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Reality of FOREX: my experience with brokers + share yours

  • #61
  • Aug 21, 2016 10:11am Aug 21, 2016 10:11am
Japan and FCA UK regulated broker https://trade.z.com/uk/en/trading-accounts/live-portal.html
Reputed one , not accepting clients from countries USA, Poland,Canada & south Africa.

Can't find Belgium, Iraq, Iran,North Korea, Nigeria and so so. Does acceptance solely broker dependent?
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Never Gamble Forex
  • #62
  • Aug 21, 2016 1:20pm Aug 21, 2016 1:20pm
Quoting yesyoucan
Japan and FCA UK regulated broker https://trade.z.com/uk/en/trading-accounts/live-portal.html Reputed one , not accepting clients from countries USA, Poland,Canada & south Africa. Can't find Belgium, Iraq, Iran,North Korea, Nigeria and so so. Does acceptance solely broker dependent? {image}
It's because of the regulators in that country. It's not necessarily illegal for the broker to sell there/to their citizens but they would have to comply with very different regulation and business wise that's perhaps not worth the hassle.
Belgium might follow on that list, I believe the situation isn't quite clear at the moment (although it doesn't look good).
  • #63
  • Aug 22, 2016 2:56am Aug 22, 2016 2:56am
Quoting Fedricks
{quote} I am sorry, but not sure which reviews are you talking about? I obviously did research according to my needs. I hope you dont expect everyone to go with broker that you like or prefer, as everyone has difference choice and i expect the same that some people might find them useful while others might not....
Hi, I am happy to hear that you moved from the very poor-quality and bad brokers to OctaFX. OctaFX is probably the best from the brokers that you have experience with. But, still, OctaFX is offering 50% deposit bonus which is a prove, that something with the broker is bad. Also go to their Affiliate program section and click IB conditions. They offer up to 15 USD per lot to their IBs - how could the broker make money then, if they donīt earn from spreads / commission. So I have to agree with pipmaster77 - OctaFX should be among avoidable brokers.
Acta non verba
  • #64
  • Aug 22, 2016 3:09am Aug 22, 2016 3:09am
Quoting LadyForex
Thank you for this interesting thread. I agree it mostly is about proper money management (which we as traders have control of) and then about choosing the right broker (we can't really control our brokers). I have been on and off trading around 5 years. Sad to say after a few mandatory newbie mistakes my "off" -periods have been mostly because I felt broker started to do weird things after allowing me to trade few months "normally". And this has happened with so called ECN brokers accounts as well. With brokers, that I chose after careful research..This...
Hey LadyForex, I definitely agree with everything that you wrote! With brokers, itīs pretty tricky. It doesnīt matter whether the broker is a market maker / ECN / STP... I have a simple rules when comparing brokers - if a broker is offering leverage higher than 1:200, % deposit bonuses, fixed spreads, guarantee something or does a huge contests or is offering a huge share to their IBs, you can be sure that the broker will b-book your orders - would like you to loose your deposit and profit from your losses. Then there are the brokers who donīt have these suspicious offers - maybe, they could be hybrids, but as long as they donīt intervene to your trading, itīs OK. Iīve been with the brokers that I mentioned in the first post for a long time and I am absolutely satisfied - without any issues and compared to my previous brokers, I achieve much better results with them. Regarding the Swiss event - it proved which brokers are prepared, but from the traderīs view, the solution is simple - just trade EUR/USD, GBP/USD or USD/JPY - the currency pairs with enough liquidity.
Acta non verba
  • #65
  • Aug 22, 2016 3:13am Aug 22, 2016 3:13am
Quoting Drolph
{quote} You really have to ignore him, pipmaster. He is constantly swarming around the forum promoting OctaFX in a disgusting way aside from any objective perspective.
Then itīs explained, I donīt consider Octa as a trustworthy broker too (posted here).
Acta non verba
  • #66
  • Aug 22, 2016 3:19am Aug 22, 2016 3:19am
Quoting demark1
{quote} Yes, Most of them are both a market maker and a broker. The only one I have interest is FP markets since it has connection with LMAX. Any experience with FP? Please share...
I donīt have any experience with them, but a couple of ideas when I took a look at their website - they mention LMAX somewhere as their liquidity provider? Also not much is said at their trading conditions page. It would be interesting to explore how much they pay to their IBs - if the would pay most or more of their spreads, than itīs not good. 1:500 leverage is also quite high. But in general, they look like worth trying - I would be happy if you will share your experience here if you will test them on real account.
Acta non verba
  • #67
  • Aug 22, 2016 3:26am Aug 22, 2016 3:26am
Quoting yesyoucan
Japan and FCA UK regulated broker https://trade.z.com/uk/en/trading-accounts/live-portal.html Reputed one , not accepting clients from countries USA, Poland,Canada & south Africa. Can't find Belgium, Iraq, Iran,North Korea, Nigeria and so so. Does acceptance solely broker dependent? {image}
The fun thing with Z broker is that you can withdraw their 30 USD bonus if you will trade at least 100 lots - it means that if you will bring something like 1000 USD to them (on spreads / commissions only, I donīt even count possible losses), you can withdraw the 30 USD bonus then
Acta non verba
  • #68
  • Aug 22, 2016 3:28am Aug 22, 2016 3:28am
Quoting JensG
{quote} It's because of the regulators in that country. It's not necessarily illegal for the broker to sell there/to their citizens but they would have to comply with very different regulation and business wise that's perhaps not worth the hassle. Belgium might follow on that list, I believe the situation isn't quite clear at the moment (although it doesn't look good).
I agree on this, its just about the compliance / legal department of each broker - there are also some offshore brokers who are accepting US clients without any US regulation / permission - so practically any broker can accept any trader from anywhere, but its about how much they would like to risk some problems.
Acta non verba
  • #69
  • Aug 22, 2016 7:24am Aug 22, 2016 7:24am
good morning,

