which broker should I go for my 100k deposit | Forex Factory

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which broker should I go for my 100k deposit

  • #1
  • First Post: Feb 20, 2017 6:57am Feb 20, 2017 6:57am
hi traders
please give me your best experiences as well your opinion which you have with these 2 brokers. Forex.com and oanda. i want my money to be safe pretty much it is here in canada. the only concern is brokers reliable trading conditions such as spreads, execution ect.... I am also considering go with dukascopy very much appreciated for your feed back
  • #2
  • Feb 20, 2017 7:01am Feb 20, 2017 7:01am
Why you don't want to trade futures instead of FX with such account? You'll get better regulated broker, more security and centralized market without any tricks from broker side, more leverage? And you can construct any FX pairs if you need.
  • #3
  • Feb 20, 2017 7:11am Feb 20, 2017 7:11am
Quoting johnnycash
Why you don't want to trade futures instead of FX with such account? You'll get better regulated broker, more security and centralized market without any tricks from broker side, more leverage? And you can construct any FX pairs if you need.
thanks for your advised. you can really construct any fx pairs you want and more leverage? sound very interesting. can you give me a good future broker with offer such as you said. thank you
  • #4
  • Feb 20, 2017 7:22am Feb 20, 2017 7:22am
Hello,

With that amount you should go with a Portfolio Management, in order to maximize the probability of success and minimize the risk. I am an Investment Consultant in a Forex company regulated by FCA. if you need more info we can talk about it.
  • #5
  • Feb 20, 2017 7:31am Feb 20, 2017 7:31am
US forex brokers offers maximum 50:1 leverage and with futures you'll get 100:1 and you'll be trading centralized markets instead of trading against you broker for most of the time. As a market maker - Oanda probably the best. But its just my opinion.
Let's say you want to buy GBP/JPY. So in this case you'll go long 6B and you'll go short 6J contracts. But you have to do some calculations to get right size. Its not so simple as it looks like. For example GBP/JPY is just derivative of GBP/USD and USD/JPY pairs. For example USD/JPY multiply by GBP/USD and you'll get GBP/JPY price.
Futures brokers - wide choice and it depends on your requirements. Just you'll need to take into account all the fees that can add up very quickly. Data feed, platform, transactions and so on.
AMP futures are small but flexible futures broker. Interactive Borekers probably cheapest. TD Ameritrade quite expensive but has one of the best platforms in my opinion.
With AmpFutures you can even use MT5 to trade futures.
Just do you homework.
  • #6
  • Feb 20, 2017 7:55am Feb 20, 2017 7:55am
Quoting jagg1973
Hello, With that amount you should go with a Portfolio Management, in order to maximize the probability of success and minimize the risk. I am an Investment Consultant in a Forex company regulated by FCA. if you need more info we can talk about it.
thanks for offering but i am doing ok myself just need the right broker.
  • #7
  • Feb 20, 2017 8:17am Feb 20, 2017 8:17am
I don't think it will be sensible to go with one broker with such figure, it is not all that hard to manage 2-3 brokers. So, you can easily pick 2-3 and make sure you have investment around them instead of just one which is always risky with such amount.
  • #8
  • Feb 20, 2017 8:34am Feb 20, 2017 8:34am
It's big deposit in retail forex world, but small in futures market. As Canadian, you may not be restricted to US brokers only, so another alternative could be LMAX as they are main liquidity provider for many bucketshops. Perhaps you could look at BaxterFX if you would like to trade on higher level venues - Hotspot, FxAll or Currenex.
  • #9
  • Feb 20, 2017 9:01am Feb 20, 2017 9:01am
In Canada its the same like in the USA, only Canada-licensed brokers are allowed to accept canadian residents. UK brokers like lmax wont work (only for institutional accounts). There are probably some in the caribbean or other remote islands who will do it, if that's your thing..
  • #10
  • Feb 20, 2017 9:20am Feb 20, 2017 9:20am
The best part is to have a little research at one's own self before going to trade with any broker.. I also think that we better go with more than one broker due to diversification of portfolio IMO.
  • #11
  • Feb 20, 2017 9:40am Feb 20, 2017 9:40am
i am currently manage 100k account for clients with friedberg. things are going on with fxcm i just want to move my money and client's money to safe better broker. i also want abetter leverage than 30:1.
  • #12
  • Feb 20, 2017 2:48pm Feb 20, 2017 2:48pm
How safe is to parked money with freidberg now? anyone has any ideas. Thanks
  • #13
  • Edited 3:54pm Feb 20, 2017 3:33pm | Edited 3:54pm
Quoting Fedricks
I don't think it will be sensible to go with one broker with such figure, it is not all that hard to manage 2-3 brokers. So, you can easily pick 2-3 and make sure you have investment around them instead of just one which is always risky with such amount.
I'll agree with Fedricks on this one. What he says is bang on. Why go with 1 broker when you can spread it among several....?

