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Reality of FOREX: my experience with brokers + share yours

  • #21
  • Aug 17, 2016 4:55am Aug 17, 2016 4:55am
Quoting sepak
I have traded with XM for over 5years now, and hotforex, and do they pay - yes they do, and in time. That's what i would want from a broker, pay me when i want to be paid - for the issue of bonuses and credit - maybe its a marketing gimmick to get more clients and huge leverage to tempt us greedy and amateur traders - truth it works because am sure many of us have fallen to it - but is it their fault? I don't think so - all these brokers allow me to adjust my leverage to 1:1 - they give me the choice to accept or not to accept their bonuses - at...
I understand your opinion, take a look at one of my responses here. Its the same with hotforex, they pay most of their commissions / spreads to their IBs, so how they could make their huge profits? Simply imagine the broker as a house against you, the worse conditions you will get (spread, slippage, execution time etc.), the higher chance for brokers to make profits from your losses and the higher chance that you will get broke. Brokers who want long-term successful traders will never give you 1:1000 leverage or deposit bonus (that will burn most of the traders) - I agree that its just a lack of education and experience based on which the poor brokers are profiting. But the orders execution - possible spread fluctuations, slippage etc. are the things that will highly influence you even if you will not take the 1:1000 leverage or the deposit bonus with the bad brokers.
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  • #22
  • Aug 17, 2016 5:55am Aug 17, 2016 5:55am
[quote=galexandr;9087499]I have accounts at LMAX and Interactive Brokers: LMAX is an excellent place to trade, their software package is complete, easy to use and provides advanced analytical tools. If you are able to open an account with them...this is the place to be. Also, I have opened an account with Interactive Brokers, their software provides a lot of information. New users should use their demo software and review all their Webinars due to the number of software options. - Low cost (excellent) - Choice of financial products, more sophisticated traders seem to be happy with the system. - I trade manually and have algorithms with them, new traders need to learn the system so they are able to diagnose problems if they occur. - Selection of APIs, private lines, dedicated servers: IB along with other brokerages share relationships

Hi
What is the min deposit required by LMAX?
What advanced charting packages do they offer or can be used with their platform? by advanced charting I mean charts incorporating range bars renko etc. for example.

I know IB have a very basic charting and do not offer any 3rd party charting packages.
Regards
  • #23
  • Aug 17, 2016 8:17am Aug 17, 2016 8:17am
Pretty interesting thread you've got going on here

Despite the positives arising from a thread like this one, I couldn't but notice the same thing that a couple of members have already mentioned (here & here).

It's weird that after 9 years of trading (as you have stated), you recommend a relatively unknown broker to top the list of reliable brokers as per your experience.
A list that includes LMAX, IB, Fxpro, Saxo and SwissQuote.

I know, I know ... you're not pushing anyone to anywhere, and you're just sharing your experience, but it just boggles me and I can't wrap my head around the idea that someone with 9 years of trading experience ends up using a broker that is barely 2 years old (Axiory Europe got a European license in 2014) and a capital of 250k Euros (yes you read that right! 250,000)!

I apologize if the above sounds like an attack, I in now way intend it to be.
I also have not traded with Axiory or almost all of the brokers listed here, so I'm not entitled to give my opinion about them.
  • #24
  • Aug 17, 2016 8:37am Aug 17, 2016 8:37am
Quoting howard
Quoting galexandr
I have accounts at LMAX and Interactive Brokers: LMAX is an excellent place to trade, their software package is complete, easy to use and provides advanced analytical tools. If you are able to open an account with them...this is the place to be. Also, I have opened an account with Interactive Brokers, their software provides a lot of information. New users should use their demo software and review all their Webinars due to the number of software options. - Low cost (excellent) - Choice of financial products, more sophisticated
...
I think that minimum deposit with LMAX is 10k USD, but galexandr or someone who trades with them should answer more accurately.
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  • #25
  • Aug 17, 2016 8:45am Aug 17, 2016 8:45am
Quoting FX-Jay
Pretty interesting thread you've got going on here Despite the positives arising from a thread like this one, I couldn't but notice the same thing that a couple of members have already mentioned (here & here). It's weird that after 9 years of trading (as you have stated), you recommend a relatively unknown broker to top the list of reliable brokers as per your experience. A list that includes...
I understand your thoughts. Maybe I just trade some very specific strategy that is performing for me the best with Axiory, maybe itīs just a luck and other strategies could perform better with other brokers, but itīs just the reality. I have an account with Swissquote too and their technologies and orders execution are great too - they are definitely a very good option to consider. I personally donīt have any experience with LMAX (as mentioned). FXPro is not that good like other thinks - itīs a hybrid that most of traders take on their b-book. And Saxo is definitely one of the worst brokers - just read more about experience of other traders with Saxo how they got scammed.
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  • #26
  • Aug 17, 2016 2:01pm Aug 17, 2016 2:01pm
Many thanks TL for sharing all your hard work.
I am a newbie to Fx trading but I do have a trading background.
So far I have singled out Dukascopy as a leading Broker, although I have yet to figure out exactly how they process MT4, which I am currently learning.
Maybe I shouldn't focus too much on MT4, but it seems to me that it would make me more mobile and flexible with Broker selection.

