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Help in broker search

  • #1
  • First Post: Edited Jul 17, 2013 7:43am Jul 15, 2013 3:22pm | Edited Jul 17, 2013 7:43am
Hi all, I'm looking for a good broker to open my first live account. I looked around but didn't find much... Could you recommend me some good brokers which have:
- ECN or STP, no dealing desk
- platform: MT4 ECN/STP
- Server time GMT+3 (daily candle closes at NY close, no Sunday bars)
- hedging, scalping and EAs allowed
- good spreads and commissions
- microlots
- minimum deposit more or less 500€, no more than 1000€
- better if European, SEPA Area
- low deposit/withdrawal fees

The only one I found is Pepperstone but it is Australian and withdrawal fees are pretty high... Hope someone can help me out
  • #2
  • Jul 16, 2013 1:23am Jul 16, 2013 1:23am
Alpari MT5 ECN
Vantage FX UK
AxiTrader

All these have NY close charts and most of your other requirements.

I wouldn't worry too much about withdraw fees as you might not make any money to actually withdraw.
  • #3
  • Edited 7:13am Jul 16, 2013 2:19am | Edited 7:13am
Quoting lenrod
The only one I found is Pepperstone but it is Australian and withdrawal fees are pretty high... Hope someone can help me out
I recommend IC Markets from Australia. Commission can be reduced through introducing agent to $5.50 per lot round trip. Server resides in New York and GMT offset +3.

Many clients discuss here and at other forum, so you have a community for mutual support and info sharing in cases where you encountered problems with this broker.
http://www.forexfactory.com/showthread.php?t=278085
http://www.donnaforex.com/forum/index.php?topic=5761.0
No longer trading forex. Looking for full time job.
  • #4
  • Jul 17, 2013 7:43am Jul 17, 2013 7:43am
Thank you both

Unfortunately on Alpari MT5 hedging is not allowed. Do you know how their micro and classic accounts are?
Vantage fx uk has all I need but from the reviews I read on FPA it doesn't seem reliable, have you tried their live account?
AxiTrader's ECN account has minimum lot size 0.1 and it's Australian.
IC markets is fine but it is, like pepperstone, located in Australia.

I'd prefer an European one because I have a card with which I can send and receive money only within the SEPA area.
  • #5
  • Jul 17, 2013 8:39am Jul 17, 2013 8:39am
I have not used Vantage UK. Alapri micro and classic accounts look like there spreads are abit on the high side if you check out the spreads here

http://www.myfxbook.com/forex-broker-spreads

Other EU brokers with GMT+3 maybe worth having a look into are FXPro and FXCM Trading Station Platform. I cant think of any others but you could always open an account with another broker and use GMT+3 broker just for charts.

If you are just starting out with $1000 account I think that any of these brokers would be ok as obviously they are all regulated and well known. There are always going to bad reviews for all brokers but most are from noobs that cant trade and blame their broker.
  • #6
  • Jul 17, 2013 7:24pm Jul 17, 2013 7:24pm
Quoting lenrod
Hi all, I'm looking for a good broker to open my first live account. I looked around but didn't find much... Could you recommend me some good brokers which have: - ECN or STP, no dealing desk - platform: MT4 ECN/STP - Server time GMT+3 (daily candle closes at NY close, no Sunday bars) - hedging, scalping and EAs allowed - good spreads and commissions - microlots - minimum deposit more or less 500€, no more than 1000€ - better if European, SEPA Area - low deposit/withdrawal fees The only one I found is Pepperstone but it is Australian and withdrawal...
If you use local bank transfer the fee's aren't that high for Pepperstone, or did i miss something?
  • #7
  • Jul 18, 2013 2:19am Jul 18, 2013 2:19am
I am trading with Hotforex and Fxpro, those are from EU and they fulfill almost your requirements. Give them a try.
  • #8
  • Jul 18, 2013 8:56am Jul 18, 2013 8:56am

Quoting Dkam
{quote} If you use local bank transfer the fee's aren't that high for Pepperstone, or did i miss something?

