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Best Broker for 2012?

  • #81
  • Mar 19, 2012 9:16am Mar 19, 2012 9:16am
Quoting Ernestjeck
Go for the reviews will help the traders to find the best forex brokers i think.... The reviews are containing the updated reviews by the traders who are visited. So reviewer site is good to find!
I wish this was true... but not so much..

Review sites are full of the same misinformation you'll find here. For every honest review (positive or negative), there's reviews set out just to curb public opinion for the gain of the broker or their competitors.
FXGears.com
  • #82
  • Mar 19, 2012 11:57am Mar 19, 2012 11:57am
Quoting Marv
The passion with which you advertise/defend this bröker raises doubts, and you accuse the other guy of spamming? What do they say about those who live in a glass house?

I have the experience of trading in real institutional-level ECN's where institutional forex professionals trade. I have never experienced the things you're talking about (requotes, etc). You certainly don't need LMAX to get those conditions. But apparently all you know is bucketshops, that is why LMAX seems so great to you. You obviously have never traded in a real ECN, so...
An ECN in the forexworld is a pseudo ECN, trades CAN get cancelend,rejected and THE banks on those so called ECN's have à "last look" feature, I have traded with HOtspot back in THE days and had trades cancelend, scalping à few Million

None of these things will ever happen with Lmax....
  • #83
  • Mar 19, 2012 1:36pm Mar 19, 2012 1:36pm
Quoting Cocoflanel
An ECN in the forexworld is a pseudo ECN, trades CAN get cancelend,rejected and THE banks on those so called ECN's have à "last look" feature, I have traded with HOtspot back in THE days and had trades cancelend, scalping à few Million

None of these things will ever happen with Lmax....
I really don't want to get into an pro/anti LMAX argument with you... I have my reservations about the company and I'll leave it at that.

But... just a thought.. most major "exchanges" (CME, NYMEX, etc..) and stock markets (NYSE, NASDAQ, LSE..etc..) all reserve the right to break trades. Sometimes it's just required, if a bad quote triggered orders to go off at very unreasonable levels, or a haywire algo messes up people's morning and causes clearly faulted trades.

Put simply, there are times when breaking a trade is justified.

There's quite an opinionated group around the net that holds onto LMAX's marketing points and spew out the same phrases over and over... and it worries me, since a lot the strong points they keep focusing on aren't really the highest priority with most professional traders. I'm left really worried there's a false sense of security being fomented out of marketing buzz..

Just my thoughts.
FXGears.com
  • #84
  • Mar 19, 2012 1:53pm Mar 19, 2012 1:53pm
So what are your reservations against the company?

Agreed, there are a few obviously paid Armada forum posters around (lmax itself doesn't appear to do that). I dont think Coco is a rep in disguise, rather easily excited.

Personally i wouldnt send Armada any sort of money (since unregulated), LMax itself seems fine to me.
  • #85
  • Mar 19, 2012 1:58pm Mar 19, 2012 1:58pm
Quoting shrike
So what are your reservations against the company?
I don't wish to get into the details if it only causes bickering between users... this thread has had enough of that already.

If you trade with them and are happy, cool, I see no benefit in taking that away from anyone.
FXGears.com
  • #86
  • Mar 19, 2012 2:00pm Mar 19, 2012 2:00pm
Yes i have an account there. Thats the reason i would like to know about any legit concerns about this company.
  • #87
  • Mar 19, 2012 2:11pm Mar 19, 2012 2:11pm
Quoting shrike
So what are your reservations against the company?

Agreed, there are a few obviously paid Armada forum posters around (lmax itself doesn't appear to do that). I dont think Coco is a rep in disguise, rather easily excited.

Personally i wouldnt send Armada any sort of money (since unregulated), LMax itself seems fine to me.
Agreed, there are a few obviously paid Armada forum posters around (lmax itself doesn't appear to do that). I dont think Coco is a rep in disguise, rather easily excited.

I hope you're not referring to me. I don't work for anyone but myself, and try and give useful feedback about my experiences. Always honest.
  • #88
  • Mar 19, 2012 2:19pm Mar 19, 2012 2:19pm
Quoting shrike
Yes i have an account there. Thats the reason i would like to know about any legit concerns about this company.
I share your thoughts on the LMAX/Armada relationship. That's a big part of my concern, not just because of Armada's actions, but LMAX's choice to do business with them and even push their smaller end retail clients out the door once Armada was established.

