the first place.

My main point was to the thread starter, to emphasize that it's generally not reality to have funds in a forex account be completely "secure", whereas in a stock trading account by contrast, that is attainable.
  • #16
  • Dec 15, 2009 2:52am Dec 15, 2009 2:52am
Quoting LEXngton
CitiFX Pro in fact does offer MT4 as one of their platforms to choose from.
http://www.citifxpro.com/Platforms/P...taTrader4.aspx
You 'da man Lex didn't know that...
  • #17
  • Dec 15, 2009 4:06am Dec 15, 2009 4:06am
Hi, my first post in FF and maybe a stupid question:

If security is a concern, why not trade currency futures?

 

  1. Regulated market, central exchange (volume actually has a meaning)
  2. Low cost
  3. Your account is often guaranteed (up to a certain level). In the EU by government and in the US by industry agreements or joint insurance.


Granted, you can't trade pennies, but a couple to a few thousand dollars seem to be the threshold that some brokers have to start futures trading.

What's your ideas about this? Cheers.

  • #18
  • Dec 15, 2009 5:55pm Dec 15, 2009 5:55pm
citifx has mt4 ECN with commissions low spreads and they the are first and only right now that insures USD deposits only with FDIC insurance. none of that NFA/FSA crap. that ain't gonna help you if broker goes under! stick with the banks!

I'm sure more brokers will follow this trend

Just need 10000.00! but they do trade all the way down to .01 micros! the best of everything! highest leverage though is 1:50
  • #19
  • Dec 16, 2009 8:20am Dec 16, 2009 8:20am
Quoting JimboBimbo
Hi,
Is there any ECN with MT4, but not under US jurisdiction (where NFA rules dont apply)?
Cheers

Here we go Swiss again, both MIG and AC-Markets are FINMA regulated, so none of those NFA party pooping regulations. MIG is MT4 only, ACM is both proprietary platform as well as MT4.

MIG minimum to open is $5,000....AC-Markets minimum is $2,000
  • #20
  • Dec 17, 2009 10:38am Dec 17, 2009 10:38am
Hey Azibi, I PM'd you!
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