# Forex broker recommendations



## jiggy (8 August 2010)

Hi Everyone

I'm looking to get into Forex trading and would like advice as to whom you have had the best experience with in terms of using a forex broker for exucution, good trading platform, tight spreads etc.

You input is very much appreciated

Cheers


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## BrightGreenGlow (9 August 2010)

*What broker should I use?*



skc said:


> Perhaps u need to tell others what kind of trading you plan to do before people can give appropriate response?
> 
> E.g. size, frequency, use of charts, duration, hours etc




-I already use Comsec to trade share and am very happy with them so I am only interested in a *Forex* broker.

-I would use cash of around $20,000 as my deposit.

-I would rather use a software program to trade on, not a website based trade page.

-I am only interested in small trades 50c/pip as I am only learning. A demo account would be nice to try too.

-I am only interested in a trade or 2 per week.

What options do I have?


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## craigj (28 August 2010)

i am in a similar position can someone gives the pros and cons of various forex brokers in regards to someone wanting to start trading forex at small pip sizes


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## lindsayf (28 August 2010)

there are plenty of options - I trade with GOMarkets on hourly and above with no problems  - just go to the website and download a demo and away you go.  Minimum trade size is about 10c a pip.  FXPro is another good one with a wider range of instruments - but a larger minimum trade size - and they are not aussie based.

there is a thread in here

https://www.aussiestockforums.com/forums/showthread.php?t=14503

that shows that they have has some problems with executions over recent times - this hasnt worried me since I moved to higher timeframes though.

good trading


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## Tanaka (28 August 2010)

This link has rankings of all the big brokers:

http://www.forex-ratings.com/


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## craigj (31 August 2010)

thanks for the reply the forex ratings website looks a good one
i have added it to my list of favourites 

cheers


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## klrman (7 September 2010)

I'm new too, but looking at the forex broker rating link, it's hard not to notice that basically all forex brokers seem to be crooks, some, part, most or all of the time.  What gives, are they all trading against our trades and making it difficult to cash out if we do make good bucks?


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## Tanaka (7 September 2010)

klrman said:


> I'm new too, but looking at the forex broker rating link, it's hard not to notice that basically all forex brokers seem to be crooks, some, part, most or all of the time.  What gives, are they all trading against our trades and making it difficult to cash out if we do make good bucks?




Since I posted the previous ranking link I found this one which gives you the ones that don't bet against you (no dealing desk).

http://www.100forexbrokers.com/stp-ecn-brokers

The above link explains how forex systems work and which brokers allow you direct access.

The first link seems to have been hijacked by lots of bitter poor performing traders and hidden posts by other forex companies trying to bad mouth the competition.


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## klrman (8 September 2010)

Tanaka said:


> Since I posted the previous ranking link I found this one which gives you the ones that don't bet against you (no dealing desk).
> 
> The above link explains how forex systems work and which brokers allow you direct access.
> 
> The first link seems to have been hijacked by lots of bitter poor performing traders and hidden posts by other forex companies trying to bad mouth the competition.




Thanks Tanaka, I will have a good look at your new link as I still do not feel comfortable with using a broker yet.  

Do you think though any broker could give us Direct Access?  My understanding so far is that if any broker claims this, then they are dishonest as only the interbank club has direct access.


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## klrman (8 September 2010)

Tanaka said:


> Since I posted the previous ranking link I found this one which gives you the ones that don't bet against you (no dealing desk).




I did not see any reviews on that link, just the companies with their profiles.

I did go to another site though reviewing forex brokers and it is very funny.  Many have 5 star ratings, and if you look at the reviews, 30 reviews within the same hour of the same day one after another praising the broker.  Obviously it is going to be real hard for me to find an honest broker.


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## Tanaka (8 September 2010)

klrman said:


> I did not see any reviews on that link, just the companies with their profiles.




True, it doesn't rank them but it lists the ones with straight through processing with no dealing desk which are more trustable than other brokers IMO.


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## klrman (8 September 2010)

Tanaka said:


> True, it doesn't rank them but it lists the ones with straight through processing with no dealing desk which are more trustable than other brokers IMO.




Yes, it helps a little thanks!  I'm still disappointed at how dishonest so many of the brokers are and not convinced about companies with straight through processing as there seems to be enough info to still be cautious.

