Who are your favourite brokers? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Who is your favourite trading author? (books) 30 replies

What is your favourite basic indicator??? 43 replies

What is your favourite EA? 2 replies

Whats your favourite Trading Book/Movie/Show? 15 replies

What is your favourite Fx Report & Analysis provider? 2 replies

Who are your favourite brokers?

  • #1
  • First Post: Jul 7, 2011 2:15pm Jul 7, 2011 2:15pm
It's very easy to post negative views about people and products on the internet, especially when money is involved. It is not so compelling to make the effort to write about positive aspects when all is running smoothly, so I'm starting this thread as a positive gesture to brokers.

Without brokers where would we be as traders? Short of opening a bank with massive capital resources we would be reduced to gambling with back street bookies.

Most of the complaints I see posted in these pages are from inexperienced traders. The most common bleat is the classic one of loss at news releases. If we don't set appropriate stops, when spreads increase they can knock us out of trades at a loss. This is very frustrating when the outcome would have been profitable.
Gone to a better place
  • #2
  • Jul 7, 2011 3:14pm Jul 7, 2011 3:14pm
Quoting smikester
It's very easy to post negative views about people and products on the internet, especially when money is involved. It is not so compelling to make the effort to write about positive aspects when all is running smoothly, so I'm starting this thread as a positive gesture to brokers.

Without brokers where would we be as traders? Short of opening a bank with massive capital resources we would be reduced to gambling with back street bookies.

Most of the complaints I see posted in these pages are from inexperienced traders. The most common bleat...
Their website and their BestDirect8 platform are very outdated. Every week or two there's an update to the software which basically forces you to go thru a new installation cycle (download from website, install, hit Next Next Next etc.)

However, their spreads are very tight (they charge a commission but you still get a good price overall). I've seen 0 spreads several times - and even had limit orders substantially improved on various occasions.
When I had errors on fills, I called and they corrected the error and it was immediately reflected in my account (FXCM also did the same; Forex.com wouldn't hear of it).

Please note that this is not an MT4 account - I don't have any experience with those.
  • #3
  • Jul 7, 2011 9:40pm Jul 7, 2011 9:40pm
after thousands and thousands and probably tens of thousands of live orders, ibfx is still my only broker......h
to trade and code, keep both simple... no call to impress....h
  • #4
  • Jul 7, 2011 10:01pm Jul 7, 2011 10:01pm
Quoting hayseed
after thousands and thousands and probably tens of thousands of live orders, ibfx is still my only broker......h
  • #5
  • Jul 7, 2011 10:34pm Jul 7, 2011 10:34pm
IBFX have high spreads, why someone choses them? why dont you chose OAnda and MBtrading?
  • #6
  • Jul 7, 2011 10:45pm Jul 7, 2011 10:45pm
Quoting leo1in88
IBFX have high spreads, why someone choses them? why dont you chose OAnda and MBtrading?
you will find out
  • #7
  • Jul 7, 2011 11:07pm Jul 7, 2011 11:07pm
I think some brokers like Gain capital and FXDD, may be IBFX, have high spread because they's famous and thay spends much money for marketing, i.e All of them have Introducing Broker(IB), some pips they take, they share a part of it for IB, that's why their spread's high. I know many IB of Gaincapital and FXDD. That's the thing i have found out.
  • #8
  • Jul 8, 2011 2:59am Jul 8, 2011 2:59am
Quoting 6pack
Their website and their BestDirect8 platform are very outdated. Every week or two there's an update to the software which basically forces you to go thru a new installation cycle (download from website, install, hit Next Next Next etc.)

However, their spreads are very tight (they charge a commission but you still get a good price overall). I've seen 0 spreads several times - and even had limit orders substantially improved on various occasions.
When I had errors on fills, I called and they corrected the error and it was immediately...
Mine would also be PFG ... besides the BestDirect platform they offer a selection of 3rd parties platforms. I prefer NT 7.
  • #9
  • Jul 8, 2011 3:24am Jul 8, 2011 3:24am
I have been demo trading for a few months now with a few different brokers but all seem to be slow when executing the trades( ok i know demo might be slower but now im ready to go live i donīt know who to use!!!). Any ideas for me would be greatly appreciated.
  • #10
  • Jul 8, 2011 3:58am Jul 8, 2011 3:58am
Quoting leo1in88
I think some brokers like Gain capital and FXDD, may be IBFX, have high spread because they's famous and thay spends much money for marketing, i.e All of them have Introducing Broker(IB), some pips they take, they share a part of it for IB, that's why their spread's high. I know many IB of Gaincapital and FXDD. That's the thing i have found out.
Anyone thinks about it?
  • #11
  • Jul 8, 2011 4:12am Jul 8, 2011 4:12am
Quoting nudiedudie
I have been demo trading for a few months now with a few different brokers but all seem to be slow when executing the trades( ok i know demo might be slower but now im ready to go live i donīt know who to use!!!). Any ideas for me would be greatly appreciated.
You need to look up latency. It sounds like an internet problem and if that is slow, you'll get requotes continuously and that kind of problem

Another problem is that brokers don't keep their best servers for demo accounts and when I was trading demo I remember the platforms being very shaky. I took the plunge and found out that live accounts are taken much more seriously.

