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What brokers do Professional traders use? Do they have any problems?

  • #41
  • Aug 1, 2013 1:41am Aug 1, 2013 1:41am
I am not professional trader, just because I don't have yet such huge funds.
But here are the main things on my opinion:
1. Definitely ECN. Because it's profitable (best prices) and honest (in comparison to market maker).
2. Good regulation, at least a couple good licenses.
3. The first deposit is not too small.
4. Must be PAMM or any variants of it. Just because professional trading is supposed to be with investors.
  • #42
  • Aug 5, 2013 12:42am Aug 5, 2013 12:42am
I do trade with the major banks. I do have credit line with them and I pass the orders/trades to the ones who will execute me at the price I am looking for.
It s not 100% guarantee but if you want to see the business, I do not want any slippage, that s more or less the deal.
  • #43
  • Aug 5, 2013 1:43pm Aug 5, 2013 1:43pm
go with a prime broker
  • #44
  • Aug 5, 2013 7:02pm Aug 5, 2013 7:02pm
Quoting Kevingreene
go with a prime broker
Whats the leverage offered to you on PB ?
  • #45
  • Aug 5, 2013 7:06pm Aug 5, 2013 7:06pm
Quoting systematicfx
I do trade with the major banks. I do have credit line with them and I pass the orders/trades to the ones who will execute me at the price I am looking for. It s not 100% guarantee but if you want to see the business, I do not want any slippage, that s more or less the deal.
Banks need to make money.
I find their spreads are too wide.
So what you think is slippage with an aggregated broker feed is normal spread business with a bank.
The growth in single portals is diminishing where as brokers are growing.. The market is tell us something..
  • #46
  • Aug 7, 2013 10:47am Aug 7, 2013 10:47am
I notice everyone on this site making a distinction between ECN's, marker makers, and banks as something other than different versions of dealing desks. I personally don't have a PB account because of the capital required so that is not an option, but even when you have a bank give you liquidity all that happens is that the bank's dealing desk fills your order.

In the case of an ECN, the order is passed through to a liquidity provider that fills your order at their dealing desk too. Don't get me wrong, who ever provides your liquidity needs to be licensed & well capitalized, but their models for providing liquidity to individual fx traders are all the same. When you buy they sell to you, and when you sell they buy from you, regardless of where it happens, it is always performed by a dealing desk, whether that's a retail market maker, ECN liquidity provider or bank. Can anyone honestly dispute that fact? I am all ears.

Also, my understanding is that the line of credit is offered high net worth investors to allow the bank who has your money not to have to lose your funds to another institution, and still allow the individual to trade using that capital as collateral. The bank also tends to do this because it would not want to trade directly with the individual who holds significant funds at their bank... in case they lose of course! I am pretty sure this type of set up only applies to people with at least 5 million in assets.
  • #47
  • Aug 7, 2013 1:34pm Aug 7, 2013 1:34pm
Quoting systematicfx
I do trade with the major banks. I do have credit line with them and I pass the orders/trades to the ones who will execute me at the price I am looking for. It s not 100% guarantee but if you want to see the business, I do not want any slippage, that s more or less the deal.
Which bank and/or Broker is the best in your view in terms of execution, liquidity, service etc.? What do you recommend based on your experience?

What you think about London Capital Group LCG, or Deutsche Bank FX Autobahn?
Forex is a losers game.
  • #48
  • Aug 7, 2013 1:44pm Aug 7, 2013 1:44pm
Quoting lasty
{quote} Whats the leverage offered to you on PB ?
they offer you credit it like having leverage it can be up to 400:1 leveraage if they wanted to
  • #49
  • Aug 7, 2013 3:20pm Aug 7, 2013 3:20pm
Quoting Kevingreene
{quote}they offer you credit it like having leverage it can be up to 400:1 leveraage if they wanted to
this is pure rubbish !

no PB will ever offer you a 400:1 credit line, most of them will give you 50:1 max
if you're looking for a professional platform (assuming you have the money to get in ofc), go with:

-marex spectron
-hotspot
-EBS
-vcap
-baxter-fx

avoid bs like fxcm "pro", alpari "pro" ......
also avoid dealing directly with banks, and stay anonymous.