I did find one ECN which seems far more trustworthy and genuine than all the others so far and that is Dukascopy.   Would love if anyone here has had some long term experience with them and could share their thoughts?


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## bounty (28 January 2011)

I have come across a broker which claims to offer direct market access. They are called Advanced Markets and I'm currently looking into trading with them. 
Their demo is on a desktop platform which offers variable interbank spreads.


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## TulipFX (28 January 2011)

Their spreads seem quite good. Are they NFA regulated? (Personally I dislike NFA regulations)

A couple of Australian ones to compare them with are GoMarkets and Pepperstone.

Not offering an opinion on which is better, just pointing out the two best Australian providers.


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## cogs (29 January 2011)

*U.S ECN Vs Non ECN*

Just thought I'd share some info which is obvious to some but others may find it useful in trying to select a M.M. or ECN to trade with.

Spread snap shots taken at close this morning.

First image is a short position AUDUSD with Go that was over $800 profit @$0.99364 1 bar before close. At closing, the price went well in my favour to $0.99071 but spread widened to 65.1 which reduced profit to merely $106.30. I am holding and are well aware of opening and closing times and events.
For the unititiated this may be a worse case scenario, but is not, or rarely experienced with a true ECN broker as shown below. In addition there is no slippage at all with an ECN.
Fixed spread market makers may say spread widening will not happen with them also, but they have the tools to widen at any stage, call it slippage if you like.








*The following are EURUSD at close this morning*.

*Gomarkets at close*






*VantageFX at close*







*PFGbest Direct ECN at close*





This is not an endorsement or naming and shaming of any kind, but purely to help those who are trying to find a market maker or broker to trade with.


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## Paradiso (31 January 2011)

@cogs : 65pip spread is *insane*, I simply cannot fathom that someone would voluntarily trade with a broker that has a f**king 65pip spread. I mean that is ridiculous even for a dealing desk broker. 




Any one here trade currency futures?


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## cogs (31 January 2011)

Normal weekend spreads that close up on market opening. Spot FX is always exposed to spreads like this particularly during news hrs. You won't always escape it with FX Futures either.

I closed out that position this morning with $1645 profit to wait and see what london has in store but it does look like a bearish breakout on the way.

This is getting a little bit off topic, just wanted to show the large weekend spreads of some spot FX market makers.


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## ShawnL (31 January 2011)

The funny thing in this retail FX is, execution platforms are usually never good charting platform; same for the opposite. 

If it's broker, then should be more concern on spread etc.

If charting platform, you might want to be particular with the closing time of the broker. 5pm EST time is the commonly accepted closing time, retail and IB level.


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## >Apocalypto< (2 February 2011)

cogs said:


> Normal weekend spreads that close up on market opening. Spot FX is always exposed to spreads like this particularly during news hrs. You won't always escape it with FX Futures either.
> 
> I closed out that position this morning with $1645 profit to wait and see what london has in store but it does look like a bearish breakout on the way.
> 
> This is getting a little bit off topic, just wanted to show the large weekend spreads of some spot FX market makers.




Yeh Go posted about this over at forex factory, they had a error from their liquidity providers. what was good was all effected have been sorted out, some even before even having to contact go about it! some crazy spreads though, one of many reasons I never hold over the weekends.


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## Dan507 (6 August 2013)

jiggy said:


> Hi Everyone
> 
> I'm looking to get into Forex trading and would like advice as to whom you have had the best experience with in terms of using a forex broker for exucution, good trading platform, tight spreads etc.
> 
> ...




I am with Weltrade broker. They provide quick execution, 3 trading platforms - MT4, MT5, cTrader, fast funds withdrawal. Besides, they have a very good 24/7 support. What about the trading accounts, the more you invest, the better your trading conditions and benefits are.


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## havaiana (7 August 2013)

Dan507 said:


> I am with Weltrade broker. They provide quick execution, 3 trading platforms - MT4, MT5, cTrader, fast funds withdrawal. Besides, they have a very good 24/7 support. What about the trading accounts, the more you invest, the better your trading conditions and benefits are.




What's it like working for them? Do they treat you well?

I especially love this picture on your website




Very professional (and handsome). Is it you or just one of your happy clients? 

