Help me find a broker please | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Please help me find a VPS for an EA 3 replies

Please help to find trailing stop EA 1 reply

Can't find eachtickmode bug, please help 3 replies

This is a good indicator. Can someone please help me find it? 7 replies

Help me find a broker please

  • #1
  • First Post: Edited 1:56am Feb 28, 2012 12:35am | Edited 1:56am
I am new to Forex and already I am hooked.
Demo traded at FinFX and Profiforex.At FinFx the spread plus commissions turned me off.
I liked Profiforex but hesitant putting my money in some island without much regulation.
I prefer US based regulated and preferable NONE market maker and so far I have not found anything.
Every time I find a US broker I read serious bad reviews such as deliberate stop hunting,freezing systems when in profit etc.
I am really discouraged and was depressed today all day.I know they are lot of you trading in US based brokers.Please recommend one that is not trying to screw you based on your own experience.
I don't even know whom to trust.Reviews potentially fake and same for ravings.
Where do you trade? Thank you
In trading, you have to be defensive and aggressive at the same time
  • #2
  • Feb 28, 2012 4:48am Feb 28, 2012 4:48am
Quoting Davit
I am new to Forex and already I am hooked.
Demo traded at FinFX and Profiforex.At FinFx the spread plus commissions turned me off.
I liked Profiforex but hesitant putting my money in some island without much regulation.
I prefer US based regulated and preferable NONE market maker and so far I have not found anything.
Every time I find a US broker I read serious bad reviews such as deliberate stop hunting,freezing systems when in profit etc.
I am really discouraged and was depressed today all day.I know they are lot of you trading in US...
I currently trade with MB Trading UK, have been trading wit their US branch before for several years.
I'm not insane; my mother had me tested.
  • #3
  • Feb 28, 2012 5:27am Feb 28, 2012 5:27am
Quoting Davit
I am new to Forex and already I am hooked.
Demo traded at FinFX and Profiforex.At FinFx the spread plus commissions turned me off.
I liked Profiforex but hesitant putting my money in some island without much regulation.
I prefer US based regulated and preferable NONE market maker and so far I have not found anything.
Every time I find a US broker I read serious bad reviews such as deliberate stop hunting,freezing systems when in profit etc.
I am really discouraged and was depressed today all day.I know they are lot of you trading in...

Check out Pepperstone, i've been trading with them for a while and am pleased. Also, this thread may help you find what you are looking for:

http://www.forexfactory.com/showthread.php?t=332202
  • #4
  • Feb 28, 2012 9:43am Feb 28, 2012 9:43am
Quoting rooicol
Check out Pepperstone, i've been trading with them for a while and am pleased. Also, this thread may help you find what you are looking for:

http://www.forexfactory.com/showthread.php?t=332202
Thanks for the list.Some of the good ones don't except US clients and the ones accept are small and new in some island....

This part is more challenging then learning to make money.
In trading, you have to be defensive and aggressive at the same time
  • #5
  • Feb 28, 2012 9:44am Feb 28, 2012 9:44am
Quoting RoBiK
I currently trade with MB Trading UK, have been trading wit their US branch before for several years.
How was your experience overall at MB.
thank you
In trading, you have to be defensive and aggressive at the same time
  • #6
  • Feb 28, 2012 10:27am Feb 28, 2012 10:27am
Quoting Davit
I prefer US based regulated and preferable NONE market maker and so far I have not found anything.
FXCM, Forex.com and Oanda are the biggest US based forex brokers. All of them are regulated by CFTC and NFA.

Oanda is a market maker, but offers very competitive spreads.

FXCM claim that all of their account types are no-dealing-desk, but spreads on TS II and MT4 are almost twice as wide as Oanda's . You need to deposit $50 000 to trade on their Active trader platform, offering just 0,7 pips spread on EUR/USD.

Forex.com offers GAIN GTX, a real ECN forex trading platform. Spreads are very tight, however a minimum account deposit of $100,000 and average daily trading volumes of 5M are required
  • #7
  • Feb 28, 2012 10:52am Feb 28, 2012 10:52am
Quoting systray
FXCM, Forex.com and Oanda are the biggest US based forex brokers. All of them are regulated by CFTC and NFA.

Oanda is a market maker, but offers very competitive spreads.

FXCM claim that all of their account types are no-dealing-desk, but spreads on TS II and MT4 are almost twice as wide as Oanda's . You need to deposit $50 000 to trade on their Active trader platform, offering just 0,7 pips spread on EUR/USD.

