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  • #1
  • First Post: Jan 4, 2011 9:16am Jan 4, 2011 9:16am
Hello, fellow traders! Please recommend a good broker per the information provided below. I'm an active intraday traday not scalper and i need the following:

1. $50K account
2. relatively low spreads on GU and EU pairs
3. instant execution of 3 - 5 std. lot market orders without any slippage or lag
4. Preferably mt4 platform.

Thank You,
snu.
  • #2
  • Jan 4, 2011 1:58pm Jan 4, 2011 1:58pm
Quoting snusnufreak
Hello, fellow traders! Please recommend a good broker per the information provided below. I'm an active intraday traday not scalper and i need the following:

1. $50K account
2. relatively low spreads on GU and EU pairs
3. instant execution of 3 - 5 std. lot market orders without any slippage or lag
4. Preferably mt4 platform.

Thank You,
snu.
If I had 50k, I'd probably skip the mt4 shops, and go with a cnx broker like cantor fx, or lcg. The spreads won't be quite as tight as whats shown on some mt4 brokers, but you won't get the slippage, or the weird spread spikage issues you'll find with a lot of mt4 brokers. Cantor is super funded too, much more then a lot of these shops. GL
  • #3
  • Jan 5, 2011 2:26am Jan 5, 2011 2:26am
Try to see if LucrorFx works for you.. They're on MT4, and relatively low spreads.. They're from NZ though, but they accept US clients.
  • #4
  • Jan 8, 2011 6:07am Jan 8, 2011 6:07am
try ic markets in australia, i trade with them on their mt4 plaform.

it is an ecn with commission on trades of $5 per std lot.

tights spreads sub 1 pip on euro during most sessions.

good execution, however, it is an ecn so you're going to get slippage on market orders if the market is moving. i scalp on it and don't have issues.
  • #5
  • Jan 10, 2011 2:08pm Jan 10, 2011 2:08pm
I think fxcm or fxopen if u want offshore are good options.

But as others have said, mt4 might not suffice for your needs.

Dukascopy in that case might be decent.
  • #6
  • Jan 11, 2011 12:38am Jan 11, 2011 12:38am
Thx for the info guys!
  • #7
  • Jan 16, 2011 2:54pm Jan 16, 2011 2:54pm
When a broker states that they have NO DEALING DESK,
it usually only applies to the largers deposit account..

Examples on ECN-accounts:

FXCM = ACTIVE TRADER = $50.000
ALPARI = DIRECT PRO = $20.000
FXDD = PowerTrader & Viking
FXOPEN = FXOpen Level II

All of these brokers may/may not be scammers, even when trading on their largest account type.

I would have reviewed different internet sites likes these two:
http://www.100forexbrokers.com/stp-ecn-brokers
http://www.forexpeacearmy.com/public...broker_reviews

Before choosing a broker.

After a couple of days reseaching it would seem that maybe 90% of smaller accounts are being manipulated, especially on the MT4 (market maker function build-in).

I am leaning towards ATCbrokers.com, but do not choose one before you do extensive research.
  • #8
  • Jan 16, 2011 4:04pm Jan 16, 2011 4:04pm
Quoting snusnufreak
Hello, fellow traders! Please recommend a good broker per the information provided below. I'm an active intraday traday not scalper and i need the following:

1. $50K account
2. relatively low spreads on GU and EU pairs
3. instant execution of 3 - 5 std. lot market orders without any slippage or lag
4. Preferably mt4 platform.

Thank You,
snu.
What is with these type of "recommendation questions"?

You've got 50k to play with and require MT4? Think bigger and leave Market Maker/Bucketshops alone.

Sign up with a REAL broker or bank. Look into Interactive Brokers and if you decided to go with IB, invest in a great 3rd party charting app such as eSignal, ProRealTime, Ninjatrader, or the vast other apps that are compatible with IB.

If IB isn't for you, look into CitiFX or DBFX. Both are highly respectable fx brokers. Maybe check out trading Future currencies. Many retail forex traders went to Futures and are doing very well.

Don't limit yourself to the typical MT4, market maker brokers. Don't deposit 50k to a Market Maker ... thats just bad business on your part. You're suppose to be a trader, a person who makes logical, well executed decisions and depositing 50k to a MT4 broker isn't a smart decision.
  • #9
  • Jan 16, 2011 6:22pm Jan 16, 2011 6:22pm
Quoting snusnufreak
Hello, fellow traders! Please recommend a good broker per the information provided below. I'm an active intraday traday not scalper and i need the following:

1. $50K account
2. relatively low spreads on GU and EU pairs
3. instant execution of 3 - 5 std. lot market orders without any slippage or lag
4. Preferably mt4 platform.

Thank You,
snu.
Be weary of trading through an ECN with MT4. . MT4's back-end architecture is not designed to work with ECN's and bridging the 2 are very difficult and complex. Bottom line is, You may experience issues trading with MT4 through an ECN. Don't let anyone convince you otherwise.

