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Best Broker for Extreme Scalper - When Spreads Matter

  • #121
  • Jan 27, 2015 3:36am Jan 27, 2015 3:36am
What are the top 5 things to look for with a broker? If the community was able to design a broker for the FX market, what would it look like (Wishlist). After the CHF debacle last week, I've now got a bad taste in my mouth with both FXCM and Saxo Bank. There does not seem to be any brokers out there that are truly on the side of the trader......
  • #122
  • Jan 27, 2015 1:38pm Jan 27, 2015 1:38pm
Quoting moyes
I am planning on trading with them with either Tickmill or IC MArkets, but I know Tickmill is based in the Seychelles with a dubious licence. Anyone used them yet and are happy so far? I am looking for a broker with low spreads and that is reputable
IC Markets and Tickmills both have comparable spread when cost of commission is considered. While Tickmills charges slightly lower commission, they make up for it in their spread. While IC Markets charges a little bit higher commission, their spread actually more than make up for the higher commission by about 30 cents BUT this is on their *published* spread. In reality IC Markets' spread varies a lot. On their website, IC Markets states that their spread on USD/JPY is on average 4 pips, in reality, it widens up to 10 pips; its average is about 5-6 pips. Their spread on EUR/USD is a little better and is the best just like in all brokers, but still with an average of about 4 pips not as low as they state on their website.

I don't know about Tickmills but given that they are all dealing with the same liquidity f***ers and are really in the same market with very similiar cost structure, their spread won't be drastically better. The only thing that is making me notice Tickmills is their good fill policy during the SNB crisis. People's stop-losses were actually honored and their profitable trades actually filled. One trader actually made windfall of profits shorting the EURCHF. Don't know if they are true or not. While IC Markets is taking advantage of the liquidity gap artificially created by those so called "prime banks" and are filling clients' trades with fictitious prices to increase the losses and even turning otherwise profitable trades into losing ones.

So other than that, so far I find IC Markets and Tickmills are the best for scalping. Another alternative is Interactive Brokers. Their spreads are pretty tight and actually doesn't vary that much and the commission rate is the same as Tickmills BUT their trading platform is HORRIBLE. It's Java-based, super slow and many times when you click on the cell for one pair and you actually end up opening a trade on another; you have to always open a trade to test first before you do One-click trading which is NEVER one click unlike cTrader offered by IC Markets (by far the best platform for scalping) And each time when you log in, IB's software switches around the cell positions of all the currency pairs and you have to look for each of them. AND because IB is based in the good ol' US of A, they don't allow hedging from the same account. If you want to hedge, you have to open a sub-account and enter the hedging position there. And their leverage is very low.
Make your losses in demo. Earn your profits live.
  • #123
  • Jan 27, 2015 1:42pm Jan 27, 2015 1:42pm
Quoting globex456
What are the top 5 things to look for with a broker? If the community was able to design a broker for the FX market, what would it look like (Wishlist). After the CHF debacle last week, I've now got a bad taste in my mouth with both FXCM and Saxo Bank. There does not seem to be any brokers out there that are truly on the side of the trader......
Top 5 things?

1. Protection for client funds - Allowing you to withdraw whenever you want and for whatever amount and processes withdrawals fast (Interactive Brokers is best in that category I will give them that)
2. Honoring trades
3. Good platform
4. Execution speed & spread
5. Good customer service
Make your losses in demo. Earn your profits live.
  • #124
  • Jan 27, 2015 6:13pm Jan 27, 2015 6:13pm
Quoting moyes
I am planning on trading with them with either Tickmill or IC MArkets, but I know Tickmill is based in the Seychelles with a dubious licence. Anyone used them yet and are happy so far? I am looking for a broker with low spreads and that is reputable
Prior to their change to Seychelles they’d been locating in Estonia, gained quite solid reputation according traders feedback on FF and FPA. Personally I’m also a bit concerned trusting my money to the island entity, (with their famous money laundering practices ) but I believe this alteration in jurisdiction is a forced step under pressure of imminently coming predatory EU tax on financial services. Let’s see. O have account there but couldn’t afford more than testing amount of 200$ for them so far.
  • #125
  • Jan 29, 2015 8:20am Jan 29, 2015 8:20am
I have used Axitrader and IC Markets, I am planning on trading with Tickmill(Armada) and Darwinex soon, but I know Tickmill, they are based in the Seychelles...with a licence that has more questions than answers. I will give them a try with a small account...
  • #126
  • Jan 29, 2015 10:47am Jan 29, 2015 10:47am
there is a new trend of low commission stp ecn brokers
the problem is that its hiding the fact that they apply a crazy spread

basically for tickmill on demo platform:

- they charge you 0.2pip of commission per side (0.4 totally)
- but they apply a spread of 0.8

then you go back to 0.4 + 0.8 = 1.2 pip of cost

the only one that looked good was icmarket but with all the history about negative balances and platform freeze its becoming a little discouraging
  • #127
  • Jan 29, 2015 1:11pm Jan 29, 2015 1:11pm
Has anyone worked with GAINSY? I'm checking them recently, for EUR/USD their spread is 0.1 and they charge a 4$ per one standard lot making it 0.5 pip totally. It seems very competitive. I haven't deposited any money with them so I don't know the real execution speed, but according to some websites this broker has been one of the best choices by traders. One more good thing about them is that they ONLY have STP accounts.

www(dot)gainsy(dot)com

Any thoughts kindly share.