I have not personally traded with Dukascopy given they don't offer a true MT4 option (they offer a bridge....which I just don't like), but from all my sources I hear they are legit.

Forex.com...they have stopped me out of so many winning trades (under the pretext of thin liquidity) I would just never go back to them...

If the only thing you are looking for is an honest broker, LMAX is the top of the line. It doesn't get any more legit than them....BUT....they are EXPENSIVE as hell!!!! Their swap charges are fracking ridiculous!!!! If you close your trades every day before market close, you'll be ok....but I would never have LMAX as my only broker. You need a broker with decent SWAP charges and they are just not it...

FxPro UK has not yet screwed me over, so I'll vouch for them, even though they have made me sweat a couple of times with their inconsistent withdrawal times.
  • #14
  • Feb 20, 2017 3:36pm Feb 20, 2017 3:36pm
Quoting johnnycash
Why you don't want to trade futures instead of FX with such account? You'll get better regulated broker, more security and centralized market without any tricks from broker side, more leverage? And you can construct any FX pairs if you need.
Hi johnnycash, where would you recommend trading futures?
  • #15
  • Feb 20, 2017 4:03pm Feb 20, 2017 4:03pm
Quoting meyoik
{quote} If the only thing you are looking for is an honest broker, LMAX is the top of the line. It doesn't get any more legit than them....BUT....they are EXPENSIVE as hell!!!! Their swap charges are fracking ridiculous!!!!
If you are classified as professional trader, they will not mark up the swaps. That is because for retail they have to keep all money in trust accounts, and they have to finance client trades out of their own money. Money from professional clients can be used for margin at their prime brokers - so they can pass along the swaps they get themselfs, which is way better.
  • #16
  • Feb 20, 2017 5:21pm Feb 20, 2017 5:21pm
Quoting shrike
{quote} If you are classified as professional trader, they will not mark up the swaps. That is because for retail they have to keep all money in trust accounts, and they have to finance client trades out of their own money. Money from professional clients can be used for margin at their prime brokers - so they can pass along the swaps they get themselfs, which is way better.
Hi shrike, really?? So how do you go about having them classify you as a pro? Do you simply ask for it?...or does it have to do with how much you trade?...profits made?
  • #17
  • Feb 20, 2017 6:47pm Feb 20, 2017 6:47pm
Quoting meyoik
{quote} Hi shrike, really?? So how do you go about having them classify you as a pro? Do you simply ask for it?...or does it have to do with how much you trade?...profits made?
The formal criteria by Mifid are pretty steep but you may be able to opt in. But i dont know for sure. Just ask.

You can read this (elective professional client):

https://www.handbook.fca.org.uk/handbook/COBS/3/5.html
  • #18
  • Feb 20, 2017 6:56pm Feb 20, 2017 6:56pm
Quoting shrike
{quote} The formal criteria by Mifid are pretty steep but you may be able to opt in. But i dont know for sure. Just ask. You can read this (elective professional client): https://www.handbook.fca.org.uk/handbook/COBS/3/5.html
Many thanks for the tip shrike
  • #19
  • Feb 21, 2017 2:10am Feb 21, 2017 2:10am
Quoting meyoik
{quote} Hi johnnycash, where would you recommend trading futures?
It's impossible to recommend as I don't know you preferences. As I mentioned before it depends on requirements - to be as cheap as possible or to have wide range of different platforms or small initial deposit requirements and so on.
I personally trading futures from my TD ameritrade account. It's more expensive than other futures brokers, but as I'm not active trader - it's ok.
  • #20
  • Feb 21, 2017 3:05am Feb 21, 2017 3:05am
Quoting johnnycash
{quote} It's impossible to recommend as I don't know you preferences. As I mentioned before it depends on requirements - to be as cheap as possible or to have wide range of different platforms or small initial deposit requirements and so on. I personally trading futures from my TD ameritrade account. It's more expensive than other futures brokers, but as I'm not active trader - it's ok.
OK, thanks johnnycash
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