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question regarding broker

  • #1
  • First Post: Oct 30, 2004 6:06pm Oct 30, 2004 6:06pm
hi
i am trying to find a reliable and cheap broker
what i find is

http://www.fxtrader.net/

however, it sounds like it's too good to be true since this is the statement from the website.

2 Pip Spread on all the majors (eur/usd, usd/chf, gpp/usd, usd/jpy)
3 Pip Spread on all the crosses

wow!!!. but i know that demo account is not going to prove anything.
so anybody ever heard of them?
  • #2
  • Oct 31, 2004 11:45am Oct 31, 2004 11:45am
If you want a cheap broker, try Oanda
  • #3
  • Oct 31, 2004 10:18pm Oct 31, 2004 10:18pm
Quoting MC28
If you want a cheap broker, try Oanda
Thanks for the reply.
So you have a real trading account with Oanda.
Anybody has tried the fxtrader? I still think that it's too good to be true to have 3 pip spread on cross right?
  • #4
  • Nov 1, 2004 12:31am Nov 1, 2004 12:31am
Quoting zackyat
Thanks for the reply.
So you have a real trading account with Oanda.
Anybody has tried the fxtrader? I still think that it's too good to be true to have 3 pip spread on cross right?
A 3 pip spread in crosses is not that big of a deal (I get that now with Hotspot in EUR/JPY and EUR/CHF and 2 pips in EUR/GBP) but I would be a little leery about a company offering 500:1 margin.
  • #5
  • Nov 1, 2004 2:46pm Nov 1, 2004 2:46pm
Quoting zackyat
Thanks for the reply.
So you have a real trading account with Oanda.
Anybody has tried the fxtrader? I still think that it's too good to be true to have 3 pip spread on cross right?
If you want my advice,stay away from unknown brokers.
Stick with those old brokers with good reputition ,eg, FXCM,Oanda and Refco

Go to fxstreet.com and you will find a big list of forex brokers with details about them
  • #6
  • Nov 1, 2004 6:45pm Nov 1, 2004 6:45pm
Quoting MC28
If you want my advice,stay away from unknown brokers.
Stick with those old brokers with good reputition ,eg, FXCM,Oanda and Refco

Go to fxstreet.com and you will find a big list of forex brokers with details about them

thanks

i just read an article from moneytec forum.
damn, that fxtrader.net is a big big scam.
  • #7
  • Nov 1, 2004 11:18pm Nov 1, 2004 11:18pm
Quoting MC28
If you want a cheap broker, try Oanda
oanda is a good broker, with one exception. ya know how they promote their "perpetual interest payments"? well, in reality that hurts your bottom line. youll notice that brokers always "pay" less interest than they "charge". therefore, in the retail forex world, interest works against you. when you put your money in the bank and they give you perpetual interest, that is in your favor. but in your forex account it works in reverse...you are "paying" perpetual interest. for oanda to be promoting this on their website as a benefit to the trader is on the verge of lying.
Relax and be happy.
  • #8
  • Nov 2, 2004 12:03am Nov 2, 2004 12:03am
Quoting merlin
oanda is a good broker, with one exception. ya know how they promote their "perpetual interest payments"? well, in reality that hurts your bottom line. youll notice that brokers always "pay" less interest than they "charge". therefore, in the retail forex world, interest works against you. when you put your money in the bank and they give you perpetual interest, that is in your favor. but in your forex account it works in reverse...you are "paying" perpetual interest. for oanda to be promoting this on their website as a benefit to the trader is on the verge of lying.

Oh.is it really like that?
i have a demo account with oanda and oanda pay the interest into my account if i'm not trading. i know it's only a demo account.
anybody else has any say?
  • #9
  • Nov 3, 2004 11:55pm Nov 3, 2004 11:55pm
Quoting merlin
oanda is a good broker, with one exception. ya know how they promote their "perpetual interest payments"? well, in reality that hurts your bottom line. youll notice that brokers always "pay" less interest than they "charge". therefore, in the retail forex world, interest works against you. when you put your money in the bank and they give you perpetual interest, that is in your favor. but in your forex account it works in reverse...you are "paying" perpetual interest. for oanda to be promoting this on their website as a benefit to the trader is on the verge of lying.

ok.so oanda will always take money from your account in the name of "interest' when you have any open position?
thanks for bringing this up merlin. i think many people overlook this matter.
  • #10
  • Dec 9, 2004 5:39pm Dec 9, 2004 5:39pm
Quoting zackyat
ok.so oanda will always take money from your account in the name of "interest' when you have any open position?
no, only when you are long the currency with the lower intest rate are you charged interest. you are paid interest when it is the reverse. the point is that you are paid less than you are charged, so over the long run they get you. unless of course you only go long currencies with a higher interest rate, but then you are limiting your trading severely.
Relax and be happy.
  • #11
  • Last Post: Dec 9, 2004 5:44pm Dec 9, 2004 5:44pm
IIRC FXCM charges interest regardless.. on their mini

VT demo follows the buy/sell rules.

Lou
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