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Reality of FOREX: my experience with brokers + share yours

  • #481
  • Sep 29, 2016 9:14am Sep 29, 2016 9:14am
Quoting insomniawawa
{quote} Yes, it's true. Avoid all planned speeches, events, news, artificial defended currencies and you should be fine Deutsche Bank is the most leveraged bank in world (in pool of the biggest banks of course). http://uk.businessinsider.com/fdic-r...16-9?r=US&IR=T If it goes bankrupt, before that you will see many strange moves on EURUSD, almost all the time there's big warning on the market before news came out. Good cliche- expect the unexpected
Yes, you are absolutely right and expect the unexpected can be pretty true in the future. Deutsche Bank can be a big problem for Eurozone and the whole Europe that is just ticking. It's a question if the market itself will warn enough or it will just come like the SNB crisis. FX traders learned both situations in quite a short time - big shock in case of SNB crisis and not much of huge immediate impact in comparison with SNB in case of Brexit.
Acta non verba
  • #482
  • Sep 29, 2016 9:19am Sep 29, 2016 9:19am
Quoting pcmaster
{quote} Because it looks like most worst brokers comes from CySEC Also it looks like most best brokers comes from Australia. Could name quit a few from both regulations. And then UK regulation seems neutral. Besides everyone knows how bad is Greece banks and their economy - Its like broker have to be honest by himself cause regulation wont make them good.
I definitely agree with this "Its like broker have to be honest by himself cause regulation wont make them good.". I wouldn't say that some regulation is the best. There are honest as well as cheating brokers under each regulation. As insomniawawa wrote, with ASIC there is practically no real segregation of funds. This is what he wrote:

Quote
Please read the agreement on any Australian broker website. Here's is how it works: 1000 clients make 100mln debt due to "event", broker must pay LP, but don't have funds because all of those clients went bankrupt, so they use other clients funds.

I am also personally based in Europe, so I wouldn't go with ASIC regulated broker in Australia (of course, traders from Australia would on the other side rather go with ASIC regulated brokers). But for me European regulation is better, so as long as a broker is regulated in Europe and is fair / honest, it's a good choice for me.
Acta non verba
  • #483
  • Sep 29, 2016 9:23am Sep 29, 2016 9:23am
Quoting Paul4970
{quote} That is exactly what I'm looking for. Sorry, I meant Swissquote, not Swisstrade. Thank you for this information.
Great, I was just asking to make sure that you are not thinking about some broker who is telling that they are based in Switzerland, but in fact is not regulated there. As I wrote, Axiory has better and faster execution / conditions, so I make more money with them. But Swissquote is good for me for a diversification.
Acta non verba
  • #484
  • Sep 29, 2016 9:34am Sep 29, 2016 9:34am
Quoting insomniawawa
I told earlier, that you can't believe all negative opinions about brokers, because they are very often created by people that have any idea how market works. Here's great example http://www.forexfactory.com/showthre...50#post9168050 EDIT: I can see that FF changed title, earlier it was "Tradersway is a fraud"
Hehe I saw the previous version of the title too Yep, spread rules in orders execution are pretty simple, you go LONG for ASK and close for BID, and go SHORT for BID and close for ASK. There was a pretty nice spread spike in the situation that the guy is talking about.
Acta non verba
  • #485
  • Oct 5, 2016 3:41am Oct 5, 2016 3:41am
Yesterday I've talked with a representative of ActivTrades and I think I'll open an account with them. Good protection of clients funds. FCA and on the top of it additional insurance upto 500,000. All company is based in the UK and clients money are also kept within the UK.

Another firm I was looking at is the Australian ThinkMarkets. They have a branch in the UK, and seem to insure clients funds via private insurance company. I'm not sure but seems like that's available to Australian clients as well.

Another broker has quite negative reviews, XM, but with their recent growth and promotions I doubt they would belly u up, at least for couple of years.

Oanda has finally gave me their reply with apologies for delay. I'm quite satisfied with their Asia Pacific office, although I know generally Oanda is seriously understaffed.

In conclusion I'll keep one account with Oanda as it is and open another with ActivTrades, third one I'm not sure yet.
In some years when I can trade bigger I'll look into commission based brokers with bigger initial lot sizes. Or maybe just futures or ETFs on Gold.

