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The search for a good broker

  • #81
  • Edited 4:52am Apr 4, 2016 3:07am | Edited 4:52am
Quoting gonnaberich
{quote} I guess you may be right about the learning lesson thing. Need to experience it to believe it as I can't help it. Anyways, dumb question maybe but if a broker is registered with a regulatory body, does that not mean that they are regulated by that said body? If a broker says they are regulated by Cysec but is registered with the FCA are they not regulated by both? Or can one broker be only regulated by one body only.
It not the same, if it's regulated by CySEC and registered FCA, you are not allowed to get FSCS compensation, but only ICF of Cyprus € 20000. However it's good if broker is additionally registered in several regulatory bodies.
  • #82
  • Apr 4, 2016 6:55am Apr 4, 2016 6:55am
I saw many comments here thta octafx is not regulated, but FCA website says the opposite, they are regulated and that's officially according to their website
  • #83
  • Apr 4, 2016 7:40am Apr 4, 2016 7:40am
Quoting insomniawawa
{quote} It not the same, if it's regulated by CySEC and registered FCA, you are not allowed to get FSCS compensation, but only ICF of Cyprus 20000. However it's good if broker is additionally registered in several regulatory bodies.
I see... Thanks for clearing that up. I'm about done here. I'm still researching on a good strategy to use but once I'm finished with that, I'll deposit to either Tickmill or vipromarkets and try to make fast money with my 20 bucks. If that does not work I'll just go slow with pepperstone and try again with $200. Thanks again for the help.
  • #84
  • Apr 4, 2016 8:31am Apr 4, 2016 8:31am
Quoting gonnaberich
{quote} I see... Thanks for clearing that up. I'm about done here. I'm still researching on a good strategy to use but once I'm finished with that, I'll deposit to either Tickmill or vipromarkets and try to make fast money with my 20 bucks. If that does not work I'll just go slow with pepperstone and try again with $200. Thanks again for the help.
Between Tickmill and Vipro go for Tickmill
  • #85
  • Apr 4, 2016 8:34am Apr 4, 2016 8:34am
Quoting corre71
{quote} Between Tickmill and Vipro go for Tickmill
I guess that would be the better option considering vipro is still relatively new...
  • #86
  • Apr 4, 2016 9:01am Apr 4, 2016 9:01am
Quoting gonnaberich
Decima: You mean any Forex broker that is regulated by the FCA are worth looking into? Also, lost my initial capital trying to trade Forex the "proper" way. Now I wanna see if gambling strategies work. {quote} Are you sure about forex.com? I have heard some bad things about them. However, your list has given me some good brokers to research so much appreciated (Oanda seems like a good one).
is alpari still operating? read bad things for forex.com too. I have also used cTrader for trading with Pepperstone but honestly lost my trust, experienced freezing of the platform often, delaying price to exit and slowing the platform if in profits show that they are far from stp/ecn. Good support but didn’t stay long with them.. anyone experienced same issues? i see you all recommend ctrader
  • #87
  • Apr 4, 2016 9:57am Apr 4, 2016 9:57am
Quoting Taiwei
I saw many comments here thta octafx is not regulated, but FCA website says the opposite, they are regulated and that's officially according to their website
Yes, I can see that they finally got FCA regulation, but remember you must open account through octafx.co.uk, not octafx.com!!!
https://register.fca.org.uk/ShPo_Fir...000000m5ZYKAA2
  • #88
  • Apr 4, 2016 3:14pm Apr 4, 2016 3:14pm
Quoting Kotowskifx
{quote} is alpari still operating? read bad things for forex.com too. I have also used cTrader for trading with Pepperstone but honestly lost my trust, experienced freezing of the platform often, delaying price to exit and slowing the platform if in profits show that they are far from stp/ecn. Good support but didnt stay long with them.. anyone experienced same issues? i see you all recommend ctrader
Exactly what I suspect. fancy software does not make any difference in trading conditions. It is up to the broker how to run the business and the important stuff is not on the client's terminal display. Brokers set up the platform to make money otherwise they will bankrupt. I am still using MT4. Did not switch to cTrader because could not find a decent broker that support cTrader. Do not trust Australian brokers because if the broker go bankrupt then u will not get one cent back.
  • #89
  • Apr 4, 2016 3:23pm Apr 4, 2016 3:23pm
Quoting demark1
{quote} Exactly what I suspect. fancy software does not make any difference in trading conditions. It is up to the broker how to run the business and the important stuff is not on the client's terminal display. Brokers set up the platform to make money otherwise they will bankrupt. I am still using MT4. Did not switch to cTrader because could not find a decent broker that support cTrader. Do not trust Australian brokers because if the broker go bankrupt then u will not get one cent back.
Just a while ago everyone was recommending pepperstone and now this. Its like there is no such thing as a good broker and every one of them is out to get us
  • #90
  • Apr 4, 2016 5:09pm Apr 4, 2016 5:09pm
Quoting demark1
{quote} Exactly what I suspect. fancy software does not make any difference in trading conditions. It is up to the broker how to run the business and the important stuff is not on the client's terminal display. Brokers set up the platform to make money otherwise they will bankrupt. I am still using MT4. Did not switch to cTrader because could not find a decent broker that support cTrader. Do not trust Australian brokers because if the broker go bankrupt then u will not get one cent back.
Can you support your comment ?
Certain licensed brokers in Australia fully segregate client funds.
  • #91
  • Edited 3:04am Apr 5, 2016 2:13am | Edited 3:04am
Quoting demark1
{quote} Exactly what I suspect. fancy software does not make any difference in trading conditions. It is up to the broker how to run the business and the important stuff is not on the client's terminal display. Brokers set up the platform to make money otherwise they will bankrupt. I am still using MT4. Did not switch to cTrader because could not find a decent broker that support cTrader. Do not trust Australian brokers because if the broker go bankrupt then u will not get one cent back.
You simply don't understand the topic. ASIC regulated brokers really don't have any choice than keep all clients money on segregated accounts, so if they go bankrupt you will get all money back. However, if bank, where money are held, goes bankrupt you will get nothing. It's not weak CySEC that doesn't control brokers and once you get license you can do whatever you want