Forex.com offers GAIN GTX, a real ECN forex trading platform. Spreads are very tight, however a minimum account deposit of $100,000...
Thank you for suggestions
I am leaning on MB trading and just signed for demo
In trading, you have to be defensive and aggressive at the same time
  • #8
  • Feb 28, 2012 11:04am Feb 28, 2012 11:04am
Quoting Davit
How was your experience overall at MB.
thank you
currently i am trading a five figures account and i can not say anything bad about MBT. They are a real ECN with tight spreads and fast execution and their support has been always helpful.
I'm not insane; my mother had me tested.
  • #9
  • Feb 28, 2012 11:05am Feb 28, 2012 11:05am
Quoting Davit
I am new to Forex and already I am hooked.
Demo traded at FinFX and Profiforex.At FinFx the spread plus commissions turned me off.
I liked Profiforex but hesitant putting my money in some island without much regulation.
I prefer US based regulated and preferable NONE market maker and so far I have not found anything.
Every time I find a US broker I read serious bad reviews such as deliberate stop hunting,freezing systems when in profit etc.
I am really discouraged and was depressed today all day.I know they are lot of you trading in...
Your going to find it VERY hard to find a broker to your liking since your a resident of the US. Pickings are very slim indeed. Your in the "iron curtain of forex" country after all. Best thing you can do is find someone outside USA to open an account for you then you trade it. Goodluck.
  • #10
  • Feb 28, 2012 11:40am Feb 28, 2012 11:40am
Oanda US would be fine.

I know you said you'd prefer a non-market maker, but as far as reputation goes they are the shining example of what a good company can do with the market maker format.

Not a single NFA or CFTC sanction, charge, or warning issued to them (unlike other brokers such as FXCM, which is an STP btw..)
FXGears.com
  • #11
  • Feb 28, 2012 12:05pm Feb 28, 2012 12:05pm
Quoting Jack_Larkin
Oanda US would be fine.

I know you said you'd prefer a non-market maker, but as far as reputation goes they are the shining example of what a good company can do with the market maker format.

Not a single NFA or CFTC sanction, charge, or warning issued to them (unlike other brokers such as FXCM, which is an STP btw..)
prevailing complains I read that their systems freeze,unable to log in etc.
Imagine how much one can potentially lose by not being able to close an order on time.
Fact that they trade against you is suspicious to me.
In trading, you have to be defensive and aggressive at the same time
  • #12
  • Feb 28, 2012 12:08pm Feb 28, 2012 12:08pm
Quoting RoBiK
currently i am trading a five figures account and i can not say anything bad about MBT. They are a real ECN with tight spreads and fast execution and their support has been always helpful.
thanks for confirmation.
Hopefully I can start trading live soon after demo testing.
In trading, you have to be defensive and aggressive at the same time
  • #13
  • Edited 12:50pm Feb 28, 2012 12:34pm | Edited 12:50pm
Quoting Davit
prevailing complains I read that their systems freeze,unable to log in etc.

Imagine how much one can potentially lose by not being able to close an order on time.
That complaint was about their MT4 bridge, the native fxTrade platform hasn't had such issues lately. Atop of that, your limit and stop orders will execute properly regardless if you're having issues with MT4 or not. Worst case, if you're holding a naked position within MT4, you just need to launch fxTrade to take care of it (or heck, call them or do a live chat with a rep and they can close out your order for you if for whatever reason you can't run fxTrade.)

Quoting Davit
Fact that they trade against you is suspicious to me.
I'm getting really tired of this subject... (not from you but in general on this forum)

It's great that you're skeptical and all and it's healthy as a trader to be suspicious.. but this is where a little bit more depth of understanding on how the market operates would save you from the drooling masses online that only spread around fear because they want to blame others for blowing their account.

Who says they are trading against you? They might be a market maker, and initially take the other side of your trade so they can deliver on the price they quoted you, but that doesn't mean they've left themselves exposed to your position.

Do you understand how the spot market as a whole is constructed? An STP broker will only put orders through to their LPs or banks, but the LPs and banks are often acting as market makers and hedging their exposure in other ways... spot is often a made market even if you're trading through an ECN/STP.

Being an MM doesn't make the broker evil. An evil broker could be any execution model. Yes, an evil broker has more ways of messing with you if they were a MM... but there are a few great MM brokers that are anything but evil.

Besides, Oanda's trading conditions guarantee $10MM instant execution fills at market prices they've quoted.. if they were to mess around with their price feed, people would arb them to death.

Look up their record on the NFA's website for warnings and sanctions... popular STP and ECN brokers have charges:

http://www.nfa.futures.org/basicnet/

Shitty MM: forex.com (gain capital) has 4 arbitration actions involving the NFA and 2 NFA sanctions/actions against them in the past. Since then they've cleaned up their act and while their spreads still suck they are not nearly as shady these days.