Did anyone trade with ActivTrades or ThinkMarkets (renamed from Think Forex )?
PW
  • #486
  • Oct 5, 2016 9:25am Oct 5, 2016 9:25am
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
...
10k USD
  • #487
  • Oct 5, 2016 10:09am Oct 5, 2016 10:09am
Quoting Paul4970
Yesterday I've talked with a representative of ActivTrades and I think I'll open an account with them. Good protection of clients funds. FCA and on the top of it additional insurance upto 500,000. All company is based in the UK and clients money are also kept within the UK. Another firm I was looking at is the Australian ThinkMarkets. They have a branch in the UK, and seem to insure clients funds via private insurance company. I'm not sure but seems like that's available to Australian clients as well. Another broker has quite negative reviews, XM,...
Active Trades okay. Thinkforex okay too. Both only have higher swap charges
Never Gamble Forex
  • #488
  • Edited Oct 24, 2016 1:59am Oct 5, 2016 3:49pm | Edited Oct 24, 2016 1:59am
Quoting yesyoucan
{quote} Active Trades okay. Thinkforex okay too. Both only have higher swap charges
Active Trades is a MM, they only make money when you lose.
You can get Lmax with usd 1k through introducing broker, dont remember the name, but do a google search.

{ information deleted by staff, per membership policy }
  • #489
  • Oct 5, 2016 10:03pm Oct 5, 2016 10:03pm
Quoting Paul4970
Yesterday I've talked with a representative of ActivTrades and I think I'll open an account with them. Good protection of clients funds. FCA and on the top of it additional insurance upto 500,000. All company is based in the UK and clients money are also kept within the UK. Another firm I was looking at is the Australian ThinkMarkets. They have a branch in the UK, and seem to insure clients funds via private insurance company. I'm not sure but seems like that's available to Australian clients as well. Another broker has quite negative reviews, XM,...
how does ActivTrades provide "Good protection of clients funds"?
  • #490
  • Oct 5, 2016 10:14pm Oct 5, 2016 10:14pm
Quoting pd9000
{quote} Active Trades is a MM, they only make money when you lose. You can get Lmax with usd 1k through introducing broker, dont remember the name, but do a google search. https://www.mql5.com/en/signals/227998
Come On dear, I do huge search always I answered questions what exactly asked for. You can't earn anything even you own liquidity pool of the market. I know who is those MM or Not so so blah blah and it has been taught million times in most of the threads across all forex forum. If you not good in trading , nothing is useful to you.
Never Gamble Forex
  • #491
  • Oct 6, 2016 7:22am Oct 6, 2016 7:22am
thanks fro sharing ur experience with these broker its very helpful for me.
  • #492
  • Oct 6, 2016 8:30am Oct 6, 2016 8:30am
Quoting forexvert
{quote} how does ActivTrades provide "Good protection of clients funds"?
Maybe they keep them segregated..
Actually I had this "protection" at my broker (Hotforex) it says the funds are segregated. I know they are prohibited to use in company operate but can we really take it as additional safety measure??
  • #493
  • Oct 6, 2016 10:57am Oct 6, 2016 10:57am
Quoting forexvert
{quote} how does ActivTrades provide "Good protection of clients funds"?
from their website and also their guy told me on the phone:

1. The trade out level on your account is in place to help ensure you do not lose more money than your deposit. As an added safeguard, we offer Balance Protection Policy and will credit your account to a zero balance if your account goes into negative as a result of trading activity.

2. Further to the client assets protection, our clients are also protected under the (FSCS). This is a fund of last resort for customers of authorised financial services firms in case of default up to a maximum value of £ 50,000 per person. ActivTrades clients can benefit from extra security exceeding the FSCS threshold by up to £500,000 per client – via ourExcess of FSCS Insurance.
This policy is underwritten by QBE Underwriting Limited and other participating syndicates at Lloyd’s of London and comes as standard, at no cost to you. Clients of ActivTrades are individually covered up to £500,000 as Excess of FSCS Insurance. Because your funds security is our main goal, we can increase the maximum amount covered according to your needs. (Terms and Conditions apply)



Looks quite good to me. Obviously, nobody can be sure of anything 100% in our world
PW
  • #494
  • Oct 6, 2016 10:59am Oct 6, 2016 10:59am
Quoting pd9000
{quote} Active Trades is a MM, they only make money when you lose. You can get Lmax with usd 1k through introducing broker, dont remember the name, but do a google search. https://www.mql5.com/en/signals/227998
Thank you, I know. I trade with MM Oanda.
Lmax would be good, but I need 1k lots, not 10k.
PW
  • #495
  • Oct 6, 2016 11:03am Oct 6, 2016 11:03am
Quoting yesyoucan
{quote} Active Trades okay. Thinkforex okay too. Both only have higher swap charges

Thanks a lot. ActivTrades called me within 30 minutes of my request a callback.
ThinkMarkets (ex ThinkForex) didn't call me, yet. I chatted with someone, she said they could arrange my account in the UK under FCA, since I'm not Australian.
Between these 2 I will have to choose for now.
PW
  • #496
  • Oct 7, 2016 11:09am Oct 7, 2016 11:09am
Quoting pd9000
{quote} Active Trades is a MM, they only make money when you lose. You can get Lmax with usd 1k through introducing broker, dont remember the name, but do a google search. https://www.mql5.com/en/signals/227998

I've just checked some things you were saying. Thank you! Yes, it's 1k deposit min.m and there are microlots with LMAX. I'm quite surprised. I found 3 IBs, it seems to me these 2: fxmtf, MTFsystems, are run by the same person, Polishman. Another is FairFxTrading, nit sure who runs it. They all claim the same thing exactly- clients funds are with LMAX, completely secure, etc. I've sent inquiry to all 3. None contacted me, yet. Let's see.

