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Looking for a new Forex broker, simple help needed!

  • #1
  • First Post: Jul 8, 2014 6:31pm Jul 8, 2014 6:31pm
I'm trying to find a new broker since I've been using Instaforex and it turns out they're not the greatest choice in the world.. I still haven't withdrawn my money yet, because of a few open positions, but will do that ASAP.

Anyways, I'm still thinking of the next broker, but haven't been able to make my mind on anyone of them.
Here are a few choices I've thought about, which are ICMarkets, Armada Markets, IB FX, Alpari, Dukascopy, OANDA and Pepperstone.

I am going to be moving to the US in the near future, although temporarily, but thats also a concern.
I'm looking for,
1- High leverage.
2- Low spreads
3- Safety of money, regulated broker.
4- Ability to trade during my stay in the US, even though its temporary, and not residential.
5- My minimum deposit isn't very high, but it isn't extremely low isn't either. So I don't want any brokers with high minimum deposit requirements.
6- Also, I have a Macbook. So Mac compatibility would be great, but it isn't a big requirement. Also, the webtrader should have a good feel, and good execution, since I usually use the webtraders. Unless, I find a really good Mac software, which was the case of the CCCapital.co.uk's platform. It was Markets Trader 2, and really helpful and easy to use.

Any help would be very highly appreciated, thank you!
  • #2
  • Jul 8, 2014 7:41pm Jul 8, 2014 7:41pm
From this list i only have experience with Dukascopy and Pepperstone.
I am trading with Dukascopy now and i have no intentions to change, i like their customer service, spreads and most of all their platform Jforex.
Never had any problems at all. Neither with Pepperstone, great experience with them but i just like the Jforex platform over MT4.
I takes some time to get used to it, but now i find it much easier to work with.

One thing to keep in mind, with Dukascopy the maximum leverage is 1:300 but during weekends it is lowered to 1:90.
So if you are planning to keep trades open over the weekend this might be something to consider.

Another thing, the funds you deposit will not be held in a segregated bank account. (Most swiss brokers don't do this).
I don't see this as a problem because i don't see Dukascopy getting out of business soon.
If you have a larger account (I believe minimum deposit needs to be 250.000$) you can get a segregated bank account.
  • #3
  • Jul 10, 2014 1:27pm Jul 10, 2014 1:27pm
Currently looking between Pepperstone FX and Dukascopy. Probably going with Pepperstone FX.
Thank you
  • #4
  • Jul 10, 2014 3:16pm Jul 10, 2014 3:16pm
Quoting BruceWayne.
I'm trying to find a new broker since I've been using Instaforex and it turns out they're not the greatest choice in the world.. I still haven't withdrawn my money yet, because of a few open positions, but will do that ASAP. Anyways, I'm still thinking of the next broker, but haven't been able to make my mind on anyone of them. Here are a few choices I've thought about, which are ICMarkets, Armada Markets, IB FX, Alpari, Dukascopy, OANDA and Pepperstone. I am going to be moving to the...
tradestation forex
  • #5
  • Jul 11, 2014 5:05am Jul 11, 2014 5:05am
I'd steer away from Dukascopy. Not very professional in my experience, seized my account without my notice and ignored my email inquiry.

My account was 4 years old and when I emailed them last month to check on it they simply didn't respond. Good thing it was only a couple hundred.

I blew the 1000 dollars I had down to 550, which is 50 dollars above their 500 minimum (before they seize the account and take your money).

They took it anyway.

Oanda and FXCM are fantastic for US brokers. Stay with the biggest ones!
  • #6
  • Jul 11, 2014 6:19am Jul 11, 2014 6:19am
Quoting d0ta
I'd steer away from Dukascopy. Not very professional in my experience, seized my account without my notice and ignored my email inquiry. My account was 4 years old and when I emailed them last month to check on it they simply didn't respond. Good thing it was only a couple hundred. I blew the 1000 dollars I had down to 550, which is 50 dollars above their 500 minimum (before they seize the account and take your money). They took it anyway. Oanda and FXCM are fantastic for US brokers. Stay with the biggest ones!
Hmm, weird. When i send them an email i have a response withing a few hours, always!
Did you send the email to Dukascopy support or to your account manager?


