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Expierences with this Broker?

  • #1
  • First Post: Aug 13, 2006 1:22am Aug 13, 2006 1:22am
I wish there was a forum on FF for brokers, but my question is on MG forex, does anyone have expierence with this broker? Heres the link http://www.mgforex.com/

I googled this and the reviews are not alot to draw a conclusion about this broker. They offer good news service, from what i read, but thats about it. Anyone has expierence? Also, on some independent forex review sites, posters commented on how this brokage allows news traders, any thoughts?
  • #2
  • Aug 13, 2006 3:24am Aug 13, 2006 3:24am
Since I started forex trading, I am with this broker....They are fine, excellent executions, some slippage during fast news times, but so far not a lot.. (Bear in mind that I don't trade news in the first place)...

All in all, they are a good & decent broker...

If you need to know anything specific about them, post back & if I can help I will...


Thanks,

Nader
  • #3
  • Aug 13, 2006 9:30am Aug 13, 2006 9:30am
Thanx for the reply, that helps alot. But i worry about the slippage during news times, since thats when i trade. Hopefully there are others here who uses them for news trading.
  • #4
  • Aug 13, 2006 12:28pm Aug 13, 2006 12:28pm
Quoting hunter101
Thanx for the reply, that helps alot. But i worry about the slippage during news times, since thats when i trade. Hopefully there are others here who uses them for news trading.
There are some cumbersome requotes during news times but its not that bad. I also have no problems with this broker and I am with them since a year and a half. I can trade through my cell phone..
  • #5
  • Aug 13, 2006 12:33pm Aug 13, 2006 12:33pm
So they fill during news volitility? Does the reqoutes hurt your pips? Are the spreads good? i am thinking that this brokage could be good, but their demo sux, so i am askin around to see if anyone has expierneces with them
  • #6
  • Aug 13, 2006 1:08pm Aug 13, 2006 1:08pm
Quoting hunter101
So they fill during news volitility? Does the reqoutes hurt your pips? Are the spreads good? i am thinking that this brokage could be good, but their demo sux, so i am askin around to see if anyone has expierneces with them
Of course requotes hurt your pips, but honestly you have to look at this type of slippage as typical during high volatility. There are absolutely no retail brokers that can guarantee against requotes unless they have variable spreads. If they do have variable spreads you could very well see spreads of 10 or more pips.

If you trade news, then live with it. Factor the slippage into your trading strategy. Know the game and play it well...don't look for a brokerage to try and help you in the situation. Accept the probability that you will get a requote or 2 and base your news trading strategies around it.

What you are looking for (the ability to get in a trade in a split second without a requote AND stable spreads) you will never find. From our side, it's very easy to see the simplicity and fairness in such a system, but what you are not considering is the economies of scale, meaning that during volatility demand can be extremely one sided and retail brokers, ecns and banks alike have to adjust for this arbitrage by varying the spread which leads to requotes in fixed spread brokerage houses.

With some ECNs you could TRY to play within the widened spread, but there are no guarantees that your order will be filled.
  • #7
  • Oct 1, 2006 12:33pm Oct 1, 2006 12:33pm
Mmmm...I was also interested in this broker. Anyobdy has any new info on them ? Are you guys still satisfied with them ? I am not a news trader therefore I could care less about news.

I just need a good broker that allows me to place my orders, mostly during the Asian session, and has NO DOWNTIME !!!! That's the main thing I am looking for....every now and then is ok, but not too many times.

What's your experience with their connection ?

Thanks

Future
"Lunch ? Lunch Is For Wimps !"
  • #8
  • Oct 1, 2006 12:37pm Oct 1, 2006 12:37pm
I have never had down time in the almost 4 years I have been with them. I have no complaints at all. Their trading platform is old though, but I do not care as long as it works. They offer many types of orders, that others do not.

Quoting MrFuture
Mmmm...I was also interested in this broker. Anyobdy has any new info on them ? Are you guys still satisfied with them ? I am not a news trader therefore I could care less about news.

I just need a good broker that allows me to place my orders, mostly during the Asian session, and has NO DOWNTIME !!!! That's the main thing I am looking for....every now and then is ok, but not too many times.

What's your experience with their connection ?

Thanks

Future
  • #9
  • Oct 1, 2006 12:44pm Oct 1, 2006 12:44pm
Yes, I like the different order types as well, although I don't see that they are offering too much types of orders...They offer the OCO (One Cancel Other) type of orders, mainly to put limit & stop orders together & if one of them is hit, the other one is automatically cancelled...But they don't offer trailing stops for example, that's one pitfall..


Thanks,

Nader
  • #10
  • Oct 1, 2006 12:46pm Oct 1, 2006 12:46pm
Quoting smjones
I have never had down time in the almost 4 years I have been with them. I have no complaints at all. Their trading platform is old though, but I do not care as long as it works. They offer many types of orders, that others do not.
Well, that is great news then. Tha's all I need. I do not care how fancy their trading platform is, all I want is reliability.

