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Attachments: Reality of FOREX: my experience with brokers + share yours
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Reality of FOREX: my experience with brokers + share yours

Quoting Rtm
{quote} Questrade is worse than Oanda. There is much better out there!
I got it - but I would be happy if you can share your more detailed experience from real account trading with them - I will paste it to the first post to notice other traders.
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Quoting foxtrader16
{quote} Thanks Rtm. And I have been looking in frustration at all the crosses that I avoid like the plague because of their stupid spreads. I think I am going to make it my mission to switch to a broker where I have a better edge. Being in Canada my options are limited. I would rather be with an ECN than a MM. Questrade has been good with my registered accounts since I like their no commission ETF trades. However I am not in a position to open a deposit with 10,000 US$. I would very much like to explore my options with IC and Pepperstone which I...
I like this sentence in your post: "I think I am going to make it my mission to switch to a broker where I have a better edge." This is very true as the whole trading is about mathematics and accounting - the lower costs / the better trading conditions (especially orders execution / technologies etc.) / the better results you will achieve. With bad broker it is simply not possible to mathematically gain any long-term edge. I personally like the ECN account of Axiory and STP account of Swissquote. I use both accounts actively and I am very satisfied, but I am not sure these brokers are available to you in Canada.
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Quoting JensG
{quote} Finally someone who understood that. Lovely analogy by the way! I was really getting tired by that "us poor retailers, we always have to fight against windmills". The best thing is that "small positions" can actually be quite big ones. 10 million per trade (100 lot for you metatraders)? Usually not a problem at all. And there is more than decent money to make with 20-40 pips on a few short time frame mean reversals or whatever you target to satisfy your pip lust. To you leverage fanatics: Have you actually ever done the calculation on that...
I agree that the huge leverage is just for playing or betting. I personally donīt consider any leverage above 1:200 as long-term usable. Also itīs sure that you canīt trade the real market with the ridiculous leverage - as I wrote, itīs just b-book / casino playing and not serious trading on the financial market.
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Quoting yesyoucan
{quote} Yeah I know that I simply earn commissions on volume which is 4-5 times of my investment plus profit added bonus I don't trade news and 2 accounts held with FCA brokers[Swissquote(FINMA regulated too] & AXI Trades UK where i trade long term basis with positive slippage. I reinvest profits in E-Gold with well controlled regulated local stock exchange broker. You need to maneuver your money as per needs (of-course risk involved) . But if you always concern safety of money then Invest in other business or buy Non-convertible debentures...
So you are doing something like trading under your own IB, correct? But still, you need to make money based on some strategy as the gain from commissions isnīt higher than what you risk in each trade, right?
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Quoting foxtrader16
{quote}I would very much like to explore my options with IC and Pepperstone which I read were your brokers of choice.
ic is still ok but pepperstone recently stopped accepting canadian clients. also axitrader will not accept ontario residents
Quoting TradingLife
{quote} Understood - could you please refer to concrete posts which will prove that he is not telling the truth? Also for example there seems to be more scammed traders from octafx.
The point is - a guy, who even does not know the difference between off-quotes and slippage (http://www.forexfactory.com/showthre...42#post9100542) got the knowledge and full understanding of the reliability of a broker and calls me, who got much more experience than him and trades very successful, a liar... without numbers everyone can accuse and blame anything and anyone for nearly everything. You can go to the OctaFX thread and look for the numbers by yourself. But you can of course ask for an "objective" oppinion from an OctaFX rep if you prefer. Made my day!

I gave him more than one chance to prove me wrong by providing naked facts. But all he does is getting personal by endless interpretations of my potential motivation.
  • Post #127
  • Quote
  • Edited 11:55am Aug 25, 2016 11:37am | Edited 11:55am
Sigh. The situation for fx traders in the US is getting worse every year. I don't quite understand the lobbying behind current regulations, i.e., who is benefiting. Has to be the futures exchanges.
Quoting TradingLife
{quote} So you are doing something like trading under your own IB, correct? But still, you need to make money based on some strategy as the gain from commissions isn't higher than what you risk in each trade, right?
Absolutely. Earn all the way dude. SEE advising and preaching people can't earn anything. Everyone should do his due diligence before investing. Most of here have too much importance in safety of funds, very good. There is no certain things in ttthe world except Death you know. So as long as I receive money it is good . You can't be too sure anywhere.
Never Gamble Forex
JFD brokers also has a prime broker.

http://www.jfdprime.com

They claim to have connection to 100+ LPs. Looks like a very good one.

