Yes I have and I have vowed to never trade with them ever again and so did everybody who has ever traded with them. You don't see anything wrong with them, you are free to try them but please don't post your sob story later because you have already been warned.
{quote} Interactive Brokers and MB Trading as far as I know. You will find more but in prime brokers not in retail forex.
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As always Forexia good info from you in the brokers forum but....MBTrading was bought by TradeKing recently which in turn is a IB for Gain Capital which is a MM.
{quote} As always Forexia good info from you in the brokers forum but....MBTrading was bought by TradeKing recently which in turn is a IB for Gain Capital which is a MM.
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Forexia calls everyone a scam, including InstaForex, which is a successful broker.
MB Trading doesnt even exist anymore, and guess who acts as counterparty for FX trades on the Interacte Broker fx system(and previously with MB Trading)?
{quote} Forexia calls everyone a scam, including InstaForex, which is a successful broker.
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First of all, I never called MM brokers scam. I just feel their business model has inherent conflict of interest with us traders and it's almost impossible for traders to be profitable trading with a MM broker. And since us traders are in the business of making money too and not ATM machines for brokers, it's best to avoid MM brokers. However there ARE MM brokers who are also scams and InstaForex IS a scam. Just because it's successful it doesn't mean it's legit.
{quote} As always Forexia good info from you in the brokers forum but....MBTrading was bought by TradeKing recently which in turn is a IB for Gain Capital which is a MM.
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And now there is one!! So sad MB Trading is gone. Well suits them right for not offering accounts to Canadian traders. I inquired with them several times and was given the cold shoulder.
{quote} And now there is one!! So sad MB Trading is gone. Well suits them right for not offering accounts to Canadian traders. I inquired with them several times and was given the cold shoulder.
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Oh I forgot one more PURE ECN: LMAX!! So there are still two NOT one. Interactive Brokers and LMAX.
MB Trading doesnt even exist anymore, and guess who acts as counterparty for FX trades on the Interacte Broker fx system(and previously with MB Trading)?
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Don't care and but you would like to share, I don't mind knowing. As long as my trades are passed onto variety of parties to execute and not just one, I am fine.
{quote}They will just make their money with spread + slippages.
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And just make sure you know that variable spread/slippage isn't the devil. It means they are aggregating prices from the real market and not feeding your trades through a dealing desk. This point gets overlooked way too much.
{quote} First of all, I never called MM brokers scam. I just feel their business model has inherent conflict of interest with us traders and it's almost impossible for traders to be profitable trading with a MM broker. And since us traders are in the business of making money too and not ATM machines for brokers, it's best to avoid MM brokers. However there ARE MM brokers who are also scams and InstaForex IS a scam. Just because it's successful it doesn't mean it's legit.
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I don't like to change your judgement about them because that's your choice, but I've seen MANY people on the Internet saying its a scam, but not ONE provided any solid proof. Not even FPA. So unless you can do that, I might consider your judgement empty words.
Hello, Mr. Forexia. Thank you so much for your answers. Since your are in this field for many years, what about Dukascopy? Are they ECN or MM ? Thanks for your kind assistance, MrJinks.
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Dukascopy is a tricky one. I tend to put it as a highly STP with hedge, almost an ECN but definitely NOT pure MM.
Their PDS is the standard one under ASIC which just shows you that NONE of the Australian brokers are ECN's. They are hybrid STP/MM with hedge at best.
I trade with Dukascopy. Very satisfied with them. Deposits and withdrawals are very quick...next day most of the time. JForex is simple, clean and does the trick for me.
{quote} Their PDS is the standard one under ASIC which just shows you that NONE of the Australian brokers are ECN's. They are hybrid STP/MM with hedge at best.
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Not true Forexia.
Think about why a regulatory body would require a broker to say they take exposure on your trade? What if something goes wrong and you need to make a complaint to the said regulatory body about them? Do you want them to wash their hands of the issue? Of course not.
It's simply semantics to protect the trader in the case of something going wrong and has nothing to do with the way an ECN broker processes orders.
The bigger Australian brokers run an ECN model. Something I know from experience. In retail FX, you aren't going to find anything more transparent.
Do you trade forex on an ECN account? DM me for $4.60/RT at Vantage FX.
{quote} Not true Forexia. Think about why a regulatory body would require a broker to say they take exposure on your trade? What if something goes wrong and you need to make a complaint to the said regulatory body about them? Do you want them to wash their hands of the issue? Of course not. It's simply semantics to protect the trader in the case of something going wrong and has nothing to do with the way an ECN broker processes orders. The bigger Australian brokers run an ECN model. Something I know from experience. In retail FX, you aren't going...
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You can say however you want but if you compare the PDS of IC Markets and Global Prime and Pepperstone and FXOpen, all of those Australian brokers, you will find that they are EXACTLY the same. I have read them. The PDS are NOT there to protect the trader; they are there to protect the brokers themselves in case we lodge a complaint against them with ASIC, they can whip out their PDS and say they informed us so according to ASIC standards.
There is NO true ECN's among Australian brokers. I will tell you that FOR SURE because their PDS all say so. They ALL act as market makers especially on CFD's on oil and gold and etc. that they issue themselves. Their required deposit is only couple of hundreds of dollars, aren't you kidding? How can they be ECN's ? What they REALLY are is hybrid STP/MM that when you put in big trades and are profitable consistently, they send your trades to LP for execution and they earn commission + spread + slippages if any, and when you are trading small, non-standard lots and are not profitable, they become your counterparty and execute your trades themselves to profit at your demise + spread + slippages if any. Some of them do hedge so they are risk neutral supposedly but they still earn spread and just larger slippages.
There is ABSOLUTELY NO transparencies. Do we REALLY know who executed our trades? Who REALLY was the counterparty to our trades? Was it an LP, the broker itself or another trader or another broker? Who EXACTLY? And at what price? Was it really the highest bid or lowest offer at the time? With any exchange-traded products, you can see exactly who was the counterparty to your trades and they are even printed off the ticket from the exchange . But in forex, no such thing. And that's the problem.
{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...
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I agree with you. I always loved ECN platforms over market makers.
Also spreads seems better with ECN accounts.
