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  • Post #1
  • Quote
  • First Post: Jun 13, 2012 2:00pm Jun 13, 2012 2:00pm
Hi Experts,

I am planning to open a forex account & looking for some inputs from you all experienced traders on this. Here are the things I am looking forward in my broker -

1) Should be ECN/STP & no dealing desk broker
2) Should be regulated
3) The minimum amount to open an account should not exceed $500
4) Should provide the lowest spread ( EUDUSD less than 1). Better fixed with some commission ( less than $6 for 100k transaction)
5) Should have an option to transfer & withdraw money via Paypal (Preferred but not mandatory)
6) Should give you instant execution and no re-rates. Terminal should not hang at important times
7) Last but not least, good customer service

Thanks in advance

Regards
Abhinav
Let me know when you find one.
There is not ECN with lower than 500$ deposit I guess.

If you could raise the deposit to 1000$ min, then there is. But actually when trading with ECN the minimum lot size is 0.1 standard lot, you would have to over leverage with an account of 500$.

Or there is an other way, require to sign a contract with current Money Manager, they would let you open account under their fund. But you still have separate account with your name, and then you would have all benefit which the fund having ( low spread, direct contact with broker, so so so many benefit which not for normal guy )

But I dont think there are any MM who will directly deal with you if you have something lower than 5000$, still there may some exception.. depend on your luck.
Thanks for your response MyFxpedia and Govno. What is your opinion on FXClearing. It seems good and here is the response I got from their customer service officer -

1. For Mini and Micro account types execution is instant (Market
Maker), for Nano, ECN Interbank and ECN Scalping accounts - market
execution (ECN type).

2. The company was registered in the Ontario Province of Canada with
the Ministry of Government Services (formerly Ministry of Consumer and
Business Services) on Sep. 15, 2006. Registration #1710457. The
company operates in accordance with all regulations and corporate laws
of Canada striving to display the best corporate governance possible
and to protect clients' privacy and their funds. The company is also
regulated in Russia by the Financial Market Relations Regulation
Center, Certificate #TSRF RU 0394 AA Vv0016.

3. Minimum deposit amount is $1 for Mini, Micro and Nano accounts,
$500 for ECN Interbank accounts and $50 for ECN Scalping accounts.

4. Spreads are fixed for Mini, Micro and Nano accounts, and variable
for ECN Interbank and ECN Scalping accounts. Please find our spread
list here: http://eng.fxclearing.ca/terms#5.

5. No SWAPS and no commission for Mini, Micro and Nano accounts;
Market SWAPs and 0,6 pip per lot commission for ECN Interbank and ECN
Scalping accounts.

6. PayPal withdrawals/deposits are available.
You may also find detailed accounts' description here:
http://eng.fxclearing.ca/comparison

I have downloaded the MT4 and going to test the demo for few days. Let me see how it works. Pls share your feedback on this.

Thanks
Abhinav
I dont like fix spread.
Canada seem good, but never heard a Canadian Company with Russian Certificates, it may work Russian Company and other countries Certificates..

Check it on and give us feedback

We also want to know
Quoting govno
Let me know when you find one.
I just spilled coffee all over my damn laptop!!!
The only way not to think about money is to have a great deal of it
  • Post #7
  • Quote
  • Edited 11:58am Jun 14, 2012 10:16am | Edited 11:58am
Hi All,

I just found a nice broker named IC Markets which people claim to be a true ECN. Read reviews and found good reviews.

Downloaded their ECN MT4 terminal and started trading & trust me that it has awesome speed and tightest spreads. Also it is equipped with some default EAs to make your trades easier. One click trading is what it is offering.
This is a commission based trading wherein I am paying $7 for 1 standard lot. I made 2 trades - 1 for .50 quantity and they charged me $3.50 and 2nd with 0.10 lot size and they charged me $0.70 which is fine. The best part is I can see the market depth of best 5 bid and ask.

Here is an interesting link -
http://www.forexbrokerz.com/news/tru...mt4-ic-markets

I am just loving the speed and tight spreads. Let me use it for sometime. Will share the feedback here.

Thanks
Abhinav
Quoting abhinkoi
Thanks for your response MyFxpedia and Govno. What is your opinion on FXClearing. It seems good and here is the response I got from their customer service officer -

1. For Mini and Micro account types execution is instant (Market
Maker), for Nano, ECN Interbank and ECN Scalping accounts - market
execution (ECN type).

2. The company was registered in the Ontario Province of Canada with
the Ministry of Government Services (formerly Ministry of Consumer and
Business Services) on Sep. 15, 2006. Registration #1710457. The
company operates...

STAY AWAY!

