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  • #161
  • May 7, 2016 6:51am May 7, 2016 6:51am
Quoting FXPIG.Kevin
One other thought... As I said we are and have been pursuing other avenues for regulation as we do encourage oversight, however one issue with most regulatory bodies is they grow their regulation based on their largest members, not their smallest. So, initially when a regulatory body is established they are keen on working with all types of brokers; start ups, medium to large size retail outfits, larger prime of primes, etc. However, over time they structure their regulation based on that highest tier and thus smaller size companies are left outside...
You raised some valid points but nevertheless it doesn't derogate the significance of watchdogs when you are in the process of choosing a broker. Being not a UK or AU citizen it doesn't make a sense for me to trade with FCA or AU broker as most of the times we are serviced with some offshore entity, like FxPro does (their Cyrpus structure deals with Asia, Russia and similar worlds). Currently I work with Hotforex and FXCM, CySEC and NFA combo, though I'm confident about the safety of my funds and make regular withdrawals as a precaution measure. Ultimately brokers will be always against highly-profitable traders
  • #162
  • May 7, 2016 12:30pm May 7, 2016 12:30pm
Quoting happyhappy
{quote} I started using Tickmill recently and so far I'm very impressed. Get an account at Cashbackforex first and use that to sign up.. Global Prime is also excellent. If you're a scalper it's a good idea to put the SpreadHistory indicator on the symbol you want to trade and watch it for a couple days. After seeing that IC Markets widens the spread a lot for brief moments, I've decided not to choose them..
Thanks for sharing. I have not heard of Tickmill before and Onada had some bad reviews from what I remember reading about as well. Hard to find the perfect honest broker. Just noticed that Tickmill does not have an App on the Apple Store and Onada has very few reviews on Apple Store
  • #163
  • Edited 12:37pm May 7, 2016 12:31pm | Edited 12:37pm
Yes, regulations whatsoever still failing meet it's core objectives. What is your core objectives as Currency Trader?

Australian Securities and Investments Commission March 2016
REPORT 476: ASIC enforcement outcomes: July to December 2015

Protecting retail investors and financial consumers
Area of focus
Retail margin FX trading

ASIC has taken a range of action against financial services businesses that provide margin FX and contracts for difference (CFD) broking services to retail clients—including against individuals involved in the operation of those businesses.

Andrew Jeffers.
64 Mr Andrew Jeffers was banned from providing financial advice for three years after GTL Trade Up Pty Ltd (in liquidation) (GTL), a company of which he was a director, issued three Product Disclosure Statements that contained false or materially misleading statements. The statements of concern misled retail investors about the true trading position undertaken by GTL and affected investors’ ability to make an informed decision about whether to invest with GTL.

65 Liquidators were appointed to GTL on 26 September 2013 after its main liquidity provider, a Dubai-based entity, failed to make funds available to GTL to meet client withdrawals. GTL owed about $4.4 million to its retail clients.

Nigel Derek Heath.
66 Following pleas of guilty to two charges, Mr Nigel Derek Heath was sentenced by the District Court to two years jail for a market manipulation offence and 18 months jail for a matched trade offence. In his original sentencing, Mr Heath was to be released on a recognizance release order. after serving nine months, with self-surety in the amount of $10,000, to be of good behaviour for a period of 18 months.

67 Mr Heath filed an application for leave to appeal against his sentence on 25 November 2015.

68 On 25 February 2016, the Court of Criminal Appeal resentenced Mr Heath to 18 months jail for the market manipulation offence and 1 months jail for the matched trade offence. Mr Heath served five months jail and was released on 25 February 2016 on a recognizance release order, in the sum of $10,000, to be of good behaviour for a period ending on 24 June 2017.

