What are the most popular brokers Worldwide?

[marcopq]

Big retail Broker (GMO CLICK Group Z.com).

 

[Jason Rogers]

Your figures look old, do you have the 2016 update one?

Hi Trade2bpro,

The figures you're referring to are from the CFTC which regulates forex trading in the US.

Below are the latest capital figures from their site for the top 5 brokers based on "Total Amount of Retail Forex Obligation". That is the amount of money retail forex traders have on deposit with these brokers making them the 5 biggest retail forex brokers in the US.

While I can't speak for the other brokers listed, the capital figures shown above for FXCM's US trading entity represent only a fraction of out total capital worldwide. As of March 10, 2016, the minimum regulatory capital requirements for our combined operations in the US, UK, Australia and elsewhere are $61 million. FXCM however, has regulatory capital of $143 million, a surplus of $82 million.

Also, there also seems to be some confusion here about transfer fees. While there is a fee for bank wire transfers, FXCM offers many free deposit and withdrawal options including ACH, BACS, EFT, SEPA, debit card and credit card (not available in the US).

 

[trade2bpro]

Anyone here tried LMFX or FxTime? They are two news brokers I see quite often on Facebook with interesting trading conditions.

 

[progix]

Anyone here tried LMFX or FxTime? They are two news brokers I see quite often on Facebook with interesting trading conditions.

Haven't traded with this FxTime but my overall trading experience with LMFX is good so far, they have good trading options and easy withdrawals too.

 

[moka2]

Hi Trade2bpro,

The figures you're referring to are from the CFTC which regulates forex trading in the US.

Below are the latest capital figures from their site for the top 5 brokers based on "Total Amount of Retail Forex Obligation". That is the amount of money retail forex traders have on deposit with these brokers making them the 5 biggest retail forex brokers in the US.

While I can't speak for the other brokers listed, the capital figures shown above for FXCM's US trading entity represent only a fraction of out total capital worldwide. As of March 10, 2016, the minimum regulatory capital requirements for our combined operations in the US, UK, Australia and elsewhere are $61 million. FXCM however, has regulatory capital of $143 million, a surplus of $82 million.

Also, there also seems to be some confusion here about transfer fees. While there is a fee for bank wire transfers, FXCM offers many free deposit and withdrawal options including ACH, BACS, EFT, SEPA, debit card and credit card (not available in the US).

Great to see a real rep from a big broker ....Out of US/ UK and Australia which of your operations provides 100% Client Fund protection in case of Broker failure? and please can you be very specific , I am not talking about "How unlikely FXCM" can go out of business but WHAT IF it does
I know for sure in ASIC there is NO protection for OTC FX/ CFD etc ( see failures like MFG and Sonray capital - white label of Saxo)
US not sure?
UK DOES FX OTC come under FSCS cover? YES NO? If Yes where is the documented proof?

 

[Jason Rogers]

Great to see a real rep from a big broker

It's my pleasure, Moka

Out of US/ UK and Australia which of your operations provides 100% Client Fund protection in case of Broker failure?

All of our regulated entities except the US provide clients with segregated funds. All of our global client base in our regulated entities minus US clients would be protected under a bankruptcy. Our UK regulated entity through the FSCS even offers clients £50,000 per person in protection. Canada has similar insurance for retail traders of up to $1 million CAD.

That said, it's important to note that FXCM is in compliance with all regulatory capital requirements in the jurisdictions in which it operates. As of May 6, 2016, minimum regulatory capital requirements for continuing operations (US, UK & Australia) and discontinued operations is $60 million. FXCM however, has regulatory capital of $167 million, a surplus of $107.2 million.

 

[jimmcptrade]

Hi

Orite boys, Does anyone trade OTC Pink sheets? Im on etoro but they dont list any of the stocks that I am looking into, only interested in penny stocks atm, cheers

 

[moka2]

It's my pleasure, Moka



All of our regulated entities except the US provide clients with segregated funds. All of our global client base in our regulated entities minus US clients would be protected under a bankruptcy. Our UK regulated entity through the FSCS even offers clients £50,000 per person in protection. Canada has similar insurance for retail traders of up to $1 million CAD.