I have to say I don't know a thing how does the IB business work. What should I be looking for so I don't get cheated. First contact the IB and then contact LMAX about him to confirm?
How does IB make money from a brokerage by introducing me?
What does it mean "being under IB"? What if IB goes down or just stops being an IB any longer?

But yeah, LMAX seems ideal if I can deposit 1-5k for now and trade minimum 1 micro. I also like their platform, as for charting I will keep using MT4.
Thanks for a good advice, pd9000.
PW
  • #497
  • Oct 7, 2016 12:47pm Oct 7, 2016 12:47pm
Quoting Paul4970
{quote} I've just checked some things you were saying. Thank you! Yes, it's 1k deposit min.m and there are microlots with LMAX. I'm quite surprised. I found 3 IBs, it seems to me these 2: fxmtf, MTFsystems, are run by the same person, Polishman. Another is FairFxTrading, nit sure who runs it. They all claim the same thing exactly- clients funds are with LMAX, completely secure, etc. I've sent inquiry to all 3. None contacted me, yet. Let's see. I have to say I don't know a thing how does the IB business work. What should I be looking for so I don't...
Will Lmax protect you from spikes? Almost 1000 pips downside trade seen Gbp/usd and Gbp/Jpy today.I didn't notice other GBP pairs.
Never Gamble Forex
  • #498
  • Oct 7, 2016 2:05pm Oct 7, 2016 2:05pm
Quoting yesyoucan
{quote} Will Lmax protect you from spikes? Almost 1000 pips downside trade seen Gbp/usd and Gbp/Jpy today.I didn't notice other GBP pairs.
All GBP pairs, GBPAUD, GBPCAD and GBPNZD actually moved the most. I doubt they will protect you from spikes, as these were found on every broker, it was the actual price moving. It's the brokers who have spikes you cannot find anywhere else that are of concern. i.e: US based, NFA regulated shitholes.
  • #499
  • Oct 7, 2016 10:03pm Oct 7, 2016 10:03pm
Quoting pipmaster77
{quote} All GBP pairs, GBPAUD, GBPCAD and GBPNZD actually moved the most. I doubt they will protect you from spikes, as these were found on every broker, it was the actual price moving. It's the brokers who have spikes you cannot find anywhere else that are of concern. i.e: US based, NFA regulated shitholes.
People are shouting for Good brokers (no manipulation of price either way) and safety of funds. What I understand in balanced economy if anyone trade local forex market , there is no issue with funds since they're protected by local regulations. Locally when you are secured base capital investment , leverage been poor , may be 10 or 30 times of deposit, sometimes clients may not get their favorite currency pairs to trade if he trades locally. So why people interested to trade with online forex brokers? simply due to leverage , zero tax liability etc. Again people conflict with Money makers,stop loss hunting, swap rates,false spikes, sudden huge spikes( as we seen in GBP pairs yesterday) which are almost common issue with FCA/CFTC as well as other lesser regulated brokers.
Now someone recommending LMAX level brokers who represent same spikes what we seen almost in all Mt4 brokers.

I agree Safety is needed...but people ignore the basic risk of forex trading...they need to be outsmart else they can't make money in trading, they're complaining something which can't be resolved no where. We are retail traders , corporate has no problem , once you have huge capital you have better options, trade with banks and so so. Most of the problems lies on trading...we need to know how to trade minimizing risk , controlling greed. Every broker has issue but we'll have to find out which is suitable for us.
Never Gamble Forex
  • #500
  • Oct 10, 2016 2:09am Oct 10, 2016 2:09am
Quoting Paul4970
{quote} I've just checked some things you were saying. Thank you! Yes, it's 1k deposit min.m and there are microlots with LMAX. I'm quite surprised. I found 3 IBs, it seems to me these 2: fxmtf, MTFsystems, are run by the same person, Polishman. Another is FairFxTrading, nit sure who runs it. They all claim the same thing exactly- clients funds are with LMAX, completely secure, etc. I've sent inquiry to all 3. None contacted me, yet. Let's see. I have to say I don't know a thing how does the IB business work. What should I be looking for so I don't...

This is good IB that I've tested that let you trade with LMAX with 1k, 0,01lot and with 20% rebate. http://www.hftgroupfx.com/ However, better ask https://www.cashbackforex.com/en-US/...X-rebates.aspx if they allow to open 1k account with LMAX. Cashbackforex is the best IB on the market, they will also beat any competitor rate you find Always paying on time, good support

IB gets part of commission from broker for introducing clients and they give you most of it back
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