Whom do you use to trade the forex?? 1 Reason Why??

[philhackett]

GFT are suspending all UK accounts from 10th August and most will transfer to www.whselfinvest.com who use the same charts but do not have as many indicators or, sadly, Heikin Ashi candles. This is purely because of EU interference and a requirement that Dealbook opens an office in the UK for UK customers. Existing clients will be invited to return to Dealbook UK when it opens, hopefully in September or October 2005.

Dealbook has served me very well for a long time. It is a superb, professional company and it grieves me that my trading life is being interfered with by Brussels .

I have no hesitation in recommending the software which is about as good as it gets, and is free with the data feed as well if you open and account with the brokers which use it.

Sincerely

Phil

QUOTE=olimits7]Hello, everyone.

I just wanted to start this thread to get an overview on who everyone uses to trade the forex.

Just simply answer the following 2 questions.

1. Who do you use as your forex broker (or brokers if you use more than one)?

2. One or Two major reasons that made you choose this particular broker? (For example: great software, tight spreads, great customer service,...)

I'll go first.

1. I use 0anda as my broker, but I'm looking into also opening an account with G.F.T.

2. The reason I picked 0anda was due to tight spreads, no minimum to open account.

Looking into G.F.T because I like their trading platform.


Thank you,
olimits7[/QUOTE]

 

[simonp]

Hi

I just received my e-mail from GFT last night to tell me they were ceasing UK business.

I am fairly new to FOREX trading and have had my account with GFT since March. I agree
the software is superb and I have'nt really had any problems.

I am annoyed though that I have been given just over a week ( Accounts closing on the
18th of August ) to make alternative arrangements - and no explanation was given ( Phil's comments about needing a UK office are the first I have heard ). I'm not really sure I buy that - if they need a UK office - just open one - surely just a presence would be sufficient in the interim before settiung up a fully staffed office if required?

Anyway , being new to FOREX I wondered if anyone traded currrency futures rather than direct currency and what the advantage/disadvantages were - particularly around cost etc..

Thanks for your help

Simonp

 

[Fish]

Heikin Ashi candles which are superb.

Sincerely

Phil

Hi Phil,
As a stand alone platform, you can get Heikin Ashi on MT4. Slightly off topic, but how do you use Heikin Ashi? I can see the visual attraction, but haven't worked out a way of meaningfully using them yet.

 

[Chris Hood]

Chris,

You need to have proof to substantiate your claims. If you have them try the relevant authorities. . .

Your advice is precisely the course I took. I contacted Finanstilsynet, which is the Danish Financial Services (or Supervisory) Authority (FSA), when Saxo burned my account by refusing to honor profitable limit orders. Saxo, on its website, says Finanstilsynet is its regulator, which proved untrue in terms of any meaning for or benefit to Saxo's fx dealing customers. Finanstilsynet replied to me in writing that it could not provide me with any information about Saxo, on the ground that confidentiality prevented it from disclosing any information about Saxo, even to Saxo's own customers. No help there, in other words.

I then turned elsewhere and learned that Saxo was shut down in Australia by Australia's FSA. It is not registered with the UK FSA or with any USA regulator (like the CFTC) or self-regulating group (NFA, for example). So, Saxo's fx dealing with retail customers is unregulated. A customer with a complaint has no where to turn.

The bottom line? There are no “relevant authorities” to whom or from whom a Saxo customer can (1) submit a complaint, (2) find out if other Saxo customers have experienced similar problems, or (3) obtain recourse in the event of a dispute.

 

[Anonymous]

For one thing it is located outside the US, so, I think I have to agree that if there is a complaint from US customers there may be a problem.

However, one just can't believe one person's claim that it "burned the account by refusing to honor profitable limit orders", you need more than that to show it: statements of accounts, charts etc.

I am not an expert in this but, not everyone takes what is alleged in public forums as nonsense. If your claims are true something may be done about it somehow.

 

[Chris Hood]

For one thing it is located outside the US, so, I think I have to agree that if there is a complaint from US customers there may be a problem. . . .

Chiefly, I report my experience on the topic so anyone who is considering opening an account with Saxo can check the information out for himself, independently of what I say. Had I known then what I know now, I would have avoided Saxo. The lesson is to thoroughly check out the entity you're planning to deal with before you risk your money. Afterward may be too late.