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The search for a good broker

  • #41
  • Mar 27, 2016 3:31am Mar 27, 2016 3:31am
Quoting insomniawawa
{quote} Definitely choosing FxPro is not safer (only thing that is safer about them is that they offer negative balance protection). FXPro has bigger spreads because they want to make money from they clients. Actually I have bad experience with FxPro, when my account started to grow to fast they used classic MM cheating like delaying execution and so many requotes that I must leave them. Maybe they changed now, it was 5 years ago. Pepperstone and IC Markets have raw spreads and take 7USD for USD accounts or 7AUD for AUD accounts commission for...
Can't agree about FX Pro. You probably used MT4 platform and also 5 years ago, wow. I'm trading with FXPro and Pepperstone right now via cTrader platform, execution is fast and slippage is very low even during news release. They did bump the spread up on all FX pairs during easter, but that's pretty much expected.

Pepperstone got also an added advantage they open up shop on Sunday night 1 hour before FXPro, so that's pretty good also.
  • #42
  • Edited 5:10pm Mar 27, 2016 4:46pm | Edited 5:10pm
Hello everyone! still curious what i should do, they way i trade really depends on a couple of factors which brokers can control
-Fast orders
-low spreads
-AND THE LOWEST SLIPPAGE possible

Note: someone like pepperstone, servers are FAR away from me so thats one point to consider

i'm still doubting what is better, going on a mt4 with a broker that is NOT an ecn (so thats wrong right?) or going to look at something like an Ctrader platform?
Because i have a really tight SL is it important to not get stopped out because their was too much slippage or something because that will ruin the whole point of my trading, Can someone who has more experience with brokers than me help me solve this puzzle?

Happy Easter (a bit late )
Frank
  • #43
  • Mar 27, 2016 11:32pm Mar 27, 2016 11:32pm
hey guys, anyone tried Vantage FX ?? I have been trading with them for while now and they seem to be fine. Vantage FX seems to be on the same level like ICM or Pepper. the only problem I have with them is that they don't offer cTrader....
  • #44
  • Mar 28, 2016 3:18am Mar 28, 2016 3:18am
Quoting Ffl
Hello everyone! still curious what i should do, they way i trade really depends on a couple of factors which brokers can control -Fast orders -low spreads -AND THE LOWEST SLIPPAGE possible Note: someone like pepperstone, servers are FAR away from me so thats one point to consider i'm still doubting what is better, going on a mt4 with a broker that is NOT an ecn (so thats wrong right?) or going to look at something like an Ctrader platform? Because i have a really tight SL is it important to not get stopped out because their was too much slippage...
At MM brokers you will also have slippage. Ctrader is definitely better platform (faster and lower costs), however I don't use it. I use good one click trader EA that calculates position size based on stop loss and percentage risk and this EA is not available on cTrader. I also use copy tool that copies my trades to many accounts and it's also unavailable on cTrader, so I don't have choice...

If you trade only EURUSD you can try XTB fixed spread account with guaranteed stop loss (also no requotes) when market is opened, 1.6 pip spread for EURUSD (for other pairs spread is to high), stop loss minimum distance 5 pip, but if you want to open position less than 30 minutes before high impact news release the minimum distance equals 50 pip... Honest broker, FCA regulated. It was my first forex broker.

To check delay of your trades open demo account and look for ping on different servers, there will be for example 150ms (0,15sec) and it's your delay to trade is being executed.

I use normally 8 pip stop loss for AUDUSD, NZDUSD and 10 pip stop loss for EURUSD, GBPUSD, USDJPY and USDCAD, of course it varies due to market conditions. Do you use tighter stop loss? What strategy do you use? (without any secret details)
  • #45
  • Mar 28, 2016 6:34am Mar 28, 2016 6:34am
Quoting insomniawawa
{quote} CySec is a weak regulator, take a look on IronFx case, people lost a lot of money because they haven't segregated accounts (only mentioned on website)...
Well FCA covers only UK citizens, ASIC Austalian, CFTC US citizens. CySEC covers the rest too much people, hard to cover all
  • #46
  • Mar 28, 2016 6:37am Mar 28, 2016 6:37am
Quoting leebsurag
{quote} Well FCA covers only UK citizens, ASIC Austalian, CFTC US citizens. CySEC covers the rest too much people, hard to cover all
Are you claiming that a non-british client of an FCA regulated brokerage, won`t be able to take advantage of the FCA regulation?
Do not let the cost of being wrong, exceed the prize of beeing right
  • #47
  • Mar 28, 2016 7:02am Mar 28, 2016 7:02am
Quoting Decima
{quote} Are you claiming that a non-british client of an FCA regulated brokerage, won`t be able to take advantage of the FCA regulation?
You choose to answer me in another thread. For the ones following the discussion. Here is the link to it:

