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First time with real money and I need help to choose between 3

  • #1
  • First Post: Edited 12:13pm Jul 16, 2016 12:03pm | Edited 12:13pm
Hi, I know this is a very boring and common question from newbies in forex but I have already searched a lot before posting this and the more I look the less I see, it's always the same, everytime I read some review about the brokers I look at the comments and are always people saying bad things others saying good things and I get confused.

After a lot of search I decided to choose between this three: ActivTrades, FXpro and GlobalPrime .

This is my first time with really money, I just want to deposit 500 and my profit will not be so great. I'm from Portugal, Europe, there is any problem with globalprime because it is from australia?

What is your opinion about this three? Do you know another one better to a person that are beginning?

Thank you for your time

(I dont know if I can mention GlobalPrime, if not please delete it and the choice will be between two brokers)
  • #2
  • Jul 16, 2016 1:43pm Jul 16, 2016 1:43pm
Quoting Manel9530
Hi, I know this is a very boring and common question from newbies in forex but I have already searched a lot before posting this and the more I look the less I see, it's always the same, everytime I read some review about the brokers I look at the comments and are always people saying bad things others saying good things and I get confused. After a lot of search I decided to choose between this three: ActivTrades, FXpro and GlobalPrime . This is my first time with really money, I just want to deposit 500 and my profit will not be so great. I'm from...
why do you choose these two or three, what are your criterias?
(.)(.) think first ...
  • #3
  • Jul 16, 2016 3:01pm Jul 16, 2016 3:01pm
Hey Manel, maxim asks a good question which you should think about carefully before using real money. For example, I think FXPro is a good choice if your looking for an ECN broker. Plus they offer the cTrader platform which is perfect for ECN. MT4 is a great platform but it can be interfered with from a broker (im not a programmer so I can't explain why). However if your looking for fixed spreads then another broker might be more suitable. Good luck & may the pips be with you.
who dares wins
  • #4
  • Jul 16, 2016 5:02pm Jul 16, 2016 5:02pm
I was quite happy with FXPro when I was there. The only reason I left was they gave Canadians the boot.
  • #5
  • Jul 16, 2016 11:43pm Jul 16, 2016 11:43pm
Quoting Manel9530
Hi, I know this is a very boring and common question from newbies in forex but I have already searched a lot before posting this and the more I look the less I see, it's always the same, everytime I read some review about the brokers I look at the comments and are always people saying bad things others saying good things and I get confused. After a lot of search I decided to choose between this three: ActivTrades, FXpro and GlobalPrime . This is my first time with really money, I just want to deposit 500 and my profit will not be so great. I'm from...
Forget about ActivTrades. They are a pure market maker broker which means they trade against you and you will only profit if they lose and of course they will NOT lose so you will NOT profit when you trade with them.

FXPro and GlobalPrime are the same. They are both what's called STP brokers that act as ECN brokers when you trade large sizes and/or are consistently profitable and act as a market maker to you if you trade small size and are not that profitable. Considering you are going to deposit $500, chances are they will act as market maker to you. You can read about what STP brokers do right here. http://www.financemagnates.com/forex...y-are-part-22/ Now both of them claim that they hedge their trades so they don't trade against you and that still needs to be seen. The only thing is with FXPro, they have two companies, FXPro UK Limited and FXPro Financial Services Limited. Only FXPro UK Limited is authorized and regulated by FCA, the genuine UK financial regulatory body, the other one is regulated by Cyprus Securities and Exchange Commission which is NOT the same. MAKE SURE your account is with FXPro UK Limited.

So if I were you, I would choose either FXPro UK Limited or GlobalPrime. At least there is a chance that they do hedge against my transactions and trade less against me.
Make your losses in demo. Earn your profits live.
  • #6
  • Jul 17, 2016 6:49am Jul 17, 2016 6:49am
Quoting Forexia
{quote} Forget about ActivTrades. They are a pure market maker broker which means they trade against you and you will only profit if they lose and of course they will NOT lose so you will NOT profit when you trade with them.
Could you give some sources or prove for your claims?

I have a dozen of live trading accounts, and guess what - ActivTrades is part of the quite diversified basket. The account is highly profitable (I am not talking about 10 bucks) and running for something like a year. Withdrawal and support is competetive to what you encounter elsewhere.
That doesn't make them a brilliant broker though. Their data feed is slow and they have pretty frequent technical issues. So reliability is not their strength. However, your statement is imho simply false.
  • #7
  • Jul 17, 2016 6:55am Jul 17, 2016 6:55am
Did anyone have an idea about this three broker? im thinking to change my broker too, im currently doing my trade with InstaForex but the withdrawal really took very long time...
any traders have some suggestion about some reliable and easy withdraw broker?
  • #8
  • Jul 17, 2016 8:32am Jul 17, 2016 8:32am
Quoting MasterJedi
they offer the cTrader platform which is perfect for ECN. MT4 is a great platform but it can be interfered with from a broker
this makes me curious since this is often stated on ff. mt4 ea's can be ported to ctrader using calgo, so what is stopping a broker from doing this with cheat ea's?
  • #9
  • Jul 17, 2016 11:32am Jul 17, 2016 11:32am
Quoting maximumguita
{quote} why do you choose these two or three, what are your criterias?
This is the first time i look for brokers with atention, before I just played with demo accounts and I was not paying atention if they were good or bad, if the spreads were low or high, etc......