My recommendation: Dukascopy (non-MT4)


You are in safe hands with this ECN. They have a very strong reputation.
  • #10
  • Jan 17, 2011 4:23am Jan 17, 2011 4:23am
if you're an active trader but not scalping then it doesn't matter if you're with a market maker or ecn.

fact is, if you're any good the broker will put you in their A book and all your trades will be 100% hedged, i.e. you're not likely to experience the usual 'market maker' problems.

if you're average you get b booked and you're going to lose regardless.

as for MT4 with ECN, it is possible and no its not difficult. the back end may have been designed for market makers, this doesn't make an ECN environment less stable.
  • #11
  • Jan 17, 2011 5:56am Jan 17, 2011 5:56am
DONT GO TO FXOPEN! ITS A SCAM!

Go with UK, Australia, USA Brokers but please NOT SOME BROKER without a real address (or one that hides under some sales offices)...
  • #12
  • Edited Jan 18, 2011 12:56am Jan 17, 2011 9:20pm | Edited Jan 18, 2011 12:56am
Quoting thegusbus
if you're an active trader but not scalping then it doesn't matter if you're with a market maker or ecn.

fact is, if you're any good the broker will put you in their A book and all your trades will be 100% hedged, i.e. you're not likely to experience the usual 'market maker' problems.

if you're average you get b booked and you're going to lose regardless.

as for MT4 with ECN, it is possible and no its not difficult. the back end may have been designed for market makers, this doesn't make an ECN environment less stable.
Very accurate post. Just do what this guy says. He definitely knows what he is talking about.. And no I am not being sarcastic here. There is no real benefit to trade with an ECN if you have 50k or more. Actually I will add to his/her post and recommend for anyone else who is reading this to start off with about 200-500k with a market maker. I think 50k is not enough. Also everyone knows that the best market makers are based in Cyprus, so check out those first. Some other reputable MM's where you will get the best spreads include those based in the Demographic Republic of Congo, among other places. Most of them even offer MT4 and free training. So you really can't go wrong.

Yeh yeh.. it is cheaper in terms of transaction costs to trade through an ECN. But dont worry about this boring part, because transaction costs are not an important part of trading. What IS important though is that the broker has enough Adobe Flash elements on their webpage that you will literally be blown off your chair in excitement.

.....

Ok on a more serious note: No, there is absolutely nothing wrong with a market maker if you are opening a $3,000 account with your credit card. But if you are an opening an account with 50k or more. Go with an ECN. You will save money.
  • #13
  • Edited 9:52pm Jan 17, 2011 9:36pm | Edited 9:52pm
Quoting thegusbus
as for MT4 with ECN, it is possible and no its not difficult. the back end may have been designed for market makers, this doesn't make an ECN environment less stable.
This part cracks me up the most. Even the people who BUILT the bridges admit they are crap. I wrote about this in-depth on my blog 5 years ago.

It also took them YEARS to come up with a stable enough implementation. Some of the ECN MT4's are still sitting in beta even today after several years. So yes, it is easy to implement, as you say. lol
  • #14
  • Jan 18, 2011 2:12pm Jan 18, 2011 2:12pm
Quoting BurgerKing
DONT GO TO FXOPEN! ITS A SCAM!

Go with UK, Australia, USA Brokers but please NOT SOME BROKER without a real address (or one that hides under some sales offices)...
here we go, another fxopen scare story.
  • #15
  • Jan 18, 2011 3:32pm Jan 18, 2011 3:32pm
Quoting rashygomez
here we go, another fxopen scare story.
or just sensible advice
  • #16
  • Jan 18, 2011 3:42pm Jan 18, 2011 3:42pm
Quoting syd360
This part cracks me up the most. Even the people who BUILT the bridges admit they are crap. I wrote about this in-depth on my blog 5 years ago.

It also took them YEARS to come up with a stable enough implementation. Some of the ECN MT4's are still sitting in beta even today after several years. So yes, it is easy to implement, as you say. lol
There is a lot to be desired with the boston technologies bridge that most, if not all providers are using. However, I do see the light at the end of the tunnel. There is a company called CMAP ( http://www.cmapllc.com/ ) with an excellent product who I expect to give BT a run for their money. It should get interesting
BarrySDCA Commercial Network Services
  • #17
  • Jan 20, 2011 7:52am Jan 20, 2011 7:52am
Quoting Steph
or just sensible advice
i don't personally agree. i think fxopen is a decent broker. why would dukascopy partner up with them.
  • #18
  • Jan 20, 2011 8:53am Jan 20, 2011 8:53am
Quoting BurgerKing
DONT GO TO FXOPEN! ITS A SCAM!

Go with UK, Australia, USA Brokers but please NOT SOME BROKER without a real address (or one that hides under some sales offices)...
Regular additions to my bank account coming from the very same fxopen would disagree strongly with you there, but hey, you are entitled to an opinion.
  • #19
  • Jan 20, 2011 8:40pm Jan 20, 2011 8:40pm
Quoting syd360
This part cracks me up the most. Even the people who BUILT the bridges admit they are crap. I wrote about this in-depth on my blog 5 years ago.

It also took them YEARS to come up with a stable enough implementation. Some of the ECN MT4's are still sitting in beta even today after several years. So yes, it is easy to implement, as you say. lol

The Integral MT4 bridge is good enough.
  • #20
  • Jan 24, 2011 6:51am Jan 24, 2011 6:51am
Quoting oakmonster
Regular additions to my bank account coming from the very same fxopen would disagree strongly with you there, but hey, you are entitled to an opinion.
thing is, burger is usually well informed, but on fxopen, he's got it wrong i'm afraid.
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