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Help... Looking for good broker for large US clients

  • #1
  • First Post: Edited 5:16am Nov 15, 2011 4:31am | Edited 5:16am
I have been trading small time now for about 6 months and with using a very conservative Elliot Wave type system I have done fairly well. Trust I am not reinventing the wheel here so don't ask me about my system please. Now I would like to start trading with real money. Where can I make a large deposit and trade and not worry about my broker running away with the deposit and sipping tequilas in the Bahamas? Also I would obviously like where possible good service, tight spreads, and other features such as mobile and web for when I am not right in front of my pc and anything else that people here can think of or recommend. Oh and don't forget that they must accept US clients. Please give me some direction.
  • #2
  • Nov 15, 2011 1:03pm Nov 15, 2011 1:03pm
Define large, are we talking 10 tequilas or 50 000 tequilas ?

Give me a number and I'll recommend a couple of brokers that would suit your capital size.
Get rich or die trying
  • #3
  • Nov 15, 2011 3:29pm Nov 15, 2011 3:29pm
Quoting bfis108137
I have been trading small time now for about 6 months and with using a very conservative Elliot Wave type system I have done fairly well. Trust I am not reinventing the wheel here so don't ask me about my system please. Now I would like to start trading with real money. Where can I make a large deposit and trade and not worry about my broker running away with the deposit and sipping tequilas in the Bahamas? Also I would obviously like where possible good service, tight spreads, and other features such as mobile and web for when I am not right...
Unless you are opening with more than $300k, you don't really have that many good choices.

You have not stated the capitalization level yet, so here is my short list:

FXall:

- Institutional sizes
- Professional platform/trade execution
- API available (fairly strong)
- Prime Broker available/compatible (less paperwork)
- Technology driven

BARX:

- Institutional & Retail sizes
- Professional/Retail platform/good trade execution
- API available (fairly weak)
- Hosted Intermediary to Interbank liquidity (no PM needed/reduced paperwork)
- Plain Vanilla Options available (a strategy plus)

Divisa Capital FX:

- Commercial & Retail sizes
- Currenex DMA/STP Hub
- MT4 Currenex DMA/STP on-site Bridge/Server
- API available (fairly strong Fix 2.X)
- The best retail FX spreads in existence (currently 0.9 pips EURUSD)
- FSPR and FSCL registered
- Divisa Capital Group office in San Diego, California
- Securities, Futures, and CFD in addition to FX instruments
- Technology driven intermediary

For more institutional information, try VCap FX. You will find VCap FX to be very state of the art and highly technology driven, but you will need to be ready for an institutional account set-up in every sense of the word.

And, you cannot discount CitiFX, merely because they are the ONLY U.S. based bank in the game for Retail FX.

These are pretty much your choices, unless you desire to set-up with a bucket shop on purpose. You can also check LCG, London Capital Group, out of London. I am not sure if they still accept U.S. based accounts - though they should.

As always, do your OWN homework before deciding on any FX intermediary.
Y = MX + B. The most important price level of all.
  • #4
  • Nov 15, 2011 11:38pm Nov 15, 2011 11:38pm
Quoting Line In Sand
Unless you are opening with more than $300k, you don't really have that many good choices.

You have not stated the capitalization level yet, so here is my short list:

FXall:

- Institutional sizes
- Professional platform/trade execution
- API available (fairly strong)
- Prime Broker available/compatible (less paperwork)
- Technology driven

BARX:

- Institutional & Retail sizes
- Professional/Retail platform/good trade execution
- API available (fairly weak)
- Hosted Intermediary to Interbank liquidity (no PM needed/reduced paperwork)
-...

