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UK Brokers suitable for large account sizes

  • #1
  • First Post: Dec 28, 2014 4:47pm Dec 28, 2014 4:47pm
Hello Everyone,

Can some of you with much larger account sizes (20k up) comment on the brokers you are using? (Any problems / bad experiences or equally any praise/ positives).

Could you recommend me a UK (FCA regulated) broker to use?

Thanks in advance for your comments and thoughts.
  • #2
  • Dec 28, 2014 7:23pm Dec 28, 2014 7:23pm
Quoting Cb92
Hello Everyone, Can some of you with much larger account sizes (20k up) comment on the brokers you are using? (Any problems / bad experiences or equally any praise/ positives). Could you recommend me a UK (FCA regulated) broker to use? Thanks in advance for your comments and thoughts.
You can trade with FX Prime brokers like LCG FX, Baxter FX or LMAX. They both require very large initial deposit.
Make your losses in demo. Earn your profits live.
  • #3
  • Dec 29, 2014 5:50am Dec 29, 2014 5:50am
I trade with Admiral Markets UK for the past year so far they are good .. also there is another big company called ADS securities regulated from FCA and Central bank of UAE as well their capital is almost 400 Million dollars but i never tried them
  • #4
  • Dec 29, 2014 8:28am Dec 29, 2014 8:28am
you shoul trade with banks, how about Barclay
  • #5
  • Dec 29, 2014 8:51am Dec 29, 2014 8:51am
Baxter is not UK-based.

20k is not large, certainly not enough for "banks" like the poster above suggests. It used to be different a few years ago(although still not with only 20k), but nowadays there are quite a few banks that quit the FX prime brokerage business all together, and most others do not take private clients at all anymore except for the ultra high net worth people. Basically you have the same choice as people with small accounts plus a few brokers who want 10k or 20k deposits.
  • #6
  • Dec 29, 2014 10:25am Dec 29, 2014 10:25am
Quoting shrike
Baxter is not UK-based. 20k is not large, certainly not enough for "banks" like the poster above suggests. It used to be different a few years ago(although still not with only 20k), but nowadays there are quite a few banks that quit the FX prime brokerage business all together, and most others do not take private clients at all anymore except for the ultra high net worth people. Basically you have the same choice as people with small accounts plus a few brokers who want 10k or 20k deposits.
Came here to post this
  • #7
  • Dec 29, 2014 11:24am Dec 29, 2014 11:24am
Thanks for the responses everyone!

I understand 20k is not large, I meant relative to most retail traders.

I hear stories of people losing large amounts of money, if say I were to grow an account to 100k in the next few years, I need to know I would be safe to withdraw if needs must.

I am thinking of going with FX Pro, does anyone have any experience with this broker?
  • #8
  • Dec 29, 2014 1:47pm Dec 29, 2014 1:47pm
i am trading with ads
If u r intrested trading with this folks let me know ill help u
Senior Trader Multi-Account Manager
  • #9
  • Dec 29, 2014 1:48pm Dec 29, 2014 1:48pm
if u want ill send u a link to download the mt4 to download and try
Cuz they r not allowing the mt4 for piblice too
Senior Trader Multi-Account Manager
  • #10
  • Dec 29, 2014 2:05pm Dec 29, 2014 2:05pm
Quoting Cb92
Hello Everyone, Can some of you with much larger account sizes (20k up) comment on the brokers you are using? (Any problems / bad experiences or equally any praise/ positives). Could you recommend me a UK (FCA regulated) broker to use? Thanks in advance for your comments and thoughts.
Presuming you're not stupid, you'll be running a NOP/exposure of ~200-500k, from my experience LCG is a good partner to deal with, however there has been a lot of reshuffling there in recent months and they're restructuring their company so avoid for now.