My criterias to choose this 3 was basically the comments from other people. That is why I asked for your opinions, I'm not a expert in this subject and i think i just can gain some experience my choosing one and trying it, the problem is that i want to choose a good one in the beginning because this 500$ are not to lose.
  • #10
  • Jul 17, 2016 11:38am Jul 17, 2016 11:38am
Quoting Forexia
{quote} Forget about ActivTrades. They are a pure market maker broker which means they trade against you and you will only profit if they lose and of course they will NOT lose so you will NOT profit when you trade with them. FXPro and GlobalPrime are the same. They are both what's called STP brokers that act as ECN brokers when you trade large sizes and/or are consistently profitable and act as a market maker to you if you trade small size and are not that profitable. Considering you are going to deposit $500, chances are they will act as market...

Really thank you for your answer, I am thinking to go for FXPro, the fact they are regulated by FCA helps a lot, as you had mention. Again, thank you very much.
  • #11
  • Jul 17, 2016 11:48am Jul 17, 2016 11:48am
Quoting MasterJedi
Hey Manel, maxim asks a good question which you should think about carefully before using real money. For example, I think FXPro is a good choice if your looking for an ECN broker. Plus they offer the cTrader platform which is perfect for ECN. MT4 is a great platform but it can be interfered with from a broker (im not a programmer so I can't explain why). However if your looking for fixed spreads then another broker might be more suitable. Good luck & may the pips be with you.
Thank you man, I didn't have looked to cTrader yet. The problem with cTrader is just the comissions, I will try it on a demo account to see the results.
  • #12
  • Jul 17, 2016 1:32pm Jul 17, 2016 1:32pm
I don't know nothing about these three brokers, but I also is looking for a good one, because mine is rather slow i think. I am thinking about FXpro, I heared a lot about it, almost good, There is a thread about FXPro in this forum, you can read smth there
  • #13
  • Edited 5:50pm Jul 17, 2016 5:18pm | Edited 5:50pm
Quoting Drolph
{quote} Could you give some sources or prove for your claims? I have a dozen of live trading accounts, and guess what - ActivTrades is part of the quite diversified basket. The account is highly profitable (I am not talking about 10 bucks) and running for something like a year. Withdrawal and support is competetive to what you encounter elsewhere. That doesn't make them a brilliant broker though. Their data feed is slow and they have pretty frequent technical issues. So reliability is not their strength. However, your statement is imho simply false....
https://cdn.activtrades.com/document...en_summary.pdf

This is their own legal disclosure document where they describe their order execution policy. Notice the sentence:

"In most dealings with you we act as principal and not as agent on your behalf and we therefore act as the sole execution venue for the execution of your orders."

What this sentence means: They are the market maker, the principal to your trades and you trade ONLY with them so they are the sole counterparty to your trades i.e. they take the opposite side of your trades. When you buy, it's them who have sold it to you and vice versa. When you trade just with one person and one person only and that person is on the opposite of your trade, what happens when you are winning? It's not hard to imagine what's happening to the other person who's taken the opposite side of your transaction.

And in the section where it states "No Fiduciary duty to you". They stated very clearly:

"Our commitment to provide you with the "best execution" does not mean that we owe you any fiduciary responsibilities over and above the specific regulatory obligations placed upon us or as maybe contracted between us."

What this sentence means: They don't give a shit about whether you really got the best price or not for your trades. They just do the bare minimum to execute the trades at whatever price is there and that's it. And this may explain why their data feed is so slow and they have so frequent "technical issues". REAL ECN brokers or even market maker brokers who hedge do NOT usually have slow data feed and you seldom get "technical issues".

Bottom line: PURE casino broker and nothing else. Trade at your own risk.

Tip to future traders who want to find out whether the broker is MM or MM brokers who hedge or STP or ECN brokers: READ their Disclosure Statements. They are usually posted at the very bottom in very small print in the section "Legal Information" or "Legal Stuff". If the broker is regulated, they are required to publish these Disclosure Statements. You might have to look for those documents on their website but they are there. If they don't even publish those Disclosure Statements then they are either violating the regulations or not even regulated. Then you just do one thing: RUN!!!! Cuz they are scam brokers.
Make your losses in demo. Earn your profits live.
  • #14
  • Jul 18, 2016 2:48am Jul 18, 2016 2:48am
Quoting Forexia
{quote} https://cdn.activtrades.com/document...en_summary.pdf This is their own legal disclosure document where they describe their order execution policy. Notice the sentence: "In most dealings with you we act as principal and not as agent on your behalf and we therefore act as the sole execution venue for the execution of your orders." What this sentence means: They are the market maker, the principal to your trades and you trade ONLY with them so they are the sole counterparty to your trades i.e. they take the opposite side...
Thank you for your detailed response, Forexia - it is much appreciated.

