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New Account - Broker Recommendations?

  • #1
  • First Post: Feb 1, 2012 10:51am Feb 1, 2012 10:51am
I have traded equities for 20 years and am now taking a dip into the world of FX. Does anyone have a sugestion where I may be able to get an account set up (between 50k-100k) with good executions and reasonable brokerage.

I am working on an algo in MT4 as well

thank you for your time
  • #2
  • Feb 1, 2012 11:19am Feb 1, 2012 11:19am
Quoting Robert Harri
I have traded equities for 20 years and am now taking a dip into the world of FX. Does anyone have a sugestion where I may be able to get an account set up (between 50k-100k) with good executions and reasonable brokerage.

I am working on an algo in MT4 as well

thank you for your time
Personally, if you are from US, I'm prefer GFT. Good price execution, low spread, and I love their support.

But if you are not from US, and does not like FIFO rule, then GFT is not suitable due to FIFO regardless their office (UK, AUS, etc). Then, FXCM UK with Active Trader account is my second preferable candidate (you might read bad comments about them too before trade with them).

cheers
  • #3
  • Feb 1, 2012 11:52am Feb 1, 2012 11:52am
If within the US:

Oanda US
FXDD's whitelabel of Dukascopy's jForex and SWFX ecn execution account. (But only that specific setup, I do not recommend FXDD otherwise.)



If outside US:

Oanda's local office for you (Canada, Europe, Asia Pacific)
Dukascopy
Pepperstone
FXGears.com
  • #4
  • Feb 2, 2012 12:51am Feb 2, 2012 12:51am
Hi,

I'm searching for a new broker too. I was using IBFX (AU) for almost 2 years but im not happy with it due the High Spread.

I read a lot of threads/reviews of dif Brokers (Dukascopy-MB Trading-universal fx-FinFX-pepperstone), choosing one Broker becomes difficult</SPAN>

What I'm searching for:

Low spread (+commission) for majors!! With Hedging
Leverage: Min 1:100 prefer 1:400
deposit: 5000$

mostly im trading with Pending order but also I need it good in news trading.
With MT4 but not necessary. As I can use DEMO MT4 account of diff brokers to put some indicators on it...

Waiting for advices!
Thanks
  • #5
  • Feb 7, 2012 1:15pm Feb 7, 2012 1:15pm
Has anyone heard of a trading firm Berkeley Stone FX?
  • #6
  • Feb 7, 2012 1:26pm Feb 7, 2012 1:26pm
Wow. 400:1....Welcome to the world of forex.....


Quoting Za3eeM
Hi,

I'm searching for a new broker too. I was using IBFX (AU) for almost 2 years but im not happy with it due the High Spread.

I read a lot of threads/reviews of dif Brokers (Dukascopy-MB Trading-universal fx-FinFX-pepperstone), choosing one Broker becomes difficult</SPAN>

What I'm searching for:

Low spread (+commission) for majors!! With Hedging
[font=Arial][size=3]Leverage:...
  • #7
  • Feb 7, 2012 2:18pm Feb 7, 2012 2:18pm
Quoting Za3eeM
Hi,

I'm searching for a new broker too. I was using IBFX (AU) for almost 2 years but im not happy with it due the High Spread.

I read a lot of threads/reviews of dif Brokers (Dukascopy-MB Trading-universal fx-FinFX-pepperstone), choosing one Broker becomes difficult</SPAN>

What I'm searching for:

Low spread (+commission) for majors!! With Hedging
[font=Arial][size=3]Leverage: Min 1:100 prefer 1:400
deposit:...

Pepperstone's Razor account type has this:

https://pepperstone.com/trading-accounts/accounts-razor.php


Dukas maybe too but their leverage isn't as high..

Personally, I'm happy with leverage well under 50:1 so I never found the limits that some brokers impose to be much of a problem.
FXGears.com
  • #8
  • Feb 7, 2012 2:27pm Feb 7, 2012 2:27pm
I agree with Jack on the leverage, 50:1 should be enough. Before coming to FX I traded futures at ADM and Lind Waldock (before MF Global gangsters took it over) and initially couldn't grasp it when people talked about 500:1 leverage in FX, that's a passport to hell.
  • #9
  • Feb 7, 2012 2:41pm Feb 7, 2012 2:41pm
Quoting Pommegranate
I agree with Jack on the leverage, 50:1 should be enough. Before coming to FX I traded futures at ADM and Lind Waldock (before MF Global gangsters took it over) and initially couldn't grasp it when people talked about 500:1 leverage in FX, that's a passport to hell.
There's situations where it does make sense. For instance, if you have $100k in the bank and don't wish to deposit it all at your broker.. you can still risk a low amount of your total net worth while keeping the required deposit to a minimum broker side...