And also, i had an account to try out their 500 minimum, so went under it, and they did not take my money ...
  • #7
  • Jul 13, 2014 11:55pm Jul 13, 2014 11:55pm
As we all know choosing a new broker can be hard as entering a new position and trying to exit it when it goes South. However after lot of trawling through the Good The Bad and the Ugly, I came across HY Markets. Perhaps they may fit the bill. Cheers and Good Luck Howard
  • #8
  • Jul 17, 2014 6:33pm Jul 17, 2014 6:33pm
Quoting BruceWayne.
Currently looking between Pepperstone FX and Dukascopy. Probably going with Pepperstone FX. Thank you
Good choice Mr Wayne. Or should I say "Batman". The League of Shadows commends your decision.

Ras al Ghul
  • #9
  • Jul 27, 2014 3:49am Jul 27, 2014 3:49am
PEPPERSTONE has just slipped a market order by 200 (i.e. TWO HUNDRED) PIPS! Seriously. It was a devastating loss.

The 200 pips spike had never even showed up on their charts.

Pepperstone's official response: "This price was a lower tier offered by liquidity providers and as such is not represented on the chart - only top levels of liquidity is displayed."

How convenient...
  • #10
  • Jul 27, 2014 4:35am Jul 27, 2014 4:35am
Quoting FxMasterGuru
PEPPERSTONE has just slipped a market order by 200 (i.e. TWO HUNDRED) PIPS! Seriously. It was a devastating loss. The 200 pips spike had never even showed up on their charts. Pepperstone's official response: "This price was a lower tier offered by liquidity providers and as such is not represented on the chart - only top levels of liquidity is displayed." How convenient...
Woah, what date/time did this happen? And what pair was it?
  • #11
  • Jul 27, 2014 1:58pm Jul 27, 2014 1:58pm
Quoting BruceWayne.
{quote} Woah, what date/time did this happen? And what pair was it?
July 10th, 2014. USD/SEK.
  • #12
  • Jul 27, 2014 7:45pm Jul 27, 2014 7:45pm
Quoting FxMasterGuru
{quote} July 10th, 2014. USD/SEK.
Hi FxMasterGuru

What time were you trading usdsek?

Catchya,

Ras
  • #13
  • Jul 27, 2014 10:00pm Jul 27, 2014 10:00pm
I have used Dukascopy and have a relatively large account and had no issues whatsoever. The platform Jforex is fantastic, it makes MT4 look like a high school project. Dukascopy is a Swiss Bank so your funds are insured up to 100,000 CHF which is more than any MT4 broker.

To the poster who said he has his account seized I find that very hard to believe. If so you can contact the Swiss banking regulator at http://www.finma.ch/e/Pages/default.aspx

FXCM has had legal issues in the past which they have been fined heavily for
http://www.forexfactory.com/showthread.php?t=472838
  • #14
  • Jul 28, 2014 3:55am Jul 28, 2014 3:55am
Quoting Ras al Ghul
{quote} Hi FxMasterGuru What time were you trading usdsek? Catchya, Ras
10:30 AM according to Pepperstone's server time. There was a news release, so slippage was expected, but not 200+ pips which slippage has remained invisible on ALL charts. In other words the fill price was 200+ pips away from their (and other brokers') OFFICIAL (i.e. displayed) BID price, which logically means that the quoted BID price had practically no relationship with the fill price.

