# Forex Brokers... which one?



## DB008

I'm new to FX and just wanted to know if there are any brokers which are like DMA providers (much like DMA for CFD's). l've seen the term ECM and wanted to know if there is a list of somesort which can help????

Or, are pretty much all FX Brokers Market Maker's?

If so, which one stands out the most for tight spreads and low commission?

Looking to trade AUS/JPY.


This site has tons of reviews and l found it helpful. l did try OANDA and later on looked it up. Not so good once you start to make a bit of $$$ on it, other peoples comments.
http://www.forexpeacearmy.com/


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## BentRod

Oanda is a good broker.

The downside with them though is they really widen the spread at news time and the platform sucks.


> Not so good once you start to make a bit of $$$ on it, other peoples comments.




People will blame everything but themselves if they loose money.


If you are going to be doing the Linuxtroll method, best to join up at the brokers Tayser mentioned.


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## Stormin_Norman

OandA paid me everytime without a drama. best out of all the O/S brokers ive had.

i quite like IG markets as well.

and am starting to use GoMarkets for EAs on their MT4 platform.


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## Stormin_Norman

DB008 said:


> Or, are pretty much all FX Brokers Market Maker's?




every broker and bank is a market maker in forex. from the smallest to the bank of england.

there is no formal fx market. just deals between organisations.

if youre scalping i guess you want to worry about spreads as your primary concern. 

i trade in time periods 0f 10mins - a few hours. so a pip spread difference doesnt particularly worry me. im looking to make dozens of pips in a trade, not a couple.


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## DB008

> People will blame everything but themselves if they loose money.




Heard that one a million times before.
I was only quoting what people were saying on the http://www.forexpeacearmy.com/ website. Well worth a quick look to see where your broker sits and to see  what issues they have had. Doesn't hurt to look now, does it?


Found this just now too, list of ECN Brokers

http://www.forexbrokercomparisons.com/ecn-forex-brokers.html

I've played with OANDA today and seem happy with it. But, i would prefer a ECN broker because the chances of spread or quotes been manipulated are probably non-existant, or lower.
Happy trading.
Dan


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## Page

There are many brokers around in the market, but the main thing that whom to trust. Most of the brokers have similar services but cannot judge which a nice broker is. There are many fraud brokers too. People are saying that Oanda is a nice broker. There are few disadvantages of it like it is giving leverage of 1:50 while others are giving 1:100 or 1:200, deposit procedure time consuming, registration process is also too long, do not accept credit card deposit and the final thing customer support they have is only through chat.


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## Wysiwyg

Stormin_Norman said:


> OandA paid me everytime without a drama. best out of all the O/S brokers ive had.
> 
> i quite like IG markets as well.
> 
> and am starting to use GoMarkets for EAs on their MT4 platform.




Hi storm, I notice the price on MT4 and the price on IG differs by a pip or 2.

Is the price on MT4 the correct price `cause IG don`t straddle it with their spread vey often.Keeping a pip up their sleeve or what.

Funny with an EA i had running today on the eur/usd.It went long and pulled the tp of 20 pips easy and I thought I will follow it next entry.You guessed it ... when i went in the price went the other way by 50 pips so I bailed though it did come back and the EA is still in play.

Gotta laugh hey.


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## Stormin_Norman

Wysiwyg said:


> Hi storm, I notice the price on MT4 and the price on IG differs by a pip or 2.
> 
> Is the price on MT4 the correct price `cause IG don`t straddle it with their spread vey often.Keeping a pip up their sleeve or what.




how does it differ? which is correct? both.

theyre probably just in different markets and that market has a slightly different price by a pip.

ive not observed a noticeable difference between the brokers. but im not worried about single pips. i mean getting out of a position a second later can cost or gain you more then that.

making sure youll get your profits is the most important part. ECN's are overrated. the spread u get on average + commissions isnt much less (and sometimes more) then with fixed spread brokers.

i prefer brokers which match trades (profit on those spreads on the matched trades) then pass the balance over to a bigger player with the spread as buffer. they make a nice amount by doing this. passing matching trades through to the bigger bank doesnt make sense to me when they could be profiting from matching up trades internally.

profitable broker means one who'll pay you with no fuss in full.

OandA have the best model for this, their spreads when the markets come back from holidays should be back under a pip for euro. most of last year they were at 0.8 during main trading times.