Although this thread mainly concerns Brokers, their offerings of platforms is also a key component.

I have read my way through quite a few posts over the weekend and I have noticed that MT4 receives quite a lot of criticism
but I remain unclear as to the underlying reasons. In some cases, the criticism resulted from a lack of knowledge from the 'Trader'
In other posts, the criticism resembled a broad spectrum shot in the dark which went unchallenged in the thread.

My intial view of MT4 is that it contains too many bells and whistles for my flavour, ( of course I only need to use the bare bones of the program) but it is on offer through a great number of Brokers, which leads me to surmiss that it tends to favour the Broker.

Can anybody here help me to understand the pitfulls in MT4 from the Trader's perspective please....I just need a few words that will point me in the right direction.

many thanks
John
  • #70
  • Aug 22, 2016 7:57am Aug 22, 2016 7:57am
Quoting john257
good morning, Although this thread mainly concerns Brokers, their offerings of platforms is also a key component. I have read my way through quite a few posts over the weekend and I have noticed that MT4 receives quite a lot of criticism but I remain unclear as to the underlying reasons. In some cases, the criticism resulted from a lack of knowledge from the 'Trader' In other posts, the criticism resembled a broad spectrum shot in the dark which went unchallenged in the thread. My intial view of MT4 is that it contains too many bells and whistles...

Actually I believe MT4 is ok. The problem is some broker operate a dealing desk that could lock up trades, create fake spike, widen spread and etc. I could not believe my eyes when one of my trades get lock up a few weeks ago. That position had 300 dollars profit when I decided to close it manually. I pressed the close button numerous times and it did not work. Eventually it closed at predefined break even.

the pitfall of MT4 is so called virtual delay plug in which can delay the orders up to 5 seconds. But 5 seconds is nothing because a dealer can delay clients' orders for a few minutes if they want to and it can be done without the virtual dealer plug in. All sorts of things can be done on their server side. It is stupid and not necessary to install a plug in on the clients' terminal.

MT4 is a customized software package and every dealer/broker has its own version. So it is not metaquotes but your dealer/broker to blame if there are something added in there.
  • #71
  • Aug 22, 2016 8:15am Aug 22, 2016 8:15am
Quoting john257
My intial view of MT4 is that it contains too many bells and whistles for my flavour,
It's a one fits all solution, very typical for retail markets. There is no financial leeway to target specific use-cases and it might be hard to market considering that a lot of retailers are jumping from one systems to another.

