Brokers & Informations | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Best brokers for introducing brokers(IB)? 20 replies

Brokers and Rebates on these brokers? 20 replies

How brokers collect informations about EA? 5 replies

ECN && STP && Scalping && Hedging - Broker Review - Oct 2009 24 replies

Asian Forex Brokers, Brokers with offices in Asia 33 replies

Brokers & Informations

  • #1
  • First Post: Jul 27, 2006 3:49pm Jul 27, 2006 3:49pm
I have tried to compile some informations on brokers for those who are new. I also did a little research on Dealing Desk and non Dealing desk brokers. Opinion is true most of the time but not all the time. Hope it makes it easier for newcomers.


1. Non-dealing desk ( ECN ) brokerage firms do not trade against their clients. They do not take positions that conflict with your interests. Not the case with most dealing desk brokers. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

2. Non-dealing desk ( ECN ) brokers offer every trader, big and small, equal access to the interbank market. The rates (bid and ask prices) on a non-trading desk platform are not those set by an individual broker but those derived from active trading between participating banks, institutional investors, FCM's and individual traders.

3. Non-dealing desk ( ECN ) brokers do not know or have a need to know your positions so stop loss orders are not/cannot be targeted by maipulated spikes. Dealing desk brokers could spike the price and often knocking out your stops.

4. Non-dealing desk ( ECN ) broker rates as well as bid/ask prices come directly from the interbank system. They are not filtered nor manipulated like dealing desk brokers. If you constantly receive reqoutes even though there is no News release, your order is delayed, you seem to be unable to connect to broker’s server, unable to close your trade, price bid/ask is slow or not correct ( compare it with other platforms ), your are probably dealing with an unhonest dealing desk broker.

5. Traders almost never get "reorders or reqoutes" from a non-dealing desk ( ECN )broker.<o></o>

Thus when you are trading news, you orders are filled. At the dealing desk brokers, you will have the problems mentioned in above No: 4

6. With the non dealing desk ( ECN )brokers you need a minimum of USD10’000 to open an account. With the dealing desk brokers, you could open an account with as little as USD100

7.With most non dealing desk brokers ( ECN ) your funds are kept separated from the broker’s company expenses. If the broker goes bankrupt your funds are not touched. With most dealing desk brokers your funds could be used to pay the broker’s debitors. <o></o>

Note: A simple note on your contract that your funds will not be use by the broker is no inssurance. It should normally be in the bank contract issued by the bank that the funds are yours or in the broker’s founding articles aknowledged by the legal authourities.<o></o>


8. Spreads are in a constant state of flux and when traders trade through a non-dealing desk, they may see a dozen or more banks posting rates - the most attractive appearing above all the others. During peak trading hours, spreads can drop to zero, a fact most traders using a dealing desk are not aware of. During off-peak hours, spreads can be considerably higher. <o></o>

<o></o>

<o></o>

PS – Will update as more information comes in. ! ! !

Below is a list of dealing Desk brokers.<o></o>

<o></o>

<o></o>

1st Direct Futures (IB) * 1 World Forex * 4Xdirect *
4XFindMe (IB) * ACM (Alternative Capital Management) *
AC Markets * Admiral Investments & Securities * <o></o>

Advanced Currency Markets SA * Advanced Markets, Inc.
AFXI * AKForex * Akmos Trade * AlaronFx * Alpari * Amifx
ANCO Fx * Apex Forex<o></o>

<o></o>

Castle FX * CBFX * CFOS/FX * Charter FX * CMC Markets *
CMS Forex (Capital Market Services) * Compass FX * Currency Connect Trading
* dbFX * Deal4Free (CMC Markets) * Delta Stock * DIF Broker * Direct Forex

<o></o>

Easy-Forex * ECN Broker * EFX Group * Enet Speculation * Express Trade

<o></o>

FEXCA * Fibogroup * Fibogroup Canada * Finotec Group * Forex.com (Gain Capital) * Fx Dealer Direct * Forexhsi * Fox Forex * Frieberg Direct * <o></o>

FxActive * FxAdvantage * FXCH * FXCM (Forex Capital Markets) * FXDD
* Fx Euro Club * FxInternational Group * FXITG (Forex International Trading Group) * FXINTL * FxInvest Online * FxShell * Fx Solutions * FxStreet (IB) *
Fx Trading * FxUniversal <o></o>

<o></o>

Gain Capital Group (Forex.com) * GCI Capital * GCI Financial * GFT *
GFXFOREX * GFX * Global Bank FX * Global Forex Market * Global Forex Trading *
Goldberg Forex Group * GTL Trading<o></o>