http://www.forexfactory.com/showthre...51#post8838451
Do not let the cost of being wrong, exceed the prize of beeing right
  • #48
  • Mar 28, 2016 8:08am Mar 28, 2016 8:08am
Quoting leebsurag
{quote} Well FCA covers only UK citizens, ASIC Austalian, CFTC US citizens. CySEC covers the rest too much people, hard to cover all

All clients of FCA regulated broker can benefit from FSCS protection!!!!!!!

"Unless COMP 4.2.3 R applies, an eligible claimant is any person who at any material time:

  1. (1)did not come within COMP 4.2.2 R; or
  2. (2)did come within COMP 4.2.2 R, but satisfied the relevant exception in COMP 4.3 or COMP 4.4.

https://www.handbook.fca.org.uk/handbook/COMP/4/2.html

There's nothing about foreigner clients!!!!!!!!!!!

The same thing relates to other regulators.

  • #49
  • Mar 28, 2016 8:27am Mar 28, 2016 8:27am
Quoting insomniawawa
{quote} All clients of FCA regulated broker can benefit from FSCS protection!!!!!!! "Unless COMP 4.2.3 R applies, an eligible claimant is any person who at any material time: (1) did not come within COMP 4.2.2 R; or (2) did come within COMP...
It migth be claimed just to try to confuse people. If new members to the forum reads often enough that it is the case, they might start to believe it. Even if it is wrong. Look at all the EU laws on social security etc. If his statements were true this would contradict general central principles of EU law.

If nobody is correcting the false statements the misconceptions will stand as true.

So let us clarify this once and for all. During the week we will get an answer from the FCA on this. Anyone continuing to claim the opposite than the answer, is quilty of deliberately misleading other forum members with false statements. Why would anyone do that?
Do not let the cost of being wrong, exceed the prize of beeing right
  • #50
  • Mar 28, 2016 9:24am Mar 28, 2016 9:24am
Quoting Decima
{quote} It migth be claimed just to try to confuse people. If new members to the forum reads often enough that it is the case, they might start to believe it. Even if it is wrong. Look at all the EU laws on social security etc. If his statements were true this would contradict general central principles of EU law. If nobody is correcting the false statements the misconceptions will stand as true. So let us clarify this once and for all. During the week we will get an answer from the FCA on this. Anyone continuing to claim the opposite than the answer,...

I think I understand his point of view. He might have trouble to work with regulator, because in general whatever country you come from and whatever regulator it is, regulators are not eager to cooperate with people who have small case to solve like "my broker hunts my stop loss please help and talk with broker" If he was citizen of England he would have had the same problem. Nevertheless, no matter what country you come from, if you are client of FCA regulated broker, in event of broker default you will get up to 50000 pounds compensation. I think it's most important part of it. If regulator gets lot of complaints, it starts investigation, but it rather improbable that regulator will start investigation due to one complaint.
  • #51
  • Mar 28, 2016 10:31am Mar 28, 2016 10:31am
Which Broker is a Real ECN/STP?,, who typically requires Commission on top of the Spread (And not a MarketMaker)
Depict history, predict future, and the area in between ...
  • #52
  • Mar 28, 2016 1:36pm Mar 28, 2016 1:36pm
@insomniawawa, i trade a lot of pairs, main pair is EUR/USD but i take what the markets gives to me (so trade a lot of majors), SL is normally around 6,5 pip because we try to profit from the turning markets, so no big SL because on a normal day you will not touch this SL (on demo don't know in real)
I'm just trying to figure out what the best thing is to do with finding a broker with my needs
Like i said i NEVER traded live so i do not have any experience with brokers, my way of trading works on DEMO, and to make sure that it will work in real i wanne take the best broker i could find to ensure that i will not get scammed or screwed over.

