T2W guide to FX brokers

[VingTsunKuen]

Reading all the stuff about the brokers made me really mad.It looks like really hard job to find decent broker.As i am still on demo i have no experience whit live account brokerage.

But every one whit pinch of salt in their heads can see few things,i guess so.

1.IMHO ECN brokers are way to go.It seems that this type of order processing is the most fair one at the moment.

2.Out there in industry,there are all kinds of brokers.There is not a perfect one and will newer be.

3.We,as traders,MUST know what we want from a broker.I know that i would like:

Regulated by financial supervisors
Swiss/UK based ECN type broker
Transparent business policy and safety of mine deposit
Decent spreads and customer support
WYSIWYG
Fast money in/out
...and few more nothingness

I will go live in 6 to 12 months but i have started to look for a broker now because i think this is VERY hard and important job.Trading is hard enough and if you have unfair broker it will be like Sizifus work.
Good luck to all of you,
VTK

 

[VingTsunKuen]

Possible SCAM!







Today i was short on GBP/USD.(On MIG MT4)
As i was looking for potential profit targets on H4 chart i noticed three candles before weekend gap.
From right to left:Bull candle followed by pirceing bear candle followed by bull candle which have pierced previous candle.Then comes the weekend gap.
So i have decided that it would be nice place to jump out of train if price come to this zone.
I have had other things to do so i have placed TP order in this area and i have gone out from the house.
As i was curios how the trade was developing i have checked it on mine laptop when i was at mine another apartment.As i have InterbankFX MT4 on this laptop i have noticed that there is difference between MIG FX H4 GBP/USD chart and that one which is provided by Interbank FX.This difference can be seen if you check 3 candles before the weekend gap and 3 candles after the gap.(IBFX vs. MIG FX)
Just compare images that i have posted.
When i have came back home i wanted to check some other charts to see who is the scam in this story.
As i have Hotspot FX demo on mine PC i have checked theirs H4 GBP/USD chart.
I have seen that it is quite similar as IBFX H4 GBP/USD,but quite different from MIG FX H4 GBP/USD.
Must say that there is massive pip/appearance difference between Hotspot FX/IBFX charts and this chart from MIG FX.

So it looks like MIG FX is manipulate prices in their favor.

Differences between Hotspot and IBFX charts is not so radical,although they can be seen clearly.
In this case i trust Hotspot FX the most.
From now on i will double check every chart provided by any broker that i am using.
This forest is thick and full of wild beasts,we really need to be extra caution all of the time.
It really pisses me off when i see that broker is trying to take other peoples money in such unfair mannerI would like to blast chain-punches over his head!
I hope that in future FX will be better regulated and supervised so that we will not see such things.
Regards,
VTK

P.S.
Could you please check out your H4 GBP/USD charts and compare them whit those that i have provided?
This has happened around weekend gap on October 10.-12.
Thanx in advance!

 

[longzhan]

I can not apply for a standard account with igindex uk because of my annual income not meeting their requirement .Can i apply for a standard account with igforex.com or igmarket uk ? I do focus on forex! any difference betweeen them? thanks

 

[wasp]

Just lie... They don't check and ask for bank statements or anything... Or not when I had an account a few years back anyhow

 

[patong]

Just lie... They don't check and ask for bank statements or anything... Or not when I had an account a few years back anyhow

Very good advice...lol

 

[alt2w]

Anyone with experience with Deutsche Bank's dbfx?
Are they any good? Are they a Market maker or ECN?
Does the luxury of having the name Deutsche Bank associated with it imply that they are legitimate and will not go stop hunting, etc?

TIA.

Adrian.

 

[metaron]

I'd just like to point out that IB actually use Gain Capital(forex.com) to provide their forex services.

Anyhows can anybody tell me more about oanda, do they just make money off the spread or are they a bucketshop?

More importantly has anybody found that they mess you around if you start making lots of money?

 

[ibj]

I'd just like to point out that IB actually use Gain Capital(forex.com) to provide their forex services.

Anyhows can anybody tell me more about oanda, do they just make money off the spread or are they a bucketshop?

More importantly has anybody found that they mess you around if you start making lots of money?

IB DOES NOT USE GAIN CAPITAL. A simple look at the prices coming through Gain and the prices coming through IB will evidence this. We have no relationship with Gain at all.
We have direct connections to 10 of the world's largest banks in the forex dealing space. We assemble their prices feeds to build our ECN-model order book.

IB does not act as the counterparty to your trade. We act only as an agent to deliver your order to the best liquidity provider at the time. We offer our creditworthiness to the banks (because they usually do not set up direct dealing relationships with non-institutional clients unless you maintain a professional account with them) and we charge a 0.2% commission for the order routing, risk management, and credit proxy.

 

[metaron]

In that case I stand corrected. Apologies. I could of sworn Gain Capital was mentioned during account registatration regarding forex. Mind you if theres any group of people that are mentally fatigued it is those of us who trade.