Quoting john257
... but it is on offer through a great number of Brokers, which leads me to surmiss that it tends to favour the Broker. Can anybody here help me to understand the pitfulls in MT4 from the Trader's perspective please....I just need a few words that will point me in the right direction. many thanks John
If a new broker does not offer MT4 people start asking for MT4. If you're offering to retail you have to give your customers a platform they know, whether it's good or bad is a very different topic. Most of the criticism towards Metatrader is bullshit. People tend to mention the virtual dealer plugin, platform freezes, spikes and so on. If you think logically though you must come to the conclusion that if a broker wants to cheat on you, he simply does that. He doesn't need some virtual dealer plugin to do that, he controls the feed anyway.

That said, I don't like Metatrader. I think the platform contains significant design flaws and the unknown quality of the bridge makes it no very transparent. Is a limit order a true limit order? Just one example. It actually depends on the bridge! The programming language is crap. I'm a former software developer, I do not trade automated but I like to improve my trading with a bit of semi-automatism, MetaQuotes chose to use their own programming language instead of established ones like Java or .Net. Considering that programming languages depend mostly on their ecosystem (read: ready to use libraries, recipes and so on) creating your own one needs good reason - I can't see that reason with MT.

I'm using JForex since a while. I've created a virtual keyboard (running on a touch screen) to control my trades completely mouse free. I have a number of buttons to place pending orders at specific positions and so on. It's a large touch screen with one "keyboard" for every currency pair I trade (4 at the moment). Those things are very hard to do with Metatrader because of a number of really bad design choices of that platform. With JForex it's rather easy, it's all Java. I use the Chronicles-Queue from the OpenHFT project to send messages in and out of the software. Quotes to my "keyboard" application and order-commands back for example. If I need to use a database, I can simply do that using fully functional industry standard libraries, mostly the official ones, to speak to an MySQL or Postgres or Amazon Cloud based database. Try that with the crap they call a programming language in Metatrader. MetaTrader is a click-trader software, if you want more, use something else.
  • #72
  • Aug 22, 2016 8:30am Aug 22, 2016 8:30am
Quoting TradingLife
{quote} I dont have any experience with them, but a couple of ideas when I took a look at their website - they mention LMAX somewhere as their liquidity provider? Also not much is said at their trading conditions page. It would be interesting to explore how much they pay to their IBs - if the would pay most or more of their spreads, than its not good. 1:500 leverage is also quite high. But in general, they look like worth trying - I would be happy if you will share your experience here if you will test them on real account.
FP markets is a partner of LMAX.

http://www.financemagnates.com/forex...lmax-exchange/

I will give it a try.
Have no problem with xm so far... execution is excellent and slippage is minimum.

FP markets does not offer Islamic account and it is a good sign.
  • #73
  • Aug 22, 2016 8:59am Aug 22, 2016 8:59am
Quoting TradingLife
{quote} The fun thing with Z broker is that you can withdraw their 30 USD bonus if you will trade at least 100 lots - it means that if you will bring something like 1000 USD to them (on spreads / commissions only, I dont even count possible losses), you can withdraw the 30 USD bonus then
Yep. But they MUST allow to withdraw 30$ or Max profit 100$ ( as per terms) on completion of required lots. You have to know the technique "How to" and once you done possibility of business in forex boost in mind and in NEXT good trading performance will come.
Never Gamble Forex
  • #74
  • Aug 22, 2016 10:31am Aug 22, 2016 10:31am
Thank you for the responses ...much appreciated

JensG ....... I have been told by two Brokers that given a choice of platforms they would recommend JForex over MT4 ...so I appreciate
your contribution.
Demark1 .... I will keep your MT4 comments in mind.

many thanks
  • #75
  • Aug 22, 2016 11:11am Aug 22, 2016 11:11am
Quoting john257
Thank you for the responses ...much appreciated JensG ....... I have been told by two Brokers that given a choice of platforms they would recommend JForex over MT4 ...so I appreciate your contribution.
It's a nice platform but it requires quite a bit of RAM. Usually not a problem even with cheap computers nowadays but worth to mention.