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## DB008

Thanks for all the reply's so far. So, looks like l might just stay with OANDA.

Has anyone tried tradestation.
http://www.tradestation.com/default_2.shtm

I get freetrade the market video's and they use tradestation for everything. Seems and looks robust.


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## lesm

Stormin_Norman said:


> how does it differ? which is correct? both.
> 
> theyre probably just in different markets and that market has a slightly different price by a pip.




As Norman has said, if the brokers are getting their underlying data via different feeds then the bid/ask prices may be different. No subterfuge in this. Remember, there is no centralised exchange in FX.


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## Wysiwyg

DB008 said:


> Thanks for all the reply's so far. So, looks like l might just stay with OANDA.
> 
> Has anyone tried tradestation.
> http://www.tradestation.com/default_2.shtm
> 
> I get freetrade the market video's and they use tradestation for everything. Seems and looks robust.



There are some threads on tradestation in the catacombs here but no elaboration.This is what I typed in another thread about tradestation and for programming it seems alot easier than MQL.One step at a time though.



> Tradestations Easy Language is obviously a much more user friendly operation to set up a rule based auto-trader.I wonder why MT4 is more widely used when it is more inclined to computer programmers rather than traders.
> 
> I mean who wants to spend months/years learning how to efficiently use the Meta Quotes Language.
> 
> Tradestation subscription costs around $350 AUD per month and is probably an inhibiting factor.


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## jwm888

I signed up with TS late last year and will go live trading with them in the next week. Spreads seem great - IB use 1/2 pip fractions and TS uses 1/10 fractions, so in theory will be getting better fills. 
Seem to be better spreads on the whole as well, though they both vary at different times TS st the moment for the euro is 1 -1 1.5 pips just before London opening. IB is around 2 - 2.5 pips.


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## 1080p

Only problem with Oanda is the timeframes only go up to daily.  No weekly data etc


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## lesm

DB008 said:


> Found this just now too, list of ECN Brokers
> 
> http://www.forexbrokercomparisons.com/ecn-forex-brokers.html
> 
> I've played with OANDA today and seem happy with it. But, i would prefer a ECN broker because the chances of spread or quotes been manipulated are probably non-existant, or lower.
> Happy trading.
> Dan




The list is out of date and incomplete. Dukascopy actually charge commission. EFX has been taken over by MBT.

ADM Derivatives provides a Currenex based platform for retail traders. Tayser can provide you with more information on this, as LT arranged a couple of deals for the cyrox boys, which from memory includes FXDD.

If you would like to get an idea of the average spread for an ECN, such as MBT/EFX you might like to take a look at http://kreslik.com/forums/index.php. 

Michael Kreslik has undertaken a range of statistical work in the FX world.

If you want trade actively with an ECN you really need to get the commisson down to around $20 per million or less. The costs do add up through time.


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## white_goodman

you only really use an ECN once you get to a certain capital level... im using GO markets and IBFX(however IBFX is known for stop hunting etc, but doesnt really affect me and the EA i use for it). The reason I use IBFX is cos they offer nano lots..

MBT looks good for an ECN with mt4, supposedly coming in FEB'ish


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## Kryzz

Have been playing around on the IBFX demo, seems like my stop losses keep getting taken out within 2-3 pips of the level, without going through (stop hunting as previously mentioned, i assume this is what that means). 

Surprised to see that buy orders have also been getting filled a few pips before my designated price also. This happen to many others using IBFX as well?


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## Wysiwyg

Kryzz said:


> Have been playing around on the IBFX demo, seems like my stop losses keep getting taken out within 2-3 pips of the level, without going through (stop hunting as previously mentioned, i assume this is what that means).
> 
> Surprised to see that buy orders have also been getting filled a few pips before my designated price also. This happen to many others using IBFX as well?




Stop hunting on a demo. trade. Surely you jest. If not, it`s funny anyhow.

p.s. nicotine is addictive. :


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## CFD

If you can, set your chart to show both the Bid and Ask price/lines. It may answer your question.


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## Wysiwyg

Good question!  http://www.brokerme.com/


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## Wysiwyg

There must be alot of money in Foreign Exchange Trading. Look at all the FX Brokers popping up nowadays. 

This path, if trod by the inexperienced, WILL lead you to the "why are some people poor" thread.