Edit: seems as though this thread is bumped i'll give my 

I like LMAX, tight spreads, very quick execution and limit orders actually go into the exchange (your bid can be filled without it going offer, something that is not possible with most forex 'ECN's')


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## TulipFX (9 August 2013)

havaiana said:


> What's it like working for them? Do they treat you well?
> 
> I especially love this picture on your website
> 
> ...




Lots of LMAX's trades are actually matched with other traders. I guess that's what happens with all brokers I suppose, but LMAX was born out of BetFair type matching up of traders. Hence until recently BetFair was a major shareholder.


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## havaiana (9 August 2013)

TulipFX said:


> Lots of LMAX's trades are actually matched with other traders. I guess that's what happens with all brokers I suppose, but LMAX was born out of BetFair type matching up of traders. Hence until recently BetFair was a major shareholder.




This is a good thing though, I know when someone hits me and it's not the opposite side of the bid/ask, that it is a customer and I have got a better price than I otherwise would have. I know LMAX is legit because I can move the spread and have executed trades with limits where I could not have with a market order even if I managed to execute at the best possible time/price. It is the only spot broker I have used that I have seen this happen first hand

I don't know why people are so worried about having their trades netted off with other clients, that is what a broker is for, even if they send it through to a central exchange there is going to be a client of someone on the end of it eventually. If the execution and price is fair it doesn't matter if brokers are netting off the order imo. There are times when it is actually better to trade through a bucket shop because you will get better prices.


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## sinner (9 August 2013)

Pepperstone is the only respectable FX broker in Australia, IMHO. I used to be with Dukascopy.


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## havaiana (9 August 2013)

Pepperstone have awesome spread. but $7 for commission is just not competitive and metatrader execution not good. They will be better than most of the metatrader brokers.

I stopped using them a long time ago because it used to annoy me that theyv would always hit the disconnect button at very crucial and volatile times (I'm assuming it's when they are taking too much on one side of the market and have got themselves off side). They used to try and convince me it was my internet or MT4 settings but my other brokers would still be working fine. They aren't the only aussie broker that does this.

I was still using them for charts up until a few months ago and it was still happening. There were times i would see the market tank in a certain way and my brain would make the MT4 disconnect sound in anticipation of the pepperstone disconnect and sure enough it would happen a few seconds after

Edit; Thought i should clarify 'tanking in a certain way' so people have the chance to check and call bs on me. It was usually when an extreme move or volatility would happen at an unexpected time (so a news type move that doesn't happen at a predictable or scheduled time)


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## havaiana (9 August 2013)

havaiana said:


> ...when an extreme move or volatility would happen at an unexpected time (so a news type move that doesn't happen at a predictable or scheduled time)




Funnily enough now i know how they feel when this happens and if any of my neighbours are traders they will notice familiar shouting and swearing during these times too


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## kingslet85 (7 September 2013)

*Suggested Forex Broker?*

Hi everyone. I am new to forex and looking to start trading, but I don't know which broker to start trading with. Could someone guide me? Thank you.


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## Wysiwyg (12 September 2013)

*Re: Suggested Forex Broker?*



kingslet85 said:


> Hi everyone. I am new to forex and looking to start trading, but I don't know which broker to start trading with. Could someone guide me? Thank you.




I presently gamble with two commission based Forex brokers and one non-commissioned based Forex broker. The cheaper alternative is the *non-commissioned* go-between because you don't have to pay the additional commission on top of the spread. I pay a spread 0.1 to 0.8 (depends when you click, plus latency) for commissioned. I pay a "fixed at execution' price with the non-commissioned broker of 0.5. to 2. If you want to trade (gamble) often then the non-commish has the less cost.


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## Wysiwyg (12 September 2013)

Check what "swap" rates are too if holding through the change-over period.


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## rrayne20009 (13 November 2013)

Go with regulated brokers and those with tight spreads,fast execution and liquidity.


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## graceb (14 November 2013)

You can add up on your list to check how many years is that company operating in the industry?Would you prefer an old company that is already operating in the industry for how many years or you prefer just a newly opened one?


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## TulipFX (16 November 2013)

*Re: Suggested Forex Broker?*



kingslet85 said:


> Hi everyone. I am new to forex and looking to start trading, but I don't know which broker to start trading with. Could someone guide me? Thank you.