However, most new traders do not fall into this category so from a practical point of view the kinda risk 500:1 leverage gives you becomes a gamble. If blowing your account doesn't matter to you then have at it, with risk comes reward, but don't be surprised when the account ends up a fraction of its former self.
FXGears.com
  • #10
  • Feb 7, 2012 2:55pm Feb 7, 2012 2:55pm
I've heard people say, they use only a fraction of their account margin when they have 500:1 lev. So they create for themselves the illusion that they have a large cushion for tail risks. Psychologically, however, most of these guys can't stand having this large available free margin and they gradually start using it. Until the time when they get hit by the train and we never hear from them anymore. Great topic but not for this thread.
  • #11
  • Feb 7, 2012 4:35pm Feb 7, 2012 4:35pm
Quoting Jack_Larkin
Pepperstone's Razor account type has this:

https://pepperstone.com/trading-accounts/accounts-razor.php


Dukas maybe too but their leverage isn't as high..

Personally, I'm happy with leverage well under 50:1 so I never found the limits that some brokers impose to be much of a problem.

Thank you Jack, I'd never heard of them, they look really interesting.
  • #12
  • Feb 9, 2012 4:42am Feb 9, 2012 4:42am
Quoting Pommegranate
I have $10k with Armada Markets and now $5k with Pepperstone. Armada is my favorite as scalping, news trading is allowed, no slippages, absolutely no delays, superfast for algo trading. They prefer more algo traders, for some reason. I like also Pepperstone cause its close to my home, service is also good. Some people have said they had some quote freezes over last Friday, but can't say for sure. Whether you decide to start with these brokers or anybody else, I'd start with s smaller deposit and then increase it once the service satisfies you.
Hows the spread in Armada compared to Pepperstone.. I want to to setup new account 5000$ next week but it a hard to choose a company from those (FinFx – Dukascopy- LMAX - universal fx – pepperstone – Armada) any recommendation?
  • #13
  • Feb 9, 2012 7:51am Feb 9, 2012 7:51am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting Pommegranate
I agree with Jack on the leverage, 50:1 should be enough. Before coming to FX I traded futures at ADM and Lind Waldock (before MF Global gangsters took it over) and initially couldn't grasp it when people talked about 500:1 leverage in FX, that's a passport to hell.
Its only for inexperienced beginners a passport to hell. That's the main reason why (mt4) broker offer high leverage ...
  • #14
  • Feb 9, 2012 8:58am Feb 9, 2012 8:58am
Quoting Pommegranate
...I believe Dukas is for larger clients, I'm too small for them....
Minimum deposit for Dukascopy is 5K, for Dukascopy Europe it is only 100 USD. However with such a small account commission fees are not competitive
  • #15
  • Feb 9, 2012 10:16am Feb 9, 2012 10:16am
Quoting onu
Its only for inexperienced beginners a passport to hell. That's the main reason why (mt4) broker offer high leverage ...
Absolutely agree with you - I prefer a higher leverage utilised cleverly than sticking with big amounts into unknown entities. But for that I also need cheap and fast deposit and withdraw methods.
  • #16
  • Feb 9, 2012 11:54am Feb 9, 2012 11:54am
Quoting onu
Its only for inexperienced beginners a passport to hell. That's the main reason why (mt4) broker offer high leverage ...
I completely agree with you ONU. That's also what I said above:" Psychologically, however, MOST of these guys can't stand having this large available free margin and they gradually start using it. Until the time when they get hit by the train and we never hear from them anymore. Great topic but not for this thread."

I think I myself would currently fall under this "Most" category as my long-term experience is with futures markets and I'm currently still getting used to the concept of 500:1 margin.
  • #17
  • Feb 10, 2012 4:29pm Feb 10, 2012 4:29pm
If you are not in the US then trading point the best experience I had. They don't stop hunt and you can open an acct with $50 usd. Now I gotta find me a new home because they don't accept US client and closing our acct on feb. 15. That's a sad day for me.
Did you know the profiteers like their money green?
  • #18
  • Feb 10, 2012 11:25pm Feb 10, 2012 11:25pm
Here you can choose:

1. Fair Trading Tech - DUCASCOPY (http://www.fairtradingtech.com/)
2. ATC Brokers - FXCM (http://www.atcbrokers.com/)
3. Pepperstone (https://pepperstone.com/)

Just for the informational only purpose
fooled by randomness in art
Meditation All Time Return: 8.9%
  • #19
  • Feb 12, 2012 7:04am Feb 12, 2012 7:04am
I am totally new here. I am looking for a brokerage where I can scalp. My problem is that I used IBFX befor for its nice IB program but I realized there are some problems with fulfilling all my needs. Is anybody here doing scalping?
Regards,
Tom
  • #20
  • Feb 12, 2012 10:16am Feb 12, 2012 10:16am
Quoting Tommy Proun
I am totally new here. I am looking for a brokerage where I can scalp. My problem is that I used IBFX befor for its nice IB program but I realized there are some problems with fulfilling all my needs. Is anybody here doing scalping?
Regards,
Tom
You can do scalping with these brgkers: Armada Markets, LMAX, Interactive Brokers, Thinkorswim
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