wondering why you trade with who you trade!

sasforex

Junior member
13 0
I work for a forex bank in the US we are quite unique in that we are the only bank to offer retail margin trading in America.

I am quite new to the company so am in the process of learning a greart deal. I see a lot of you on this forum use FXCM and other competitors do you mind me asking what clinches the deal for you so to speak when you are reviewing which brokers/banks to go through? I am asking purely from a marketing/sales experience sense, as a non retailer myself it would be interesting to see what the trader looks for exactly when to a certain extent many brokers are offering the same thing.

Hope yo ucan help me out.
;)
 

rossored

Senior member
2,105 56
i tend to go for, in order of importance :

1. reputation
2. reliability
3. cheapness

however if no.3 heavily outweighs no.1 and no.2, then I'll go to no.4

4. forget about no's 1 & 2.

RR ;)
 

options

Senior member
2,374 218
sasforex.

For me it has to be having the account in Sterling. So no exchange rate to worry about when changing money to and from account. That's the clincher.

Size of company. Must be big, for quality service.
Reliability. (Including trading software). Goes without saying. And fast execution of trades, 1 sec max.
Guaranteed no slippage on stops. And no hitting stops when 10 pips away.
Free quality charting.

The only thing that would make me change companies is a tighter spread. (1 pip should be the norm.)
 

TheBramble

Legendary member
8,395 1,170
options said:
For me it has to be having the account in Sterling. So no exchange rate to worry about when changing money to and from account. That's the clincher.

This is something IB offer (a GBP account). I still don't get how it works though.

If you're trading USD how do you avoid currency conversion hits when balancing your GBP and USD accounts?
 

Trader333

Moderator
8,606 932
If you're trading USD how do you avoid currency conversion hits when balancing your GBP and USD accounts?

You dont avoid it as it is balanced at the end of the day at the current exchange rate.


Paul
 

The Baptist

Established member
715 45
Online set up

I agree with the others on the first 4.

I might add the online interface/useability as a retaining factor if good even if a point or two is lost on rivals. I find i use more of CMC over IGIndex while running both, on account of interface, deal4free is also cheaper. I appreciate these are both SB's but I felt the comment may still be interesting.

Good Luck.
 

Zenda

Well-known member
491 10
Trade with CMS the platforms a lot easier to work with than all others (I.ve looked at most) and I make consistant money!!!
 

seancass

Well-known member
329 1
Sasforex.

Greetings. "Guaranteed Stop Losses!" Please see my most recent contribution entitled: 'Brokers and guaranteed stop losses.'

Best wishes,
Sean
 

TheBramble

Legendary member
8,395 1,170
Trader333 said:

You dont avoid it as it is balanced at the end of the day at the current exchange rate.

In which case don't understand the benefits of holding a GBP account Paul.

If you held a USD account, you'd have the exchage rate hit when you convert your GBP to USD in loading the account with funds. And the same in reverse when you pull funds from it back to GBP.

But if you're effectively doing this on a daily basis, wouldn't you be exposed to an even greater number of exchange rate hits?

Puzzled.
 

Trader333

Moderator
8,606 932
Tony,

I partly see your point but will give you a few bullet points from my perpective as it is primarily down to savings in costs:

1) If you had opened a USD Pattern Trading Account back in July of last year you would have lost the equivalent of £2800 in the change of USD/GBP exchange rates to date. So let's say you tried trading and it didnt work out or you lost money and now want to close your account, well you have also lost another £2.8K

2) When I looked into this the cheapest I could find a broker would convert my funds back to GBP from USD was at $50 a time so more costs just to get my money out.

3) Once my account is settled at the end of the day I know how much in GBP I have and it wont change. But if I have a USD account I have to convert it to GBP daily whether I trade or not. Also let's say I make a $1000 profit for trading Friday, well then it is only this amount that is converted back to GBP equivalent at the end of the day and not my whole account. When I held a USD account previously I could make a good profit but after considering the change in exchange rates the GBP equivalent I had made a loss.

4) I also found getting my money back took a lot longer than I wanted it to which is something I have not found with my current account and broker.

If you want a USD account then go ahead but when you start taking all the above into consideration the costs can be substantial but it is each to their own.


Paul
 

Wideboy

Well-known member
489 1
It seems from their website that you can hold a CMS account in GBP. Is the process for deposits and withdrawals easy, and do they make any charges for withdrawals?
 

roberk

Active member
136 1
sasforex said:
I work for a forex bank in the US we are quite unique in that we are the only bank to offer retail margin trading in America.

I am quite new to the company so am in the process of learning a greart deal. I see a lot of you on this forum use FXCM and other competitors do you mind me asking what clinches the deal for you so to speak when you are reviewing which brokers/banks to go through? I am asking purely from a marketing/sales experience sense, as a non retailer myself it would be interesting to see what the trader looks for exactly when to a certain extent many brokers are offering the same thing.

Hope yo ucan help me out.
;)
I used a few bucket shops including FXCM. I wouldn't be surprised if they eventually fold because of their shady dealings.
I still keep an account with commerce bank in USA but their spread and commission is pathetic. SO I now do all my trading on Globex currency futures and keep away from forex.
The opportunites from your end must be great - like the goldrush when the only people who made money were those selling overpriced shovels etc. to the poor miners.
 
 
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