STP broker FXCM: 3 NFA actions against them, 2 CFTC actions against them, 12 arbitration actions involving them and the NFA as respondents to a claim against them, 8 CFTC cases where they were listed as the respondent to a claim against them.

STP broker MB Trading: 2 arbitration actions involving them and the NFA as respondents to a claim against them... better than the above two examples.

MM Oanda: Nothing... zero... zip... no complaints lodged against them, no actions taken against them, no investigations by the CFTC or NFA that turned up dirt... nothing.



I'm going to be blunt: as a new trader being exposed to these forums you're going to have to realize there's a world of difference between what's rational and within the realm of reality, and the droves of drooling fear-mongers who burnt themselves on a few trades and want to blame the broker.

Spend some time studying how the market operates, how banks deal in prices, how the banks hedge their risks and how a market is made... it might help you clear away some of the FUD out there.
FXGears.com
  • #14
  • Feb 28, 2012 1:06pm Feb 28, 2012 1:06pm
dont bother demo testing. No emotional attachment to the money you are using.

Even though you must detach yourself from the money when trading there is a need for you to be aware you are trading YOUR money and you will make more informed and thought out trades.

Find a broker who allows you to trade 1 cent/penny pips. Yeh it sounds stupid, but if it grows you can add more, and believe me you will still kick yourself for making a stupid trade even if its 50 pence/cents.

Im using FXtrade from Oanda, they allow you to trade in 1 cent pips if you so wish, ive had no problems as yet, i use their MT4 platform for graphs only as i prefer the platforms graphs, so with the FX trade platform and MT4 for graphs with both the same quotes makes for a good match, but to be honest FXtrades graphs are ok too.

Demo trading is pants, I played around with it for a bit and made money but didnt learn as much as i have since i started trading my own money, you read the graphs more, take notice of news more, look for patterns more.

If you trade demo, you will just long to trade real money anyway, might aswel start TINY!!!
  • #15
  • Feb 28, 2012 1:34pm Feb 28, 2012 1:34pm
I have 2 to tell. That's OANDA and IBFX (US). OANDA FxTrade is excellent. IBFX has non-expired Demos, but if you don't login within 20 days, it'll get expired. There's no minimum deposit with IBFX. It has 2 type of accounts: Standard (100K contract size) and Mini (10K contract size.) IBFX is MT4 only broker. There's some fun contests in its IBFXConnect open weekly, prize in real USD.
  • #16
  • Feb 28, 2012 11:48pm Feb 28, 2012 11:48pm
Quoting Jle
I have 2 to tell. That's OANDA and IBFX (US). OANDA FxTrade is excellent. IBFX has non-expired Demos, but if you don't login within 20 days, it'll get expired. There's no minimum deposit with IBFX. It has 2 type of accounts: Standard (100K contract size) and Mini (10K contract size.) IBFX is MT4 only broker. There's some fun contests in its IBFXConnect open weekly, prize in real USD.
I sincerely thank everyone here for your inputs.I have decided to go with MB trading.
I will deposit $500 and see how their platform and execution is.I will report here my experience good or bad for others in similar situations.
In trading, you have to be defensive and aggressive at the same time
  • #17
  • Feb 29, 2012 1:32am Feb 29, 2012 1:32am
Quoting Jack_Larkin
Oanda US would be fine.

I know you said you'd prefer a non-market maker, but as far as reputation goes they are the shining example of what a good company can do with the market maker format.

Not a single NFA or CFTC sanction, charge, or warning issued to them (unlike other brokers such as FXCM, which is an STP btw..)
I would second that.
  • #18
  • Mar 7, 2012 10:58pm Mar 7, 2012 10:58pm
[quote=MrBurns;5427435]dont bother demo testing. No emotional attachment to the money you are using.


I always see people saying this. On one hand your right you can't really learn to control your emotions while trading a demo. However with the shear number of brokers out there if they can't make their DEMO work properly, you know they can't make the real platform work either.

Now I know some people will say hog balls to that, "It is only a demo why waist time and resource on a show peice", and that there live account platform will be magically better.

Well I learned a long time ago to say FU, Earn my Trust! So if the Demo is crap, They're crap, period.
  • #19
  • Mar 8, 2012 12:32am Mar 8, 2012 12:32am
http://www.100forexbrokers.com/fx/broker_search.php

Nowadays US Brokers having low Leverage. Try non US Brokers with High Leverage those accept US resident.
  • #20
  • Mar 8, 2012 1:05am Mar 8, 2012 1:05am
currently im using pfd-nz and so far im happy with this broker.

withdrawal fast especially using moneybooker.

they operate in new zealand timezone so for people like me who life in asia timezone should be able to catch their time little bit but for people who living in UK or US will much difficult to catch their office hours.

thats an opinion from me as a trader.

Thanks
0 traders viewing now