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Please help to choose a good broker

  • #21
  • Jan 4, 2011 12:42am Jan 4, 2011 12:42am
This thread has more info on Virtual dealer plugin
http://www.forexfactory.com/showthread.php?t=70582
  • #22
  • Jan 4, 2011 4:14am Jan 4, 2011 4:14am
Quoting joss24
This is nice list but you need somethin with all new comers and oldies reputation and comparsion with real accounts... That would save a lot of ppl testing time and money btw.?
fxstay is good source because they dont list unregulated or scam forex brokers , they list just trust able and best forex brokers this help newbies that do not invest with scams ...there are few sites that value for Security of Investment of their clients and do not list all forex brokers ,forexfactory forex brokers part is another good sample
  • #23
  • Jan 4, 2011 5:37am Jan 4, 2011 5:37am
Quoting kumars4x
This thread has more info on Virtual dealer plugin
http://www.forexfactory.com/showthread.php?t=70582
Thanks kumar, please help to re-post this link each time a newbie ask the same question again about MT4.

I use GFT Forex and they have microlot accounts. GFT uses own proprietary platform DealBook360. They do not offer MT4.
  • #24
  • Jan 4, 2011 5:55am Jan 4, 2011 5:55am
If you must go with metatrader platform than Alpari

If not, Oanda.

Disclaimer: I have experience with both. Currently using oanda.
  • #25
  • Jan 4, 2011 6:56am Jan 4, 2011 6:56am
Quoting vicious
If you must go with metatrader platform than Alpari

If not, Oanda.

Disclaimer: I have experience with both. Currently using oanda.
Does Oanda has MT4 platform? Does Oanda has funds protection scheme? like FSA UK's Financial Services Compensation Scheme.

Thanks.. it's a good thread by the way..
  • #26
  • Jan 4, 2011 7:27am Jan 4, 2011 7:27am
Quoting vicious
If you must go with metatrader platform than Alpari
If not, Oanda.
Disclaimer: I have experience with both. Currently using oanda.
Read about their Safety of Funds:
http://www.alpari.co.uk/en/customer_service/index.html
  • #27
  • Jan 4, 2011 7:31am Jan 4, 2011 7:31am
Quoting a2xm
Does Oanda has MT4 platform? Does Oanda has funds protection scheme? like FSA UK's Financial Services Compensation Scheme.
Thanks.. it's a good thread by the way..
They are required to segregate customer funds at Asia Pacific division, http://www.oanda.sg/
Segregated Customer Funds at OANDA Asia Pacific

OANDA Asia Pacific holds a Capital Markets Services (CMS) License (number CMS100122-2) issued by the Monetary Authority of Singapore (MAS) under the Securities and Futures Act (SFA) of Singapore.
As required by SFA regulation, OANDA has set up a trust account at Standard Chartered Bank in Singapore. All funds you send to OANDA Asia Pacific must be deposited in this trust account, and held there in trust for you. Your money is:

 

  1. segregated and maintained separately from OANDA Asia Pacific's own funds.
  2. only accessed for your trading-related activity or your withdrawals.
  3. never used for our operating costs or covering of our obligations. No matter what.

  • #28
  • Jan 4, 2011 8:10am Jan 4, 2011 8:10am
Quoting a2xm
Does Oanda has MT4 platform?
No. They have their own Java platform.

Quoting a2xm
Does Oanda has funds protection scheme? like FSA UK's Financial Services Compensation Scheme.
No compensation scheme.

As for "funds protection", this is retail spot forex trading, there is no such thing. (though you are FAR more likely to lose money trading forex than Oanda is)

There is a customer funds segregation scheme as mentioned by bstay2 above though, but not with a different company/bank.
  • #29
  • Jan 4, 2011 8:30am Jan 4, 2011 8:30am
Quoting a2xm
Does Oanda has MT4 platform? Does Oanda has funds protection scheme? like FSA UK's Financial Services Compensation Scheme.
Thanks.. it's a good thread by the way..
http://www.oanda.com/corp/story/regu...ccont=rightnav
Why not read about them at their site? (under paragraph "Your Funds"). It's clearly mentioned there so why need to ask a forum. You might hear the wrong things or less details when all you need to do is go to the official site.
  • #30
  • Jan 4, 2011 8:45am Jan 4, 2011 8:45am
Guys, I hear a lot of people say that mt4 is a bad platform, would someone care to explain why? what are its disadvantages against others out there and what are best known alternatives to it?
  • #31
  • Edited 9:52am Jan 4, 2011 9:05am | Edited 9:52am
Read the thread link from Kumars4x above, post#22.

