Post refco- what's a good diverse combi of 3 fx brokers?

[Ross-G]

Assuming we're getting out of Refcofx and Fxcm, it makes sense to spread fx funds
between 3 diverse yet reputable retail brokers. Who do we recommend?

Would it make sense to choose retail shops in different countries?

I assume Oanda (Canada) is a given. Any other recommendations?

 

[jblaze]

Assuming we're getting out of Refcofx and Fxcm, it makes sense to spread fx funds
between 3 diverse yet reputable retail brokers. Who do we recommend?

Would it make sense to choose retail shops in different countries?

I assume Oanda (Canada) is a given. Any other recommendations?

I use InterbankFX

 

[Pip Daddy]

When selecting a prospective Forex broker, find out with which regulatory agencies each dealer is registered. The Forex market is label as an “unregulated” market, and it basically is. Regulation is typically reactive, meaning only after you’ve been bamboozled out of your entire savings will something be done.

In the United States a broker should be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud and abusive trade practices.

You can verify Commodity Futures Trading Commission (CFTC) registration and NFA membership status of a particular firm or individual and check their disciplinary history by phoning NFA at (800) 621-3570 or by checking the broker/firm information section (BASIC) of NFA's Web site at www.nfa.futures.org/basicnet/

Among the registered firms, look for those with clean regulatory records and solid financials. Stay away from non-regulated firms!

For your safety and protection, it is important to only trade Forex with a company registered with the NFA.

 

[hktrader]

Assuming we're getting out of Refcofx and Fxcm, it makes sense to spread fx funds
between 3 diverse yet reputable retail brokers. Who do we recommend?

Would it make sense to choose retail shops in different countries?

I assume Oanda (Canada) is a given. Any other recommendations?

take a look at Interactive Brokers. Regulated and insured accounts.

 

[camisa]

I trade with cms (www.cms-forex.com) and am satisfied

 

[neil]

What about.....?

Oanda - where are your fans ?

 

[Quenkish]

Oanda - where are your fans ?

Neil would you recommend Oanda?

 

[neil]

Neil would you recommend Oanda?[/B]

I am happy with them but will move to IB Futures shortly.

See other posts re Oanda on this board and Elitetrader.com.

 

[cecja]

I havent got an account with refcofx, however i ben told by e friend of mine that refxofx has stoped all the peyments out,as for the fxcm i reckon that refco has no control into teh fxcm funds?

 

[Chris Hood]

Assuming we're getting out of Refcofx and Fxcm, it makes sense to spread fx funds
between 3 diverse yet reputable retail brokers. Who do we recommend?

Would it make sense to choose retail shops in different countries?

I assume Oanda (Canada) is a given. Any other recommendations?

I don't know of one "reputable" fx retailer, much less three. This is a case of wishful thinking. Doesn't the tanking of REFCOfx reveal anything?

 

[josbarr]

Refco

I don't know of one "reputable" fx retailer, much less three. This is a case of wishful thinking. Doesn't the tanking of REFCOfx reveal anything?

Have you looked at FX Sol.? As posted earlier check nfa.futures.org to see who is registered.
www.proedgefx.com/gp_demoreg.aspx?ref=JBAR

 

[samtron]

In my view online forex shop is just another name for online bookie and its a well known fact that bookies don't like winners and have a habit of going belly-up.

 

[Torch]

Well are you calling Oanda disreputable? On what basis?

They seem to fall over themselves to be superb in almost every detail (spread, execution, forum, pairs etc)
except for their dreadful charting.

 

[zagreb]

boys, let's be honest. There are good brokers. I am into this over 10 years, have been with many online brokers, and I never lost money because of them (even in the beginnings, when order traveled/executed in over 30 seconds- order was ordinary email), I always lost because of my inability to earn.

Now I am with Oanda and I am very satisfied. I do not know what you expect from broker, but don't be too harsh. Yes it is good to discuss about brokers openly, and to disseminate their practices, but it is also fair to praise them when they deserve. Every broker can go down, Oanda included. But wise trader should be prepared for all events. It translates to use leverage for not having too much money on deposit. And yes, to withdraw part of profits on a regular basis.

I mean, fx trader should be able to earn 100% yearly, so after first year he will feel safer to withdraw initial deposit and to play with earned money.

But in the future I'd like to see similar deposit security as we used to have in banks.

 

[globalfxtrainer]

boys, let's be honest. There are good brokers. I am into this over 10 years, have been with many online brokers, and I never lost money because of them (even in the beginnings, when order traveled/executed in over 30 seconds- order was ordinary email), I always lost because of my inability to earn.

Now I am with Oanda and I am very satisfied. I do not know what you expect from broker, but don't be too harsh. Yes it is good to discuss about brokers openly, and to disseminate their practices, but it is also fair to praise them when they deserve. Every broker can go down, Oanda included. But wise trader should be prepared for all events. It translates to use leverage for not having too much money on deposit. And yes, to withdraw part of profits on a regular basis.

I mean, fx trader should be able to earn 100% yearly, so after first year he will feel safer to withdraw initial deposit and to play with earned money.

But in the future I'd like to see similar deposit security as we used to have in banks.

Since the bankruptcy of RefcoFX I have been researching some firms and locations where there is insurance.

Take a look at the following location for description of the Canadian Investor Protection Fund:

http://www.cipf.ca

Account holders with participating firms are covered up to 1 million Canadian if the firm goes bankrupt.

 

[josbarr]

IB FX Minimum is $25,000?

 

[Anonymous]

There are currently approximately 5 Level-2 style forex platforms (or brokers) available, (it appears more are on the way), minimum deposits ranging from $1,000 or less to $25,000 or more. Bid-Ask as tight as 1 pip. About 3 are NFA members.

 

[hktrader]

josbar,
Yes, The minimum on IB's IDEAL-Pro FX platform is $25,000. You can trade any increment above $25,000, e.g. $25,001; $25,002 etc.

 

[whoisurdaddy007]

InterBankFX is by far the best and offers excellent free charting alongwith just a 2 pips spread on eurusd and of course commission free trading. I have been watching them for a long time now and definitely vouch by them. I had been using GenuineFX's SlyFox software on interbankfx for around 8-9 months and have recently shifted to GenuineFX's automatic trading software EagleEye, which is working pretty well with low drawdowns. Both of these incidentally work on interbankfx and eurusd spread of 2 pips on interbankfx really seems to help. fxcm i left 2 years back, since i dont trust them much. interbankfx is also a registered fcm.

hope this helps guys! adios!

 

[whoisurdaddy007]

Sorry for got to mention. InterbankFX also allows a minimum deposit as low as 500 US$ I think for mini accounts.