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T2W guide to FX brokers

This is a discussion on T2W guide to FX brokers within the Forex Brokers forums, part of the Forex Discussion category; With no definitive ideal broker in the world of Forex, this sticky is here to build up a comprehensive, and ...

View Poll Results: Which broker for retail FX?
Interactive Brokers 52 17.57%
Oanda 81 27.36%
Hotspot 31 10.47%
EFXGroup 21 7.09%
FXCM 36 12.16%
Finspreads 6 2.03%
Capital Spreads 9 3.04%
CMC Markets 15 5.07%
Alpari 27 9.12%
Man Financials 2 0.68%
GFX 7 2.36%
Saxobank 19 6.42%
IG markets 17 5.74%
Worldspreads 6 2.03%
Cantor Index 2 0.68%
Multiple Choice Poll. Voters: 296. You may not vote on this poll

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Old Jan 10, 2008, 9:15am   #1
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T2W guide to FX brokers
With no definitive ideal broker in the world of Forex, this sticky is here to build up a comprehensive, and ever changing and updating list and poll for the choices in foreign exchange brokers for the retail trader.

I will undoubtedly miss a ton of brokers off the list so with your help, we can at least keep updating the thread with the latest news, views, and details on the brokerages available.

There are so many out there and new ones popping up all the time and as poll threads come and go, this will hopefully give a more definitive answer. So please add comments and help, good or bad on the various brokers so we all stand a better chance with at least one hurdle covered...
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Old Jan 10, 2008, 9:32am   #2
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who won best FX broker for 2007 in the T2W awards ? that result any good? Could not get on the site the other day so I dont know the result....
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Old Jan 10, 2008, 9:36am   #3
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who won best FX broker for 2007 in the T2W awards ? that result any good? Could not get on the site the other day so I dont know the result....
Good question CB and, I don't know! I just tried to have a butchers but couldn't bring up the results.....
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Old Jan 10, 2008, 5:46pm   #4
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Are we talking bucket shop brokers or ECN brokers?

Anyone tried MBTrading?

Finspreads have high margin requirements and quote GBP/JPY 10 wide.
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Old Jan 10, 2008, 6:09pm   #5
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Are we talking bucket shop brokers or ECN brokers?
Anything that enables the retailer to trade FX...

The good, the bad and the ugly!
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Old Jan 13, 2008, 5:23pm   #6
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I have had an EFX account for years. I have visited their offices in Scottsdale, AZ numerous times. EFX is anything but a joke!

EFX is a great company of people who are dedicated to providing the best possible service.
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I had a live account with EFX a few years ago and closed it after a week, they were truly hopeless.
I have copied these over to here too so the feedback on all brokers can be centralized for easier research...

Each to their own but I am happily moving on and trying to get all my brokers in the UK now.

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I have a number of live accounts at the moment. I don't know your exact requirements Wasp but I like London Capital. Via them I use a number of different ECNs.
Does anyone use....

Capital Forex Pro
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Old Jan 16, 2008, 6:33am   #7
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Hi wasp,
Going back to the question of which alternative broker one might wish to use, with regards to OandA I would like to suggest that you may wish to read a review that I wrote on them a while back entitled "OK but still a bucket shop". It can be found at: OandA FX Trade and you then need to scroll down to the long review with my name at the bottom.
I shall take a look thanks. Trying to get away from American brokers at the moment but will take a read.

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As an executive summary: they're generally OK, their spreads are horrendous around news releases and are kept wide for too long after the release, and most importantly they will put you on "manual fill" if you start making too much money from them. This last point should especially be of note as IIUC you do actually do this for a living.

I would suggest either Interactive Brokers who have a pretty good little ECN from what I understand or a Currenex broker such as London Capital. I am assuming that the CME futures markets aren't going to cover the comparatively exotic spreads that you trade.
1 of my recent decisions that I have wanted to do for quite a while has been to have all my business in the UK. Annoyingly, this discounts IB although I understand they have offices there (UK).

I have been testing out Alpari over the last week and for a deal desk, I have no complaints at all yet. UK based, they use metatrader, the simplicity is amazing, the pairs on offer are more than adequate, money in and out is quick and simple and fills have been sweet as so far...

I am keen to have more of a transparent broker too, one where trading is through a more professional platform and with other banks/traders etc so demoing the currenex platform with London Capital at the moment and it also looks good. If anyone has used them it would be good to hear about?

As for CME FXmarketplace... I understand you need to be a registered hedge fund at a minimum which is an idea to contemplate.....
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Old Jan 16, 2008, 7:13am   #8
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Despite my earlier cool review of alpari, due to requotes/manual dealer confirm around news releases sometimes, i will say this - their customer service team are very helpful - very similar to worldspreads in terms of approachability, patience, etc.
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