69 The charges against Mr Heath related to his trading in shares and CFDs in four resource companies between 16 February 2012 and 11 October 2013. Over these 20 months, Mr Heath traded through nine separate share trading and CFD trading accounts.
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  • #164
  • May 7, 2016 2:00pm May 7, 2016 2:00pm
Quoting stylinex
{quote} Thanks for sharing. I have not heard of Tickmill before and Onada had some bad reviews from what I remember reading about as well. Hard to find the perfect honest broker. Just noticed that Tickmill does not have an App on the Apple Store and Onada has very few reviews on Apple Store
U cannot find a Tickmill App on the Apple store as for most brokers because the only platform they offer is MT4, which of course is available on mobile too. Tickmill is one of my favourite brokers, with an excellent and fast support and very low trading cost (and u can even get rebates). The only con is that is an offshore broker, but if you do not plan to use large funds it would not be a big issue. They have a very good reputation and are in this businnes from long time (formerly Armada Markets)
  • #165
  • May 7, 2016 2:36pm May 7, 2016 2:36pm
Quote
Ultimately brokers will be always against highly-profitable traders

This is untrue if the broker in question is not internally booking your flow. I myself would love to have 100% of my clients making money month on month, as it means as their balances grow so do their trade volumes, which is where I make money. We actually have a large portion of our clients that turn a profit month on month, much higher than the industry average. It can be tricky to ensure that your aggregation is still competitive with a majority of your flow being profitable, but its nowhere near impossible.
Kevin Murcko | CEO at FXPIG
  • #166
  • May 7, 2016 2:40pm May 7, 2016 2:40pm
Quoting RoelsMajor
Yes, regulations whatsoever still failing meet it's core objectives. What is your core objectives as Currency Trader?
The objective is to apply oversight that actually sees these risks BEFORE they happen. The objective is to make sure that the applied oversight is stringent where needed and not so stringent in other, not so fundamental areas. The objective is to staff regulators with people who have actually worked in the industry so they can more easily apply regulations that will actually work to stopping the onset of these all so familiar frauds.

Regulations as they are do not stop criminal activity in fact they don't even really dismay it, they just slow it down a bit, but at the same time the label of 'Regulated Broker' is like a mark of distinction and allows savvy criminals to steal even more.
Kevin Murcko | CEO at FXPIG
  • #167
  • May 7, 2016 8:06pm May 7, 2016 8:06pm
Quoting corre71
{quote} U cannot find a Tickmill App on the Apple store as for most brokers because the only platform they offer is MT4, which of course is available on mobile too. Tickmill is one of my favourite brokers, with an excellent and fast support and very low trading cost (and u can even get rebates). The only con is that is an offshore broker, but if you do not plan to use large funds it would not be a big issue. They have a very good reputation and are in this businnes from long time (formerly Armada Markets)
I have read some negative reviews about MT4 as well. Any reputable company should have an App for their platform on the Apple App Store
  • #168
  • May 8, 2016 2:19am May 8, 2016 2:19am
Quoting stylinex
{quote} I have read some negative reviews about MT4 as well. Any reputable company should have an App for their platform on the Apple App Store
If u trade manually there are tons of better platforms than mt4. But if U are an automated trader like me there is no real alternative to metaquotes. I am aware of all mt4 limitations, but fortunately found my way to squeeze money from markets
  • #169
  • May 8, 2016 10:54am May 8, 2016 10:54am
Hello. previously i've invested in Hotforex.. and now im intending to open a new acc with different broker.. can someone recommend me i should choose XM or Exness pls?

I know both are good, but exness has tighter spread compared to XM. but what am i concerning is recently exness is have few unusual spikes happened on mini account clients .

another question is, is there any problem with the broker if i made a withdrawal more than 30k funds?

so.. can someone recommend me which broker should i use?
  • #170
  • May 8, 2016 3:10pm May 8, 2016 3:10pm
I vouch for FXPro UK, they have never given me any problems and their ctrader really has tight spreads.
ZERO issues with withdrawals

note this is my third broker.