Compared to the others it's high, also beacause money has to go from Australia to Europe... and I have a card with which I can send and receive bank wires only within the SEPA area.



Quoting undergroundz
I am trading with Hotforex and Fxpro, those are from EU and they fulfill almost your requirements. Give them a try.

FxPro doesn't offer microlots.

HotForex is from Cyprus and with what is happening there I prefer not to risk...


Thank you all, I'll demo Vantage FX Uk standard account and if all works well I think I'll go live with them

  • #9
  • Jul 18, 2013 10:48am Jul 18, 2013 10:48am
ive have good trading and tight spreads from FXCM
  • #10
  • Jul 18, 2013 11:13am Jul 18, 2013 11:13am
Quoting jr2dr
ive have good trading and tight spreads from FXCM
2.4 pip in eur/usd? Not sure why people put up with this, to be honest. But since they are one of the biggest firms, it is apparently good enough for most.
  • #11
  • Jul 18, 2013 12:34pm Jul 18, 2013 12:34pm
Quoting shrike
{quote} 2.4 pip in eur/usd? Not sure why people put up with this, to be honest.
Hi Shrike,

It's important when looking at spreads to compare similar execution types. FXCM offers clients the choice between No Dealing Desk (NDD) and Dealing Desk forex execution. On our NDD model, we acts as a price aggregator taking the best available bid and ask prices from 10+ liquidity providers and streaming those prices to our platforms. We add a fixed pip markup that acts as a commission, which means we make our money off the trading volume, not client losses.

While FXCM believes that NDD execution provides the best all-around trading experience, we also offer dealing desk execution as an option for traders whose primary concern is low spreads. Below is a snapshot I just took from the real-time spreads table here on Forex Factory. As you can see, our spreads compare favorably with other brokers on the same execution model.

http://img692.imageshack.us/img692/9896/2pzw.png


Quoting shrike
But since they are one of the biggest firms, it is apparently good enough for most.
You make a good point in mentioning FXCM's size. Spreads are important, but they are just one factor out of many to consider when choosing a broker along with 24 hour customer support, trading platforms offered, education, resources, etc. We seek to provide competitive spreads while also delivering great execution and a safe place for you to hold your funds.

It's no secret that the brokerage industry has been in the midst of a price war for the past couple of years. That combined with lower trading volumes last year have caused many brokers to struggle. There was even a broker in Europe that went bankrupt after trying to entice clients with 0 pip spreads. Last year also saw the failure of a US broker that had previously touted their razor thin spreads. We've had other brokers have to pull out of the US after being unable to meet regulatory capital requirements.

If recent events have taught us anything, it's that the financial stability of the broker you choose can have far greater implications than we previously thought. Unfortunately, the vast majority of these brokers are privately held companies, so it's hard to know the state of their finances. Are they profitable, or are they barely staying afloat? How can you know whether they are safe place to keep your money?

FXCM is a publicly-traded company (NYSE ticker: FXCM), so information regarding our finances is readily available. This is one of the reasons why traders have entrusted us with $1.190 billion in client funds (as of the latest publicly available data).

Jason
  • #12
  • Jul 18, 2013 8:12pm Jul 18, 2013 8:12pm
forex.com and saxo bank , both fulfill your requirements.
  • #13
  • Jul 19, 2013 4:13am Jul 19, 2013 4:13am
Quoting Royal Trader
forex.com and saxo bank , both fulfill your requirements.

