Name major brokers for professional traders! | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Better execution in tiny, no-name Brokers? 4 replies

Name forex brokers that you have withdrawn from > 2 times? 56 replies

What brokers do Professional traders use? Do they have any problems? 73 replies

Symbol name differences between brokers 2 replies

individual traders vs professional traders 6 replies

Name major brokers for professional traders!

  • #1
  • First Post: Edited Nov 17, 2014 12:50pm Nov 16, 2014 6:03pm | Edited Nov 17, 2014 12:50pm
I know that this thread is subject to controversy, as good or bad brokers can be judged by numerous hidden factors based on their performances (which is hard to evidenced). However, many tiny brokers are emerging who normally target amateur traders. I just want to make a list of major brokers, which are used by professional traders.

My general features:

  1. regulated by NFA or FCA (or similar bodies needing strict requirements)
  2. Based in major countries rather than offshore islands
  3. ECN/STP
  4. Developed their own platform
  5. Minimum deposit of $2000 (normally)
  6. Commission-free deposit/withdrawal via credit card
  7. Having a history (e.g., 10 years old)


So far I made this list

  1. FXCM
  2. Dukascopy
  3. Saxo Bank
  4. Interactive Brokers
  5. Alpari UK
  6. CitiPro
  7. Oanda
  8. IG Markets
  9. LMAX


Can you add more major brokers who can be trusted to this list? I wish to find similar brokers.

  • #2
  • Nov 16, 2014 6:44pm Nov 16, 2014 6:44pm
You can scratch IG, Oanda, Citi and Saxo from your list, they are marketmakers (and never denied it either).
  • #3
  • Edited Nov 17, 2014 12:42am Nov 16, 2014 10:34pm | Edited Nov 17, 2014 12:42am
Quoting shrike
You can scratch IG, Oanda, Citi and Saxo from your list, they are marketmakers (and never denied it either).
He speaks the truth.

Take Alpari off the list, unless you mean the Currenex account. They might say the have "ECN technology" for all their accounts but really who cares when you are paying stupidly high spreads compared to other STP/ECN brokers for the pleasure of their ECN Technology. They have the same spreads as a MM.
  • #4
  • Nov 16, 2014 10:43pm Nov 16, 2014 10:43pm
Quoting etrade
I know that this thread is subject to controversy, as good or bad brokers can be judged by numerous hidden factors based on their performances (which is hard to evidenced). However, many tiny brokers are emerging who normally target amateur traders. I just want to make a list of major brokers, which are used by professional traders. My general features: regulated by NFA or FCA (or similar bodies needing strict requirements). ECN/STP Minimum deposit of $2000 (normally) A reasonable range of leverage like 1:50 or 1:100 (rather than 1:1000) Commission-free...
tradestation forex is no joke http://www.tradestation.com/en/prici...trader-pricing
  • #5
  • Nov 17, 2014 9:10am Nov 17, 2014 9:10am
What's the point of this list? A lot of brokers on you list can't meet your requirements Especially minimum deposit of $2000. And Lmax isn't 10 years old brokerage.
  • #6
  • Nov 17, 2014 10:28am Nov 17, 2014 10:28am
Quoting johnnycash
What's the point of this list? A lot of brokers on you list can't meet your requirements Especially minimum deposit of $2000. And Lmax isn't 10 years old brokerage.
These requirements are not definite. I just wanted to make a list of brokers which are more or less at the same level (top of course) with some features I mentioned based on my experience. For example brokers with minimum deposit of $10 are normally targeting amateur traders, though, it is not bad to have a low minimum deposit.
  • #7
  • Nov 17, 2014 1:19pm Nov 17, 2014 1:19pm
Quoting mitch77
{quote} He speaks the truth. Take Alpari off the list, unless you mean the Currenex account. They might say the have "ECN technology" for all their accounts but really who cares when you are paying stupidly high spreads compared to other STP/ECN brokers for the pleasure of their ECN Technology. They have the same spreads as a MM.
Hi, I was in the mood to open an trading account at Alpari UK (account type Pro), untill I had read your opinion about Alpari.
Which broker is in your eyes the best to open an account with?

Thanks in advance,
  • #8
  • Nov 18, 2014 12:30am Nov 18, 2014 12:30am
Quoting xtractalpha
{quote} Hi, I was in the mood to open an trading account at Alpari UK (account type Pro), untill I had read your opinion about Alpari. Which broker is in your eyes the best to open an account with? Thanks in advance,
Pro account probably has ok spreads, I was more meaning the standard accounts. One thing though that I find stupid is that for the MT4 pro account the minimum lot size is 1 standard lot. Thats not very good for money management and I have never seen that before on a 10K account with other brokers.