first was iron fx, great service terrible spreads, next was cmtrading even better service even worse spreads

all in all im very happy with fxpro uk.
  • #171
  • May 8, 2016 3:28pm May 8, 2016 3:28pm
Quoting bm6
I vouch for FXPro UK, they have never given me any problems and their ctrader really has tight spreads. ZERO issues with withdrawals note this is my third broker. first was iron fx, great service terrible spreads, next was cmtrading even better service even worse spreads all in all im very happy with fxpro uk.
yeah i like FxPro, but too bad fxpro doesnt offer 1:1000 leverage account
  • #172
  • May 8, 2016 7:05pm May 8, 2016 7:05pm
Quoting bm6
first was iron fx, great service terrible spreads
This must be a joke.
  • #173
  • May 8, 2016 7:58pm May 8, 2016 7:58pm
Didn't an angry mob of traders bash in IronFX's front door in china, demanding their cash? Sounds more like self-service..
  • #174
  • May 9, 2016 2:19am May 9, 2016 2:19am
Quoting bm6
I vouch for FXPro UK, they have never given me any problems and their ctrader really has tight spreads. ZERO issues with withdrawals note this is my third broker. first was iron fx, great service terrible spreads, next was cmtrading even better service even worse spreads all in all im very happy with fxpro uk.

FxPro ctrader account has one of the biggest commission in forex industry $9 for $100000 traded, so for example for GBPUSD now it's $9*1,43= $12,87 plus spread 0,7-1,1, average cost 2,2 pip!!!!
  • #175
  • Edited 6:14am May 9, 2016 3:12am | Edited 6:14am
Quoting insomniawawa
{quote} FxPro ctrader account has one of the biggest commission in forex industry $9 for $100000 traded, so for example for GBPUSD now it's $9*1,43= $12,87 plus spread 0,7-1,1, average cost 2,2 pip!!!!
Thanks for pointing that out.People don't realise that it's cheaper to trade with a MM than on FXPro's"ecn" platform. Better off with Pepperstone, Axitrader or even Oanda who is a MM.
  • #176
  • May 9, 2016 9:25am May 9, 2016 9:25am
Quoting mitch77
{quote} Thanks for pointing that out.People don't realise that it's cheaper to trade with a MM than on FXPro's"ecn" platform. Better off with Pepperstone, Axitrader or even Oanda who is a MM.

I prefer IC Markets and Pepperstone MT4 accounts with additional commission (I use one click trader EA and EA that copies trades to other accounts, so I can't use any other platform). For example for IC Markets AUD account commission equals 7 AUD - discount 1,61 AUD from cashbackforex, so it's 5,39 AUD, which is 3,93 USD now. For eursud average spread (London session) equals 0,1-0,2 pip, so plus commission = 0,5-0,6 pip, gbpusd average 0,6 pips + commission = 1 pip. 1 pip compared to 2,2pip at FXPro! For long term traders that use 100-200 pip stop loss maybe it doesn't matter, but for me as I usually use 8-10 pip stop loss it's crucial.
  • #177
  • May 14, 2016 9:40am May 14, 2016 9:40am
Quoting donkeyg
Hello. previously i've invested in Hotforex.. and now im intending to open a new acc with different broker.. can someone recommend me i should choose XM or Exness pls? I know both are good, but exness has tighter spread compared to XM. but what am i concerning is recently exness is have few unusual spikes happened on mini account clients . another question is, is there any problem with the broker if i made a withdrawal more than 30k funds? so.. can someone recommend me which broker should i use?
What was the reason you left HF?
  • #178
  • May 18, 2016 11:55pm May 18, 2016 11:55pm
Quoting pipmaster77
{quote} Fortunately, I have found and been trading with a broker for almost 2 years now, and I wouldn't switch to a US "regulated" broker if you paid me. My spreads are better, commission is lower, execution is faster, it is pure ECN/DMA and the best part is my platform never freezes. there are no random price spikes not seen elsewhere and I get my money in my bank within 48 hours.
What's the broker's name? Better spreads, lower commission, faster fills, pure ECN, never freezes, no random spikes, and money in bank within 48 hours. If they can handle large lot sizes and still deliver the above...PERFECT. Please PM if you don't wish to post it publicly.
  • #179
  • May 25, 2016 10:39pm May 25, 2016 10:39pm
Quoting Jason Rogers
It's important to understand that as an industry leader, FXCM is subject to a greater level of scrutiny than smaller, less-regulated forex brokers. We are one of the only retail forex brokers in the world that's regulated on three continents and a publicly-traded company (NYSE ticker: FXCM) averaging $16.5 billion per day* in retail trading volume. We welcome this position of responsibility, and our retail clients who place 689,635 trades through us per day* are glad we do.
Subject to a greater level of scrutiny. The only broker in the world regulated on three continents. Publicly traded on NYSE. Averaging 16.5 billion in retail trading volume per day and over 600,000 trades. Yet, FXCM still can't manage to synchronize its Demo Pricing with Live Pricing, keep its back-end servers connected to front-end user software during a momentous new release or economic report, put halt to hanging and freezing platforms during critical market moves, accurately explain to traders why sudden gaps in market data appear in higher time frame but not in other lower time frames, respond to traders inquiries intelligently and accurately with respect to exceptional spread widening during normally aspirated market volumes and/or fully answer questions with respect to failed trade execution of limit orders.