Be warned, they will draw you in like bees to pollen.


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## wiseguy

gft. pretty good platform if you're into tech analysis


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## >Apocalypto<

If you're looking for some local quality, I recommend go markets, they have become a very good broker. 

http://www.gomarketsaus.com/


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## Wysiwyg

GoMarkets use the standard Metatrader platform with Gold, Silver and Forex to trade.


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## DaggerDirk

*Re: Forex Brokers... which one? - another source of data*

http://www.forexbrokercomparisons.com/ecn-forex-brokers.html


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## >Apocalypto<

Wysiwyg said:


> GoMarkets use the standard Metatrader platform with Gold, Silver and Forex to trade.




if you didn't know, they have really stepped up now with new servers they installed, has a made a great improvement.... 

cheers,


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## TulipFX

Have GoMarkets solved their roll-over problem? It cost me several thousands due to spreads jumping up to 10 times their normal rates at roll-over time which they were not inclined to correct. Their terms allowed them to not to do that but in my disappointment of that decision I moved brokers.


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## >Apocalypto<

TulipFX said:


> Have GoMarkets solved their roll-over problem? It cost me several thousands due to spreads jumping up to 10 times their normal rates at roll-over time which they were not inclined to correct. Their terms allowed them to not to do that but in my disappointment of that decision I moved brokers.




Hi Tulip, 

that must have changed, as I have never seen that happen on roll time. I have seen their spreads expand but only on new releases... In the 18ish months I have been with go markets they only had one month where I had a few connection issues, (last OCT). After they changed to current new servers things have been A++, especially on the execution side.

hey I see you run a kangeroo EA why not a a clog ea mate????? (considering your TulipFX)


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## TulipFX

I am glad to hear they have solved that troubling issue. Was earlier this year and made a right mess of SL's.

ClogEA you suggest. Not bad. I will add it to our list of potential names.


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## DaggerDirk

Obviously not FXCM. Wonder who's next? Forex.com (Gain Capital) should be next cab off the rank IMHO.

*FXCM slapped with a class action suit over claims of fraud and racketeering*

    * Posted by Michael Greenberg in Brokers
    * 0 Comments

I’m trying to confirm whether this is true but based on some Google searches I'd have to assume it is.

The Business Trial Group of Morgan & Morgan, P.A. filed a class action lawsuit today against Forex Capital Markets, LLC (FXCM) (NYSE:FXCM) alleging fraud and racketeering by the nation’s largest Forex dealer.

The lawsuit, filed in the United States District Court for the Southern District of New York (Manhattan Division), alleges that FXCM has bilked thousands of customers out of hundreds of millions of dollars using deceptive and unfair trade practices, including falsely portraying its Forex trading platform as a fair, transparent and true foreign currency exchange, when instead it is a “rigged game” designed to systematically separate customers from their money.

The Plaintiff, William H. Sanders, of Muscogee, Oklahoma, brought the action on behalf of himself and all other similarly situated FXCM customers, accusing FXCM of fraud by misrepresenting itself as a trading platform that is free from dealer intervention or manipulation. Instead, Sanders alleges, FXCM uses a number of devices and tricks, including software applications, designed specifically to interfere with customers’ trades.

The Complaint further alleges that FXCM engaged in a pattern of racketeering activity by collaborating with its software developers and programmers to develop a “diabolical” software application that provides FXCM with a myriad of tools and system commands with which to interfere with customers’ trades, including routing trades to “slow” servers and sending false “error” messages when customers attempt to close out profitable trades.

Finally, Sanders alleges in the Complaint that FXCM lured thousands of customers to its trading platform by promoting a “demo account” which was touted as providing customers with a true market trading experience. Instead, he claims, once “live” trading commences, FXCM deploys specially designed software to manipulate customers’ trades.

Lead Trial Counsel Tucker H. Byrd, of the Morgan & Morgan Business Trial Group of Orlando, Florida, stated, “We are proud to be representing Mr. Sanders in this action, which we believe will be an important step in bolstering accountability in an industry that has been largely unregulated since inception. We believe, as the Complaint alleges, that Forex Capital Markets, LLC has taken advantage of the trust placed in it by its customers, causing substantial financial harm to this group of people, and we are committed to working to recover those losses.”

FXCM is the nation’s largest Forex Dealer Merchant. The company recently went public and trades on the New York Stock Exchange.