You guys have seen these pictures before so basically MT4 allows your broker to see who's near margin call, who needs to be spiked out, who needs to be profiled, and how to deal with your account:
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  • #32
  • Jan 4, 2011 9:49am Jan 4, 2011 9:49am
Quoting bstay2
http://www.oanda.com/corp/story/regu...ccont=rightnav
Why not read about them at their site? (under paragraph "Your Funds"). It's clearly mentioned there so why need to ask a forum. You might hear the wrong things or less details when all you need to do is go to the official site.
Okay thanks. I didn't know they kept client funds in different financial institutions separate from Oanda corporation (only OANDA Asia Pacific as you said earlier).
  • #33
  • Jan 4, 2011 7:28pm Jan 4, 2011 7:28pm
Quoting snusnufreak
Guys, I hear a lot of people say that mt4 is a bad platform, would someone care to explain why? what are its disadvantages against others out there and what are best known alternatives to it?
It is because metatrader was built from the beginning with the exact goal of allowing market makers to steal client's money better.

Then it became the most popular platform, and, from a trader's view, it also has some good charting features.

However, every other platform has almost the same broker-related features of mt4, so, now, it's not the platform itself to rip clients, but it's the broker and how the broker uses the platform.

Today there are also honest mt4 brokers.
  • #34
  • Jan 5, 2011 12:59am Jan 5, 2011 12:59am
Quoting jagui
It is because metatrader was built from the beginning with the exact goal of allowing market makers to steal client's money better.

Then it became the most popular platform, and, from a trader's view, it also has some good charting features.

However, every other platform has almost the same broker-related features of mt4, so, now, it's not the platform itself to rip clients, but it's the broker and how the broker uses the platform.

Today there are also honest mt4 brokers.
Would you care to name some honest mt4 brokers? Thanks is advance!
  • #35
  • Jan 5, 2011 1:09am Jan 5, 2011 1:09am
Quoting fxforme
Would you care to name some honest mt4 brokers? Thanks is advance!
MB TRADING, IBFX.COM
  • #36
  • Jan 5, 2011 1:14am Jan 5, 2011 1:14am
Quoting PoundTrader
MB TRADING, IBFX.COM
Thanks alot PoundTrader! I just started using a demo with MB trading yesterday and have been reading pretty good stuff about them.
  • #37
  • Jan 5, 2011 1:16am Jan 5, 2011 1:16am
Quoting fxforme
Thanks alot PoundTrader! I just started using a demo with MB trading yesterday and have been reading pretty good stuff about them.
Your welcome
  • #38
  • Jan 5, 2011 1:58am Jan 5, 2011 1:58am
I cannot cite a source right now (just woke up to check my trade), but I hear that singapore is very stingent with their forex laws (in consumer's favor) and they have banned metatrader for security reasons.

Oanda Asia Pacific is located at singapore. I just wished we can hedge positions. Hedging is not possible. Unless you create sub account and you hedge from there, but its a lot of pain to do that.



Edit: Either way I strongly believe that for a novice trader, all the indicators/scripts/ea actually cripples trading. If you cannot successfully trade using bare-bone charting package (oanda) without having to rely on anything other than what they provide, you will not be able to become a better trader.
  • #39
  • Jan 5, 2011 2:04am Jan 5, 2011 2:04am
Quoting bstay2
Read the thread link from Kumars4x above, post#22.

You guys have seen these pictures before so basically MT4 allows your broker to see who's near margin call, who needs to be spiked out, who needs to be profiled, and how to deal with your account:
That's well known for a long time. Nothing new.
But let's be honest, do you really think that other platforms haven't tools like these? Only mt4 brokers are scums?
It's not about the platform, it's about the broker. There are honest brokers that use mt4 and there are bucket shops that use other platforms.
  • #40
  • Jan 5, 2011 5:44am Jan 5, 2011 5:44am
I agree. It's just that the same question is asked by newbies almost everyday. The same answers were given on existing threads, and all they have to do is search. That thread about MT4 virtual dealer plugins been there for years.
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