if you have from 25k to 1mil go for it !
i lose money for a living
  • #50
  • Aug 7, 2013 3:47pm Aug 7, 2013 3:47pm
depends on how big you are i have a friend who uses http://www.admd.com/ and for the most part your right you be lucky to get anything over 50:1 you can also try http://www.jpmorgan.com/mdapi/08BSIL..._MD_intro.html and http://www.rcgdirect.com/Services-Foreign-Exchange.aspx or http://www.intlfcstone.com/foreignex...s/default.aspx
  • #51
  • Aug 7, 2013 4:42pm Aug 7, 2013 4:42pm
Quoting aviz12
Hello Friends, I am exploring to know what brokers do professional use. However, i think ECN and DMA FX Brokers are highly important. What brokers do professional traders use? Do not they have any problems ? I know many many people trade for living in Forex market, and other markets (futures, options, equities). Do they have problems too, with like platform freezing, re-quotes, etc. etc. what a small trader happens to occur with? Also any professional trader here, which broker you use, and pros and cons please. This will be an assistance for myself...


-platform freezing : unlikely, never heard of that happening, i know a guy who use to be on marex FX black few years ago, no freeze but they had poor liquidity at the time, dunno if they fixed it now.
institutional platform are rock solid, its serious business, not some toys like mt4/mt5.
- re-quotes: never heard of it either. (that depends on your internet too, an institutional trader probably wouldn't trade with a shitty dial-up connexion of 500ms+ latency lol)
but partial fills do happens, its not really a platform problem as much as a liquidity problem, guys using those platforms usually trade massive lot size and sometimes the market need a few seconds to take all of it.
i lose money for a living
  • #52
  • Aug 8, 2013 2:44am Aug 8, 2013 2:44am
is a 56k Dial-Up modem enough for institutional trading? What do you think?
Forex is a losers game.
  • #53
  • Aug 8, 2013 3:19am Aug 8, 2013 3:19am
Quoting trader121
is a 56k Dial-Up modem enough for institutional trading? What do you think?
if its not good enough for tube8 then its not good enough for trading, retail or insto.
  • #54
  • Aug 8, 2013 3:59am Aug 8, 2013 3:59am
Quoting eurscalpr
{quote} if its not good enough for tube8 then its not good enough for trading, retail or insto.
lol, if you're not in a hurry and you don't mind waiting, it can work for both
i lose money for a living
  • #55
  • Aug 8, 2013 7:43am Aug 8, 2013 7:43am
Quoting Kevingreene
{quote}they offer you credit it like having leverage it can be up to 400:1 leveraage if they wanted to
name one PB that offers 0.25% margin
  • #56
  • Aug 8, 2013 9:49am Aug 8, 2013 9:49am
eurscalper do you use / have used London Capital Group LCG?
Forex is a losers game.
  • #57
  • Aug 8, 2013 10:15am Aug 8, 2013 10:15am
Quoting trader121
eurscalper do you use / have used London Capital Group LCG?
LCG isn't a PB, a tire 2 maybe .

and is no better than the average retail broker (fxcm, ducka......)

in 2011, 115 investors in foreign currency accounts held on the LCG platform have taken complaints to the FOS for a total £7.7m liability !
they look professional at first (10k minimum account opening, currenex platform.....) but once you dig a little deeper......
they also have a white label with .......betfair ! (yea, the gambling website lol)

that doesn't look really serious imo.
i lose money for a living
  • #58
  • Aug 8, 2013 11:06am Aug 8, 2013 11:06am
LCG has a retail side and a agency/commission-based fx business. For the agency business they use JPM as pb and just extend that to their clients, so they can trade on hotspot, currenex and so on. Nothing wrong with that.

The stakeholders tried to sell the firm last year, but after interested parties had a deeper look noone ultimately bought. My understanding is their retail side has a tough time competing with ig and the likes(and sucks in general), and the london institutional fx market is extremely competitive, so extremely thin profit-marings there too. But apparently revenue increased in the last quarter.

There is also Fixi, who does the same thing, just with UBS. Although with way higher minimums.
  • #59
  • Aug 8, 2013 1:23pm Aug 8, 2013 1:23pm
Quoting eurscalpr
{quote} name one PB that offers 0.25% margin
none, but there are some big boys that get big credit lines with there PB ones me and you will never find out, LOL
  • #60
  • Aug 8, 2013 1:27pm Aug 8, 2013 1:27pm
All big Pro traders don't need FF to find out where to trade you guys need to build your account up to there level before worrying about where the big boys trade
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