But JFD does not accept Canadian clients. Unfortunately Swissquote and LMAX does the same.
hi
i have all my platform with AXIS and my live account with them also for about 2 years never encounter a problem .
Quoting TradingLife
{quote} Yes, I stated the reasons why they were added to the "avoid list" there too.
I agree, OctaFX should be avoided, once you start to earn profits, you would see weird things happening and they only have negative slippages( 5-6 pips sometimes even during normal market hours without any news )
Random_Impatient_Trades
You can scratch LMAX from your list, they do not allow news trading, would not trust them with a cent.
and you can add Pepperstone, they did not let me close my winning floating positions until they became losers.
bucket shops!
Bulls are stupid Animals!especially when Im short!
Quoting grrbear
{quote} ic is still ok but pepperstone recently stopped accepting canadian clients. also axitrader will not accept ontario residents
IC is maybe becoming pretty questionable - I found that someone complained about their big slippages here.
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Quoting Drolph
{quote} The point is - a guy, who even does not know the difference between off-quotes and slippage (http://www.forexfactory.com/showthre...42#post9100542) got the knowledge and full understanding of the reliability of a broker and calls me, who got much more experience than him and trades very successful, a liar... without numbers everyone can accuse and blame anything and anyone for nearly everything. You can go to the OctaFX thread and look for the numbers by yourself. But you can of course ask for an "objective" oppinion...
Hi Drolph, I definitely understand. Contacting the OctaFX rep would not be objective of course For me, based on OctaFXīs offering (already mentioned and pasted in the first post) - itīs quite clear among which brokers does Octa belong. Plus there is also the thread at FF here with scammed traders by Octa.
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Quoting nonlinear
Sigh. The situation for fx traders in the US is getting worse every year. I don't quite understand the lobbying behind current regulations, i.e., who is benefiting. Has to be the futures exchanges.
I am not US resident and donīt have any experience with investment opportunities there, but I bet that maybe the futures exchanges can benefit - and other investment (like stocks etc.) / savings providers. Maybe also the US gov wants to control everything, but with OTC FX it could be harder - who knows how the real truth looks like..
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Quoting yesyoucan
{quote} Absolutely. Earn all the way dude. SEE advising and preaching people can't earn anything. Everyone should do his due diligence before investing. Most of here have too much importance in safety of funds, very good. There is no certain things in ttthe world except Death you know. So as long as I receive money it is good . You can't be too sure anywhere.
Yep, I definitely agree - we can say that itīs all about probability.. if you trade with the scamming brokers, you can throw your money out of the window and you have a higher chance that you will find down on the street more money than you will get after your trading with the scamming brokers. While with the good brokers, there is a higher chance of getting paid fast and achieving good trading results too.
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Quoting demark1
JFD brokers also has a prime broker. http://www.jfdprime.com They claim to have connection to 100+ LPs. Looks like a very good one. But JFD does not accept Canadian clients. Unfortunately Swissquote and LMAX does the same.
Thanks for posting - it seems interesting, will take a look at it.
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Quoting ellenbrook
hi i have all my platform with AXIS and my live account with them also for about 2 years never encounter a problem .
Welcome here - by Axis you mean AxiTrader?
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Quoting jb2519
{quote} I agree, OctaFX should be avoided, once you start to earn profits, you would see weird things happening and they only have negative slippages( 5-6 pips sometimes even during normal market hours without any news )
Thatīs terrible.. thanks for confirming adding Octa among the brokers that traders should avoid.
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Quoting roughtrader
You can scratch LMAX from your list, they do not allow news trading, would not trust them with a cent. and you can add Pepperstone, they did not let me close my winning floating positions until they became losers. bucket shops!
Thanks for posting - your experience seems clear - does anyone have the same experience? Or are there any threads about LMAX / Pepper positives / negatives that I missed?
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