Regards,
Manage probability while following the TREND.
  • #128
  • Jan 29, 2015 2:00pm Jan 29, 2015 2:00pm
Quoting felixis
there is a new trend of low commission stp ecn brokers the problem is that its hiding the fact that they apply a crazy spread basically for tickmill on demo platform: - they charge you 0.2pip of commission per side (0.4 totally) - but they apply a spread of 0.8 then you go back to 0.4 + 0.8 = 1.2 pip of cost the only one that looked good was icmarket but with all the history about negative balances and platform freeze its becoming a little discouraging
Where exactly did you get the incorrect figures for Tickmill on the 0.8 spread?

Their average EUR/USD spread for the recent turbo-volatile January is 0.4 pips, if you add 0.4 of commissions on both sides then you get total trading cost of 0.8 per lot. If you can name any broker that offers such consistently low spreads coupled with low commissions then I'm all ears.

Chart is from Myfxbook: http://www.myfxbook.com/forex-broker...-spread/2512,1
Attached Image (click to enlarge)
Click to Enlarge Name: Tickmill Forex Broker Spread.png Size: 66 KB
  • #129
  • Jan 29, 2015 3:21pm Jan 29, 2015 3:21pm
my mistake BobbyStar you are right they have an average of 0.4 pip like you said.


I am in the process to find another broker as Oanda doesnt suit my need regarding my scalping strategy.
I was considering icmarket but with the SNB event, I dont think I will do business with them.

If you have a Tickmill account, perharps you could tell me about their order execution latency and usual slippage.
  • #130
  • Jan 29, 2015 4:09pm Jan 29, 2015 4:09pm
Quoting felixis
my mistake BobbyStar you are right they have an average of 0.4 pip like you said. I am in the process to find another broker as Oanda doesnt suit my need regarding my scalping strategy. I was considering icmarket but with the SNB event, I dont think I will do business with them. If you have a Tickmill account, perharps you could tell me about their order execution latency and usual slippage.
My orders with Tickmill get executed on average within 0.5 seconds and they have so far not played any monkey business with me. Slippage is very minimum if I compare to my other account with IronFX (not comparable really). Tickmill's slippage is also lower compared to Oanda where I do only directional trading. I personally think Tickmill is one of the best ECN brokers in the breed of new brokers. They just added a new CEO from Australia (https://leaprate.com/2015/01/tickmil...as-global-ceo/), with previous GFT and Ava background which probably means that they are head ed for ASIC license. Currently they have just a license from the Seychelles FSA so I generally keep my account at 50K USD or below and withdraw profits as I get it. I've been in trading FX for more than 10 years so in most cases I tend to know what I'm talking about. This changes of course after 3 beers, if you know what I mean!
  • #131
  • Jan 29, 2015 6:54pm Jan 29, 2015 6:54pm
Quoting BobbyStar
{quote} My orders with Tickmill get executed on average within 0.5 seconds and they have so far not played any monkey business with me. Slippage is very minimum if I compare to my other account with IronFX (not comparable really). Tickmill's slippage is also lower compared to Oanda where I do only directional trading. I personally think Tickmill is one of the best ECN brokers in the breed of new brokers. They just added a new CEO from Australia (https://leaprate.com/2015/01/tickmil...as-global-ceo/),...
Bobbystar sounds like you really know Tickmill very well. As much as I think Tickmill(Armada) is a great broker with excellent spreads. I still don't see how a former CEO of GFT and Avatrade will benefit Tickmill. These two brokers are 100% market makers so all i see is that Tickmill might turn out to be a market maker after all....I found this information about them ...Check the link"‘Armada Markets’ Set to Leave Polish Market under a Cloud of Suspicion" http://forexmagnates.com/armada-mark...oud-suspicion/

