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My Top 4 Brokers

  • #21
  • Aug 23, 2011 8:26pm Aug 23, 2011 8:26pm
Quoting M.A.C.Doug
I agree that MBT is the most cost effective choice.

There is a catch with the pay for limit orders. They will pay for a limit order however, if you want to attach a stop and take profit order to a trade, that is a different order type. It will actually send a market order once your target is hit and this is not considered a limit order and doesent pay. You have to place a seperate stop order and limit order to get paid if your target is hit. This means you cant set and forget your trade, you must monitor it so you can cancel the other order...
Yes, That's how it works. thanks for clearing that up!.
  • #22
  • Aug 24, 2011 7:06pm Aug 24, 2011 7:06pm
Punched the #s, here's what I got (see attached). I made a comparison to Alpari Pro, who I believe is their top competitor.

Average Roundtrip Cost for Alpari Pro =AverageSpread + 2*0.25*Price
Average Roundtrip Cost for MB = AverageSpread + (2-L)*0.295*Price - L*0.195*Price
= AverageSpread + Price*(0.59 - 0.49L)

Where L is 0, 1 or 2 representing the number of limit orders. Price is the price of the currency where USD is the quote currency, and 1 when USD is the base currency.

Data is from 1HR average from here: http://www.fxintel.com/live/ . I would gather data from 0:00PST - 9:00PST (London session), never more than once every 3 hours, or once between 18:00-19:00PST (Tokyo session).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: MB1.png Size: 12 KB
Click to Enlarge Name: MB2.png Size: 12 KB
  • #23
  • Aug 24, 2011 9:28pm Aug 24, 2011 9:28pm
Quoting M.A.C.Doug
I agree that MBT is the most cost effective choice.

There is a catch with the pay for limit orders. They will pay for a limit order however, if you want to attach a stop and take profit order to a trade, that is a different order type. It will actually send a market order once your target is hit and this is not considered a limit order and doesent pay. You have to place a seperate stop order and limit order to get paid if your target is hit. This means you cant set and forget your trade, you must monitor it so you can cancel the other order...
That's incorrect. If you use their MT4 platform and place a S/L and T/P and the T/P hits, you get paid.
  • #24
  • Aug 26, 2011 2:18am Aug 26, 2011 2:18am
Actually I use FiboGroup and the service is good. Sometime it appears slow and the orders are frozen, but the equity is good and I can't find strange tricks or black behavior. My experience for now is 2 months only.
  • #25
  • Last Post: Aug 29, 2011 10:41pm Aug 29, 2011 10:41pm
Quoting IndyTrader
That's incorrect. If you use their MT4 platform and place a S/L and T/P and the T/P hits, you get paid.
Thats great, but I found the mt4 platform virtually unuseable for my trading style. You cant place an order in the opposite direction of any position you already hold. It doesent take into account that the existing position will be closed long before the new order is hit so there is no hedging issue. Deaktop pro is a far superior trading platform than mt4 except for that one issue with the stop and tp order not attracting the rebate when your target is hit.
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