High Steet Networking<o></o>

<o></o>

IFC Markets * IFX Markets * IG Markets * Interactive Brokers *
InterbankFX * InterBank Group * Itg Forex * <o></o>

<o></o>

Kerford Investments

<o></o>

Marketiva * MDI Corp * MetexInvest (FXCM IB) * MG Financial Group *
MBTrading * Mfgfx * MIGFX * Millenium Penta Futures * Money Forex Financial

<o></o>

Neuimex * North Finance * <o></o>

<o></o>


Oanda * One World Capital Group * One World Forex * <o></o>

<o></o>

Phi Capital Management * Pip Forex * Premier Investment * Premier Trade Forex *
ProEdgeFx (IB) * Pro-Forex *<o></o>


QuestTradeFx

<o></o>

RCG Fx Trader * RealTime Forex * RealTrade * RJO Fx * <o></o>

Saxobank * Soco Finance * Speed Forex * Spencer Financial *
STS Finance * SwissForex<o></o>


TimesForex * Traders Exchange * Trade Freedom * Trade Monster
TradeStation Securities * Trading Intl * True Forex<o></o>


Velocity4x

<o></o>

WestCapFx
Windsor Brokers

<o></o>

XpresstradeFX
Zaner (IB)

<o></o>

MT4 Brokers<o></o>

<o></o>

Admiral Investments and Securities Ltd. http://www.forextrade.ru/

Alpari Ltd. http://www.alpari-idc.com/

APEX FX Trading http://www.apexfxtrading.com/

Bull Trend Brokerage http://www.bulltrend-bg.com/

FiboGroup http://www.fibogroup.com/

EuroForex Development LLC. http://www.euroforex.net/

fxTeam http://www.fxteam.ru/

Financial Network Worldwide Ltd. http://www.forexservice.net/

FinMarket Ltd. http://www.finmarket.com.ua/

Forex Global Investment LLC http://www.forexgi.com/

Forex Ltd. http://www.forexua.com/

FX-Pro Ltd. http://www.fx-pro.com/

IC Vector Securities Ltd. http://www.icvector.ru/

Inforex Introducing Broker http://www.inforex.org/

Integral Bank http://www.fxintegral.com.ua/

Interbank FX http://www.interbankfx.com/

Jaguars Investment LLC http://www.jaguarsinvestment.com/

Joy Financial Group http://www.joyfg.com/

KVB Kunlun New Zealand Limited http://www.kvbkunlun.com/

Lefco Bank http://www.lefco.ru/

Livingston Investment Inc. http://www.mytrustbank.com/

Man Financial (S) Pte Ltd http://www.manfinancial.com.sg/

MIG Investments Group LLC http://www.miginvest.com/

Orion Global Financial Services http://www.orionbrokers.com/

Performance Forex GmbH http://www.eforex-asia.com/

Real Trade Ltd. http://www.realtrade.lv/

STS Finance SC http://www.finance.sts.bg/

Teletrade D.J. International Consulting Ltd. http://www.teletrade.ru/

The Commercial Group http://www.cgtim.com/

TradeFXDirect.com, Inc. http://www.tradefxdirect.com/

Ukrsotsbank http://forex.ukrsotsbank.com/

Windsor Brokers Ltd. http://www.windsorbrokers.biz/

X-Trade Sp. z o.o. http://www.x-trade.biz/

FXBest http://www.fxbest.ru/

ManFinancial http://www.manfinancial.com.sg/en/

SNC investment http://www.sncinvestment.com/

FXDirectDealer http://fxdd.com/

Neurex http://www.neurex.de/


Westcapfx http://www.westcapfx.com/


North Finance http://www.northfinance.com/<o></o>

<o></o>

For more : <o></o>

http://www.forexfactory.com/forexforum/showpost.php?p=44567&postcount=2<o></o>

http://www.forexfactory.com/forexfor...78&postcount=7
<o></o>
Other brokers:
http://www.forex-brokers-list.com/
<o></o>
Ratings & comments on some brokers<o></o>

<o></o>

http://www.forexbastards.com/broker_reviews.shtml

<o></o>

Those not yet rated will need your comments.

If your broker is not in the list, please add in.

<o></o>

Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

<o></o>

Advice 1 : Demo trading is not real – live trading . When you begin in the real/live, use minimum lot size to test first.<o></o>

Advice 2 : Choose a broker which is controled /regulated by the right authourities and REGISTERED in a good serious country.<o></o>
  • #2
  • Jul 27, 2006 4:05pm Jul 27, 2006 4:05pm
Hi,
Great information, thank you so much for taking the time to collect and post this !!!

Few questions:
1) Does anyone know an ECN that supports MT4 platform?
2) Are all ECN's reliable ? Any recommendations? Any ECN's in the US?
3) Do ECN's have spreads? If they dont, how are they compensated? Do they pay out interest? How are their spreads during news time?