Neither are GMT+3
  • #14
  • Jul 21, 2013 2:49pm Jul 21, 2013 2:49pm
Quoting lenrod
Hi all, I'm looking for a good broker to open my first live account. I looked around but didn't find much... Could you recommend me some good brokers which have: - ECN or STP, no dealing desk - platform: MT4 ECN/STP - Server time GMT+3 (daily candle closes at NY close, no Sunday bars) - hedging, scalping and EAs allowed - good spreads and commissions - microlots - minimum deposit more or less 500€, no more than 1000€ - better if European, SEPA Area - low deposit/withdrawal fees The only one I found is Pepperstone but it is Australian and withdrawal...
Hi Lenrod

FXOpen AU covers all your bases except microlots. Microlots cannot be offered by an ECN unless there is an STP component so our minimum is 0.1 lots or 10,000 units of the base currency. We are also Australian.
  • #15
  • Jul 22, 2013 12:29am Jul 22, 2013 12:29am
I'd suggest you use an Australian broker, they are regulated by ASIC and must place your funds in a segregated bank account to protect you in the event the broker becomes insolvent.

My broker is AxiTrader, a broker based in Sydney. I'm on their pro account server which is in New York. They use New York close, so only 5 daily candles a week.

Its an ECN account, with the best spreads in the business... total spread about 1.2 pips including commissions on major pairs.

Hedging, EA's etc allowed, they answer the phone immediately

No idea on withdrawal fee's... I have not withdrawn yet.
In the days of old when sailors were bold, and seldom if ever contented.
  • #16
  • Jul 22, 2013 3:27am Jul 22, 2013 3:27am
Quoting lenrod
{quote}Compared to the others it's high, also beacause money has to go from Australia to Europe... and I have a card with which I can send and receive bank wires only within the SEPA area. {quote}FxPro doesn't offer microlots.HotForex is from Cyprus and with what is happening there I prefer not to risk... Thank you all, I'll demo Vantage FX Uk standard account and if all works well I think I'll go live with them

Good choice, hope your trading goes well!
  • #17
  • Jul 22, 2013 5:30am Jul 22, 2013 5:30am
Quoting FXOjafar
{quote} Hi Lenrod FXOpen AU covers all your bases except microlots. Microlots cannot be offered by an ECN unless there is an STP component so our minimum is 0.1 lots or 10,000 units of the base currency. We are also Australian.
Well I think that trading a 500€ account on daily charts with minilots is a suicide especially being it my firts live account... and than Australia isn't SEPA area...

Quoting undergroundz
{quote} Good choice, hope your trading goes well!
Thank you, I hope so too!! xD
  • #18
  • Jul 22, 2013 9:03am Jul 22, 2013 9:03am
Quoting lenrod
Hi all, I'm looking for a good broker to open my first live account. I looked around but didn't find much... Could you recommend me some good brokers which have: - ECN or STP, no dealing desk - platform: MT4 ECN/STP - Server time GMT+3 (daily candle closes at NY close, no Sunday bars) - hedging, scalping and EAs allowed - good spreads and commissions - microlots - minimum deposit more or less 500€, no more than 1000€ - better if European, SEPA Area - low deposit/withdrawal fees The only one I found is Pepperstone but it is Australian and withdrawal...
I found this 1 for you:

http://www.belforfx.com/

no idea on how good/bad they are but they meet your requiements.
  • #19
  • Jul 22, 2013 12:14pm Jul 22, 2013 12:14pm
Get away from Exness; they do not answer your emails, their customer service worse and I have made withdraw request last week I have not got it yet and also their withdraw policy very rude.
I have been using Pepperstone and Dukascopy in one word both are excellent.
Duka Eu accept 100$ min depo. Pep. Min dep. is 200$.
I wrote which I used.
  • #20
  • Jul 23, 2013 3:13am Jul 23, 2013 3:13am
Quoting May
Get away from Exness; they do not answer your emails, their customer service worse and I have made withdraw request last week I have not got it yet and also their withdraw policy very rude. I have been using Pepperstone and Dukascopy in one word both are excellent. Duka Eu accept 100$ min depo. Pep. Min dep. is 200$. I wrote which I used.



man im sorry to here about exness and there i though they had a good start
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