The Business Trial Group teamed up with the renowned Morgan & Morgan Class Action Group headed by attorneys Scott Weinstein and Andrew Meyer in filing this lawsuit. Attorneys James Byrd, Jr., J. Carlos Real and Damien Prosser of the Business Trial Group and Rachel Soffin and Tamra Givens of the Class Action Group round out the Morgan Forex team.


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## DB008

Thanks for the 'heads-up' DaggerDirk.
It really comes as no surprise that another FX broker has been caught with their pants down, hence why l am reluctant to trade FX.


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## Alpha_Bet

DB008 said:


> Thanks for the 'heads-up' DaggerDirk.
> It really comes as no surprise that another FX broker has been caught with their pants down, hence why l am reluctant to trade FX.




I note it is about 2 years since your original post and your initial scepticism (US sp check ) remains.
I personally know professional traders who use OANDA as their FX provider. OANDA is just best avoided around news releases.
I hear good reports about GoMarkets.
In my opinion if you swing trade or need crosses these two would be your best bet.
If you focus on the majors and scalp look @ CME Futures.


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## tothemax6

Alpha_Bet said:


> I note it is about 2 years since your original post and your initial scepticism (US sp check ) remains.
> I personally know professional traders who use OANDA as their FX provider. OANDA is just best avoided around news releases.
> I hear good reports about GoMarkets.
> In my opinion if you swing trade or need crosses these two would be your best bet.
> If you focus on the majors and scalp look @ CME Futures.



+1 on OANDA. Even the great Benoit Mandelbrot said good things about OANDA.


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## Paulo30

Very surprising about FXCM.. big name.

Personally I like OANDA as well, and also use GFT (have found nothing wrong with them).

In the process of trying out a few others.

I found forex.com's interface annoying, so didn't continue past demo with them. Mobile apps are also a biggie for me, and OANDA has a nice mobile app.




tothemax6 said:


> +1 on OANDA. Even the great Benoit Mandelbrot said good things about OANDA.


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## alanJames

Paulo30 said:


> Very surprising about FXCM.. big name.
> 
> Personally I like OANDA as well, and also use GFT (have found nothing wrong with them).
> 
> In the process of trying out a few others.
> 
> I found forex.com's interface annoying, so didn't continue past demo with them. Mobile apps are also a biggie for me, and OANDA has a nice mobile app.




I prefer to stick with brokers registered in Australia as I live here (and I know they are registered/regulated with Asic). I can definitely give the thumbs up to Pepperstone (razor account) and Icmarkets , I have an account with both of them and they have been very reliable, unlike some of the brokers in Cyprus that I have dealt with in the past. Anyway, at the end of the day I guess it depends on what features you are after from the broker, this site has a big selection of brokers that you can filter through and compare depending on what features you are after - http://www.forexchurch.com/broker-directory.cfm


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## weasel

DaggerDirk said:


> http://www.forexbrokercomparisons.com/ecn-forex-brokers.html






alanJames said:


> I prefer to stick with brokers registered in Australia as I live here (and I know they are registered/regulated with Asic). I can definitely give the thumbs up to Pepperstone (razor account) and Icmarkets , I have an account with both of them and they have been very reliable, unlike some of the brokers in Cyprus that I have dealt with in the past. Anyway, at the end of the day I guess it depends on what features you are after from the broker, this site has a big selection of brokers that you can filter through and compare depending on what features you are after - http://www.forexchurch.com/broker-directory.cfm




Please don't post links to directory sites like that. You might think they are good resources, but in reality they get a backend kickback from the broker's they list and this means that money could affect how one broker appears compared to others. 

I wish there was a better alternative, but nothing beats your own due diligence and information gathering.


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## CanOz

If you want to seriously trade the major pairs then either go with a real broker like Interactive Brokers for interbank FX, or a futures broker like AMP Clearing and trade the currency futures. The mini contracts are quite good but a little illiquid outside of US hours...

I don't trust any FX brokers other than the two above.

CanOz


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## alanJames

weasel said:


> Please don't post links to directory sites like that. You might think they are good resources, but in reality they get a backend kickback from the broker's they list and this means that money could affect how one broker appears compared to others.
> 
> I wish there was a better alternative, but nothing beats your own due diligence and information gathering.