What platform are you using? What indicators are on it? This can slow things down very much.

I have had speed problems with MT4. When I opened an ECN account I found cTrader (formerly xTrader) which is very fast and like getting out of an SUV and getting into a sports car.
Gone to a better place
  • #12
  • Jul 8, 2011 4:36am Jul 8, 2011 4:36am
Quoting smikester
You need to look up latency. It sounds like an internet problem and if that is slow, you'll get requotes continuously and that kind of problem

Another problem is that brokers don't keep their best servers for demo accounts and when I was trading demo I remember the platforms being very shaky. I took the plunge and found out that live accounts are taken much more seriously.

What platform are you using? What indicators are on it? This can slow things down very much.

I have had speed problems with MT4. When I opened an ECN account I found...
@smikester: Thanks for the reply. im using mt4 with a few indicators..not much... i agree with you about the demo speeds but i need to decide on a live broker to go with. i have heard so many good things and bad things its hard to decide who to go with..
  • #13
  • Jul 8, 2011 6:49am Jul 8, 2011 6:49am
Quoting fido
Mine would also be PFG ... besides the BestDirect platform they offer a selection of 3rd parties platforms. I prefer NT 7.
Some brokers increase their spreads when you trade through NinjaTrader: I know for a fact that Forex.com does that.

Also: do you know if you can use the same account you already have, or do they make you open a new account for NT7? Again, Forex.com does the latter, which is a disadvantage for me - I'd rather have multiple platforms or interfaces to one account, than multiple accounts.
  • #14
  • Jul 8, 2011 8:25am Jul 8, 2011 8:25am
Quoting 6pack
Some brokers increase their spreads when you trade through NinjaTrader: I know for a fact that Forex.com does that.

Also: do you know if you can use the same account you already have, or do they make you open a new account for NT7? Again, Forex.com does the latter, which is a disadvantage for me - I'd rather have multiple platforms or interfaces to one account, than multiple accounts.
No, spreads and commissions haven't changed since I started using NT 7. I started out with tradevec but found myself doing all the charting on NT so I just connected NT to my PFG account.
  • #15
  • Jul 8, 2011 9:50am Jul 8, 2011 9:50am
NADEX

Deposits are quick and instantaneous with their e-checks. You don't have to wait for someone to approve your deposit. Withdrawals are the same way, except you do have to wait about 2 days before the money shows up in your bank account (although that is probably due to the Bank trading your money for that 2 days.) I have spoken to Nadex's customer service over the phone many times, and they are quick to handle any of my concerns. Excellent broker.
Binary Options Trader
  • #16
  • Jul 11, 2011 3:31pm Jul 11, 2011 3:31pm
Quoting nudiedudie
@smikester: Thanks for the reply. im using mt4 with a few indicators..not much... i agree with you about the demo speeds but i need to decide on a live broker to go with. i have heard so many good things and bad things its hard to decide who to go with..
I don't know how large an account you want but all of the brokers on Forex Factory's preferred list should be alright. If you have a smaller account you'll get larger spreads and more requotes and slippage, generally speaking. I use Alpari UK and I am happy enough with them and I have an ECN account with FXPro where I have never had a requote or slippage - early days though.
Gone to a better place
  • #17
  • Jul 12, 2011 9:16am Jul 12, 2011 9:16am
Quoting fido
No, spreads and commissions haven't changed since I started using NT 7. I started out with tradevec but found myself doing all the charting on NT so I just connected NT to my PFG account.
Thanks for the tip, I just did so myself.
I shoulda done it before, but I hesitated because of what I went through with Forex.com: you have to "rebrand" i.e. open a new account, just for NT. Then you have to fund it of course. And then, surprise, you find out that they increase your spreads, just for your special NT account...

Fortunately, for PFG it is the same account. I just have to figure out the whole order entry and ATM things...
  • #18
  • Jul 12, 2011 10:09am Jul 12, 2011 10:09am
Quoting 6pack
Thanks for the tip, I just did so myself.
I shoulda done it before, but I hesitated because of what I went through with Forex.com: you have to "rebrand" i.e. open a new account, just for NT. Then you have to fund it of course. And then, surprise, you find out that they increase your spreads, just for your special NT account...

Fortunately, for PFG it is the same account. I just have to figure out the whole order entry and ATM things...
If you are new to NT you should attend some of the weekly webinars ... they are very informative. There are so many things you can do with the super DOM, chart trader and ATM. Once you get used to it you don't want to trade without it.
  • #19
  • Jul 14, 2011 10:23pm Jul 14, 2011 10:23pm
AXITRADER

I love these guys. Tight spreads. Fast execution. Deep liquidity pool.
Australian based with great support if you need it.
  • #20
  • Jul 14, 2011 10:38pm Jul 14, 2011 10:38pm
My favourite broker is CitiFXpro

http://www.citifxpro.com

Good speed in execution of orders plus MT4 trading
possible....fast withdrawal of funds and no hassle....
0 traders viewing now