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Help me choose between these two brokers please 13 replies

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

Quoting Forexia
{quote} According to its maker... you can be assured that no plug-in's of any kind can be used... but it doesn't dictate WHO actually executes your trades
ok
Quoting Noorx
{quote} 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.

InstaForex is scam, I've tested them few years ago with 1,9 pip rebate, so EURUSD had 1,1 pip spread. I was aware that they are rather scamers, so I opened account with only $100 just to test them, as far as I made more than $100 profit in a week they canceled bonus and all profitable trades and left only losses. When I asked why, they copied some of their regulations and said they just can do it... I'm sorry, but I can't deliver any proof, because I deleted account and all emails, so you can trust me or not
Quoting insomniawawa
{quote} InstaForex is scam, I've tested them few years ago with 1,9 pip rebate, so EURUSD had 1,1 pip spread. I was aware that they are rather scamers, so I opened account with only $100 just to test them, as far as I made more than $100 profit in a week they canceled bonus and all profitable trades and left only losses. When I asked why, they copied some of their regulations and said they just can do it... I'm sorry, but I can't deliver any proof, because I deleted account and all emails, so you can trust me or not
I've deposit $80 and made some good profits, but haven't tried to withdraw yet, but its hard for me to believe that they scam & have everything a trader wants, from a good community to trading contests, good website design, GREAT customer service, and they're from 2007. You might be correct, but if they do scam me, I have many contacts to ruin their reputation and mercilessly hunt them down until they collapse, even if takes years. I've done it before.
  • Post #64
  • Quote
  • Edited 7:43am Jul 24, 2016 7:27am | Edited 7:43am
Quoting Forexia
{quote} Oh I forgot one more PURE ECN: LMAX!! So there are still two NOT one. Interactive Brokers and LMAX.
Quote from Lmax Professional Order execution policy: as principal and not as an agent on your behalf; we are the sole counterparty to your trades and the sole execution venue for your Orders

Quote from IB (a little harder to find but it is there): OTC Precious metals transactions are transactions with IB UK as your counterpary, and are not traded on a regulated exchange and are not cleared on a central clearinghouse.

When customer enters into a foreign exchange transaction with IB, IB, as the counterparty to customers trade ...

Interactive Brokers (UK) Limited (“IB UK”) is a broker authorized by the Financial Conduct Authority (FCA) to operate within the UK. IBUKL, in contrast, is not a legal entity but rather an internal bookkeeping or labeling convention used to designate a subset of customer business which is transacted through IB UK. Currently, that activity consists solely of OTC products which IB UK clears and is the counterparty to, including non-exchange listed CFDs and physical commodities (i.e., gold and silver).

Notice that forex is an OTC product ... I am sure i will find much more if i put some more time in to it.
  • Post #65
  • Quote
  • Edited Jul 25, 2016 2:01am Jul 24, 2016 2:45pm | Edited Jul 25, 2016 2:01am
Observer

See that Global Prime Live Spreads during the weekend.

No. Thanks.

Note:
1. ActivTrades N/A
2. ASIC and FCA Regulated Brokers only (pic #3)
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The Markets just don't care what U believe...
Quoting Dkam
{quote} Quote from Lmax Professional Order execution policy: as principal and not as an agent on your behalf; we are the sole counterparty to your trades and the sole execution venue for your Orders Quote from IB (a little harder to find but it is there): OTC Precious metals transactions are transactions with IB UK as your counterpary, and are not traded on a regulated exchange and are not cleared on a central clearinghouse. When customer enters into a foreign exchange transaction with IB, IB, as the counterparty to customers trade ... Interactive...
They are the CLOSEST to a 100% Pure ECN you can get in retail forex. The 100% PURE ECN is of course an exchange or order-matching services like Island in stock daytrading.
Make your losses in demo. Earn your profits live.
Quoting Forexia
{quote} They are the CLOSEST to a 100% Pure ECN you can get in retail forex. The 100% PURE ECN is of course an exchange or order-matching services like Island in stock daytrading.
Basically in some way IB does the same as ActivTraders, Pepperstone, Fxpro and all other retail fx brokers.
The only difference is that IB is technically speaking a "true ECN", ECN stands for a broker that matches orders between market participants, so it cannot trade against the client.
When you are trading with IB UK they do not take the other side of your trade, IBUKL takes the other side, nice loophole in the law but basically the same as a market maker.
They profit if you lose and lose if you make profit. However i should also point out that IB does have different solution's for professional and larger clients but you have to request them yourself.

Last but not least, there is nothing wrong with IB for retail traders, this is just how forex trading works for retail traders.
If you want to get as close to the real deal as possible you have to go with PoP's, PB's or eventually go directly to the interbank market.
  • Post #68
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  • Last Post: Edited Jul 26, 2016 12:00am Jul 25, 2016 2:25pm | Edited Jul 26, 2016 12:00am
Quoting Dkam
{quote} Basically in some way IB does the same as ActivTraders, Pepperstone, Fxpro and all other retail fx brokers. The only difference is that IB is technically speaking a "true ECN", ECN stands for a broker that matches orders between market participants, so it cannot trade against the client. When you are trading with IB UK they do not take the other side of your trade, IBUKL takes the other side, nice loophole in the law but basically the same as a market maker. They profit if you lose and lose if you make profit. However i should also point...
I believe IB and LMAX does operate in an ECN fashion in that, like you mentioned, does order-matching on their system instead of executing the orders themselves and taking the other side of the transaction. The reason why I know they are different from all those hybrid MM/STP or MM's is because when I put in a limit order with prices in between the bid/ask quotes, my ACTUAL limit order actually shows up on the trading platform ready to be hit. Now if they operate as a hybrid or a MM, your limit order will NEVER show up because it would've been either executed by the broker right away or rejected or requoted. I have traded with both hybrids and MM's and I will tell you my order NEVER shows up on the platform anywhere. The reason why the order would show up on IB's platform is because IB's trying to match your order with someone else instead of executing it themselves so it shows it's NOT trying to be on the other side of the transaction to profit from your demise.

To trade directly on the interbank market, you will actually be trading in a MM model again which is NOT what you want because you will be trading with all of the LP's and they are IT, the FINAL the ULTIMATE market makers in the foreign exchange because they ARE the market. And they are just as unscrupulous and dishonest as the market makers at the retail level. All the tricks that MM pull at the retail level, delay quotes, rejecting trades, requoting, stop-hunting..., they do them ALL on a larger scale and for larger amount. Until forex is traded on an exchange, Pure ECN is the best I find because you will actually be trading against all different parties, kind of like a mini-exchange.
Make your losses in demo. Earn your profits live.
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