I have just read on a thread that the MT4 and MT5 platforms are a joke and anyone who considers using a broker with them may as well burn there money. I was on the verge of opening a new account with FXCM (U.K.). I have spent a lot of time learning about Fx trading and now I am starting to think I should just walk away and not get ripped off.
Rhody Trader
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I am not an MT user and don't really ever see myself doing so, but I'd sugget that the fact that a great many people do use that platform is a pretty good indication they don't feel like they're being ripped off. Be cautious about making decisions about trading based on one disgruntled person's rant.
the hare
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To be honest, this is something you need to work out for yourself.
You have to bear in mind that fxcm are classified as a t2w preferred broker and patner, so any comments from certain quarters are probably going to be less than honest. Conversely, they'll get slagged off from members in the employment of their competitors. You cant believe a word you read on a forum.
Its been a few years since I checked them out, but FWIW, I'd avoid them
Its also worth noting that they have a pretty poor record when it comes to shinnanagins, and they've been the recipients of some fairly heavy fines over the years. Check out the NFA website for further details as negative comments tend to get deleted on forums where they advertise.
You have to bear in mind that fxcm are classified as a t2w preferred broker and patner, so any comments from certain quarters are probably going to be less than honest. Conversely, they'll get slagged off from members in the employment of their competitors. You cant believe a word you read on a forum.
Its been a few years since I checked them out, but FWIW, I'd avoid them
Its also worth noting that they have a pretty poor record when it comes to shinnanagins, and they've been the recipients of some fairly heavy fines over the years. Check out the NFA website for further details as negative comments tend to get deleted on forums where they advertise.
scose-no-doubt
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IG or gtfo
Yes FXCM have been heavily fined ($20 odd million) and MT4 has built in 'features' that have in the past been used to defraud clients (see Gain Capital fine). However that doesnt necessarily mean that other brokers and platforms don't do the same thing.
Retail forex is probably the area open to the most abuse, if you trade futures at least you have a regulated exchange, forex is akin to the wild west. Having said that a futures broker recently went bust owing clients 1.2 billion so nothing is really safe and nobody can be trusted.
I think all reference to that was quietly deleted a few weeks back.
the hare
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They can delete all they want
It seamed to go around the time that news of the 20M fine was published. Obviously it was just a coincidence.Thankfully the internet is very unforgiving when it comes to trying to cover up your tracks
Just avoid the bucket shops - i.e. retail FX firms and spreadbetting firms. They're not brokers, you're trading against them, you're trading their own parallel market which follow (but can briefly deviate) from the underlying market, they can see your position, execution is slow and can involve re-quotes, they're very expensive (your orders have to cross an enlarged spread) and it is generally in their interests that you lose money.
You have two options if you actually want to trade FX - an ECN or fx futures on CME globex.
Patricia12
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MT4 and MT5 are good trading platforms, lots of traders are using it. I did not read anything negative about MT4 and MT5.
Yes I think it sounds like the issue is the broker, not the platform? Although the earlier post regarding it having features used to defraud is worrying. Before getting into forex, I had trouble with brokers having different platforms, it kept me with brokers I no longer preferred for longer than I wanted to stay because I didnt want to have to spend time learning a new platform. Buy, sell, stop techniques and platform terminology were often very different. Now in forex with MT4, I can change brokers and still be using the same MT4 platform with the same indicators etc., I like it. Theres a few recent threads about brokers and platforms.