Outside of that:

They do a lot of promotion on their tight spreads but using their historical spread info I don't feel they've had a very consistent record of competitive spreads. I hope to revisit this in a half a year or so and see how they've performed.

I loved MultiCharts when I used it with LMAX, loved it, and have no problem with a lack of MT4 (even though I hear that's coming out soon as well.) I do feel they could have done a better job reporting commissions on a per transaction basis within MultiCharts and on their web trading tool. I would just shrug this off as a limit of MC, but LMAX could have done more to make up for it through their web trading tool. I shouldn't have to run a full account report to see how a strategy is holding up after commissions.

There are a few other small things... mostly related to business posturing and such.. but nothing major.
FXGears.com
  • #89
  • Mar 19, 2012 2:48pm Mar 19, 2012 2:48pm
Quoting Jack_Larkin
I share your thoughts on the LMAX/Armada relationship. That's a big part of my concern, not just because of Armada's actions, but LMAX's choice to do business with them and even push their smaller end retail clients out the door once Armada was established.

Outside of that:

They do a lot of promotion on their tight spreads but using their historical spread info I don't feel they've had a very consistent record of competitive spreads. I hope to revisit this in a half a year or so and see how they've performed.

I loved MultiCharts when...

LOL!
  • #90
  • Mar 19, 2012 2:56pm Mar 19, 2012 2:56pm
Example on the spread variance:

http://i.imgur.com/ti1s9.jpg

Looks like the last few days have been good, but only the last few days...

If things look a little more consistent in 6-12 month's time, I'd consider revisiting them.

This isn't a dig against them, it's just the basis of a business decision involving where trading capital is tied up. I don't have to worry about such things with my current brokers.


-------------


Understand how this relates to their marketing and how they've presented themselves as a provider of "exchange" level tight spreads.
FXGears.com
  • #91
  • Mar 19, 2012 3:02pm Mar 19, 2012 3:02pm
Quoting Jack_Larkin
I really don't want to get into an pro/anti LMAX argument with you... I have my reservations about the company and I'll leave it at that.

But... just a thought.. most major "exchanges" (CME, NYMEX, etc..) and stock markets (NYSE, NASDAQ, LSE..etc..) all reserve the right to break trades. Sometimes it's just required, if a bad quote triggered orders to go off at very unreasonable levels, or a haywire algo messes up people's morning and causes clearly faulted trades.

Put simply, there are times when breaking a trade is justified.

There's...

Trades get broken on exchanges , BY exchanges but ONLY under certain conditions NOT just because a counterparty to your trade decides to do so like they can on a ECN like Hotspot or ANY other.

If a bank on an ECN wants to break,cancel your trade, they CAN, not on a regular exchange like the CME,EUREX or LMAX.
If you send your order on an ECN to 1 of the banks and they don't want to execute your trade, they can reject your trade, this is called the "last look" feature




"
Unlike most ECNs and FX portals available to industry participants, we believe Currenex liquidity and pricing is not standardized across the various prime brokers and FX dealers that offer Currenex. Each prime broker or FX dealer offering Currenex has the ability to customize liquidity providers, mark-up spreads and impose “LAST LOOK” provisions on pending orders, all of which can dramatically affect trading profitability and risk.
Although many prime brokers and FX dealers claim that their Currenex blend is a true STP and inter-bank pricing model, we believe that most prime brokers or FX dealers mark-up their spreads significantly and PLACE UNREASONABLE LAST LOOK PROVISIONS on order flow, especially during times of increased market volatility or news events. WHILE SUCH PRACTICES ARE WIDELY KNOWN AND ACCEPTED by market participants, with vCap FX, we believe you can access a highly customizable and unique multi-bank blend that, unlike most other Currenex providers, provides executable deal flow, tighter spreads and reduced “LAST LOOK PROVISIONS”. "

http://vcapfx.com/forex-portals/currenex/



You still have your reservations ...LOL ..I have been trading for more than 20 years on exchanges and understand the difference, you don't ?
  • #92
  • Mar 19, 2012 3:20pm Mar 19, 2012 3:20pm
Quoting Jack_Larkin
Example on the spread variance:

http://i.imgur.com/ti1s9.jpg

Looks like the last few days have been good, but only the last few days...

If things look a little more consistent in 6-12 month's time, I'd consider revisiting them.

This isn't a dig against them, it's just the basis of a business decision involving where trading capital is tied up. I don't have to worry about such things with my current brokers.


