Day Trading & Forex Forum

JTrader

That is low , in comparison to other ECN brokers.

wasp

Definitely seems the cheapest so far...

atomm

Good info

IMO, one shortfall of fxmarketspace business model is it excludes retail market. What a centralized ( and regulated ) exchange it is that only serves big players ( with over million dollars capital ) and big orders, whereas today the retail forex market is expending ( nearly 10% of total forex market share, if the data is correct ). cf. Almost all stock exchanges in the world serve big and small orders, and all traders are eligible to trade ( of course with a minimum threshold capital ).

If one day an ECN becomes a regulated forex exchange ( I came across a brief info on that ), whose business model will prevail? fxmarketspace or the ECN forex exchange? IMO, the distinction is obvious.

Just my 2 cents.

wasp

http://www.trade2win.com/boards/brok...ot-24-7-a.html

Bloody overrated American brokers! Like all of 'em.... Go English!

igual

I'm not really sure this works as a guide so far!!

As someone about to make his first trade there is a lot of choice and not a huge amount of info (that is simple to find). I am currently demo trading with forex.com and if this continues well I will be opening up my first account with $5k in two weeks and looking at trading 100,000 unit lots. So which company to use (why I was looking at this post)! There is a lot of choice and everyone has different ideas so maybe a list of forex companies not to touch would be more useful.

For me as a day trader, I want low fixed spreads, no slippage, and a safe trustworthy environment. Add to that that I live in Australia, my money is in the UK and I will be trading a few different pairings.

The two companies I have looked at so far - Forex.com and GFT both seem ok (forex is a little basic) however they both get bad reviews around the web. I don't know if these reviews come from people who are genuinely mistreated or just bad losers.

So any suggestions appreciated.

On a further note, what is a bucket broker?

thanks for your help

igs

__________________
People say I need to spend less money, no, I say, my husband just needs to earn more! - Mrs Igual



Just because YOU can't do it, doesn't mean it can't be done! - Someone else

Trader333

A bucket shop is where when you place a trade the company you place it with is taking the opposite side of the trade so they are betting against you. Here is a link with over 100 reviews of GFT:

GFT

Here is another link with over 100 reviews of forex.com:

Forex

Both of these companies are bucket shops. There are very few forex brokers that are not bucket shops but Interactive brokers, MB Trading and EFX are what are known as ECNs. They do not take the other side of your trade and place you directly into the market place. They also do not set a spread and take a commission instead but because they reflect the true market then you can get slippage and the spread can be more than a bucket shop although this is unlikely.

If you still wish to use a more reputable non ECN then IG Index is as good as it gets in my view


Paul

igual

Thanks Paul, great info and quick too. That'll give me something to waste my sunday on

So, assuming I'm going to make a steady profit and do this for a living am I better off using IG or moving onto an ECN. Or should I start with IG and move on when I am establised and making huge returns!

Thanks

Nick

__________________
People say I need to spend less money, no, I say, my husband just needs to earn more! - Mrs Igual



Just because YOU can't do it, doesn't mean it can't be done! - Someone else

igual

Are all these companies, (GFT, Forex etc) just spread betting companies then?

Thanks
Nick

__________________
People say I need to spend less money, no, I say, my husband just needs to earn more! - Mrs Igual



Just because YOU can't do it, doesn't mean it can't be done! - Someone else