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Need US broker for a large account

  • #41
  • Jun 27, 2016 1:44pm Jun 27, 2016 1:44pm
Quoting meyoik
{quote} Hi Jason, great to to see you active on the boards Question...you were quick to react to "Need US broker for a large account", but I was wondering why have you not reacted with equal speed to join the Virtual Dealer Plugin conversation
Hi Meyoik,

FXCM has never used a virtual dealer plugin, so I didn't see a need to join that conversation. We innovated transparency in the forex market with the competitive and market-driven No Dealing Desk (NDD) execution. And with multiple account types, you choose the execution that works best for your trading: http://bit.ly/1OGQHzK
  • #42
  • Jul 1, 2016 7:19am Jul 1, 2016 7:19am
Quoting Jason Rogers
{quote} Hi Meyoik, FXCM has never used a virtual dealer plugin, so I didn't see a need to join that conversation. We innovated transparency in the forex market with the competitive and market-driven No Dealing Desk (NDD) execution. And with multiple account types, you choose the execution that works best for your trading: http://bit.ly/1OGQHzK
Thanks for your reply Jason
  • #43
  • Jul 22, 2016 2:50am Jul 22, 2016 2:50am
has the thread starter chosen a broker yet? i wonder what broker he decided to trade with
  • #44
  • Jul 22, 2016 7:35am Jul 22, 2016 7:35am
Quoting jiggz
has the thread starter chosen a broker yet? i wonder what broker he decided to trade with
I thought he might already be trading with his selected broker and yes he might update us about his experience with his decided broker.
  • #45
  • Aug 7, 2016 12:14am Aug 7, 2016 12:14am
Quoting pipmaster77
To help everyone better understand why, as a US resident, you need to trade offshore...
Super post, thanks!
  • #46
  • Oct 26, 2016 5:32pm Oct 26, 2016 5:32pm
Quoting Jason Rogers
{quote} Hi Meyoik, FXCM has never used a virtual dealer plugin, so I didn't see a need to join that conversation. We innovated transparency in the forex market with the competitive and market-driven No Dealing Desk (NDD) execution. And with multiple account types, you choose the execution that works best for your trading: http://bit.ly/1OGQHzK
I can vouch for FXCM (I can also vouch for Oanda and Forex.com) I am a very active trader. Anyone who trades forex and is on Twitter knows who I am. I post all my trades after they are completed. I sell no services, I give no advice, Im a trader. FXCM has been absolutely phenomenal to me. They are the best of the best. The platform they have makes your typical futures platform look silly. FXCM is the real deal.

Now, since i never post in these forums, let me address something else:

Markets can gap...since i trade FX FUTURES as well as SPOT FX simultaneously, any notion that your retail fx dealer is manipulating prices is so ridiculous, it barely warrants a response, but here you go: CME Futures prices and the prices you see on FXCM / OANDA / GAIN (Forex.com) are a reflection of interbank prices, which in turn are EXCEPTIONALLY WELL ARBITRAGED with CME Futures prices....there is no movement in Retail FX dealing boxes that didnt also happen in CME futures, and vice versa....no one, i repeat NO ONE, is showing u prices that are not a reflection of the current market. WHen some of you allege that, you sound stupid. So be quiet.

Im a real trader, and im telling you the way it is...markets gap up, they gap down, and prices in spot fx and CME futures move in lockstep. no one is trying to trick you, with bad prices....lol...and no one is gunning for your stops except bots and HFT firms, but certainly NOT your Retail Forex Dealer....they make their money on the spread or commission...thats it...no one is trying to victimize you.......this is what i do for a living. I trade 19 hours a day.....everyone knows who i am, if your on twitter (@RealBrianWatt) I wouldnt lie to you.

