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Please Help Me Choose a New Broker

  • #1
  • First Post: Mar 21, 2012 1:21pm Mar 21, 2012 1:21pm
Hi Folks.

I have US$ 5000 to open a new account with a new broker. My past choice was good (Dukascopy) but now I intend to find a new one.

My choosing criteria was: 1) Broker with a minimum of 4 years in market; 2) Broker with at least 100:1 leverage; 3) ECN or STP broker; 4) Broker located in a well known country with strong regulation.

My last research left me the following options: Varengold Bank, FX Pro and Axitrader.

Which of them would you recommend me ?

Regards,
MrJinks.
  • #2
  • Mar 21, 2012 2:39pm Mar 21, 2012 2:39pm
Obviously this one: mbtrading.co.uk
  • #3
  • Mar 22, 2012 3:41am Mar 22, 2012 3:41am
Quoting mrjinks
Hi Folks.

I have US$ 5000 to open a new account with a new broker. My past choice was good (Dukascopy) but now I intend to find a new one.

My choosing criteria was: 1) Broker with a minimum of 4 years in market; 2) Broker with at least 100:1 leverage; 3) ECN or STP broker; 4) Broker located in a well known country with strong regulation.

My last research left me the following options: Varengold Bank, FX Pro and Axitrader.

Which of them would you recommend me ?

Regards,
MrJinks.
What is wrong with Dukascopy? why change if you say they were a good choice?
  • #4
  • Mar 22, 2012 6:12am Mar 22, 2012 6:12am
Quoting rooicol
What is wrong with Dukascopy? why change if you say they were a good choice?
rooicol, I've decided to find another broker because till then Dukascopy was my only choice....in case they go bankrupt or anything like MF Global (which I know the probabilities are almost zero cause they are a regulated bank, etc.), then I would have another alternative....sometimes rely only on one single broker may be dangerous....so my intentions are to put half of the money I have on at least 2 brokers.....

But thanks for your question...I really needed to clarify this to the other members...

Regards,
MrJinks.
  • #5
  • Mar 22, 2012 6:54am Mar 22, 2012 6:54am
Hi, I'm reluctant to give anyone advice but thought you might like some feedback on FxPro the broker I use.

They offer MT4 (1:500 leverage) and cTrader ECN (1:100). I prefer the ECN which is pretty good and pays rebates.

As for regulation they are authorised by FSA, CySec (MiFID) and ASIC.

I've had no problems with them but would suggest you try out a demo account first before investing real money.
  • #6
  • Mar 22, 2012 12:16pm Mar 22, 2012 12:16pm
Quoting mrjinks
rooicol, I've decided to find another broker because till then Dukascopy was my only choice....in case they go bankrupt or anything like MF Global (which I know the probabilities are almost zero cause they are a regulated bank, etc.), then I would have another alternative....sometimes rely only on one single broker may be dangerous....so my intentions are to put half of the money I have on at least 2 brokers.....

But thanks for your question...I really needed to clarify this to the other members...

Regards,
MrJinks.
same question here.....why switching then ?

Before they go bankrupt spain and italy do :-O
Hero calls followed by margin calls...
  • #7
  • Mar 22, 2012 1:35pm Mar 22, 2012 1:35pm
Quoting PhAnTi'
same question here.....why switching then ?

Before they go bankrupt spain and italy do :-O
Off-topic:

I thought ECB will save them...

On-topic:

If you are not from U.S, then my personal recommendation will be:

1. GFT UK (standard account with micro lot, and if you don't care about FIFO)
2. FXCM UK (standard account with micro lot, and get rebate from IB)
3. MBT UK (ECN account)

cheers
  • #8
  • Mar 22, 2012 1:39pm Mar 22, 2012 1:39pm
Quoting zam4ever
Off-topic:

I thought ECB will save them...

On-topic:

If you are not from U.S, then my personal recommendation will be:

1. GFT UK (standard account with micro lot, and if you don't care about FIFO)
2. FXCM UK (standard account with micro lot, and get rebate from IB)
3. MBT UK (ECN account)

cheers
pwned....lol
Hero calls followed by margin calls...
  • #9
  • Mar 22, 2012 7:04pm Mar 22, 2012 7:04pm
Non-US:

Oanda Europe / Asia

Dukascopy

Pepperstone's Razor account

US:

Oanda US
FXGears.com
  • #10
  • Mar 23, 2012 1:37am Mar 23, 2012 1:37am
Quoting mrjinks
rooicol, I've decided to find another broker because till then Dukascopy was my only choice....in case they go bankrupt or anything like MF Global (which I know the probabilities are almost zero cause they are a regulated bank, etc.), then I would have another alternative....sometimes rely only on one single broker may be dangerous....so my intentions are to put half of the money I have on at least 2 brokers.....