-------------


Understand how this relates to their marketing and how they've presented themselves as a provider...


Those spreads and commissions are better than what you will get trading the EUR/USD on the CME, a regulated exchange

One of the few brokers were you will get the spreads advertised is OANDA, almost all the others will slip your trades through requotes,delays...etc using stuff like MT4 virtual dealer plugin
  • #93
  • Mar 19, 2012 5:58pm Mar 19, 2012 5:58pm
Quoting Cocoflanel
Trades get broken on exchanges , BY exchanges but ONLY under certain conditions NOT just because a counterparty to your trade decides to do so like they can on a ECN like Hotspot or ANY other.

If a bank on an ECN wants to break,cancel your trade, they CAN, not on a regular exchange like the CME,EUREX or LMAX.
If you send your order on an ECN to 1 of the banks and they don't want to execute your trade, they can reject your trade, this is called the "last look" feature




"
Unlike most ECNs and FX portals available to industry participants,...
well said! do u know anything abt armada then? thanks!
  • #94
  • Edited 7:03pm Mar 19, 2012 6:10pm | Edited 7:03pm
Quoting Cocoflanel
You still have your reservations ...LOL ..I have been trading for more than 20 years on exchanges and understand the difference, you don't ?
Yes, I still have reservations about trading with LMAX or Armada. I no longer feel the need to justify myself to you after this response.

I never talked about the difference, I pointed out that trades could still be broken, as another poster stated they could never be broken. I was stating a fact, one that is still true despite the wall of info you posted about ECNs vs the exchange system LMAX uses.

If you want to be taken seriously by myself (and most other level headed people on these boards), you'll have to learn that tossing about your "20 years of experience" as a qualifier will only serve to shut my mind to your comments. Seriously, I've worked in this industry for too long to think that a tenure alone qualifies anyone...

Next time, please read my post fully and try to pick up the context of my words. It would make your remark look less silly when you charge in defending your beloved broker over something I wasn't even attacking.


This is why I didn't want to go into detail. I didn't want to start the next round of bickering. I stated a few times I didn't care to argue... but no... I get "my 20 years experience" junk and hostility.

I'm done talking to you about this (but feel free to prove your experience hasn't humbled your ego and reply again with more... you know, get the last word in, I'm sure you'll feel better. I just don't care to waste my time responding to someone who can't even understand context nor fully read my posts.)

Happy trading!
FXGears.com
  • #95
  • Mar 19, 2012 7:34pm Mar 19, 2012 7:34pm
Well said Jack.

This is not the first time I have to deal with someone who somehow takes it upon himself to defend his beloved bröker (with that kind of ego and tone if not worse) against any kind of informed critique. The last one was a character from the Oanda thread who still follows me around sometimes just to attack me. (now who would do that?)

I agree with your remarks about the LMAX spreads. I see nothing impressive there myself.

Again folks, I am not "attacking" this bröker nor do I think it's a "bad" deal, just pointing out the hype when I see it. I do that with many brökers and apparently they don't like it.

Have a nice trading week.
  • #96
  • Mar 20, 2012 1:19am Mar 20, 2012 1:19am
Quoting Jack_Larkin
I wish this was true... but not so much..

Review sites are full of the same misinformation you'll find here. For every honest review (positive or negative), there's reviews set out just to curb public opinion for the gain of the broker or their competitors.
Yeah right Jack_Larkin! If you any reviewers who is having reviews by public, share here to convey useful information!
  • #97
  • Mar 20, 2012 3:56am Mar 20, 2012 3:56am
Can't help but concur with Jack_Larkin and Marv.

With articles about LMAX on efinancialnews.com and forex magnets, its natural anyone would have certain reservations about them. Will they be the next WorldSpreads?

LMAX takes big hit – £13.2 million loss

Goldman Sachs dumps LMAX stake
  • #98
  • Mar 20, 2012 3:58am Mar 20, 2012 3:58am
It’s very hard to say, each trader has its advantage currency pairs. Maybe it’s better for us to decide the currency pairs, then try to find the best trader.
  • #99
  • Mar 20, 2012 6:31am Mar 20, 2012 6:31am
Well I think that yes that some reputed forex broker always mattered, but more or less one thing is for that perfection in trades is more important and the people having expertise in forex will always having less complaints regards forex brokers
  • #100
  • Edited 3:01pm Mar 20, 2012 7:01am | Edited 3:01pm
Noobs and more noobs,that is forexfactory in a nutshell
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