My opinion for a UK based broker would be either Lmax or FXCM. Lmax must have the lowest spreads in the UK and FXCM with their new lower spreads with commission are also competitive.
  • #9
  • Dec 6, 2014 9:01pm Dec 6, 2014 9:01pm
Quoting mitch77
{quote} Pro account probably has ok spreads, I was more meaning the standard accounts. One thing though that I find stupid is that for the MT4 pro account the minimum lot size is 1 standard lot. Thats not very good for money management and I have never seen that before on a 10K account with other brokers. My opinion for a UK based broker would be either Lmax or FXCM. Lmax must have the lowest spreads in the UK and FXCM with their new lower spreads with commission are also competitive.
I'm using FXCM. I trade both major news and non-news trade. During major news (ECB Press Conference), its spread does not widen at all, but its negative slippage is very big. Right now, I'm looking for another broker.
Is it possible for a NDD to widen spread not much, have no or little slippage during major news?
Any broker recommendation please?
  • #10
  • Edited 1:33am Dec 7, 2014 1:21am | Edited 1:33am
Quoting Mr.Kane
{quote} I'm using FXCM. I trade both major news and non-news trade. During major news (ECB Press Conference), its spread does not widen at all, but its negative slippage is very big. Right now, I'm looking for another broker. Is it possible for a NDD to widen spread not much, have no or little slippage during major news? Any broker recommendation please?
Well if you can stand really horrible (and I mean HORRIBLE) and extremely user-unfriendly trading platform and non-existent and clueless customer service (from US office), non-competitive swap rates and getting nick & dimed for everything you do (including paying an extra commission just to convert your profit from trading in non-USD quote currency pairs like U/J back to USD), Interactive Brokers is not too bad in terms of execution speed and low spread and even having positive slippages during news time. They REALLY are a true and pure ECN. But with their spread and commission being one of the lowest in the industry, you get nothing else; you are totally on your own. You have problems connecting to their trading platform (written in memory hoarding slow Java)? It's your computer's problem, their servers are always perfect.

I am currently with IC Markets, SO FAR their execution speed is very good and their spread during news time was also good but I haven't been with them for long. Their commission is slightly higher but still competitive. LMAX and LCG Forex is really good according to hearsay statements. Only have just demo'ed with LMAX so cannot really comment on live trading situation. If you've got $million of starting capital, HotForex and Reuter will be your choice.

Just some personal observation. Hope this helps.
Make your losses in demo. Earn your profits live.
  • #11
  • Dec 7, 2014 3:48am Dec 7, 2014 3:48am
Hotforex for high net worth people? You can start with $50 and 1:1000 leverage there. Sounds more like something for smalltime punters.
  • #12
  • Dec 7, 2014 6:12am Dec 7, 2014 6:12am
Quoting Forexia
{quote} Well if you can stand really horrible (and I mean HORRIBLE) and extremely user-unfriendly trading platform and non-existent and clueless customer service (from US office), non-competitive swap rates and getting nick & dimed for everything you do (including paying an extra commission just to convert your profit from trading in non-USD quote currency pairs like U/J back to USD), Interactive Brokers is not too bad in terms of execution speed and low spread and even having positive slippages during news time. They REALLY are a true and pure...
Thank you sir! IC Markets was the first broker i contacted 6 months ago. Unfortunately, they don't accept clients from my country to avoid money laundering.
Ok, I'm gonna find out about LMAX, LCG Forex, HotForex and Reuter. Thanks
  • #13
  • Edited 11:16pm Dec 7, 2014 10:38pm | Edited 11:16pm
Quoting shrike
Hotforex for high net worth people? You can start with $50 and 1:1000 leverage there. Sounds more like something for smalltime punters.
Quoting Mr.Kane
{quote} Thank you sir! IC Markets was the first broker i contacted 6 months ago. Unfortunately, they don't accept clients from my country to avoid money laundering. Ok, I'm gonna find out about LMAX, LCG Forex, HotForex and Reuter. Thanks
My apologies. I meant HotSpot FX now seems to be called KCGHotSpot FX. They have gone purely institutional and the only way to trade with them is through other brokers if you don't meet their minimum requirements. And interestingly, one of the broker that they partner with is actually LCG FX in London. No wonder LCG asks for such high start-up capital. I demo'ed Hotspot FX when they were still offering their services to retail traders and their platform is amazing, powerful and user-friendly. They allow hedging and variety of order types. They turned institutional when I was just about to sign up with them. HotForex is actually MM bucketshop, no offence to anyone who's trading with them.