What is this all about?
  • #132
  • Jan 30, 2015 12:41am Jan 30, 2015 12:41am
My bet is that the GFT/Ava guy was brought to Tickmill to arrange licenses, probably with ASIC in Australia as the Sudhanshu Agarwal has been CEO of ASIC-regulated companies. I could be wrong of course about this. In terms of Poland, then they seem not to accept clients from Poland as it is not in the drop down menu of the account application. Too bad if you are from Poland. They also don't accept clients from US, UK, Australia, Cyprus which most likely also means that some sort of licensing process is going on in these select countries.
  • #133
  • Jan 30, 2015 1:05am Jan 30, 2015 1:05am
Quoting BobbyStar
{quote} My orders with Tickmill get executed on average within 0.5 seconds and they have so far not played any monkey business with me. Slippage is very minimum if I compare to my other account with IronFX (not comparable really). Tickmill's slippage is also lower compared to Oanda where I do only directional trading. I personally think Tickmill is one of the best ECN brokers in the breed of new brokers. They just added a new CEO from Australia (https://leaprate.com/2015/01/tickmil...as-global-ceo/),...
I would love to see tickmill become much more legitimate in terms of regulation, many traders had their doubt before event started, even not touching their demo platform yet. it's kinda one sided to judge service only by letter of regulation. its normal reaction from 10 years experience traders, to had more attention with trading condition, direct experience not just by simply reference.
if we been trade for long time, trading account diversity is a common sense, quite different when most new trader get too excited with promotional or other reference without had a clear view based on their own reference. as their new CEO announced, for me not quite a big deal, to be honest never heard that name before, but in term of transparancy this bear a good intention, well not all brokers company reveal their board, especially with those bucketshop, and from the link, checking his linkend account, he seem the right person at right company.
  • #134
  • Jan 30, 2015 3:27am Jan 30, 2015 3:27am
thank you for the infos BobbyStar.

I think i will open an account with a limited capital and see how it turns out.
  • #135
  • Feb 2, 2015 2:28am Feb 2, 2015 2:28am
Quoting felixis
my mistake BobbyStar you are right they have an average of 0.4 pip like you said. I am in the process to find another broker as Oanda doesnt suit my need regarding my scalping strategy. I was considering icmarket but with the SNB event, I dont think I will do business with them. If you have a Tickmill account, perharps you could tell me about their order execution latency and usual slippage.
you forgot to added CHF event produce new trend, new breed brokerage company with negative balance protection. and for US regulated brokers (oandan) it mat only suit for US citizen, which also their restrict their trader to made an account with non us regulated company, perfectly confined!
due the negotiation negative balance, some brokers give full protection, but other simply transform into an 'adjustment'. well, I found no client reports being victim of Tickmill services upon CHF event, i was worried too when they decide to improving from armada markets into tickmill, but none of change been made with their trading condition, 0.4 average pips spread on most major pair, sometimes i've got lower pips.
Attached Image (click to enlarge)
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  • #136
  • Feb 2, 2015 7:36am Feb 2, 2015 7:36am
Quoting available
{quote} you forgot to added CHF event produce new trend, new breed brokerage company with negative balance protection. and for US regulated brokers (oandan) it mat only suit for US citizen, which also their restrict their trader to made an account with non us regulated company, perfectly confined! due the negotiation negative balance, some brokers give full protection, but other simply transform into an 'adjustment'. well, I found no client reports being victim of Tickmill services upon CHF event, i was worried too when they decide to improving...
Seriously Ingmar, this is pathetic. Go and pay for Google-ads if you need advertisement.
  • #137
  • Feb 2, 2015 9:21am Feb 2, 2015 9:21am
Quoting BobbyStar
My bet is that the GFT/Ava guy was brought to Tickmill to arrange licenses, probably with ASIC in Australia as the Sudhanshu Agarwal has been CEO of ASIC-regulated companies. I could be wrong of course about this. In terms of Poland, then they seem not to accept clients from Poland as it is not in the drop down menu of the account application. Too bad if you are from Poland. They also don't accept clients from US, UK, Australia, Cyprus which most likely also means that some sort of licensing process is going on in these select countries.
Tickmill is effectively unregulated, therefore cannot accept clients from regulated countries such as the UK, Australia, Cyprus etc. That's why their spreads look so good, because regulation is expensive.
  • #138
  • Feb 3, 2015 4:49am Feb 3, 2015 4:49am
A requirement of regulation is that all client funds are segregated. Nowhere on Tickmill's website does it state that they segregate clients' money, so I doubt that they do.
  • #139
  • Feb 3, 2015 4:56am Feb 3, 2015 4:56am
Quoting jen101
A requirement of regulation is that all client funds are segregated. Nowhere on Tickmill's website does it state that they segregate clients' money, so I doubt that they do.

Every broker segregatte client's money, would be insane not to do so
Forex is a losers game.
  • #140
  • Feb 3, 2015 5:25am Feb 3, 2015 5:25am
Quoting trader121
{quote} Every broker segregatte client's money, would be insane not to do so
Perhaps, but I wouldn't chance it . Anyhow, I think Tickmill are after the unregulated market.
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