You can always look to retailers like CMC and FXpro, and honestly, with up to 500k positions, there will be no issue in terms of liquidity and account management from their end so it doesnt matter and its then down to personal preference within the platform/mobile app etc.
  • #11
  • Dec 29, 2014 3:46pm Dec 29, 2014 3:46pm
Quoting Aws1962
{quote} Presuming you're not stupid, you'll be running a NOP/exposure of ~200-500k, from my experience LCG is a good partner to deal with, however there has been a lot of reshuffling there in recent months and they're restructuring their company so avoid for now. You can always look to retailers like CMC and FXpro, and honestly, with up to 500k positions, there will be no issue in terms of liquidity and account management from their end so it doesnt matter and its then down to personal preference within the platform/mobile app etc.
To be honest, I wouldn't like to keep more than £50k in any single account. (Due to the fact that in the event of bankrupcy the FCA investor compensation fund will only cover losses up to 50k).

I have spoken to a rep at FX Pro, She explained that orders are passed straight through to their liquidity provider and that they do not operate as a market maker or make a profit from client losses.

Can I trust her information? (I expect she would be telling the truth, as it would be fraudulent otherwise?)

Once again thank you to everyone for contributing to this discussion.
  • #12
  • Dec 29, 2014 3:52pm Dec 29, 2014 3:52pm
Quoting Cb92
{quote} To be honest, I wouldn't like to keep more than £50k in any single account. (Due to the fact that in the event of bankrupcy the FCA investor compensation fund will only cover losses up to 50k). I have spoken to a rep at FX Pro, She explained that orders are passed straight through to their liquidity provider and that they do not operate as a market maker or make a profit from client losses. Can I trust her information? (I expect she would be telling the truth, as it would be fraudulent otherwise?) Once again thank you to everyone for contributing...
I think FCA is up to 85k? but I was referring to position sizes, i.e you might be running a book exposure of 500,000$ with that 50k deposited, and they will have no issues with that as they are likely ECN/STP

This being said, why with the hate for market makers? all major players execute thru them because you get better spreads at large sizes... every bank is a market maker (heck it used to be my job!).

However this only applies with tickets >10mil so retailers tend to be confused and think Market makers are bad... when they really are not.

any other q's feel free to ask
  • #13
  • Dec 29, 2014 6:43pm Dec 29, 2014 6:43pm
Quoting Aws1962
{quote} I think FCA is up to 85k? but I was referring to position sizes, i.e you might be running a book exposure of 500,000$ with that 50k deposited, and they will have no issues with that as they are likely ECN/STP This being said, why with the hate for market makers? all major players execute thru them because you get better spreads at large sizes... every bank is a market maker (heck it used to be my job!). However this only applies with tickets >10mil so retailers tend to be confused and think Market makers are bad... when they really are not....
It's true that all major banks, i.e., the "liquidity providers" like Deutsche and etc. are all market makers and I guess when your trade size reach a certain volume, the spread starts to get better but for us retail traders, market makers, I guess in order to remain profitable has chosen and still chooses to engage in many unscrupulous and dishonest and even illegal trading practices like stop-hunting, unfair slippage practices, front-running, trading against the clients just to name a few and plus their spread is outrageously high. Comparatively speaking, ECN brokers have fared better. But I guess when you have reached the other spectrum of the investor scale, money marketers start to become to be more attractive. I won't know that yet as I am still a tiny little retail trader.
Make your losses in demo. Earn your profits live.
  • #14
  • Dec 30, 2014 10:38am Dec 30, 2014 10:38am
Quoting Cb92
if say I were to grow an account to 100k in the next few years, I need to know I would be safe to withdraw if needs must.
.
FCA compensates up to 85K. When you reach that open a second account elsewhere and use a trade copier.
  • #15
  • Dec 30, 2014 11:03am Dec 30, 2014 11:03am
Quoting arielkorber
{quote}. FCA compensates up to 85K. When you reach that open a second account elsewhere and use a trade copier.
No, the 85K is for deposits at banks, building societies and credit unions. I think for FX firms the investment limit applies (50k) - at least thats how i read their booklet.

http://www.fscs.org.uk/uploaded_file...iming_comp.pdf
  • #16
  • Last Post: Dec 30, 2014 11:25am Dec 30, 2014 11:25am
yes you are right, so I would use multiple brokers over 50K, use brokers that segregate funds and use large established firms.
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