TOTW Which broker do you use and why?

Sharky

Admin
5,642 434
For this week's TOTW, I've picked a question that's perhaps less thought provoking than some of the recent TOTWs, but one that can make the difference between success and failure as a trader. Share your story as to how you ended up sticking with the broker you use today. Which are the best (and worst) things about them?

Which broker do you use and why?

Last week's TOTW: What was the last thing you had to master before becoming profitable?
 
Last edited:

myLIVEaccount

Junior member
22 1
I recommend GlobalPrime, Australia. I'm with them since Nov 2013, ASIC regulated broker, they provide ECN accounts only, with great support and low spread + fair commission.
Milan
 

countrydj

Newbie
8 1
This is a question that I am very interested in.
I have been looking for a good broker, in the UK, for some time.
I am looking to invest in shares, ISAs and CFDs
I will be following this thread with very keen interest.
 

SeaGoat

Newbie
1 0
Hi All,

I have been using Trading212 for about two weeks now, I am very new to trading so its only a practice account. My newb thoughts so far:

- Bulgarian based broker (country is not very high on financial security list)
- Spreads seem pretty high for anything other than EUR/USD; EUR/GBP or GBP/USD
- The platform is not very customizable, you can only monitor 9 instruments at the same time
- Does not keep historical graphs beyond about two days
- 2% withdrawal fee (really not happy with that, especially given the high spreads they have)
- I think they charge interest on long positions which again is very annoying

Overall the GUI looks very nice, however it is limited and there seem to be not so obvious charges with this one.

Regards
 

kwickwool

Well-known member
291 30
I am currently using LMAX for a few different reasons such as price, execution, transparency, safety of funds, software etc etc all the usual things thats we are all looking for.

Reason i am commenting here is i have had many many accounts with different brokers as am continually looking for the best for me as it is probably one of the most important decisions u have to make as a trader. Competition has driven the broker world into providing better and better services and it is improving all the time.

But, that said, each trader has a responsibility to ensure that they are getting exactly what they should. You can talk about spreads, commission, execution etc but ultimately it is about the cash. I implore everyone to try running different brokers against each other as in same time execution and u might be surprised at what u find. Some companies that offer ultra tight spreads and seem the best may have some other means of ensuring they are skimming from your profits and it will always show up in the profit margin, always, thats the proof of the pudding so to speak?

i will never ever use a market maker again and have any conflict of interest, that business model is for me ludicrous, how can u making a profit and taking from their bottom line ever have a medium to long term stable relationship but that said is a good starting point for your trading to dip your toes in so to speak.

Quite simply i want almost zero commission pricing with almost zero spread as in almost zero turnaround costs with the fastest execution and complete transparency, and will continually look around the market trying to get closer to that dream model. And as mentioned earlier, the competition is driving this and improving all the time.

g/l all

kwickwool
 

billyjean

Active member
120 5
i've been with many brokers company.
for now i feel comfortably with armada markets.
ecn broker type (fast execution), low stop level, low spreads, acceptable minimum deposit for ecn type account (start from 300 usd). and do some research regarding their company, it's an onshore one, not of type offshore brokerage company with high risk of scamming traders.
 

Sharky

Admin
5,642 434
For those that prefer to keep their reasons for using a particular broker to themselves; simply post here which broker you're using today...
 

Porkpie

Active member
151 10
I am currently using LMAX for a few different reasons such as price, execution, transparency, safety of funds, software etc etc all the usual things thats we are all looking for.

Reason i am commenting here is i have had many many accounts with different brokers as am continually looking for the best for me as it is probably one of the most important decisions u have to make as a trader. Competition has driven the broker world into providing better and better services and it is improving all the time.

But, that said, each trader has a responsibility to ensure that they are getting exactly what they should. You can talk about spreads, commission, execution etc but ultimately it is about the cash. I implore everyone to try running different brokers against each other as in same time execution and u might be surprised at what u find. Some companies that offer ultra tight spreads and seem the best may have some other means of ensuring they are skimming from your profits and it will always show up in the profit margin, always, thats the proof of the pudding so to speak?

i will never ever use a market maker again and have any conflict of interest, that business model is for me ludicrous, how can u making a profit and taking from their bottom line ever have a medium to long term stable relationship but that said is a good starting point for your trading to dip your toes in so to speak.