They are not regulated by IIROC or the OSC (Ontario) here in Canada. Their "registration" is just a business. . . you will have no help fighting them if something goes bad, you will have no CIPF insurance on the account if they go under... they will have final say over all that happens to your account.

Really, you will have no advantage trading with them as you would with a properly run Canadian firm.
FXGears.com
IC and IG Market is different right?

Which one is better?

If I'm not remember wrong then IC is ASIC and IG is England one?
  • Post #10
  • Quote
  • Edited 11:10am Jun 14, 2012 11:03am | Edited 11:10am
FXVV has ECN for 10 dollar deposit I don't use them I was thinking about opening up an account with them just to try it out. It looks pretty good with everything that they offer. www.fxvv.com you might want to check them out. However they don't offer paypal. They have moneybookers and allied wallet and of course bank tranfers. 8.00 commission per 1 lot.
Trade what you see not what you feel!
Quoting abhinkoi
Hi All,

I just found a nice broker named IC Markets which people claim to be a true ECN. Read reviews and found good reviews.

Downloaded their ECN MT4 terminal and started trading & trust me that it has awesome speed and tightest spreads. Also it is equipped with some default EAs to make your trades easier. One click trading is what it is offering.
This is a commission based trading wherein I am paying $7 for 1 standard lot. I made 2 trades - 1 for .50 quantity and they charged me $3.50 and 2nd with 0.10 lot size and they charged me $0.70 which...
I dont need to be nostradamus to know this is an agent of a crappy new bucket shop
The only way not to think about money is to have a great deal of it
IG Markets is a marketmaker (except if you use their L2 FX Trader which supposedly requires a 50K deposit). So it wouldn't really qualify for ECN or STP or what have you.

Spreads appear to be quite competitve tho - but i don't know anything about their quality of fills, reliability and so on.
Quoting Jack_Larkin
STAY AWAY!

They are not regulated by IIROC or the OSC (Ontario) here in Canada. Their "registration" is just a business. . . you will have no help fighting them if something goes bad, you will have no CIPF insurance on the account if they go under... they will have final say over all that happens to your account.

Really, you will have no advantage trading with them as you would with a properly run Canadian firm.
Thanks Jack for shedding more lights on this. I appreciate that.

After checking the demo of IC Markets I have completely ruled out FXClearing. Your inputs also added more fuel to it. Appreciate if you can add any inputs on IC Markets now. It looks great to trade on demo ECN version.

Thx much again.

Take care
Abhinav
Quoting myfxpedia
IC and IG Market is different right?

Which one is better?

If I'm not remember wrong then IC is ASIC and IG is England one?
Yes they are different but I am not sure which one is better. May be I need to do some research on this.
Quoting Makavelli7
I dont need to be nostradamus to know this is an agent of a crappy new bucket shop
Hey Makavelli,

Could you please share some more info on this?
Abhinkoi,
It's a pity that i cant let you know my experience with this broker over the last 18 months.
The last time i spoke up and mentioned my positive experience with a broker - a real negative member would not believe it and tried to get most of the posts removed by admin. As such i have given up telling people about the good service/experiences as it is of no use.

Thats FF for you - happy for you to post only if its negative.....

Cheers
Matt
Quoting Journeyman
Abhinkoi,
It's a pity that i cant let you know my experience with this broker over the last 18 months.
The last time i spoke up and mentioned my positive experience with a broker - a real negative member would not believe it and tried to get most of the posts removed by admin. As such i have given up telling people about the good service/experiences as it is of no use.

Thats FF for you - happy for you to post only if its negative.....

Cheers
Matt
Matt,

You can PM me your experience about IC Markets. I would love to hear more before I open a live account with them. So far I am impressed with the speed and spreads.

Thx
Abhinav
what about fx solution? they claim to have direct feed straight to the horse's mouth (i.e EBS)...
Quoting abhinkoi
Hi Experts,

I am planning to open a forex account & looking for some inputs from you all experienced traders on this. Here are the things I am looking forward in my broker -

1) Should be ECN/STP & no dealing desk broker
2) Should be regulated
3) The minimum amount to open an account should not exceed $500
4) Should provide the lowest spread ( EUDUSD less than 1). Better fixed with some commission ( less than $6 for 100k transaction)
5) Should have an option to transfer & withdraw money via Paypal (Preferred but not mandatory)
6) Should...


i absolutely love working with "think or swim". after analyzing what ive paid in spreads id say they are about average with the rest of the industry... however, you cant beat the value they give to their clients.

and the platform is amazing and it is integrated with so many 3rd party service providers that the list is too long to list.

im not a fan of promoting other businesses. but in this case TOS really deserves it from me. i cant begin tell you how much i like them on just one post...
Quoting govno
Let me know when you find one.
Subtle..
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
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