Hotspot FX was a really good broker for retail traders. It's really a shame that they decided to abandon the retail market and went institutional.
Make your losses in demo. Earn your profits live.
  • #14
  • Dec 8, 2014 1:07am Dec 8, 2014 1:07am
Quoting Forexia
{quote} {quote} My apologies. I meant HotSpot FX now seems to be called KCGHotSpot FX.
Just made a quick research. They do not offer leverage for traders at all. Definitely not for the discussion on that retail traders' board.
"...to trade with us you've to subscribe under another prime broker" - Damn, seems we don't need even to know that this entity exists


Quoting Forexia
I demo'ed Hotspot FX when they were still offering their services to retail traders and their platform is amazing, powerful and user-friendly.
Some of my fellow had trading with them 5 years ago. Was almost always getting up for 10 pip slippage at exit. Their support claimed it is margin requirement for orders closing. Strangely enough, no such requirement when it comes to TP. Assymetrical slippage, somebody could say??


Quoting Forexia
HotForex is actually MM bucketshop, no offence to anyone who's trading with them
Sometimes I feel myself a paragon of trader as I managed to profit from this "bucketshop" for more than a year. It is even harder and riskier than on normal brokerage, haha.
P.S. Any loss is a trading mistake... committed by trader and nobody else..
  • #15
  • Dec 8, 2014 1:28am Dec 8, 2014 1:28am
Quoting Forexia
{quote} {quote} My apologies. I meant HotSpot FX now seems to be called KCGHotSpot FX. They have gone purely institutional and the only way to trade with them is through other brokers if you don't meet their minimum requirements. And interestingly, one of the broker that they partner with is actually LCG FX in London. No wonder LCG asks for such high start-up capital. I demo'ed Hotspot FX when they were still offering their services to retail traders and their platform is amazing, powerful and user-friendly. They allow hedging and variety of order...
axitrade has released a new product called Axiprime .. I believe they have Hotspotfx for professional traders
  • #16
  • Dec 8, 2014 7:34pm Dec 8, 2014 7:34pm
Quoting leebsurag
{quote} Just made a quick research. They do not offer leverage for traders at all. Definitely not for the discussion on that retail traders' board. "...to trade with us you've to subscribe under another prime broker" - Damn, seems we don't need even to know that this entity exists
Hence the term: they went institutional!! Don't want to deal with us pesky retailers who blow up accounts in their face all the time.

Quoting leebsurag
{quote} Sometimes I feel myself a paragon of trader as I managed to profit from this "bucketshop"
Good for you! The only thing with those MM's is that they don't last long. Eventually when you win too much with them, they kick you out. At first I thought those are all urban legends, but now I am hearing more and more of them. Make sense we pesky retailers are getting better and better at trading and they are losing money against us since they trade against us and they don't like it. They keep a few just for window dressing and kick out the incredibly profitable ones using whatever excuses they can think of under the sky. So I guess you can do well with them but you just have to be more vigilant and be more protective of your capital at all time. You can never be too relaxed with them. But then again you can never be too relaxed with anybody who handles your money regardless how "reputable" they seem to be. Everybody who gave money to Bernie Madoff all thought he was "reputable" and look how much they lost.
Make your losses in demo. Earn your profits live.
  • #17
  • Dec 9, 2014 5:11am Dec 9, 2014 5:11am
Baxter fx
focus while relaxed to see better
  • #18
  • Dec 9, 2014 6:28am Dec 9, 2014 6:28am
I`m with hotforex from 2 years plus. So I`ll suggest hotforex as withdrawal is pretty fast and execution is very good.
  • #19
  • Dec 9, 2014 7:48am Dec 9, 2014 7:48am
You should choose prime brokers, inter brokers, and big banks
For example trade with biggest bank in the USA, JPmorgan
https://www.jpmorgan.com/pages/jpmorgan/au/cib/ts/fx
Of course they require minimum deposit at least 1 million dollars or more
  • #20
  • Dec 9, 2014 7:56am Dec 9, 2014 7:56am
Dukascopy, Swissquote, ADS securities, Citifx, Boston Prime, London Capital Group, ...

Depending on the deposit, some prime brokers/banks: JP Morgan, Deutsche Bank, Barclays, UBS, Credit Suisse, Saxo, ...
0 traders viewing now