But thanks for your question...I really needed to clarify this to the other members...

Regards,
MrJinks.
Let me get this straight. You used a quality reputable name like Dukas, but now as a backup, you are considering Varengold Bank, Axitrader, and Forex Pros (that one MIGHT be OK) to put your funds in a safe place?

Makes no sense.

There are plenty of options that fit the bill. As someone already said, if you are outside the US, MB Trading UK, otherwise, their US operation has been regulated for a long time and is quite sound structurally. Why pick obscure names after Dukas when there are established, quality ones?
  • #11
  • Mar 23, 2012 6:49am Mar 23, 2012 6:49am
Quoting fxstevyboy
Let me get this straight. You used a quality reputable name like Dukas, but now as a backup, you are considering Varengold Bank, Axitrader, and Forex Pros (that one MIGHT be OK) to put your funds in a safe place?

Makes no sense.

There are plenty of options that fit the bill. As someone already said, if you are outside the US, MB Trading UK, otherwise, their US operation has been regulated for a long time and is quite sound structurally. Why pick obscure names after Dukas when there are established, quality ones?
fxstevyboy, you got the point. In fact, I will probably pick one that is as good or even better than Dukas...my main goal is to diversify the brokers which I'll be with.

I know it's hard to beat such a reputable name as Dukas....you've mentioned MB Trading UK and I'm pretty sure they're good....I'll take a look at the mentioned ones....besides MB Trading UK, Oanda UK and Pepperstone Razor seem to be OK too....Thanks for sharing your opinions, you are being very helpful.

Cheers,
MrJinks.
  • #12
  • Mar 24, 2012 7:34am Mar 24, 2012 7:34am
I think ducas is one of the best broker You can chose so You can go with them. They are mos likely on the market and they dont really go against you. You should take into consideration that if a broekrage gives you really low spreads than it will end up that You are not on the market since they have to live from something else.
Also look at the requates and the "processing" time of a brokerage and how can You open and close your trades. Always check the maximum leverage, if it is over 1:100 You can not be on the market because banks dont give more than 1:100.
I recomend ducas or Ibfx, 3tgfx, IB (interacive) since i traded and i trade with these and have less bad experience than with others
Regards
  • #13
  • Mar 24, 2012 1:41pm Mar 24, 2012 1:41pm
Quoting Tommy Proun
I think ducas is one of the best broker You can chose so You can go with them. They are mos likely on the market and they dont really go against you. You should take into consideration that if a broekrage gives you really low spreads than it will end up that You are not on the market since they have to live from something else.
Also look at the requates and the "processing" time of a brokerage and how can You open and close your trades. Always check the maximum leverage, if it is over 1:100 You can not be on the market because banks dont give...
Tommy Proun, since you've mentioned IB, I started to research about these big institutions. I've found that sometimes they provide more safety on funds but on the other hand, they aren't ECNs or STPs which scares me a little...

Within this scope, I researched about Saxo Bank and they seem to be pretty reliable but I couldn't find much people talking about them or even trading with them.

What do you think about them ?

Regards,
MrJinks.
  • #14
  • Mar 26, 2012 4:27pm Mar 26, 2012 4:27pm
Quoting mrjinks
Hi Folks.

I have US$ 5000 to open a new account with a new broker. My past choice was good (Dukascopy) but now I intend to find a new one.

My choosing criteria was: 1) Broker with a minimum of 4 years in market; 2) Broker with at least 100:1 leverage; 3) ECN or STP broker; 4) Broker located in a well known country with strong regulation.

My last research left me the following options: Varengold Bank, FX Pro and Axitrader.

Which of them would you recommend me ?

Regards,
MrJinks.