Starting traders are the breakfast/lunch/dinner for brokers and choosing the right one is really important if you wanne live longer than a couple of days

Have a great day!
Frank
  • #53
  • Mar 28, 2016 2:52pm Mar 28, 2016 2:52pm
Quoting Al-Agha
Which Broker is a Real ECN/STP?,, who typically requires Commission on top of the Spread (And not a MarketMaker)

The most "real ECN" broker on market is LMAX, it's first multilateral trading facility, so it works like real exchange. There's "no last look" rule, so your trade will be never rejected. It's FCA regulated, min capital to open account= $10000, spreads are higher than best well regulated brokers offer.
  • #54
  • Mar 28, 2016 3:03pm Mar 28, 2016 3:03pm
Quoting Ffl
@insomniawawa, i trade a lot of pairs, main pair is EUR/USD but i take what the markets gives to me (so trade a lot of majors), SL is normally around 6,5 pip because we try to profit from the turning markets, so no big SL because on a normal day you will not touch this SL (on demo don't know in real) I'm just trying to figure out what the best thing is to do with finding a broker with my needs Like i said i NEVER traded live so i do not have any experience with brokers, my way of trading works on DEMO, and to make sure that it will work in real...
I think you should just start trading live with IC Markets and Pepperstone with minimum $200 and test it by yourself. There's no such a thing like perfect broker, so you will search one more year and still hesitate You can even start with 0.01 lot and leave them after several trades if they don't meet your expectations Remember to register by rebate company to reduce costs.
  • #55
  • Mar 29, 2016 1:30am Mar 29, 2016 1:30am
I Recommend XM,Fxpro,Pepperstone
Rebate Everyday XM forex broker with VIP partner
  • #56
  • Mar 29, 2016 7:17am Mar 29, 2016 7:17am
Quoting insomniawawa
{quote} The most "real ECN" broker on market is LMAX, it's first multilateral trading facility, so it works like real exchange. There's "no last look" rule, so your trade will be never rejected. It's FCA regulated, min capital to open account= $10000, spreads are higher than best well regulated brokers offer.
THank you,,,
Depict history, predict future, and the area in between ...
  • #57
  • Mar 30, 2016 12:55pm Mar 30, 2016 12:55pm
I received an answer from the FCA today.

My enquiry/question to the FCA was: Do the FCA regulation only affect british citizens?

They answered the following: NO, if the firm/company is regulated by the FCA, all customers hold the same rights independent of their nationality.

So.... Anyone claiming the opposite are giving deceptive and misleading information to other forum members.

This should be carved in stone from now on...
Do not let the cost of being wrong, exceed the prize of beeing right
  • #58
  • Edited 4:17pm Mar 30, 2016 4:01pm | Edited 4:17pm
Hello everyone!

First of all thank you everyone for the info everyone gave!
And thanks @Decima for contacting the FCA, now everybody can read this if they aren't sure yet!

I made a big mistake..., I thought big leverage was really necessary for my way of trading, but i don't, having a high leverage has always doubt me with do i REALLY need this and the big answer NO
I tryed everything and anything and the best leverage i may use is 1:50 or 1:100 nothing more (so thats sounds better right?, i will not overleverage ) to secure that my whole account won't be blowen when somethings goes wrong.

So, we are on a fresh start again Finding the right broker part 2: Low spreads, leverage till 1:100 and a trustable broker!
I will start my search after a good night of sleep!, but if anybody can help me thank you a lot!

Or

Is pepperstone than still a good solution? (i'm sorry if we are spending so much time into this witht the same question!)

Have a great day!
Frank
  • #59
  • Mar 30, 2016 5:45pm Mar 30, 2016 5:45pm
hey guys..
any body can advice me which one is better FXCM or FOREXCOM..my plan to deposit about $500 or less, looking for ECN broker with leverage 1:100, NDD..respect if u can give comperation and the reason for those brokers.thanks
  • #60
  • Mar 31, 2016 4:10am Mar 31, 2016 4:10am
Hello people of Forexfactory. I invested $200 at Forex and have blown it all. Now I wanna start again with only a $20 deposit and martingale my way up to riches. So could you guys tell me a trusted broker with high leverages (needed for my strategy) and has a mini account (for $20 deposit) and supports neteller.
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