Once again apologies as I'm obviously wrong.

M

 

[goodtyneguy]

IB DOES NOT USE GAIN CAPITAL. A simple look at the prices coming through Gain and the prices coming through IB will evidence this. We have no relationship with Gain at all.
We have direct connections to 10 of the world's largest banks in the forex dealing space. We assemble their prices feeds to build our ECN-model order book.

IB does not act as the counterparty to your trade. We act only as an agent to deliver your order to the best liquidity provider at the time. We offer our creditworthiness to the banks (because they usually do not set up direct dealing relationships with non-institutional clients unless you maintain a professional account with them) and we charge a 0.2% commission for the order routing, risk management, and credit proxy.

Could you or one of your colleagues kindly answer my questions on the Interactive Brokers thread here http://www.trade2win.com/boards/brokerages/18316-interactive-brokers-147.html ?

 

[richemarks]

best forex trading strategies

T2w forums for forex has mentioned a good information for the forex trading and this is a good guide for all the forex investors.The information provided by this forum is only one type of forex trading system in this column..

 

[jeffsmith]

Friends informations are provide by all the brokers but investors do not take it seriously. When they loose amount in this market they say it is not good it is a gamble. I know one case one client from AVAFX was trading smoothly but not having proper knowledge about the market and its trading had put all his money for trading and lost it in few months. After that he was frustrated and told all his friends that forex is scam it is a gamble and also pointed out AVAFX as a scam. I had also started my account with him but i am not having any problem with it why.

 

[t2wfx]

Well different people, different experience.

 

[JTrader]

alpari are crap. their charts/datafeed are always freezing for up to a minute or more and then gapping up when it unfreezes. This happens most days. longer freezes that result in missing bars on a chart, usually occur around 3 or more times per week (and thats just during the uk session).

 

[patong]

alpari are crap. their charts/datafeed are always freezing for up to a minute or more and then gapping up when it unfreezes. This happens most days. longer freezes that result in missing bars on a chart, usually occur around 3 or more times per week (and thats just during the uk session).

who do you suggest if you havn't already?

 

[jeffsmith]

Friends i would say that who ever is the broker but self mind should be set to trade this market with our own trading strategy. Brokers can help you to have a platform to trade this market and manage you funds in this market.

I have seen many brokers saying that you invest in this market and they will give you 10-15% of your funds monthly. I don't think that this can be true. One of my friend had invested with these type of brokers the first 2 months he got regular returns but from the 3rd month he didn't get any returns. When conformed with the broker he started saying i have invested all your money in trading and the market has come done as the market recovers i will give you the money. The market didn't recover when my friend pressurized him for his returns he said i am sorry he other day he got the news that the broker with whom he was trading has committed suicide.

So it is better to trade according to your own strategy if having knowledge about this market and its trading. I am trading online with AVAFX and managing my account. But now willing to stop trading and write some articles on trading.

 

[mastroiani]

hi there

anyone got any experience of fxcm please ?

thinking about opeing mini account with them

regards

martin

I've been using FXCM for about a month and have had good experience with them. Only once I think their platform "Froze" on me... I don't know what it was : my internet connection or their platform not letting me close a trade. It was frustrating and it took about 6-7 seconds, but finally it closed. Luckily I was on the good side of slippage.

In general I like them. Their have 200:1 leverage that really works for me. Amazing customer service. And they say they are No Dealing Desk. So, in retrospect, I haven't been screwed big time by them, I 'm still considering to give MB Trading (ECN broker) a try with their DEMO account just to have an alternative.

 

[mastroiani]

This is bull. I have used some of the brokers on your list and they are certainly in the wrong sections. FXCM for example is definitely on of the best brokerage firms but they dont have the best software. Perhaps you need to segregate things in to categories like spreads, services platform etc.

Aslo FXCM has Metatrader platform. THat's a HUGE plus I agree, the review of FXCM and OANDA as bad brokers is a bull crap.

Also, I don't think OANDA is a bad broker. What makes you say OANDA is bad??

 

[mastroiani]

I just remembered one weird thing about MB Trading that I'd like to share. I have several different charts from different brokers open all the time on different screens/computers and one strange thing I noticed is that while the price on OANDA and FXCM was constantly moving and showing smallest pip change, MB Trading would sometimes not even show the pip movement until OANDA or FXCM would change at least 2-4 pips in any one given direction.

Does anyone know why this could happen?

 

[goodtyneguy]

I just remembered one weird thing about MB Trading that I'd like to share. I have several different charts from different brokers open all the time on different screens/computers and one strange thing I noticed is that while the price on OANDA and FXCM was constantly moving and showing smallest pip change, MB Trading would sometimes not even show the pip movement until OANDA or FXCM would change at least 2-4 pips in any one given direction.

Does anyone know why this could happen?

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