Once again, many thanks, this thread is thought provoking
  • #27
  • Aug 17, 2016 2:41pm Aug 17, 2016 2:41pm
Hello, Mr. Alex.

Thank you so much for your kind contribution about your prefered FX brokers.

Do you know anything about z.com trade broker?

They are an asian broker and claim to be a STP model brokerage (so they say on HK subsidiary).

Have you ever tried their services?

Not much advertisement about them around...

Thanks in advance,
MrJinks.
  • #28
  • Aug 17, 2016 2:57pm Aug 17, 2016 2:57pm
Quoting TradingLife
{quote} Thanks for your valuable post. But I dont understand why you disagree with Instaforex marking "definitely avoidable" while you are confirming that they are 100% scam. The 10% rule in their Terms & Conditions is just something terrible - they officially tell you that you can trade with them but cant earn with them - even casinos would pay you more than Insta So Insta should definitely stay there. Regarding XM. To be honest, I consider forex trading as a serious business and investment. Deposit bonuses and similar suspicious offers come...
I understand, sir. By the way, I checked Axiory, they're pretty cool and their design is fabulous, but I can't trust them yet.
  • #29
  • Aug 17, 2016 3:57pm Aug 17, 2016 3:57pm
Quoting john257
Many thanks TL for sharing all your hard work. I am a newbie to Fx trading but I do have a trading background. So far I have singled out Dukascopy as a leading Broker, although I have yet to figure out exactly how they process MT4, which I am currently learning. Maybe I shouldn't focus too much on MT4, but it seems to me that it would make me more mobile and flexible with Broker selection. Once again, many thanks, this thread is thought provoking
I used to trade with Dukascopy as well, until my US nanny told me I couldn't. Use the JForex platform, anytime you don't need MT4 , don't use it. They actually have an excellent JForex mobile for android, iphone and ipad. Matter of fact, when I was with them, I did most of my trading from ipad.
  • #30
  • Aug 17, 2016 11:01pm Aug 17, 2016 11:01pm
Quoting FX-Jay
Pretty interesting thread you've got going on here Despite the positives arising from a thread like this one, I couldn't but notice the same thing that a couple of members have already mentioned (here & here). It's weird that after 9 years of trading (as you have stated), you recommend a relatively unknown broker to top the list of reliable brokers as per your experience. A list that includes...
  • #31
  • Aug 17, 2016 11:30pm Aug 17, 2016 11:30pm
Quoting TradingLife
{quote} Thanks, but FXDD definitely not. I traded with them a few years ago when they offered trading without any costs (purposed for b-booking orders and for loosing traders) - made a very nice profit in just one week and then they closed my account immediately This happens when casino loose its advantage (spread / slippage) Also NFA fined FXDD repeatedly for unfavorable slippage. Regarding XM Ive answered above.
FXDD never offered me "trading without any cost" account. I have been trading with a standard account for over 8 years now and they never close my account despite winning over 6-figures in profit.

I never heard of FXDD offered such "no cost" account. How they make money then? As for slippage.. i don't mind minor slippage as i am a swing trader.

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  • #32
  • Aug 18, 2016 12:09am Aug 18, 2016 12:09am
Quoting Bicarus
so couple of brokers which i recommend, mostly based in AU. VantageFX AxiPrime IC Markets Pepperstone Global Prime FP Markets Invast these brokers are all dual models, meaning they can run A/B book.eitherway, it doesnt matter as they are well capitalized(in excess of 20 million). ASIC has recently started to require brokers to submit daily trades to trade repository, so the possibility of them manipulating charts is now not even possible
This is correct. Since the end of last year, Vantage FX (and all other ASIC regulated brokers) are required to report a snapshot of our open positions daily to an ASIC approved trade repository.