MultiCharts is a very nice one, too. From a pure charting perspective: many people in a more professional sphere than retail forex are using SierraCharts, that said I had my problems getting warm with that beast most probably because it's truly powerful with a lot of options. But to be fair, we're leaving retail forex and the "start trading with Ģ200" area here so that information is probably not useful for too many people here. These software products cost more than their deposit ...
  • #76
  • Aug 22, 2016 5:57pm Aug 22, 2016 5:57pm
Quoting TradingLife
{quote} Hi, I am happy to hear that you moved from the very poor-quality and bad brokers to OctaFX. OctaFX is probably the best from the brokers that you have experience with. But, still, OctaFX is offering 50% deposit bonus which is a prove, that something with the broker is bad. Also go to their Affiliate program section and click IB conditions. They offer up to 15 USD per lot to their IBs - how could the broker make money then, if they dont earn from spreads / commission. So I have to agree with pipmaster77 - OctaFX should be among avoidable...
I found this funny, I mean, if I say I am happy with Octafx broker, I need to provide you solid reason for that right? But if you say that you are not happy with Octafx broker then I should accept it because you said so? And that too just BECAUSE you think no good broker can offer bonus? If thats really the logic then really no reply is needed here. I dont use their IBs program, but still I can read that the 15 USD per lot you are referring to is for HIGHEST LEVEL, its not for everyone! Its truly shameful that people reach such levels where they try to bring out ugly picture instead of showing the reality.

Quoting TradingLife
{quote} Then its explained, I dont consider Octa as a trustworthy broker too (posted here).
Certain people have issues where they cant accept the fact that they can be wrong, if anyone tries to prove them wrong then they start putting useless stuff which makes absolutely no sense, but again he better ignore me because he is not capable enough to hear anything against what he feels.
  • #77
  • Aug 22, 2016 6:49pm Aug 22, 2016 6:49pm
Interesting discussion.

I trade from Canada and use Questrade here. I initially tried their software but found that it was not a smooth experience.
With MT4 it has been good. As far as order closing, opening at market I have not noticed any significant slippages.

But I am definitely interested in comparing spreads offered by different brokerages.
Is there any source I can go to for that ?
Live life king size !
  • #78
  • Aug 22, 2016 9:39pm Aug 22, 2016 9:39pm
Quoting Fedricks
{quote} levels where they try to bring out ugly picture instead of showing the reality. {quote}
OctaFX closes highly profitable trading accounts - THAT is the reality and UGLY PICTURE. Do not make me inlcuding the corresponding posts. If someone is having an issue with a broker it has to be investigated and verified. OctaFx never gave a valid reason for closing accounts. If somebody is happy with the same broker someone else got trouble with, he either is lucky until now or a promoter like you. Both is just useless and does not improve the suspicious picture.

I simply bet you are just not profitable enough for them to close your account. You did not prove me wrong until now. But i am sure you will not beat the gain of the closed account!

Show your score or get lost.
  • #79
  • Aug 22, 2016 10:04pm Aug 22, 2016 10:04pm
Quoting foxtrader16
Interesting discussion. I trade from Canada and use Questrade here. I initially tried their software but found that it was not a smooth experience. With MT4 it has been good. As far as order closing, opening at market I have not noticed any significant slippages. But I am definitely interested in comparing spreads offered by different brokerages. Is there any source I can go to for that ?
OH GOD questrade is garbage. I am from Canada and have been with Oanda and Questrade, both definitely bucketshops with bad spreads.. You can do better.
All posts are my personal opinion
  • #80
  • Aug 22, 2016 11:53pm Aug 22, 2016 11:53pm
Quoting Rtm
{quote} OH GOD questrade is garbage. I am from Canada and have been with Oanda and Questrade, both definitely bucketshops with bad spreads.. You can do better.
I will appreciate suggestions.
I trade 4H and do not trade frequently. And before I adopted my current strategy I was pretty much giving away money by using higher lot sizes but tight stops.
Anyway, I have paid my dues and learnt my lessons.
Live life king size !
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