Thanks
  • #3
  • Jul 27, 2006 4:18pm Jul 27, 2006 4:18pm
Quoting highway3000
I have tried to compile some informations on brokers for those who are new. I also did a little research on Dealing Desk and non Dealing desk brokers. Opinion is true most of the time but not all the time. Hope it makes it easier for newcomers.
Good work.
  • #4
  • Jul 27, 2006 5:36pm Jul 27, 2006 5:36pm
Actualy Oanda is completely automated and as such does not have a dealing desk.
Same Whore .... Different Dress
  • #5
  • Jul 27, 2006 6:11pm Jul 27, 2006 6:11pm
Quoting johnedoe
Actualy Oanda is completely automated and as such does not have a dealing desk.
how do you know? Because they say so?
  • #6
  • Jul 27, 2006 6:18pm Jul 27, 2006 6:18pm
Quoting forexplayer
Hi,
Great information, thank you so much for taking the time to collect and post this !!!

Few questions:
1) Does anyone know an ECN that supports MT4 platform?
2) Are all ECN's reliable ? Any recommendations? Any ECN's in the US?
3) Do ECN's have spreads? If they dont, how are they compensated? Do they pay out interest? How are their spreads during news time?


Thanks
1) There is one ECN that will soon support MT4. I'm not allowed to talk about it yet, but will post something when I can.

2) I've heard good things about most ECN's. You may have to deal with lower leverage, but, I think most are excellent options. I'm looking at CoesFX and may go with them soon.

3) Yes. Most ECN's have contracts with multiple banks. In the case of CoesFX, the take the best bid and best ask from each of the banks. The spread is whatever the best spread is during the market. ECN's do not manipulate that spread to increase their own revenues. That's the difference between an ECN and others. You know a real ECN when their business model attributes revenues to commissions, not spreads (that's why I'm not so sure about propFX - FXCM's new venture). I've seen negative spreads on CoesFX's platform during news time. The volatility more often results in tighter spreads with an ECN - contrary to what normally happens with a typical broker. Check with each one individual to see if they pay interest.
  • #7
  • Jul 27, 2006 6:49pm Jul 27, 2006 6:49pm
Quoting highway3000


6. With the non dealing desk ( ECN )brokers you need a minimum of USD10’000 to open an account. With the dealing desk brokers, you could open an account with as little as USD100

According to the CoesFx site they accept standard accounts at $5,000 and mini accounts at $250. 100:1 and 400:1 leverage each.

Great information though.

J
  • #8
  • Jul 27, 2006 7:05pm Jul 27, 2006 7:05pm
Quoting forexplayer
Hi,
Great information, thank you so much for taking the time to collect and post this !!!

Few questions:
1) Does anyone know an ECN that supports MT4 platform?
2) Are all ECN's reliable ? Any recommendations? Any ECN's in the US?
3) Do ECN's have spreads? If they dont, how are they compensated? Do they pay out interest? How are their spreads during news time?


Thanks
I read good things about Hotspotfx. It is in the US.
I am still looking for a MT4 ECN myself.


Hi Stokwet,

Would you be kind enough to post or PM me about your ECN with MT4. Thanks
Highway
  • #9
  • Jul 27, 2006 7:10pm Jul 27, 2006 7:10pm
Quoting jlowder
According to the CoesFx site they accept standard accounts at $5,000 and mini accounts at $250. 100:1 and 400:1 leverage each.

Great information though.

J
CoesFX uses a company called CFGTrader to clear mini account transactions. CFGTrader does have a dealing desk. Anyone who offers minis MUST have a dealing desk. The interbank market only accepts standard lot orders. A broker needs to aggregate all of their mini account positions to meet the standard lot interbank requirement.
  • #10
  • Jul 27, 2006 7:11pm Jul 27, 2006 7:11pm
Quoting highway3000
I read good things about Hotspotfx. It is in the US.
I am still looking for a MT4 ECN myself.