That said, it's important to note that FXCM is in compliance with all regulatory capital requirements in the jurisdictions in which it operates. As of May 6, 2016, minimum regulatory capital requirements for continuing operations (US, UK & Australia) and discontinued operations is $60 million. FXCM however, has regulatory capital of $167 million, a surplus of $107.2 million.

OK so to clarify
Keeping aside how FXCM is capitalized etc looking at worst case scenario


1) US =
- Fund are not segregated from firms money and pooled together with other client
- has no client money protection like SIPC because it is not Equity trading, so a double risk Correct?
2) UK
- Fund are segregated from firms money but pooled together with other clients
- has client money protection from FSCS
But are you sure FSCS covers OTC FX? because when asked they never directly say YES, DO you have any documentary proof from FSCS that clearly shows this

3) Canada
- Fund are segregated from firms money but pooled together with other clients
- has client money protection
DO you have any documentary proof from Canadian regulators that clearly shows this

4) Australia,= - Fund are not segregated from firms money and pooled together with other client
- has no client money protection because it is not Equity trading, so a double risk Correct?

Also
True ECN or Market Maker? Negative balance protection?
US=?
UK=?
Canada= ?
Australia =?
I hope you understand why these questions are important because as is FX brokers has bad name, with lack of a centralized exchange and us traders are happy to take market risk but not the additional risk of broker running away with our money !
In US Some Equity brokers who offer OTC FX and Futures in one a/c sweep all the money back in to SIPC protected Equity arm! so this is even more important why choose FX only over these!

 

[Scotty Pipping]

A Great Broker

Vomma is a really great broker. Very low spreads and fast execution!!!
Check them out here: https://vomma.org/en/promo/ecnnodep

 

[Jason Rogers]

OK so to clarify
Keeping aside how FXCM is capitalized etc looking at worst case scenario


1) US =
- Fund are not segregated from firms money and pooled together with other client
- has no client money protection like SIPC because it is not Equity trading, so a double risk Correct?
2) UK
- Fund are segregated from firms money but pooled together with other clients
- has client money protection from FSCS
But are you sure FSCS covers OTC FX? because when asked they never directly say YES, DO you have any documentary proof from FSCS that clearly shows this

3) Canada
- Fund are segregated from firms money but pooled together with other clients
- has client money protection
DO you have any documentary proof from Canadian regulators that clearly shows this

4) Australia,= - Fund are not segregated from firms money and pooled together with other client
- has no client money protection because it is not Equity trading, so a double risk Correct?

To clarify:

1. In the US, forex accounts are not segregated or insured.
2. In the UK, forex accounts are segregated in accordance with FCA client money rules and insured for up to £50,000 by the FSCS. You can visit their website for more details on this coverage: http://www.fscs.org.uk/what-we-cover/compensation-limits/
3. In Canada, forex accounts are segregated in accordance with IIROC client money rules and insured for up to $1 million by the CIPF. You can visit their website for more details on this coverage: http://cipf.ca/Public/CIPFCoverage/CoveragePolicy.aspx
4. In Australia, forex accounts are segregated in accordance with ASIC client money rules but not insured.

True ECN or Market Maker?

For all Standard accounts and Active Trader accounts, FXCM offsets each client order one-for-one with the best prices from competing liquidity providers.

We refer to this execution model as No Dealing Desk (NDD) though some people use the term ECN or STP. The key point is we don't profit from client losses or lose from client profits. Instead, we profit from client trading volume via the commission.

We also offer Mini accounts which use dealing desk (DD) execution (AKA market maker).

Negative balance protection?

Our service includes products that are traded on margin and carry a risk of losses in excess of your deposited funds. The products may not be suitable for all investors. Please ensure that you fully understand the risks involved. FXCM UK and FXCM Australia offer clients up to $50,000 in negative balance protection on forex trades. For full details, please review the master trading agreement when applying for an account.

Note that negative balance protection is not available to clients of FXCM US or any other forex broker in the US due to CFTC regulations which state that a broker may not in any way represent that it will guarantee against losses.

I hope you understand why these questions are important because as is FX brokers has bad name, with lack of a centralized exchange and us traders are happy to take market risk but not the additional risk of broker running away with our money !