Were there some incidents where positive slippage was not passed on to the customer, by various brokers in years past, particularly in the early stages of retail fx trading? yes. Most of that has been cleaned up, and its a relic from the past...if you lost money trading, its cuz you lost money trading. No one conspired to take your money. You did that on your own.
  • #47
  • Oct 26, 2016 6:36pm Oct 26, 2016 6:36pm
Quoting BrianWatt
{quote} I can vouch for FXCM (I can also vouch for Oanda and Forex.com) I am a very active trader. Anyone who trades forex and is on Twitter knows who I am. I post all my trades after they are completed. I sell no services, I give no advice, Im a trader. FXCM has been absolutely phenomenal to me. They are the best of the best. The platform they have makes your typical futures platform look silly. FXCM is the real deal. Now, since i never post in these forums, let me address something else: Markets can gap...since i trade FX FUTURES as well as SPOT...
I, too, am a real trader. I have other sources of income, but forex is a significant source for me. I completely disagree with you. US brokers are absolutely corrupt. They freeze platforms, have random spikes,which cannot be found elsewhere and when profitable will ask you to leave. Trading with a US broker, you are in a situation where they lose when you win and vice versa, regardless of the claims they only make money on the spread. It's like betting with a bookie where he actally controls the outcome of the game. Remember, you win, they lose and vice versa AND THEY CONTROL THE SOFTWARE. Go offshore, find a trustworthy ECN, deposit 1/10 of what is required here(your funds aren't protected in either case, so why deposit more than you have to) and withdrawal often. Simple as that.
  • #48
  • Oct 26, 2016 6:58pm Oct 26, 2016 6:58pm
Quoting pipmaster77
{quote} I, too, am a real trader. I have other sources of income, but forex is a significant source for me. I completely disagree with you. US brokers are absolutely corrupt. They freeze platforms, have random spikes,which cannot be found elsewhere and when profitable will ask you to leave. Trading with a US broker, you are in a situation where they lose when you win and vice versa, regardless of the claims they only make money on the spread. It's like betting with a bookie where he actally controls the outcome of the game. Remember, you win, they...
Hopefully, someone eventually will sue you for your libelous, uncalled for completely made up statements.....I trade CME at same time as Spot, the moves are the same....stop lying...and if your offshore, i suggest you register your bank account with the IRS as required, or you will be doin time in a federal prison...NO US CITIZEN SHOULD EVER , under ANY circumstances, use a foreign broker in contravention of CFTC rules and regulations, NOR should they possess an account in a foreign nation, without properly reporting it on the appropriate US Treasury forms, annually. Failure to do so is subject to significant fines and prison sentences, so do yourself a favor, do NOT listen to pipmaster77....
  • #49
  • Oct 26, 2016 7:03pm Oct 26, 2016 7:03pm
Quoting Bilstein
It's tough to take recommendations from the loser pool on the internet. Realistically speaking, if you're trading with a regulated broker (US or otherwise) with a good assortment of research tools and a platform you're comfortable with, you're fine. Trading currencies is not a profitable endeavor for most retail traders. Not because the "game is rigged" but because retail traders are generally stupid, comically overconfident, grossly underfunded, and obscenely over-leveraged. It's a harsh reality that you'll likely not see many on the internet agree...
And don't forget that they always trade with money they can't afford to loose. It's like loosing your mother in a car accident...
  • #50
  • Oct 26, 2016 7:10pm Oct 26, 2016 7:10pm
Quoting BrianWatt
{quote} Hopefully, someone eventually will sue you for your libelous, uncalled for completely made up statements.....I trade CME at same time as Spot, the moves are the same....stop lying...and if your offshore, i suggest you register your bank account with the IRS as required, or you will be doin time in a federal prison...NO US CITIZEN SHOULD EVER , under ANY circumstances, use a foreign broker in contravention of CFTC rules and regulations, NOR should they possess an account in a foreign nation, without properly reporting it on the appropriate...
You're absolutely right, and what's more, pipmaster77 actually claims OANDA freezes their platforms and spike your positions. I'm with them, and their execution is faster than ever, even though their spreads are high. But they're not a problem, at least for me.

