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Which Broker is truly reliable?

  • #121
  • Mar 18, 2013 2:44pm Mar 18, 2013 2:44pm
You should always use broker that is based / regulated in country where You live !!!
When You use broker from another country it is always hard to make claims and get back Your money.
so FIND good broker in your country it really makes life easy !!!!
and when You will earn money on regular basis ---> having broker from Your country makes easier to pay taxes --> international taxing regulations are really complicated (trust me I lost 2 years with my brother who is law expert to make proper law tax constructions).

hope it helps
  • #122
  • Mar 19, 2013 8:47am Mar 19, 2013 8:47am
Quoting lordvader666
You should always use broker that is based / regulated in country where You live !!!
When You use broker from another country it is always hard to make claims and get back Your money.
so FIND good broker in your country it really makes life easy !!!!
and when You will earn money on regular basis ---> having broker from Your country makes easier to pay taxes --> international taxing regulations are really complicated (trust me I lost 2 years with my brother who is law expert to make proper law tax constructions).

hope it helps
So even if it is only a tiny US$500 micro-lot account, you have to pay tax? You have to report transactions P&L even for such a small account? Or do you mean some larger 6-digit funds?
No longer trading forex. Looking for full time job.
  • #123
  • Mar 25, 2013 12:50pm Mar 25, 2013 12:50pm
Quoting mmaker
So even if it is only a tiny US$500 micro-lot account, you have to pay tax? You have to report transactions P&L even for such a small account? Or do you mean some larger 6-digit funds?
in ALL civilized countries You are OBLIGATED to report money to country financial authority (ex IRS i in states ). In some jurisdiction if You make small money You don't pay tax but reporting is obligatory. So always have proper documentation.
hope it helps
  • #124
  • Mar 25, 2013 10:34pm Mar 25, 2013 10:34pm
Quoting lordvader666
in ALL civilized countries You are OBLIGATED to report money to country financial authority (ex IRS i in states ). In some jurisdiction if You make small money You don't pay tax but reporting is obligatory. So always have proper documentation.
hope it helps
Not sure what you mean by cvilisation but if you have a civil society, even one that stones for infractions, you have civil-isation. If however you mean capitalist societies, as opposed to feudal systems, then you have varying degrees of regulation, depending on what is central to that societies income; exports or financial services.
The road to pipland is arduous and fraught with challenge.
  • #125
  • Mar 26, 2013 6:10am Mar 26, 2013 6:10am
Quoting timos
Try LMAX.
Tight spreads,FSA regulated.I am happy with them.
Could you please share info on the below points -

1) Spread on EURUSD and commission?
2) What is the minimum amount required to open a LIVE account?
3) Your experience in deposits and withdrawls?

Thanks
Abhinav
  • #126
  • Mar 28, 2013 10:06am Mar 28, 2013 10:06am
I had opened an account with Fxpro. Their spreads are quite high compared to other brokers and they only offer an ECN environment for their ctrader platforn and not their mt4 platfrom. I had made some profits while I was with FXpro but lost it all before I could actually withdraw it.
  • #127
  • Mar 28, 2013 10:18am Mar 28, 2013 10:18am
If your country / regulations allow it use lmax. In the <250k retail space their is nothing comparable right now. And please don't make a fool of yourself comparing Av..., FXC..., FXP... and all those crooks with them.

Don't use any of their MT IBs. They are not even close to the real deal and some act as your marketmaker / counterparty so they have nothing to do with the real lmax at all!

If you are using any of those fraudulent bucketshop MT brokers because of the charting stop it now and:

1) Get used to separating charting + execution. Successful traders will have to go down that route sooner or later since the top execution shops don't have any decent charting at all or just rudimentary. Their business is not to give you pretty charts but liquidity and execution. Most of the time you will also need different venues for different asset classes / session + cross liquidity etc.

2) Pretty much any MT pricefeed is much much too slow, age old depending on your timeframe needs and inaccurate. If you cannot afford a good pricefeed go with jforex feed. Lmax is also a nice feed but a bit different as it is no artificial quote driven feed.

3) If you use MT use it for higher timeframe charting and stuff. For everything that requires fast precision forget about it.

4) If you chart on a differant platform than you trade remember that this might not work out too well on lower timeframes as real prices e.g. lmax will already be multiple pips away before your e.g. MT chart even starts moving.
  • #128
  • Mar 28, 2013 10:42am Mar 28, 2013 10:42am
Quoting abhinkoi
1) Spread on EURUSD and commission?
2) What is the minimum amount required to open a LIVE account?
These are answered clearly at the LMAX website.
No longer trading forex. Looking for full time job.
  • #129
  • Mar 29, 2013 2:27am Mar 29, 2013 2:27am
Quoting mmaker
.