Assuming you are Australian - go with ICMarkets or Pepperstone.


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## george55 (23 November 2013)

I don't think your nationality is that much important.. there are international companies operating all around the world.. what you expect? fast execution... low spread.... various instruments?? I'm trading with IFC markets... they provide fixed and low spreads... I would recommend to go through different brokers... do some research in their websites and make your own decision.... everyone has a unique preference.. so it's not right to advice.. the most important is professional approach by managers and transparency... the broker should be reliable so as you SEND THEM MONEY ) ...


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## havaiana (27 November 2013)

Nationality is a factor, here are some reasons

-Regulation, ASIC/NFA regulation for example is not equal to regulation in your tax/criminal haven country
-When you know customer service will be working during your timezone (there is a difference between the services you get from the 24hr outsourced IT guy versus the actual staff working their 9-5 in the office)
-$70+ international withdrawal fees and **** exchange rates versus free withdrawals
-As paranoid as this sounds it's good to be able to check that an office actually exists and the company isn't just this guy:


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## TulipFX (28 November 2013)

george55 said:


> I don't think your nationality is that much important.. there are international companies operating all around the world.. what you expect? fast execution... low spread.... various instruments?? I'm trading with IFC markets... they provide fixed and low spreads... I would recommend to go through different brokers... do some research in their websites and make your own decision.... everyone has a unique preference.. so it's not right to advice.. the most important is professional approach by managers and transparency... the broker should be reliable so as you SEND THEM MONEY ) ...




Fixed spreads are a sign of a less than satisfactory broker. It means they are not offering straight through processing.

Your example of IFC markets, a quick look at their site shows EURUSD spreads at 1.8pips. 

ICMarkets and Pepperstone both have spreads on the EURUSD from 0.1 -> 0.3 under usual trading conditions. Including commissions the effective cost is about half the 1.8 pips you pay.

Lastly, you mention sending the broker money. This is vital and why I recommend regulated brokers to people who ask. IFC aren't regulated and the BVI have put out an advisory warning against them. http://www.bvifsc.vg/News/tabid/160...kets-Corp--Advisory-Warning-No-8-of-2009.aspx



> The FSC wishes to inform the general public that IFC Markets Corp. is NOT LICENSED to carry on financial services business in or from within the Territory.
> 
> Members of the public are therefore advised to exercise extreme caution in conducting any transactions with IFC Markets Corp.




Green pips everyone.


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## alanJames (29 November 2013)

TulipFX said:


> Fixed spreads are a sign of a less than satisfactory broker. It means they are not offering straight through processing.
> 
> Your example of IFC markets, a quick look at their site shows EURUSD spreads at 1.8pips.
> 
> ...





I Agree, I have used (and still do)  both Pepperstone  and ICMarkets, have found them both to be outstanding brokers. If I had to choose, I believe ICMarkets slightly edges out Pepperstone however, particularly when it comes to speed of execution  - probably because they have their trade servers  "NY4 and LD5 IBX Equinix Data Centers in New York and London" .


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## george55 (29 November 2013)

Thanks for your suggestion, as for me it is a little redeculous to base on warning which is 5 year old ))) I am already with them about 4 years, as for me they are more than trustable .... also remember about security of funds, they are insured in IFC http://www.ifcmarkets.com/pdf/sertificate_of_insurance.pdf.. regarding spread, fixed spreads are sign of stability of operation and easy calculation….BTW karas ases, during active trading hours, less than 0.5 pip rarly you can find, which means that effective cost is app same 1.7 -  1.8 with additional headache of calculation...! also regarding pepperstone , you offer broker which offer MT4 and saying we have 7 platforms ? )) and over all 62 instruments ?? thanks , better I use a company with hundreds of instruments and fantastic support )) however I wish success all of you, does not matter is IFC , peperstone or even worse alpari )))))


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## TulipFX (29 November 2013)

If you don't work for that shady IFC Markets company I would be very surprised judging by your posts.


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## Joe Blow (3 December 2013)

george55 said:


> I'm trading with IFC markets




George55 has been suspended from ASF for spamming IFC Markets. Anyone wishing to know more about this broker should review the following forum thread: http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/18126-ifc-markets-become-scam.html


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## leebelisar (16 December 2013)

Perhaps you already got the broker that you are looking for. So how is your trading going on?


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