It's rather strange that Pepperstone allows fair trading on MT4 and does otherwise on cTrader.
  • #92
  • Apr 5, 2016 2:18am Apr 5, 2016 2:18am
Quoting lasty
{quote} Can you support your comment ? Certain licensed brokers in Australia fully segregate client funds.

Of course they have, don't look at these kind of comments that are totally made up. I've seen that earlier someone was trying to convince that foreigners are not allowed to get FSCS compensation...
  • #93
  • Apr 5, 2016 6:13am Apr 5, 2016 6:13am
As far as security of australian client trust accounts is concerned, i suggesst reading this blog about a broker bankruptcy on 2013:

https://gtltradedown.wordpress.com/2...ion-announced/

Apparently they transfered all the money(which is gone now) to Dubai, and it was legal too.
BTW, the australian client compensation fund only pays out to australian residents (in contrast to the uk one).
  • #94
  • Apr 5, 2016 7:32am Apr 5, 2016 7:32am
Hi, Mr. Insomniawawa and Mr. Shrike.

Since you know well the subject about regulations in Oceania, would you please put a light about New Zealand broker regulations ? Do they also protect clients deposits ? I am thinking about opening a live account with BlackBull Markets (they seem very good)...

Thank you very much for your clarifications...

Happy pips for you,
MrJinks.
  • #95
  • Apr 5, 2016 7:37am Apr 5, 2016 7:37am
NZ has been home to many crooks in the FX space. I think they have tightened up a little in the past years tho. Not sure what exactly is the situation right now. I would recommend a UK based firm.
  • #96
  • Apr 5, 2016 8:33am Apr 5, 2016 8:33am
Quoting shrike
As far as security of australian client trust accounts is concerned, i suggesst reading this blog about a broker bankruptcy on 2013: https://gtltradedown.wordpress.com/2...ion-announced/ Apparently they transfered all the money(which is gone now) to Dubai, and it was legal too. BTW, the australian client compensation fund only pays out to australian residents (in contrast to the uk one).

This is official: http://asic.gov.au/about-asic/media-...adeup-pty-ltd/

Actually, I haven't heard about this company at all, so I think it wasn't popular. Do you know if somebody got money back?
  • #97
  • Apr 5, 2016 1:50pm Apr 5, 2016 1:50pm
Quoting lasty
{quote} Can you support your comment ? Certain licensed brokers in Australia fully segregate client funds.

From what I read, Australian regulation is as weak as the regulation on a remote pacific island. There is no insurance in Australia to protect clients' funds. Separated accounts does not mean retail clients can get it when the broker fail.

"Australia does not currently have the legal or regulatory safeguards in place to ensure client money is truly segregated and cannot be used for hedging"

Read here about MF global 's case:

http://www.businessinsider.com.au/qu...r-money-2015-2
  • #98
  • Apr 5, 2016 1:55pm Apr 5, 2016 1:55pm
bottomline is that you can't find a perfect broker that will match all the required criteria, regulation, levarage, segreggation, reliable withdrawals, etc.
If you want safety of funds go with Baxter FX or SaxoBank but they have 1:50 leverage and a high entry ticket - starting with 50K USD.
  • #99
  • Apr 5, 2016 3:49pm Apr 5, 2016 3:49pm
Quoting corre71
{quote} Between Tickmill and Vipro go for Tickmill
Could you please enlarge what are pros and cons of both (of course if you tried them)?
  • #100
  • Apr 5, 2016 4:32pm Apr 5, 2016 4:32pm
Quoting available
{quote} Could you please enlarge what are pros and cons of both (of course if you tried them)?
I use ticmill from long time and is very good for scalping eurusd. Used Vipro markets for about 2 weeks and in this period underperformed strongly Tickmill using the same robots due to much higher slippage. Tickmill, also if it is an off shore broker, is well know and has a good reputation
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