FXCM saying it welcomes the position and the responsibility is one thing. FXCM actually behaving and conducting itself as if it welcomes the position and responsibility is quite another thing entirely.


Quoting Jason Rogers
FXCM takes regulations very seriously and believe it is in the best interest of our clients for us to have regulatory oversight and transparency.
FXCM takes regulations that funnel more "clients" into FXCM coffers very seriously. If FXCM truly had the interest of its customers very seriously, then FXCM being the largest retail forex broker in the world; being regulated on three different continents and having an NYSE ticker symbol to its catalog of accomplishments, would likewise have excess net capital at least on par with a company like Oanda. Yet, FXCM doesn't even bother to maintain any Section 30.7 funds that would tell its customers that it truly had their best interest in mind.

Quoting Jason Rogers
That's why we have over 80 employees in our compliance department as mentioned by our CEO Drew Niv in a recent earnings call. That's not to excuse previous regulatory actions, but rather to emphasize how we actively work with our regulators to resolve issues and ensure the best trading environment possible for our clients.
Drew, used to return my phone calls. What happened to the good ole days? We've had several telephone conversations back before sites like ForexFactory had even been invented. I'm not suggesting that once you go "big" you can maintain that level of connection with your customers. I understand what going "big" means in my own trading business and I don't maintain the same relationship with Retail Brokers that I used to beyond Project Accounts and Test Accounts. However, I am saying that FXCM has dropped the ball, or maybe never intended to even pick up the ball on favorable Trade Execution for its customers and maintaining platforms that don't consistently freeze at the worse moment possible for its customers - regardless of their account size. Where is Drew on that score?


Quoting Jason Rogers
FXCM demo accounts offer the same prices as FXCM live accounts.
IF that statement were true then price gaps that appear demo accounts would likewise appear on live accounts and vise-versa. If that statement were true, then spreads that appear on a demo account would be the same as those that appear on a live account. Yet, both of these problems still persist at FXCM. One of them intermittently and the other consistently.


Quoting Jason Rogers
Therefore, the spreads are the same provided you are comparing demo and live accounts of the same type.
I've been reporting distinctions in bid/ask between live and demo for years and I've never received a candid response for FXCM as to why that continues to be a problem.


Quoting Jason Rogers
FXCM offers Mini, Standard or Active Trader account types: http://bit.ly/1OGQHzK However, no demo account can replicate the liquidity of live trading or lack thereof during major news events.
Why not? DCFX has a a Currenex driven MT4 platform that runs precisely as advertised in both Live and Demo modes. They don't make excuses to their cherished customers about why the Test Environment cannot be exactly the same as the Production Environment. They just make it happen and then they allow their technology to speak for itself.