FXCM has been in business since 1999 making us one of the oldest firms in what is still the relatively new industry of retail forex trading. We believe in leading the way in transparency which is why we are one of the only retail forex brokers that is regulated on three continents.

Your profile mentions you live in New Zealand, so you should be especially interested to know of our partnership with Halifax New Zealand. Halifax is a licensed “Issuer” with the New Zealand Financial Markets Authority and under the new partnership, you can benefit from our NDD execution while trading with a locally regulated broker.

In US Some Equity brokers who offer OTC FX and Futures in one a/c sweep all the money back in to SIPC protected Equity arm! so this is even more important why choose FX only over these!

It's worth noting the latest CFTC data from May confirm FXCM's continued position as the industry leader in terms of client deposits in the US: https://smnweekly.com/2016/07/12/us-retail-forex-client-assets-may-2016/

While some equity brokers may offer forex as a side business, a key reason so many traders choose FXCM is because forex is our specialty. This shows in the level of customer support we provide via phone, live chat and forums. We have specialized teams dedicated to addressing all aspects of forex trading from research & education to automation & programming.

 

[moka2]

To clarify:

1. In the US, forex accounts are not segregated or insured.
2. In the UK, forex accounts are segregated in accordance with FCA client money rules and insured for up to £50,000 by the FSCS. You can visit their website for more details on this coverage: http://www.fscs.org.uk/what-we-cover/compensation-limits/
3. In Canada, forex accounts are segregated in accordance with IIROC client money rules and insured for up to $1 million by the CIPF. You can visit their website for more details on this coverage: http://cipf.ca/Public/CIPFCoverage/CoveragePolicy.aspx
4. In Australia, forex accounts are segregated in accordance with ASIC client money rules but not insured.

For all Standard accounts and Active Trader accounts, FXCM offsets each client order one-for-one with the best prices from competing liquidity providers.

We refer to this execution model as No Dealing Desk (NDD) though some people use the term ECN or STP. The key point is we don't profit from client losses or lose from client profits. Instead, we profit from client trading volume via the commission.

We also offer Mini accounts which use dealing desk (DD) execution (AKA market maker).




Our service includes products that are traded on margin and carry a risk of losses in excess of your deposited funds. The products may not be suitable for all investors. Please ensure that you fully understand the risks involved. FXCM UK and FXCM Australia offer clients up to $50,000 in negative balance protection on forex trades. For full details, please review the master trading agreement when applying for an account.

Note that negative balance protection is not available to clients of FXCM US or any other forex broker in the US due to CFTC regulations which state that a broker may not in any way represent that it will guarantee against losses.




FXCM has been in business since 1999 making us one of the oldest firms in what is still the relatively new industry of retail forex trading. We believe in leading the way in transparency which is why we are one of the only retail forex brokers that is regulated on three continents.

Your profile mentions you live in New Zealand, so you should be especially interested to know of our partnership with Halifax New Zealand. Halifax is a licensed “Issuer” with the New Zealand Financial Markets Authority and under the new partnership, you can benefit from our NDD execution while trading with a locally regulated broker.




It's worth noting the latest CFTC data from May confirm FXCM's continued position as the industry leader in terms of client deposits in the US: https://smnweekly.com/2016/07/12/us-retail-forex-client-assets-may-2016/

While some equity brokers may offer forex as a side business, a key reason so many traders choose FXCM is because forex is our specialty. This shows in the level of customer support we provide via phone, live chat and forums. We have specialized teams dedicated to addressing all aspects of forex trading from research & education to automation & programming.

Thanks for detail and honest explanation

I think this confirms my assumption that from Customer point of view the best jurisdiction be UK for OTC FX (although FSCS still expressly does not say that OTC FX is covered,,, Alpari UK debacle will clarify that I suppose)
Second best would be US broker which combines SIPC covered equity a/c and FX etc

 

[Aiman]

I tink the biggest broker are in america

 

[trade2bpro]

I read somewhere about the report of top brokers ranked by total volume traded a month. I think the broker that has most traded volume in a month is the most popular broker. Example this:
http://fairreporters.net/economy/largest-forex-brokers-by-volume-in-2015/

Top Brokers: Direct FX, Oanda, XM.com, Hot Forex, Forex.com, Alpari UK, FXCM, Saxo Bank.