Reality of FOREX: my experience with brokers + share yours | Page 8 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

trading using 123 pattern, any experience to share? 6 replies

Share your experience with GoMarkets.Aud 3 replies

Legal to change an EA that is not yours? 3 replies

Right now My metatrader3 is not working is yours working? 0 replies

:: The Dream EA What's yours? :: 8 replies

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

Reality of FOREX: my experience with brokers + share yours

  • #141
  • Aug 26, 2016 10:45am Aug 26, 2016 10:45am
I would suggest to consider Hotforex and FXCM (if they weren't mentioned there before). They both works good for scalping as well as have decent size so I don't worry about safety, trading with large deposits as such companies focused on long-term relationship..
Don't be lured by nice spreads and instant execution, reliability is most important you need to seek for.
  • #142
  • Aug 26, 2016 11:22am Aug 26, 2016 11:22am
Quoting leebsurag
I would suggest to consider Hotforex and FXCM (if they weren't mentioned there before). They both works good for scalping as well as have decent size so I don't worry about safety, trading with large deposits as such companies focused on long-term relationship.. Don't be lured by nice spreads and instant execution, reliability is most important you need to seek for.
Hotforex is a bucketshop, as already stated in this thread. Also the bank sector of Cyprus did very bad on the stress test of banks. The ECB is behind the test and Cyprus banks has about 50% of loans classified as risky/rotten loans. So for safety of funds, if the shit hit the fen, Cypriotic banks are not the place to have deposited your money.

Also Hotforex is not very reliable, already stated by several forum members on this forum. I, myself had a very bad experience with them. Further on they have a IB`s and others promoting them on this forum. Traders beware...
Do not let the cost of being wrong, exceed the prize of beeing right
  • #143
  • Aug 26, 2016 8:25pm Aug 26, 2016 8:25pm
Quoting leebsurag
I would suggest to consider Hotforex and FXCM (if they weren't mentioned there before). They both works good for scalping as well as have decent size so I don't worry about safety, trading with large deposits as such companies focused on long-term relationship.. Don't be lured by nice spreads and instant execution, reliability is most important you need to seek for.
FXCM
  • #144
  • Aug 26, 2016 9:35pm Aug 26, 2016 9:35pm
What I am understanding here is there are the bucket shops and there are the premier ECN services which require high deposits (>10,000$USD).
Personally I have no intention of ponying up on that kind of money because I do not look upon forex as my sole bread earner.
I have a decent day job and my retirement investments are in equity and have done quite well.

Does that mean that we just give it all up and play Pokemon Go on the demo platforms ?

I was referred to IC Markets just a few posts back and all of a sudden it seems the wind has changed direction on this broker as well and TradingLife is already preparing to hang this broker on his famous list on Page 1.
Seems like we just have to pay the price if you want to play the game. And may be I will have my steak one slice at a time.
May be it is the heavy hitters who need to worry more.
Live life king size !
  • #145
  • Aug 27, 2016 3:10am Aug 27, 2016 3:10am
Quoting foxtrader16
What I am understanding here is there are the bucket shops and there are the premier ECN services which require high deposits (>10,000$USD). Personally I have no intention of ponying up on that kind of money because I do not look upon forex as my sole bread earner. I have a decent day job and my retirement investments are in equity and have done quite well. Does that mean that we just give it all up and play Pokemon Go on the demo platforms ? I was referred to IC Markets just a few posts back and all of a sudden it seems the wind has changed direction...
It is all about trying to create transparency about the industry and share experiences about how some brokers operate their business. Especially for newcomers that might seek advice about brokers.

If someone still wants to use the service of a broker that is profiting from clients loss, no problem. Then you know the potential pitfall when opening an account with them. Still, there are those who open an account and are not aware of their brokers business model. Hopefully they can find true information here, that leads to them making a qualified decision about which broker to use.
Do not let the cost of being wrong, exceed the prize of beeing right
  • #146
  • Aug 27, 2016 4:49am Aug 27, 2016 4:49am
Quoting foxtrader16
What I am understanding here is there are the bucket shops and there are the premier ECN services which require high deposits (>10,000$USD). Personally I have no intention of ponying up on that kind of money because I do not look upon forex as my sole bread earner.
You can trade on LMAX with as little as $ 1000 deposit by using FXMTF as IB (there are probably others). If I wouldn't be happy someplace else and if I would be looking for something with low deposit that would be my choice. Especially since you can trade on MultiCharts or SierraCharts, much more professional platforms than MetaTrader.