I haven't had platform freezing either.
  • #51
  • Oct 26, 2016 8:06pm Oct 26, 2016 8:06pm
Quoting Noorx
{quote} You're absolutely right, and what's more, pipmaster77 actually claims OANDA freezes their platforms and spike your positions. I'm with them, and their execution is faster than ever, even though their spreads are high. But they're not a problem, at least for me. I haven't had platform freezing either.
Correct. I trade with all 3 US Dealers, no platforms are being frozen on purpose. Now, there is ONE situation, during a flash crash, where u cannot allow at the market dealing box entries, because the market is moving outside of "x" tolerance too quickly (call it 8 pips) When the platform algorithm senses the split second after u click "BUY/ SELL" could result in slippage over "x" pips (say, 10 pips or somethin), the dealing box wud be disabled for 10-20 seconds, to PROTECT YOU. In those situation u would immediately revert to chart trading, or order entry trading, using limit orders. Other than that, no USA dealer is freezing platforms to hurt you, thats ludicrous and pipmaster is flat out making things up....
  • #52
  • Oct 26, 2016 10:24pm Oct 26, 2016 10:24pm
Quoting BrianWatt
{quote} Hopefully, someone eventually will sue you for your libelous, uncalled for completely made up statements.....I trade CME at same time as Spot, the moves are the same....stop lying...and if your offshore, i suggest you register your bank account with the IRS as required, or you will be doin time in a federal prison...NO US CITIZEN SHOULD EVER , under ANY circumstances, use a foreign broker in contravention of CFTC rules and regulations, NOR should they possess an account in a foreign nation, without properly reporting it on the appropriate...
Only accounts over $10,000 and I do report them. This not about taxes, I pay mine just as if I earned the money with a US broker. There is absolutely no law prohibiting me fom trading with an offshore broker. I simply chose to only put 10% of my money at risk to execute the same size trade as you. Keep drinking the CFTC kool aid.
  • #53
  • Oct 26, 2016 10:30pm Oct 26, 2016 10:30pm
Quoting Noorx
{quote} You're absolutely right, and what's more, pipmaster77 actually claims OANDA freezes their platforms and spike your positions. I'm with them, and their execution is faster than ever, even though their spreads are high. But they're not a problem, at least for me. I haven't had platform freezing either.
What happened with OANDA when the GBP dropped big a couple of weeks ago? It's fact, I'm not making it up. If you want to deposit $5,000 for margin to execute the same size trade I do for $500 in margin, more power to you. Your funds are not protected. If broker goes belly-up, as FXCM came within 3 minutes of last year, you simply lose 90% more money than I do if my broker goes belly up. Sounds like you have a great plan to me.
  • #54
  • Oct 26, 2016 10:33pm Oct 26, 2016 10:33pm
Quoting BrianWatt
{quote} Correct. I trade with all 3 US Dealers, no platforms are being frozen on purpose. Now, there is ONE situation, during a flash crash, where u cannot allow at the market dealing box entries, because the market is moving outside of "x" tolerance too quickly (call it 8 pips) When the platform algorithm senses the split second after u click "BUY/ SELL" could result in slippage over "x" pips (say, 10 pips or somethin), the dealing box wud be disabled for 10-20 seconds, to PROTECT YOU. In those situation u would immediately revert to chart trading,...
When you lose, they win and vice versa. It's right there in their terms and conditions. You are oblivious to think they don't play games. They control the software in a game that has a complete conflict of interest with you.
  • #55
  • Oct 26, 2016 11:35pm Oct 26, 2016 11:35pm
Quoting pipmaster77
{quote} What happened with OANDA when the GBP dropped big a couple of weeks ago? It's fact, I'm not making it up. If you want to deposit $5,000 for margin to execute the same size trade I do for $500 in margin, more power to you. Your funds are not protected. If broker goes belly-up, as FXCM came within 3 minutes of last year, you simply lose 90% more money than I do if my broker goes belly up. Sounds like you have a great plan to me.
Well i can respond to that..I was on the Oanda platform that night...there was a 41 second period where the dealing boxes for the pair were blocked...that was for your protection, because it was impossible to allow you to SEE a price, click "BUY" and have it move 50 ticks in the next half second..once the volatility moves past a certain tolerance, by blocking the dealing box they are forcing you to go LIMIT ORDER...BY THE WAY, I WAS BLOCKED FROM ENTERING MARKET ORDERS for 6B CME Futurs as well !!....it was limit order or nothing...the OANDA platform, the FXCM platform, did not "freeze"...the dealing box has a circuit breaker, to protect YOU pipmaster, so stop spreading lies
  • #56
  • Oct 26, 2016 11:42pm Oct 26, 2016 11:42pm
Quoting pipmaster77
{quote} Only accounts over $10,000 and I do report them. This not about taxes, I pay mine just as if I earned the money with a US broker. There is absolutely no law prohibiting me fom trading with an offshore broker. I simply chose to only put 10% of my money at risk to execute the same size trade as you. Keep drinking the CFTC kool aid.
Correct, there nothing to stop you from engaging with a foreign broker, however, what irks me about your posts praising these foreign brokers, is you fail to mention if you go that route, as a US Citizen you have to file form 114 FBAR with the IRS, because if u have a foreign broker account, by definition you have a foreign bank account. Failiure to file that form, has consequences so onerous, that by definition, it means your giving consumers of this forum horrible advice
  • #57
  • Oct 26, 2016 11:54pm Oct 26, 2016 11:54pm
Quoting pipmaster77
{quote} When you lose, they win and vice versa. It's right there in their terms and conditions. You are oblivious to think they don't play games. They control the software in a game that has a complete conflict of interest with you.
I seem to be doing fine...lol...ive never had a losing month...this comes right off the FXCM analytics server...attached image.....i literally have had not one single issue with FXCM, they have been spectacular....and ive never had a losing month.....and its unlikely i ever will....cuz im the best FX trader on this planet, or any other planet...and u obviously hate all US Retail Forex Dealers, and nothing will change ur mind...
Attached Image (click to enlarge)
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  • #58
  • Oct 27, 2016 12:32am Oct 27, 2016 12:32am
Quoting pipmaster77
{quote} When you lose, they win and vice versa. It's right there in their terms and conditions. You are oblivious to think they don't play games. They control the software in a game that has a complete conflict of interest with you.
Being a market maker does NOT mean that they hunt your stops, hedge your trades or manipulate prices. I hope you understand that.
  • #59
  • Oct 27, 2016 1:09am Oct 27, 2016 1:09am
Quoting Noorx
{quote} Being a market maker does NOT mean that they hunt your stops, hedge your trades or manipulate prices. I hope you understand that.
he does NOT understand that, and that is the problem lol...
  • #60
  • Oct 27, 2016 8:33pm Oct 27, 2016 8:33pm
Quoting BrianWatt
{quote} he does NOT understand that, and that is the problem lol...
Still doesn't address the issue of having 90% less money at risk. If I am trading a standard of GBPJPY with a 50 pip stop, I am risking about $500. I only need $400 in margin, but I'll use $500 for the 50 pip stop. With a US broker, I need $4,000 in margin. Why would I want to deposit $4,000 to risk $500? They are not paying me interest and my money is not insured. I prefer to keep the extra $3,500 in my interest bearing, FDIC insured bank account. We also haven't touched on transaction cost. My spread + commission is far lower than a mm spread. If I trade a standard lot once per day, my savings is over $5,000 per year. I prefer to keep that as opposed to giving it to my broker. But to each his own I guess.
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