Have you demo'd DCFX platform before? Have you traded on a live Currenex DCFX platform before? I have. And, they are smoking hot lightening quick in trade execution unlike anything I have ever witness come out of FXCM. So, what's the difference between FXCM and DCFX? A true commitment to serving the needs of the righteous Trading Community. That's the difference and you can experience in the performance of both platforms, no matter whether you are trading natively or through an MT4 pathway. Lightening quick smoking hot execution regardless of external media driven noise beats North Pole Freeze-Outs, Lock-Ups, Shut-Downs and Black-Outs any day of the week. You can tell Niv, I said that personally.



Quoting Jason Rogers
It's important to note that slippage is a risk of live trading in any market with any broker. Slippage is when your order is filled at a different price than you requested. The good news with FXCM is that slippage can be positive or negative.
Yet, I have yet to experience the Phantom Positive Slippage. I'm sure some have, however. The key point here again is the degree to which FXCM will go to algorithmically de-tune or de-optimize an otherwise very well placed trade execution out to a point that makes the execution considerably less advantageous to the trader, if not downright poisonous to the entire trade signal. Yet, FXCM still talks miles about Positive Slippage.


Quoting Jason Rogers
Positive slippage is when your order gets filled at a better price than you requested. A twelve-month study of orders executed through FXCM showed the following: 76.2% of all orders had NO SLIPPAGE. 13.5% of all orders received positive slippage. 10.2% of all orders received negative slippage.
I've had an open account with FXCM for a lot longer than a mere 12 months and I can 100% guarantee that not one single trade I've ever had contained the Phantom Positive Slippage and that the vast majority of all my trades contained Negative Slippage. Some trading systems and methodologies require a more accurate fill status per trade or aggregate results in the accuracy of the system itself begins to suffer long term. This is along term business and if you are not being consistent long term then you are not being consistent at all.


Quoting Jason Rogers
Over 58% of all limit and limit entry orders received positive slippage.
Never happened on any Limit Order I have ever seen with FXCM - demo or live. Not once.


Quoting Jason Rogers
52% of all stop and stop entry orders received negative slippage. Note how limit orders tend to receive positive slippage while stop orders tend to receive negative slippage.
Are you making this stuff up? I've never experienced these kinds of statistics and I am a fanatical Statistician, not to mention an Mathematician/Engineer and Physicist by formal education.


Quoting Jason Rogers
That is due to the momentum of price movement when such order types are triggered.
The what? The momentum of price movement? Why not just tell the truth. That Slippage on the FXCM platform is ENGINEERED and DESIGNED to be such. FXCM is supposed to offer a multi-billion per day liquidity pool to its customers. FXCM is supposed to be netting 16.5 billion in transactions on a daily basis - remember that? So, how in the world does FXCM manage to produce so much slippage? I have never seen this kind of slippage pattern on platforms like DCFX.


Quoting Jason Rogers
FXCM provides traders with unique tools like Range Entry, Market Range and our enhanced Maximum Deviation feature for MT4 to help you minimize negative slippage while still receiving the full benefits of any positive slippage that's available. I discuss these trading tools in more detail in this post: http://www.forexfactory.com/showthre...04#post8733204 * As of the latest publicly available data from January 2016
Listen. Either be a Market Maker or be an Agent. Pick one or the other, please. Either collect revenues on the spread and deal in volume or set a commission and start selling more Boot Camps for novice wannabes to make up for any shortfalls in revenues. But, whatever you do FXCM, stop setting up shop against Customers. Be legit or be a bucket. You had that choice back in the days when you were building out your business model and decided to take the path of Premium Bucket Shop Nightmare.

I'm done here.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #180
  • May 25, 2016 10:58pm May 25, 2016 10:58pm
The answer to the OP's question is that if you are a resident and have a physical presence in the United States AND you are a Retail Trader: Oanda.

Now, if you don't reside in the former Free Country of the United States of America, then you have a wealth of good choices out there to pick from. Personally, I like LCG out of London and a few others including Squared Financial out of Dublin, Ireland.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
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