I do understand that some sites may take kickbacks and have questionable ethics/morals (I have been trading for a long time and have seen them all), however I have genuinely found this site to be very useful and contrary to what you have stated above, I see no evidence of anything on the site being skewed in any way to any broker. 
If you had taken the time to visit the site, you will notice that they have an extensive listing of brokers (approximately 150) and there is absolutely nothing to suggest that they are favoring any one over the other...or are you suggesting that they are collaborating with all 150 of the brokers ? hehe. In fact, they don't even have any advertising on the site ...how do you explain that ? anyway....as I said, I have found it to be a very useful resource with good filtering options...however if the moderators choose to remove the post...so be it.

Ps. No one is saying don't do your due diligence, but it's a bit hard to do when you are new to the game and don't know any brokers....istn't it.


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## cbc

Sign up with IB,

Don't even ask any questions.


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## weasel

alanJames said:


> I do understand that some sites may take kickbacks and have questionable ethics/morals (I have been trading for a long time and have seen them all), however I have genuinely found this site to be very useful and contrary to what you have stated above, I see no evidence of anything on the site being skewed in any way to any broker.




The best ones don't make it obvious.



alanJames said:


> If you had taken the time to visit the site,




Continue to talk to me like that and see just how far it gets you. We can play the instigation game if you'd like. I mean, I could point out that your first post was to drop a link and direct traffic to the site, and your second post was to defend the site, but I wouldn't want to make any insinuations like that. 

Language is everything; it's hard to win over an audience with patronizing words.



alanJames said:


> you will notice that they have an extensive listing of brokers (approximately 150) and there is absolutely nothing to suggest that they are favoring any one over the other...or are you suggesting that they are collaborating with all 150 of the brokers ? hehe. In fact, they don't even have any advertising on the site ...how do you explain that ? anyway....as I said, I have found it to be a very useful resource with good filtering options...however if the moderators choose to remove the post...so be it.
> 
> Ps. No one is saying don't do your due diligence, but it's a bit hard to do when you are new to the game and don't know any brokers....istn't it.




Explain the no advertising bit? Consider their economic incentive to create, host, run, and keep updated such a site. They aren't doing it out of the kindness of their hearts, I'll tell you that much.


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## liztrader

Just about every single FX broker is simply making a market with a MT4 server.

Only the big boys are actually interbank dealing and they still wont offer those spreads to small retail clients like us.

So really just look for a broker with good client fund security so they dont go under with your trading capital (Storm Financial). See IG Markets, they have fantastic deposit security. Second, look for tight spreads and good execution speeds, last thing you need is a good tight spread that is lost to market slippage as you try to get your order on. AXI Trader has some great spreads. Finally, be happy with the platform features, as discussed this is most likely going to be a white labelled MT client of some description.

I use FXCM right now, love trading directly off the chart http://www.fxcm.com/products/trading-station/web/trading-from-charts/

Liz


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## expertadvisor1

I don't rely on Brokers because I am using EAs for gaining a good deal of profit consistently. I am very happy to trade through these EAs


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## rrayne20009

expertadvisor1 said:


> I don't rely on Brokers because I am using EAs for gaining a good deal of profit consistently. I am very happy to trade through these EAs




I am newbie in forex and a friend suggested me to use Expert Advisors for it will lessen the burden of trade decision-making.I think EA's are good for newbies instead of using manual.


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## graceb

Page said:


> There are many brokers around in the market, but the main thing that whom to trust. Most of the brokers have similar services but cannot judge which a nice broker is. There are many fraud brokers too. People are saying that Oanda is a nice broker. There are few disadvantages of it like it is giving leverage of 1:50 while others are giving 1:100 or 1:200, deposit procedure time consuming, registration process is also too long, do not accept credit card deposit and the final thing customer support they have is only through chat.




Informative.Thank you.


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## george55

I agree that there are really lots of brokers.. and in nowdays it is too difficult to distinguish them. Almost all of them have the same services... and it is really difficult to find out who to trust... So... There are brokers which provide for example leverage of 1:1000... personally I consider trading with such high leverage very dangerous... regarding support.. surely it is important.. and live chat is not enough... I like when companies support through telephone, skype.. I think it's great to be available and open to the customers...there are too many broker.. with regulation, etc.. but, still.. how to know trust or not?? For me .. money insurance is the most important thing.. because all in all.. we deal with MONEY... so.. when I have an insurance.. I feel safer..