I am talking about possibly 100K USD. Also Barx and Divisa do not accept US clients according to their websites.
  • #5
  • Nov 16, 2011 1:16am Nov 16, 2011 1:16am
You could try cfh markets or London Capital Group. 100k is not enough to get yourself into a prime broker
  • #6
  • Nov 16, 2011 1:35am Nov 16, 2011 1:35am
To be honest. My main concern is just trust. I am not too worried about spreads or stop loss hunting etc. This stuff is not so relevant to my strategy since I am usually holding onto my positions for a few days. I just want a broker that I can feel comfortable that my money is there and not in my bank down the street. I want to know that if I close my account one day they will just send me the money and not have to go searching where they will find my money. Basically I would like that my 100k or whatever it may be will not be a lot of money for this broker and that I can feel secure about it aside from the standard forex risks since obviously investing in forex is more risky than money in the bank.
  • #7
  • Nov 16, 2011 1:44am Nov 16, 2011 1:44am
At $100k it's like Line In Sand said, your choices are limited. If your main concern is trust then CitiFX is the obvious place to start. You'll get multiple platform choices (mobile, MT4, Saxo Bank white label), spreads starting at 1.2 on E/U and since they're a bank your capital is insured up to $250k.
Get rich or die trying
  • #8
  • Nov 16, 2011 1:51am Nov 16, 2011 1:51am
I heard that citi has a hard acceptance process. Like for example I have been trading for 6 months which sounds good to me especially since i am showing a good profit but I kind of think that they will reject me on that. I guess I could always lie. What about tradestation? I heard they are good and they did win an award from Barrons even. The only thing is that they don't offer MT$ or MT5 and I have a few indicators that only work with MT4. On the other hand I heard that MT gives the brokers a lot of opportunities to cheat you but I am assuming that a proprietary platform would give even more.
  • #9
  • Nov 16, 2011 2:30am Nov 16, 2011 2:30am
pfgbest, they have mt-4 ecn and they are a top 50 future broker with large accounts
  • #10
  • Nov 16, 2011 2:35am Nov 16, 2011 2:35am
you can also go with admd.com they use currenex platform here's a list of some big broker most offer forex trading
Attached File(s)
File Type: pdf Top50_2010.pdf   272 KB | 745 downloads
  • #11
  • Nov 16, 2011 2:41am Nov 16, 2011 2:41am
Quoting bfis108137
I heard that citi has a hard acceptance process. Like for example I have been trading for 6 months which sounds good to me especially since i am showing a good profit but I kind of think that they will reject me on that.
Well, you'll never find out unless you call them. You wanted a trustworthy broker with good security for your capital and you got one. Now make the call or you're just wasting my time and yours.
Get rich or die trying
  • #12
  • Nov 16, 2011 7:11am Nov 16, 2011 7:11am
security ?

Go for Interactivebrokers..
  • #13
  • Nov 16, 2011 7:27am Nov 16, 2011 7:27am
What about ATC? I thought they were good.
  • #14
  • Nov 16, 2011 7:32am Nov 16, 2011 7:32am
Quoting BBC
At $100k it's like Line In Sand said, your choices are limited. If your main concern is trust then CitiFX is the obvious place to start. You'll get multiple platform choices (mobile, MT4, Saxo Bank white label), spreads starting at 1.2 on E/U and since they're a bank your capital is insured up to $250k.
Can I assume that 1.2 on EU is all in (spread and any commisions)?
  • #15
  • Nov 16, 2011 10:30am Nov 16, 2011 10:30am
Quoting newark18
Can I assume that 1.2 on EU is all in (spread and any commisions)?
As a "premium" client ($50k+) you get to choose between a 1.2 pip spread (which includes all costs) or a commission based spread.
Get rich or die trying
  • #16
  • Nov 16, 2011 11:59am Nov 16, 2011 11:59am
Would you recommend CitiFX instead of ATC? I just opened an account with ATC but would consider changing.
  • #17
  • Nov 16, 2011 1:16pm Nov 16, 2011 1:16pm
It's a no-brainer. For a retail client (less than $300k) I would take Citi FX over any other non-bank broker simply because of their reputation and the level of security they provide for your capital.
Get rich or die trying
  • #18
  • Nov 16, 2011 8:35pm Nov 16, 2011 8:35pm
Quoting BBC
It's a no-brainer. For a retail client (less than $300k) I would take Citi FX over any other non-bank broker simply because of their reputation and the level of security they provide for your capital.
Hi BBC,

Citi Fx using MT4, will there alway re-qoute like others MT4 brokers?
~~ Happy Trading ~~
  • #19
  • Nov 17, 2011 5:09am Nov 17, 2011 5:09am
I guess what you're asking is if Citi FX will re-quote when the prevailing market conditions doesn't support a re-quote (broker manipulation) ?

They could, but it's unlikely. Citigroup with their status as a worldwide institution and being the 4th largest market maker in FX have a lot more to lose on playing this kind of game compared to your run-of-the-mill bucket shop. By engaging in this kind of Russian roulette they risk of damaging their number 1 feature that attracted traders in the first place, the credibility and security they provide as a worldwide institution.
Get rich or die trying
  • #20
  • Nov 17, 2011 9:55am Nov 17, 2011 9:55am
Quoting BBC
I guess what you're asking is if Citi FX will re-quote when the prevailing market conditions doesn't support a re-quote (broker manipulation) ?

They could, but it's unlikely. Citigroup with their status as a worldwide institution and being the 4th largest market maker in FX have a lot more to lose on playing this kind of game compared to your run-of-the-mill bucket shop. By engaging in this kind of Russian roulette they risk of damaging their number 1 feature that attracted traders in the first place, the credibility and security they provide...
BBC,
Thanks again for your input, always appreciated. Could you provide info on Citi as #4? I just found this last night from Forex Magnates (http://forexmagnates.com/forex-magna...-forex-broker/) in which CitiFX is far down on the list. My guess is that the values for CitiFX are small, but Citi as an LP + CitiFX would move the ranking much higher. (The list appears to be from highest to lowest volume, I have not paid to see full list...also, list is worldwide volume, maybe Citi is #4 in USA...)

Any insight would be much appreciated!

BroncoCap
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