However, things are never as bad as they seem. Disclosure texts are mostly driven by juridical reasons, to prevent themselves from any demands in compliance with their regulation of course.

They use a hybrid system where they switch profitable clients to an ECN like liquidity pool to transfer the risk, which is pretty fair. MM are not bad in GENERAL (SCAM ones aside), as for some trading types it even offers advantages: no slippage + no repuotes, as they provide the quotes for example. It always depends on your requirements. I have worse experiences with true ECN brokers regarding customer friendly problem solving and withdrawal for example .. but we are slipping away from the thread topic.

I still would not recommend them, but not for the reasons you are describing.
  • #15
  • Jul 19, 2016 10:15am Jul 19, 2016 10:15am
Quoting Forexia
{quote} Forget about ActivTrades. They are a pure market maker broker which means they trade against you and you will only profit if they lose and of course they will NOT lose so you will NOT profit when you trade with them. FXPro and GlobalPrime are the same. They are both what's called STP brokers that act as ECN brokers when you trade large sizes and/or are consistently profitable and act as a market maker to you if you trade small size and are not that profitable. Considering you are going to deposit $500, chances are they will act as market...
Wakey Wakey. Show me some proof of all your upside down statements...
  • #16
  • Jul 19, 2016 1:08pm Jul 19, 2016 1:08pm
Quoting Noorx
{quote} Wakey Wakey. Show me some proof of all your upside down statements...
See my #post 13 above.
Make your losses in demo. Earn your profits live.
  • #17
  • Jul 19, 2016 1:24pm Jul 19, 2016 1:24pm
Quoting Drolph
{quote} Thank you for your detailed response, Forexia - it is much appreciated. However, things are never as bad as they seem. Disclosure texts are mostly driven by juridical reasons, to prevent themselves from any demands in compliance with their regulation of course. They use a hybrid system where they switch profitable clients to an ECN like liquidity pool to transfer the risk, which is pretty fair. MM are not bad in GENERAL (SCAM ones aside), as for some trading types it even offers advantages: no slippage + no repuotes, as they provide the...
There is NEVER ANYTHING good that will come out of a broker whose interest is not aligned with yours. You might have gotten lucky once or twice, but overall you will still lose because that's the ONLY way a broker who trades against you will make profit. That's just how their business model works; they are otherwise not compensated in any other way besides spread and spread alone is not enough to pay their bills. So MM is BAD no matter how you slice or dice it. There is only ONE way that MM MIGHT be OK for us traders is when they hedge their transactions. That way their interest is aligned a little bit with the traders in that they are risk neutral. When you win, they lose but they are also winning on their hedging transactions so it's a wash to them in terms of profitability. They will just make their money with spread + slippages. Traders will at least have SOME chance of winning provided he/she has a good strategy that's not scalping.

ECN, TRUE ECN brokers has NO or I should say less incentive to slip or requote you as they are adequately compensated by the commissions that they charge and the volume that you do. And they have no reason to not let you withdraw because they want to make you happy so you put in more money to do volumes with them. It's very likely that you weren't dealing with a real ECN broker. Give me their name and I will tell you whether they are true ECN broker or not. TRUE, PURE ECN brokers are VERY RARE nowadays in retail forex. There is only like 2. The majority are either MM that hedges or STP or combination of the two besides the pure MM or casino brokers.
Make your losses in demo. Earn your profits live.
  • #18
  • Jul 19, 2016 1:46pm Jul 19, 2016 1:46pm
Quoting Forexia
{quote} ...TRUE, PURE ECN brokers are VERY RARE nowadays in retail forex. There is only like 2...
Hello, Mr. Forexia.

Would you please give the names of the two ones ?

Thanks in advance,
MrJinks.
  • #19
  • Jul 19, 2016 2:13pm Jul 19, 2016 2:13pm
Quoting Forexia
{quote} See my #post 13 above.
What's wrong with market makers? Did you try ActivTrades (if your statement is correct)?

#lol'ed
  • #20
  • Jul 19, 2016 2:40pm Jul 19, 2016 2:40pm
Quoting mrjinks
{quote} Hello, Mr. Forexia. Would you please give the names of the two ones ? Thanks in advance, MrJinks.
Interactive Brokers and MB Trading as far as I know. You will find more but in prime brokers not in retail forex.
Make your losses in demo. Earn your profits live.
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