What is an ECN or STP broker. Excuse the ignorance.
  • #15
  • Mar 26, 2012 7:28pm Mar 26, 2012 7:28pm
Quoting T Diddy
What is an ECN or STP broker. Excuse the ignorance.
T Diddy, they are two different things: 1) ECN stands for Electronic Communication Network and it is a kind of broker who brings all the buyers, sellers and liquidity providers together and charges a small commission for that. These brokers take a neutral position and don't profit from your losses like the Market Makers. Examples: Dukascopy and MB Trading; 2) STP stands for Straight Through Process and like the name says, they will take you straight thru the process but unlike the ECN ones, the STP doesn't charge al commission directly, they rather prefer to make their profits from the spread itself (of course, putting it a little higher, after all, they also need to feed their families, LOL).

I hope it helps a little.

Thanks for your excellent question.

Regards,
MrJinks.
  • #16
  • Mar 27, 2012 11:35am Mar 27, 2012 11:35am
Quoting mrjinks
Tommy Proun, since you've mentioned IB, I started to research about these big institutions. I've found that sometimes they provide more safety on funds but on the other hand, they aren't ECNs or STPs which scares me a little...

Within this scope, I researched about Saxo Bank and they seem to be pretty reliable but I couldn't find much people talking about them or even trading with them.

What do you think about them ?

Regards,
MrJinks.
I dont really recomend saxo, they are one of the biggest market makers, try a real ECN instead.
Someone is bigger dont automatically mean they are more reliable. Try soemone You can trust and others provide good feedback. I mentioned some here that I recomend. Try them and keep updateing others.
  • #17
  • Mar 28, 2012 12:17pm Mar 28, 2012 12:17pm
Hello,

What I'm posting is more of a question than an answer but I hope that it will help inform your choice.
Apart from strong regulations and low spreads a feature I really value is market reports. I have a 5000$ account with markets.com and I used to occasionally receive the combined reports and research from JPMorgan, Deutsche Bank, HSBC, Commerz ... They are really helpful. But one day I received an email from my trading specialist telling me that if I wanted to receive these reports daily I will have to deposit more money into my account.

My questions are:

1. Are there any brokers that provide such reports to a 5000$ account?

2. What do you generally think of markets.com?

Many thanks,
  • #18
  • Mar 28, 2012 4:13pm Mar 28, 2012 4:13pm
Quoting mrjinks
T Diddy, they are two different things: 1) ECN stands for Electronic Communication Network and it is a kind of broker who brings all the buyers, sellers and liquidity providers together and charges a small commission for that. These brokers take a neutral position and don't profit from your losses like the Market Makers. Examples: Dukascopy and MB Trading; 2) STP stands for Straight Through Process and like the name says, they will take you straight thru the process but unlike the ECN ones, the STP doesn't charge al commission directly, they rather...

Brilliant, thanks very much. So am I right in thinking that brokers like IG, Cap Spreads, etc are STP brokers?

Thanks
  • #19
  • Mar 29, 2012 5:40am Mar 29, 2012 5:40am
Quoting T Diddy
Brilliant, thanks very much. So am I right in thinking that brokers like IG, Cap Spreads, etc are STP brokers?

Thanks
T Diddy, sorry but you are wrong this time. These brokers are Market Makers. Due to their own nature, they mainly make money when you lose money and they lose money when you make money. There are few "reputable" MM out there but I strongly recommend that you pick up only STP or ECN brokers like: Dukascopy, MB Trading, ATC Brokers, Interactive Brokers, Divisa Capital, etc.

Any other question or doubts, please feel free to ask me. Thanks for your question.

Regards,
MrJinks.
  • #20
  • Mar 29, 2012 8:44am Mar 29, 2012 8:44am
Quoting mrjinks
T Diddy, sorry but you are wrong this time. These brokers are Market Makers. Due to their own nature, they mainly make money when you lose money and they lose money when you make money. There are few "reputable" MM out there but I strongly recommend that you pick up only STP or ECN brokers like: Dukascopy, MB Trading, ATC Brokers, Interactive Brokers, Divisa Capital, etc.
Regards,
MrJinks.
To be honest I really have a problem being a client of a broker, "reputable" or not who benefits from your losses. Doesn't seem to be a win-win relationship.

I can't figure out how the MMs make money betting against their clients? How do they choose which client to play against with? Does it mean that on aggregate most of the clients loose money in FX trading? And if a lot of them loose money, why do they trade FX after all?

Sorry for bothering you with all these questions but I really get confused here.
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