Quite simply i want almost zero commission pricing with almost zero spread as in almost zero turnaround costs with the fastest execution and complete transparency, and will continually look around the market trying to get closer to that dream model. And as mentioned earlier, the competition is driving this and improving all the time.

g/l all

kwickwool

LMAX offer great execution, but where the spread is competitive compared to market makers their commission doesn't make them competitive overall. However, their trading model makes far more sense for a level playing field in trading fx at least. I used them for a while but got cheesed off with their data spikes on their charts and the lack of data. So for swing trading it was useless. Not sure if these problems have been resolved. Day traders should be fine though.

I am now with fxcm for my sins. My theory is that they have been a pretty bad broker in the past and have been heavily fined for various antics against their clients, that they are now under much greater scrutiny. This does not mean that they won't try anything dodgy in the future, but compared to the other crims they are probably safer. I am sure Jason Rogers (social medium radar scanner for fxcm), will pop up now with some advertising, oops I mean wisdom. Over to Jason....:LOL:
 

kwickwool

Well-known member
291 30
So what turnaround costs approx u getting with FXCM?

To be fair i had a quick look at them and agree with your comments as in they need to be super clean now but what put me off is their statement for high end clients.

What instantly put me off was the statement from their website below,seems totally wrong as in $150,000 or 50 mill traded to go into the private client group, how can they even think that a 50mill traded volume a month should give private client group as is ridiculous, the private client group would be huge and totally out of proportion with the deposit?

and therefore see them as just going after the starter trader who loses most of their cash, and also if they are going after the starter trader and not bothered with real turnover and commission how really is their business model generating the funds to be profitable, yes am a sceptic sorry, but that said all credit that jason does post on here and give some further transparancy

PRIVATE CLIENT GROUP

The FXCM Private Client Group provides select Active Trader account holders with our highest level of support and service. FXCM has a wealth of experience in the foreign exchange market and is an industry leader, which enables us to offer an extremely wide range of solutions to meet your specific needs.

Private Client Group is only available to select institutions and individuals that trade 50 million notional per month or deposit $150,000. Private Client Group clients have access to additional services and custom commission settings. Contact us for more information on how FXCM’s Private Client Group can help you reach your complex financial goals.
 

countrydj

Newbie
8 1
I'm not doing any trading at the moment and I'm an absolute beginner.
In thhe recent past I have used 2 brokers:
1. Ascendo. I traded CFDs for a short time, but pulled out due to my lack of knowledge. No problems with them at all.

2. svssecurities. I traded CFDs without any problem. I also traded in shares, but when I pulled out I had trouble getting paid out. They refused to pay me unless I sent them a hard copy of my bank statement, even though I wanted my dues paying into the bank that I paid out of for my shares.

I have also been considering http://www.x-o.co.uk/ and http://www.tradersown.co.uk/.
Has anybody got any experience with these low cost brokers ???
 

lloydbee

Well-known member
275 17
For Options, Shares, FX...

(y) Thinkorswim - (desktop standalone platform) fastest platform for creating trades and adjusting if and when needed, masses of information easily available without reloading pages or screens, fair commissions, fair option prices, reliable and easily contactable if need be. (y)
------------------------------------------------------
(n) TradeMonster - (web-based platform) advertised with cheaper commissions but you pay in poor spreads and executions, platform mediocre but reliable showing a reasonable amount of information without too much hassle but not too fast and definitely not for last minute trading into the closing bell.

(n) OptionsXpress - (desktop platform) good for the beginner trader to start virtual trading with but you'd soon outgrow it.
(web-based) unreliable, slow, lack of information available without loading screens, prices average as also executions.
 

Alex-ICM

Newbie
2 0
www.icmcapital.co.uk

Hi :D

I've been using ICM Capital as my broker and have been very happy. I have even started working for them :cool:
MT4 Platform for smartphone devices and desktop/laptops - very easy to use!
Head-quartered in London, Canary Wharf & regulated by the FCA (which is around the corner to our office ;)) (y)
But yeah guys, we also offer a free demo account - I would really advise you all try us out :smart: and let me know what you reckon.
Thanks :] :clap::clap:
 
 
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