Hi Stokwet,

Would you be kind enough to post or PM me about your ECN with MT4. Thanks
Highway
As I mentioned, I'm not allowed to talk about them right now. I'm waiting for the green light to mention anything. And, no, I'm not affiliated in any way with them, other than, like you, I'm excited an ECN will be providing MT4 support.
  • #11
  • Jul 27, 2006 7:30pm Jul 27, 2006 7:30pm
Quoting stockwet
As I mentioned, I'm not allowed to talk about them right now. I'm waiting for the green light to mention anything. And, no, I'm not affiliated in any way with them, other than, like you, I'm excited an ECN will be providing MT4 support.
Stockwet,
Why are u not allowed to talk abt something? Isn't this a free world???
  • #12
  • Jul 27, 2006 7:33pm Jul 27, 2006 7:33pm
Quoting jessieblue
how do you know? Because they say so?
Well for starters I have been with them a year and a half, and have yet to have to deal with the BS so many other retail brokers put you through.....stalled orders, placed on manual, stops hunted, the list goes on............the spreads at Oanda are great, 1.5 consistantly on the euro, with a low of .9 on some occaisions, execution of orders are nearly instant, so bottom line, they have proven themselves trustworthy.
Same Whore .... Different Dress
  • #13
  • Jul 27, 2006 9:20pm Jul 27, 2006 9:20pm
Quoting forexplayer
Stockwet,
Why are u not allowed to talk abt something? Isn't this a free world???
Sure it is. So, I choose to not provide any information right now. Hopefully, there will be an announcement forthcoming.
  • #14
  • Edited 10:49pm Jul 27, 2006 9:36pm | Edited 10:49pm
Quoting stockwet
Sure it is. So, I choose to not provide any information right now. Hopefully, there will be an announcement forthcoming.
This is a free world. I dont know why u make a big deal about revealing the broker. Coesfx with MT4 from StrategybuilderFX is the broker.
  • #15
  • Jul 27, 2006 10:26pm Jul 27, 2006 10:26pm
hey does anyone know if it is a bug with that CoesFX MT4 platform?

or do they plan on only charging interest but not paying? I could never get swap paid in the demo, only swap charged.

e.g. if I bought EURUSD then I would get a negative swap added each day. But if I sold EURUSD, then swap would just stay at 0.00

I held these positions over a period of a couple of days at least.

Are there brokers or ecns like that? That charge swap but don't pay it?
  • #16
  • Jul 28, 2006 5:11am Jul 28, 2006 5:11am
Quoting highway3000

3. Non-dealing desk ( ECN ) brokers do not know or have a need to know your positions so stop loss orders are not/cannot be targeted by maipulated spikes. Dealing desk brokers could spike the price and often knocking out your stops.
I'd run screaming away if the broker didn't have internal bookkeeping and transactions logs. So they always fully know your positions and what's been happening. They still earn their part of the commission/spread and a very unhonest ECN could spike your limits and/or stops simply for that.

Quote

7.With most non dealing desk brokers ( ECN ) your funds are kept separated from the broker’s company expenses. If the broker goes bankrupt your funds are not touched. With most dealing desk brokers your funds could be used to pay the broker’s debitors. <o></o>

Refco case showed that the only real safety of funds guarantee is legislation and/or insurance guarantees. Segregation or pretty promises by the broker do not cut it. As there is no legislation regarding forex brokers in the US, an external insurance policy is the only way to have your funds safe.

Or you might get your funds locked up for months and finally get back a quarter for a dollar or nothing.

In Refco's case the customer funds are treated as unsecured creditors. This means their moneys are used to pay Refco's bondholders. That's nothing but legalized theft and very easy to orchestrate.
  • #17
  • Jul 28, 2006 7:25am Jul 28, 2006 7:25am
Great info Highway
Do you ar anyone else have any info on Money Forex? They are a "Preferred Broker" on this site but I can't seem to find anyone who uses them. The spreads are from 2 on EUR and they offer some CFDs, (Gold,crude,silver,S&P, Nasdaq) on the same platform that can be traded in mini lots.
They are registered in the British Virgin Islands.
The trading platform sucks but functions well. I don't use much other than MA and PA anyhow so don't need a million indicators to create confusiion.
Any info would be appreciated.
Thanks,

Clubmaker
  • #18
  • Jul 28, 2006 8:27am Jul 28, 2006 8:27am
Quoting forexplayer
This is a free world. I dont know why u make a big deal about revealing the broker. Coesfx with MT4 from StrategybuilderFX is the broker.
Maybe it's because I have integrity and the broker asked me not to make the announcement before they do. Sorry if you're not happy about that. And, no, the information you provided is not correct. If it were, I wouldn't have a problem announcing that.

You may want to tone down your rhetoric a bit on this forum. This isn't strategybuilderfx or moneytec. Most of us here take pride in being a bit gentler on this forum than elsewhere.
  • #19
  • Jul 28, 2006 9:02am Jul 28, 2006 9:02am
Stockwet, I am interested to know when you are ready to announce. So please post it here when the time comes. thanks.
  • #20
  • Jul 28, 2006 9:05am Jul 28, 2006 9:05am
sorry typo... I mean I would like to know who it is when you are ready to divulge that info... don't always pay attention to the forums, so posting here would be really helpful (because of the email thread subscription)
0 traders viewing now