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Recommend me broker(s)

  • #1
  • First Post: Apr 14, 2013 1:03pm Apr 14, 2013 1:03pm
Hello All,

I had long break in forex trading. Now I feel I am ready to be back to the business.

I would like if you know good and reliable broker for $50 000 account (Foreign LLC company). I am interested in money manager services as well (only broker offered not individual).

It is important that platform must have Forex, CFD and desirably Commodities to be traded simultaneously.

Thanks in advance
kiss the trend
  • #2
  • Apr 14, 2013 2:14pm Apr 14, 2013 2:14pm
Saxobank appears to be relevant for me

what do you think?
kiss the trend
  • #3
  • Apr 14, 2013 4:40pm Apr 14, 2013 4:40pm
dukascopy also seems to fit the description quite nicely. they offer what you are looking for and also have a manged service. plus, they are a swiss bank so much better safety for your funds i would say.
  • #4
  • Apr 19, 2013 4:00am Apr 19, 2013 4:00am
Hi Guys! I'm new on this forum, but I have some experience with FX trading.

Anyways, if you ask me, just take the biggest ones (the ones that are too big to fail)

In my opinion, FXCM, Gain (forex.com), FxPro, Dukascopy.

Not sure about managed accounts, though...
  • #5
  • Apr 19, 2013 6:48am Apr 19, 2013 6:48am
Lmax, LCGfx, AxiTrader, dukascopy, citifx, ..
  • #6
  • Apr 19, 2013 9:35pm Apr 19, 2013 9:35pm
since you're trading with $50,000, i would also recommend FXDD and CitiFX Pro. both are FDIC insured so there's a better protection of your funds. however, not quite sure if they offer managed services, but perhaps could be arranged with Citi, after all they do offer financial counselling services.
  • #7
  • Apr 20, 2013 7:54am Apr 20, 2013 7:54am
Lmax offers managed accounts and funds are protected up to 85.000£ for trader and 50.000£ for investors if i am not mistaken.
  • #8
  • Apr 21, 2013 3:34pm Apr 21, 2013 3:34pm
Quoting jhehe
also have a manged service.
Yes, they have and that is even harder to open. ( PAMM account)

You have hold an authorisation from local government: as you will manager other people, company money. I don't know the exact name of the paper.

In Romania for that paper: first you have to finish 3 year of financial superior study(University), than 2 year employed in that domain (finance), after that is nothing: just pay a few salary as taxes and you have in a few month

-One of the reason why I got mad at Dukascopy. Other is the max 30:1 leverage for weekend(auto-hedge position or auto-cut), no MT4 official platform(just third party bridge) => no Trade explorer => useless trade reports.
I want to buy PATIENCE
  • #9
  • Apr 21, 2013 4:08pm Apr 21, 2013 4:08pm
Unless you live in some 3rd world country, you will have to be licensed in one way or another if you want to solicit other peoples money, especially if its retail money. There have been countless scams (and years spent in jail) by unlicensed 'moneymanagers'. I thought that much was obvious. Stay clear of that, even if its just friends&family money (or maybe especially if its friends&family).
  • #10
  • Apr 21, 2013 5:57pm Apr 21, 2013 5:57pm
  •  Fip
  • | Additional Username | Joined Mar 2013 | 1 Post
Quoting shrike
Unless you live in some 3rd world country, you will have to be licensed in one way or another if you want to solicit other peoples money, especially if its retail money. There have been countless scams (and years spent in jail) by unlicensed 'moneymanagers'. I thought that much was obvious. Stay clear of that, even if its just friends&family money (or maybe especially if its friends&family).
A trader (money manager) i know, said this;

Since i do not take money from clients i do not need a license from my county.
Because I am a registered trader with my broker, I fall along the way under their license.
  • #11
  • Apr 21, 2013 8:38pm Apr 21, 2013 8:38pm
Quoting Fip
{quote} A trader (money manager) i know, said this; Since i do not take money from clients i do not need a license from my county. Because I am a registered trader with my broker, I fall along the way under their license.
Not if you were in Australia. You would have to be officially appointed as a representative of the company. Basically an employee of the company with an RG146 qualification, or under the strict supervision of the license holder or RG146 qualified manager. As a client, you are not an employee. What your friend told you is incorrect and very dangerous. I think it's also the same in other major jurisdictions.
  • #12
  • Apr 21, 2013 8:49pm Apr 21, 2013 8:49pm
Quoting FXOjafar
{quote} Not if you were in Australia. You would have to be officially appointed as a representative of the company. Basically an employee of the company with an RG146 qualification, or under the strict supervision of the license holder or RG146 qualified manager. As a client, you are not an employee. What your friend told you is incorrect and very dangerous. I think it's also the same in other major jurisdictions.
So if i want to start a pamm business with fx open aus, what would i need to do.
I live in Belgium
  • #13
  • Apr 21, 2013 9:42pm Apr 21, 2013 9:42pm
Quoting RubenDK
{quote} So if i want to start a pamm business with fx open aus, what would i need to do. I live in Belgium
You are free to do so since you are not "operating a financial services business" in Australia. However, you wouldn't be able to promote your services to Australian residents though.
  • #14
  • Apr 21, 2013 10:09pm Apr 21, 2013 10:09pm
jafar,
real ecn server,
just now disconnection-connection-disconnection....
boing~boing....
It is very annoying.
Quoting FXOjafar
{quote} You are free to do so since you are not "operating a financial services business" in Australia. However, you wouldn't be able to promote your services to Australian residents though.
  • #15
  • Apr 21, 2013 10:47pm Apr 21, 2013 10:47pm
Quoting entheos
jafar, real ecn server, just now disconnection-connection-disconnection.... boing~boing.... It is very annoying. {quote}
That is the daily reset/rollover. It should be no longer than a minute.

edit: Shouldn't this question be in the FXOpen AU thread?
  • #16
  • Apr 21, 2013 11:04pm Apr 21, 2013 11:04pm
It took over 3 minutes.
Quoting FXOjafar
{quote} That is the daily reset/rollover. It should be no longer than a minute. edit: Shouldn't this question be in the FXOpen AU thread?
  • #17
  • Apr 21, 2013 11:50pm Apr 21, 2013 11:50pm
seriously guys, go over the fpa and read fxopen complaints and you'll find out why you should be avoiding this broker. while there are some positive and some negatives, the negatives are pretty convincing especially it's not just random ramblings about losing money and blaming it on the broker. these are actual issues faced.
  • #18
  • Apr 22, 2013 12:26am Apr 22, 2013 12:26am
I have little confidence in FPA.
FPA was formed to represent the interests of some brokers.
another forum sites the same.

Quoting jhehe
seriously guys, go over the fpa and read fxopen complaints and you'll find out why you should be avoiding this broker. while there are some positive and some negatives, the negatives are pretty convincing especially it's not just random ramblings about losing money and blaming it on the broker. these are actual issues faced.
  • #19
  • Apr 22, 2013 2:01am Apr 22, 2013 2:01am
these days most brokers keeps money in segregated accounts with barclays bank.
been there done that, Good Bye
  • #20
  • Apr 22, 2013 2:32am Apr 22, 2013 2:32am
Visit forex-ratings.com, fpa , earnforex site to check broker's reviews. I think it's helpful.
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