I was trying to choose between them and CMS Forex, since they are the only ones who seem to require low sarting balances, but boy, CMS has HORRIBLE, HORRIBLE reviews, it is amazing.

Everybody all over the net complains about them. I read that they are constantly down and that when you call, even though they are in new york, all kinds of weird-accent-talking people pick up the phone and are very rude.

Too bad because they have the option to transfer money directly from your bank account rather than using wires. But if once you do transfer that money you loose it because they are constantly down.....then what's the point, right ?

But I do wonder: why is it that Forex Factory, such a nice website, sponsors CMS Forex in the preferred broker section, and not MG Forex ? I do not know what money is involved for such sponsorship, but it would be nice if every now and then truth speaks louder than money, for a change....


MrFuture
"Lunch ? Lunch Is For Wimps !"
  • #11
  • Oct 1, 2006 1:50pm Oct 1, 2006 1:50pm
Yes, but I like the if done clause, because you can place an if done for say .1lots and then specify the trade you want to execute in a much larger lot size. say 10 lots. This brings up one point though, They do not offer hedging or micro lots... You can in fact build a trailing stop using the if done clause, but it is cumbersome.

Quoting narafa
Yes, I like the different order types as well, although I don't see that they are offering too much types of orders...They offer the OCO (One Cancel Other) type of orders, mainly to put limit & stop orders together & if one of them is hit, the other one is automatically cancelled...But they don't offer trailing stops for example, that's one pitfall..


Thanks,

Nader
  • #12
  • Oct 1, 2006 1:54pm Oct 1, 2006 1:54pm
MG also offers direct transfer between them and my checking account, not a wire transfer. In fact there is no charge for this.. This is the primary way I transfer money.



Quoting MrFuture
Well, that is great news then. Tha's all I need. I do not care how fancy their trading platform is, all I want is reliability.

I was trying to choose between them and CMS Forex, since they are the only ones who seem to require low sarting balances, but boy, CMS has HORRIBLE, HORRIBLE reviews, it is amazing.

Everybody all over the net complains about them. I read that they are constantly down and that when you call, even though they are in new york, all kinds of weird-accent-talking people pick up the phone and are very rude.

Too bad because they have the option to transfer money directly from your bank account rather than using wires. But if once you do transfer that money you loose it because they are constantly down.....then what's the point, right ?

But I do wonder: why is it that Forex Factory, such a nice website, sponsors CMS Forex in the preferred broker section, and not MG Forex ? I do not know what money is involved for such sponsorship, but it would be nice if every now and then truth speaks louder than money, for a change....


MrFuture
  • #13
  • Oct 1, 2006 3:23pm Oct 1, 2006 3:23pm
Quoting smjones
MG also offers direct transfer between them and my checking account, not a wire transfer. In fact there is no charge for this.. This is the primary way I transfer money.
Are you serious ? I do not see that option on their website, how come ?

http://www.mgforex.com/eng/forex-tra...withdrawal.htm

All I see is checks or wires, both to fund and withdraw. Do you mind giving me the link of where I could read about it ?

Thanks

Future
"Lunch ? Lunch Is For Wimps !"
  • #14
  • Oct 1, 2006 8:56pm Oct 1, 2006 8:56pm
I am confused, because this link you listed shows exactly that you can transfer using an electronic check to your bank, free.
  • #15
  • Oct 1, 2006 9:34pm Oct 1, 2006 9:34pm
I have been with MG over 4 years. I did not know that funds could be sent by 'electronic' check. I guess my confusion is because on withdrawal form when you choose withdrawal by check it then has a box to check if you want check sent overnight.

So I am assuming that you just fill out withdrawal form and don't check over night delivery.

Thanks for any info that you can share on this.

I sweep mg accounts at least once a week.

I believe that in the world of forex that mg is vey trustworthy. I use mostly limit orders and have never had any problems. I am alreay in position if looking to enter during news.
  • #16
  • Last Post: Oct 2, 2006 9:08am Oct 2, 2006 9:08am
I have always called me rep to withdraw money. In the beginning, I registered a voided check with them, so they have that info on file. When I want to withdraw money, I just call my rep.. It usually takes 24 hours, but has been as much as 48 hours.

scott


Quoting qiktrader850
I have been with MG over 4 years. I did not know that funds could be sent by 'electronic' check. I guess my confusion is because on withdrawal form when you choose withdrawal by check it then has a box to check if you want check sent overnight.

So I am assuming that you just fill out withdrawal form and don't check over night delivery.

Thanks for any info that you can share on this.

I sweep mg accounts at least once a week.

I believe that in the world of forex that mg is vey trustworthy. I use mostly limit orders and have never had any problems. I am alreay in position if looking to enter during news.
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