Though this is my first post here, I am not new to forex trading. I opened multiple accounts a couple of years ago to find out which broker I liked best. Opinions that I had read seemed to be biased by a trader’s performance with that broker. I didn't use demo account as a personal preference. The following is a brief view of each of my brokers:
RefcoFX
What can you say about a bankrupt broker? All the things I liked about this broker turned out to be FXCM. I am still waiting to see if these accounts are taken over by FXCM. This is an application interface. Turns out we where not protected with this broker.
Oanda
I just like this broker. It has tight spreads and a Java interface. Nothing fancy here but can access the account from almost any computer. Funds are segregated.
FX Solutions
Have great news service and the ability to hedge positions. This is an application interface. Funds are segregated.
Forex.com
One-click trading. Java and WAP interfaces. Funds are NOT segregated. This is the retail arm of GAIN Capital.
XpressTrade (futures & forex)
Web based interface but screen updates are slow sometimes. They give a lot of extras for free. Commissions are high but no other fees are required. You can transfer money between the futures and forex accounts quickly. When an account is opened, they request wire instructions to move money back to your bank account (only broker I’ve ever seen to do this). Futures account is segregated but forex account is not.
Tradestation (futures)
The grand-daddy of trading platforms. I like it a great deal but don’t use most features. Commissions are less than 1 pip but you have to pay for everything. This is an application. Funds are segregated.
Interbank FX
They use the MetaQuote front-end and have tight spreads. This is an application. It is also available for PDAs. Funds are segregated.
Summary: I have too many brokers and have to consolidate. The brokers I use the most are Interbank FX, Oanda, and Tradestation. The first account that I would close is Forex.com due to the lake of fund protection. The last account I would close is Tradestation.
I don’t know if this helps or not but I can answer questions based on my experience with these brokers only. I don’t have all the answers, just my experience.