Quoting roughtrader
You can scratch LMAX from your list, they do not allow news trading, would not trust them with a cent.
It's the price you have to pay with them. It was the demand of their LPs for no last-look, nothing untrustworthy about that. We're all protecting our arses and if the broker does not impose rules on clients the LPs will simply take other measures or stop offering prices there.
  • #147
  • Aug 27, 2016 1:14pm Aug 27, 2016 1:14pm
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...
You're another loser that wants to show the public a distorted image fool. Typical scammer material who runs like a coward and pretends he is making positive profits from his own worthless crappy system low life.
The truth does hurt doesn't it lol
  • #148
  • Aug 27, 2016 3:08pm Aug 27, 2016 3:08pm
Trade with FCA regulated brokers but not with LMAX as their spreads and liquidity have worsened over the past year.
  • #149
  • Aug 28, 2016 1:25am Aug 28, 2016 1:25am
Quoting BlackPip
Trade with FCA regulated brokers but not with LMAX as their spreads and liquidity have worsened over the past year.
The whole topic getting nowhere, in the end somebody say something bad about every broker, so every broker is scam?
Which broker is your recommendation then?
  • #150
  • Aug 28, 2016 2:34am Aug 28, 2016 2:34am
[quote=roughtrader;9102960]You can scratch LMAX from your list, they do not allow news trading, would not trust them with a cent.

Would you please explain further. I have traded with them several years during the news and never had any problems.
  • #151
  • Aug 28, 2016 4:59am Aug 28, 2016 4:59am
Quoting TradingLife
{quote} 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?
There will always be good and bad reviews of a broker. Trading with pepperstone works fine for me, my average tradesize is 12lot, and withdrawals are made every month. No problems with trading OR withdrawal.
MY SITTING, NEVER MY THINKING!
  • #152
  • Aug 28, 2016 8:30am Aug 28, 2016 8:30am
Quoting grrbear
{quote} ic is still ok but pepperstone recently stopped accepting canadian clients. also axitrader will not accept ontario residents
Thanks Grrbear.
Looks like my options as a Canadian resident whittles down further. Nice
Live life king size !
  • #153
  • Aug 28, 2016 1:25pm Aug 28, 2016 1:25pm
Quoting foxtrader16
{quote} Thanks Grrbear. Looks like my options as a Canadian resident whittles down further. Nice

Options for American and Canadian are down to bear essentials....No options at all...As of September 1, 2016, Interactive Brokers is becoming more inclusive offering Foreign Exchange only to clients with 10MM to deposit.
Gregory D. Alexandr
  • #154
  • Aug 28, 2016 1:46pm Aug 28, 2016 1:46pm
so many useful information about different brokers... I even didn't expected to hear some info about some brokers
  • #155
  • Aug 28, 2016 2:47pm Aug 28, 2016 2:47pm
Quoting galexandr
{quote} Options for American and Canadian are down to bear essentials....No options at all...As of September 1, 2016, Interactive Brokers is becoming more inclusive offering Foreign Exchange only to clients with 10MM to deposit.
Which broker is getting IB's dropped accounts?
  • #156
  • Aug 28, 2016 4:23pm Aug 28, 2016 4:23pm
I was lazy and stayed with Questrade for a while. But I agree with some here that any MM broker is probably better than Questrade.
So I have already initiated funds withdrawal from Questrade.
They are at least good with that. It's not as painful as it is with some other brokers.
Live life king size !
  • #157
  • Edited 9:17pm Aug 28, 2016 6:59pm | Edited 9:17pm
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...
Hi John,


Regarding... "Can anybody here help me to understand the pitfulls in MT4 from the Trader's perspective please..."


Consider watching the two videos below... & read the attached PDF The Virtual Dealer Plugin, by MetaQuotes (producer of the MetaTrader platform) is a nasty piece of software. It is used to intentionally delay traders' orders, in order to induce slippage. If the slippage is in the trader's favor, the trader's order is executed at the requested price instead of the better price, so effectively the broker keeps the savings. If the slippage is not in the trader's favor, the difference is passed on, so the trader loses. Etc. Etc....

(Go full screen for better viewing)

Vid 1.) How brokers using MT4 can change price/bars live, kick out your stops.
Inserted Video


Vid 2.) MT4 Virtual Dealer Plugin and Suspicious Broker Activity Detection
Inserted Video


As they say in poker... "Read' em & weep"
Attached File(s)
File Type: pdf metatrader virtual dealer plugin guide.pdf   208 KB | 971 downloads
Find The Pain Points On Your Chart & Trade Off Those Levels
  • #158
  • Aug 28, 2016 7:53pm Aug 28, 2016 7:53pm
One can see why a MT4 is a money-printing machine for mostly unregulated brokers. MT4 is setup to take your money and it is difficult to detect such games. This is why futures are appealing.
  • #159
  • Aug 28, 2016 8:16pm Aug 28, 2016 8:16pm
Quoting nonlinear
One can see why a MT4 is a money-printing machine for mostly unregulated brokers. MT4 is setup to take your money and it is difficult to detect such games. This is why futures are appealing.

WORD
  • #160
  • Aug 29, 2016 2:13am Aug 29, 2016 2:13am
Quoting leebsurag
I would suggest to consider Hotforex and FXCM (if they weren't mentioned there before). They both works good for scalping as well as have decent size so I don't worry about safety, trading with large deposits as such companies focused on long-term relationship.. Don't be lured by nice spreads and instant execution, reliability is most important you need to seek for.
Welcome here leebsurag - I agree that instant execution is not a good thing as instant execution means market maker execution. Also I agree that reliability / trustworthy / security of your deposit is the most important. Regarding Hotforex and FXCM - take a look at the first post, they are already there
Acta non verba
0 traders viewing now