If Pepperstone could get away with it, it means that legally they can fill ANY ORDER at ANY PRICE, irrespective of BID/ASK. Scary fact, as such actions can ruin any account within a minute.
  • #15
  • Jul 28, 2014 6:46pm Jul 28, 2014 6:46pm
Quoting FxMasterGuru
{quote} 10:30 AM according to Pepperstone's server time. There was a news release, so slippage was expected, but not 200+ pips which slippage has remained invisible on ALL charts. In other words the fill price was 200+ pips away from their (and other brokers') OFFICIAL (i.e. displayed) BID price, which logically means that the quoted BID price had practically no relationship with the fill price. If Pepperstone could get away with it, it means that legally they can fill ANY ORDER at ANY PRICE, irrespective of BID/ASK. Scary fact, as such actions...
Hey FxMasterGuru,

Yeah, that seems a bit high, but then again, it is usdsek. I'm surprised you didn't get more slippage on that pair! Kinda bad pair to be trading news on don't you think? I normally trade EURUSD over NFP with no massive slippage issues, well, as much as can be expected.

Interesting.

Ras
  • #16
  • Jan 19, 2015 5:05am Jan 19, 2015 5:05am
Quoting BruceWayne.
Currently looking between Pepperstone FX and Dukascopy. Probably going with Pepperstone FX. Thank you
I think Exness or NewForex.com
  • #17
  • Edited 6:55am Jan 19, 2015 6:01am | Edited 6:55am
Quoting Hwdfx
As we all know choosing a new broker can be hard as entering a new position and trying to exit it when it goes South. However after lot of trawling through the Good The Bad and the Ugly, I came across HY Markets. Perhaps they may fit the bill. Cheers and Good Luck Howard
Just spoke to these guys on chat, seem pretty good - uk fca registered, min account balance protection, picking through the T&Cs at the moment. Not sure what their platform will be like, but I guess there is always MT4 (though it's just soooooo ugly).

EDIT: Budget fx broker, lol, platinum account account at $2500?! Hmmm... maybe not then, lol. Sigh.... the search continues...
"Risk comes from not knowing what you're doing." - Warren Buffett
  • #18
  • Jan 19, 2015 6:24am Jan 19, 2015 6:24am
I have Oanda for large and long-term directional trading and Tickmill for intraday scalping and news trading.
  • #19
  • Jan 20, 2015 12:43pm Jan 20, 2015 12:43pm
Quoting BobbyStar
I have Oanda for large and long-term directional trading and Tickmill for intraday scalping and news trading.
I am with FXCM and am considering moving elsewhere - may depend on how they treat the negative balances. How have you found OANDA I have a practise account and like the platform . Has anyone in the UK use FinSpreads and if so how have you found them - According to their web site one account type is the Limited Risk Account
"As spread betting is a form of leveraged trading, there is the risk that if prices move against you, you could lose more than the funds you have in your account. However, a Limited Risk Account negates this risk by applying a GSLO to all of your trades. This means that you will never lose more than your initial deposit when spread betting through a Limited Risk Account with Finspreads."
  • #20
  • Last Post: Jan 20, 2015 11:35pm Jan 20, 2015 11:35pm
I would go with an ECN broker first of all. Few comes to mind:

1) IC Markets, really nice spread and cTrader platform, slightly less competitive commission but improved a bit if signed up through IB, fast execution and good customer service, positive slippages, regulated by ASIC in Australia

2) Tickmills, another good ECN broker with tight spread, competitive commission rate, MT4 platform, regulated by FCA

3) Interactive Brokers, Pure ECN broker with no MM side of business, really nice spread and competitive commission rate, positive slippages, fast execution, horrible trading platform and OK customer service (only in Canada, US customer service is non-existant), regulated by IIROC in Canada, CFTC/NFA in US

4) FinFx from Finland, good platform, good spread and commissions, not regulated

5) LMAX - Good platforms, higher initial deposit, good commission rate, tight spread, regulated by FCA although a little disappointed at their decision to chase after clients for negative balances

Good luck!
Make your losses in demo. Earn your profits live.
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