Several IBs are working with LMAX to negotiate cheaper commissions, stay tuned to this thread for updates.
FXMTF, min deposit is $1000 (lmax $10000), commissions are 20% lower for what I heard.
  • #130
  • Apr 8, 2013 1:26am Apr 8, 2013 1:26am
Hi Traders,

Can you suggest me a reliable broker with micro lot (i mean 0.001 lot and min. deposit 100$)?
Thanks,
Guri
  • #131
  • Apr 8, 2013 1:50am Apr 8, 2013 1:50am
Quoting pbb
FXMTF, min deposit is $1000 (lmax $10000), commissions are 20% lower for what I heard.
HFT Group now has discount offer for LMAX, check it out here.
No longer trading forex. Looking for full time job.
  • #132
  • Edited 3:54am Apr 8, 2013 2:27am | Edited 3:54am
Quoting mmaker
Try Armada Markets, all methods of depositing is free of charge (no banking fees): https://client.armadamarkets.com/deposit-instructions/
Thanks, i will try it too...
  • #133
  • Apr 9, 2013 2:49pm Apr 9, 2013 2:49pm
Quoting unknown4x
If your country / regulations allow it use lmax. In the <250k retail space their is nothing comparable right now. And please don't make a fool of yourself comparing Av..., FXC..., FXP... and all those crooks with them. Don't use any of their MT IBs. They are not even close to the real deal and some act as your marketmaker / counterparty so they have nothing to do with the real lmax at all! If you are using any of those fraudulent bucketshop MT brokers because of the charting stop it now and: 1) Get used to separating charting + execution. Successful...
Why purchase decent charting and price feed software? If the brokers' MT4 data aren't correct, your execution rates are still based on their, inaccurate data, so having correct data and charting doesn't offer you advantages. What's the point in having separate charting and execution then?

Aren't you contradicting yourself between point 1) and 4)?

Thanks for explaining more.
  • #134
  • Apr 10, 2013 1:32pm Apr 10, 2013 1:32pm
try to find broker that is related to some BANK institution in Your country - it gives You additional security because most banks are heavy regulated by gov. law. Good bank broker/dealer house should have fx division.
cheers !
  • #135
  • Apr 10, 2013 7:24pm Apr 10, 2013 7:24pm
Quoting lordvader666
try to find broker that is related to some BANK institution in Your country - it gives You additional security because most banks are heavy regulated by gov. law. Good bank broker/dealer house should have fx division. cheers !
I'm located in Australia and I have been searching for good ECN or STP broker but I have failed to find a good one.

Would please tell me where to search for such a broker that is related to bank institution? Otherwise please recommend brokers.

Thanks
  • #136
  • Apr 10, 2013 7:36pm Apr 10, 2013 7:36pm
Quoting rino88au
I'm located in Australia and I have been searching for good ECN or STP broker but I have failed to find a good one. Would please tell me where to search for such a broker that is related to bank institution? Otherwise please recommend brokers. Thanks
Australia has sound regulation and compliance.
Banks In Australia don't offer margin FX.

Quality brokers in Australia have STP and ECN, great service and the centre has a great reputation hence that's why so many brokers are here.

What is it that you actually require?
  • #137
  • Apr 10, 2013 8:19pm Apr 10, 2013 8:19pm
Most official regulated brokers are reliable.
I was thinking of using FxOpen AU, ASIC regulated, located in Australia.
But after all i still prefer FSA regulation and i'm willing to pay a little more for that.
  • #138
  • Apr 10, 2013 8:55pm Apr 10, 2013 8:55pm
Quoting lasty
What is it that you actually require?
Reliable broker with:

1- Fast execution (Very important).
2- Low spread and commission (all ECN charges a min. of $7 per lot).
3- Quick withdraw without delay and with minimum charges.
4- Somehow any type of warranty on the initial deposits.

I don't want to try brokers who offer $200 or $500 accounts. Seriously, I will lose that money as there's no enough room for me to trade and I will be facing a quick margin call!!

So, I don't mind good reliable brokers who offer accounts with min of $5000 or so.
  • #139
  • Apr 10, 2013 9:23pm Apr 10, 2013 9:23pm
Quoting rino88au
Reliable broker with: 1- Fast execution (Very important). 2- Low spread and commission (all ECN charges a min. of $7 per lot). 3- Quick withdraw without delay and with minimum charges. 4- Somehow any type of warranty on the initial deposits. I don't want to try brokers who offer $200 or $500 accounts. Seriously, I will lose that money as there's no enough room for me to trade and I will be facing a quick margin call!! So, I don't mind good reliable brokers who offer accounts with min of $5000 or so.
So if a broker offers $200 accounts clients but also caters for wholesale clients then thats no good for you ?
  • #140
  • Edited 11:19pm Apr 10, 2013 11:01pm | Edited 11:19pm
Quoting lasty
So if a broker offers $200 accounts clients but also caters for wholesale clients then thats no good for you ?
It is good , I think you misunderstood me.

I meant that I don't want someone to offer me a broker and tell me just open an account with $200 to test out the broker and if you are unhappy then $200 are not a big deal. But that's exactly what the unreliable brokers want from us! Brokers are playing on this key "low start accounts" to attract more traders and if the broker is bad, then the person won't cry over $200.

So, if there is a good broker that you know offering even $50 accounts, I won't have any problem with that but I won't open account with $50.
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