Recently, we have also been required to include current margin requirements with our LPs. This was all part of improving OTC transparency for ASIC brokers.

Here's some more info on ASIC transaction reporting.
Australian Forex Broker - Try a Vantage FX RAW ECN Account Today.
  • #33
  • Aug 18, 2016 12:31am Aug 18, 2016 12:31am
great thread glad you decided to post it
i find the waiting painfully boring,(bring back the high freaquency traders
  • #34
  • Aug 18, 2016 1:33am Aug 18, 2016 1:33am
Quoting john257
Many thanks TL for sharing all your hard work. I am a newbie to Fx trading but I do have a trading background. So far I have singled out Dukascopy as a leading Broker, although I have yet to figure out exactly how they process MT4, which I am currently learning. Maybe I shouldn't focus too much on MT4, but it seems to me that it would make me more mobile and flexible with Broker selection. Once again, many thanks, this thread is thought provoking
In my opinion, Dukas used to be one of the best brokers in the world, if not the best. But they changed a lot, they are offering binary options, a lot of contests and % deposit bonuses. They are also offering poker casino. So for me, they are not serious / fair brokerage to consider anymore.
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  • #35
  • Aug 18, 2016 1:37am Aug 18, 2016 1:37am
Quoting mrjinks
Hello, Mr. Alex. Thank you so much for your kind contribution about your prefered FX brokers. Do you know anything about z.com trade broker? They are an asian broker and claim to be a STP model brokerage (so they say on HK subsidiary). Have you ever tried their services? Not much advertisement about them around... Thanks in advance, MrJinks.
Hi MrJinks, unfortunately, I donīt have any real experience with them. But I believe that we will be lucky enough and someone who has a real experience with them will contribute here. From my subjective opinion, if I come to the brokerīs website and the first thing I see is "USD 30 Welcome Bonus" and in the other slide I see "Fixed Spreads", it tells me to be very cautious. But itīs my subjective opinion without any real experience - however itīs sometimes easy to spot the good and bad broker simply based on the type of their offers.
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  • #36
  • Aug 18, 2016 1:39am Aug 18, 2016 1:39am
Quoting Noorx
{quote} I understand, sir. By the way, I checked Axiory, they're pretty cool and their design is fabulous, but I can't trust them yet.
Thatīs right and wise - every trader should do his own research / testing before investing any money.
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  • #37
  • Aug 18, 2016 1:45am Aug 18, 2016 1:45am
Quoting hello966
{quote} FXDD never offered me "trading without any cost" account. I have been trading with a standard account for over 8 years now and they never close my account despite winning over 6-figures in profit. I never heard of FXDD offered such "no cost" account. How they make money then? As for slippage.. i don't mind minor slippage as i am a swing trader. {image}
There is already one thread at FF about their fine here. Plus they were fined by $2 million and had to pay $1.8 million to traders for asymmetric slippage. So I am happy to hear that you are doing well mate, but FXDD? No, thanks..
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  • #38
  • Aug 18, 2016 2:08am Aug 18, 2016 2:08am
Quoting TradingLife
{quote} There is already one thread at FF about their fine here. Plus they were fined by $2 million and had to pay $1.8 million to traders for asymmetric slippage. So I am happy to hear that you are doing well mate, but FXDD? No, thanks..
Yup... i read the old news long time ago... that was Dec 2014. As long as they are paying me... i'm happy
  • #39
  • Aug 18, 2016 8:09am Aug 18, 2016 8:09am
Quoting hello966
{quote} Yup... i read the old news long time ago... that was Dec 2014. As long as they are paying me... i'm happy
Yep, I respect your opinion Maybe if you would like and have a bigger sample of trades executed on real account, we can take a look what slippage do you get there at least on your Stop-Losses and Profit/Targets, unfortunately, market entries / trades closed manually are undetectable regarding slippage.
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  • #40
  • Edited 10:05am Aug 18, 2016 9:51am | Edited 10:05am
Quoting TradingLife
{quote} Yep, I respect your opinion Maybe if you would like and have a bigger sample of trades executed on real account, we can take a look what slippage do you get there at least on your Stop-Losses and Profit/Targets, unfortunately, market entries / trades closed manually are undetectable regarding slippage.
I believe no broker can guarantee exact SL/TP during news time. Since i made 5-figures withdrawal most of the time... slippage is not my concern... i would rather discuss about withdrawals....exp...the amount, how long it takes, any hanky panky excuses.... i just need a broker that pays without questioning.
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