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## cogs

I see pepperstone's commission has just gone up a dollar per 1 lot.


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## havaiana

cogs said:


> I see pepperstone's commission has just gone up a dollar per 1 lot.




Wow. People must actually pay it for them to charge it, beginning to think I'm in the wrong business. Anyone willing to pay at least twice the price for something than it is actually worth has no hope of succeeding in trading imo

Edit: thought i should add something constructive. Trade with LMAX or a futures broker.


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## havaiana

liztrader said:


> ...Only the big boys are actually interbank dealing and they still wont offer those spreads to small retail clients like us....




In regards to this, the spreads aren't any better than you can get with retail, the difference is there is a lot more size on offer, more than any of us will ever need anyway. Some of the retail brokers have better spreads than the institutional brokers, the key is not the spread, but the size and the fact you are trading a real market and can earn the spread as well as cross it.


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## mikepowers

I've learned a lot after reading through pages of this thread.
Different brokers, trading style and strategy! just wow.
As i see what other a suggesting and promoting, i will just advice that
every traders has his own way of trading style that may suits the way of his
broker.

Which mean one's success is determine how he traders suitable with his broker.
it may not be applicable for you but only for him.
scalping is different with day trader. and should not have the same way of trading.


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## >Apocalypto<

cogs said:


> I see pepperstone's commission has just gone up a dollar per 1 lot.




site still shows 3.5 a side per 100K. I haven't noticed a change in my JPY coms per side.


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## leebelisar

rrayne20009 said:


> I am newbie in forex and a friend suggested me to use Expert Advisors for it will lessen the burden of trade decision-making.I think EA's are good for newbies instead of using manual.



For new traders, EA is not suggested. Per my readings, it would be better if newbie do manual trading first. EA is more recommended for those who are experienced already.


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## PTaylor

ICMarkets is the best broker in my opinion, besides being ASIC regulated, their spreads are second to none
and always have extremely low latency and very fast execution and very good support.

This is a good resource to find and compare brokers  www . forexchurch . com/compare-forex-brokers.cfm   (just remove the spaces from the link to make it works


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## Forex21

PTaylor said:


> ICMarkets is the best broker in my opinion, besides being ASIC regulated, their spreads are second to none
> and always have extremely low latency and very fast execution and very good support.
> 
> This is a good resource to find and compare brokers  www . forexchurch . com/compare-forex-brokers.cfm   (just remove the spaces from the link to make it works




ICMarkets is a great broker but you should know that there spreads are only so low because they for-running. But it's not a big deal. I have an account with them since 6 month and can say only good things about them. Support is fast, most of the time competent, commissions are low and execution quality is good.


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## Wysiwyg

Forex21 said:


> ICMarkets is a great broker .... *commissions are low*



Low? ECN 1 standard lot = $7 round trip. Add the spread onto that too which at example 0.5 pips is $5. This is standard I believe for all ECN FX Brokers. For a market that has trillions of dollar turnover daily, it is too much.


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## JimmyJP

*Forex Broker*

Has anyone had any experience/feedback with Go markets??? Pepperstone??


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## cogs

> Has anyone had any experience/feedback with Go markets??? Pepperstone??




I used Go some years back but changed after new ownership took over, many things changed not to the traders advantage. Haven't been back since, they may be ok now??

I have been with Pepperstone for over ~10 years now and having accounts with at least 11 other brokers in Aust, I can say Pepper have stood tall and consistantly offered good service. I would take it to the extent of hardly ever having to use their support, as it is simply not needed. I understand the market and conditions and what I am getting into tho, many who don't will often blame brokers.

I made a brief video some time back now showing live chart diff between Synergy, IC and Pepper, but it is only relative if you trade shorter time frames anyway. It sorta illustrates how wide spread in shorter frequency cycles can render trading profitable or not.
https://www.youtube.com/watch?v=mXkDh_9-sxs


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## zenkh

expertadvisor1 said:


> I don't rely on Brokers because I am using EAs for gaining a good deal of profit consistently. I am very happy to trade through these EAs




What....???


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## zenkh

*Re: Forex Broker*



JimmyJP said:


> Has anyone had any experience/feedback with Go markets??? Pepperstone??




Check out these 2 links:

http://beathespread.com/groups/prof...y-of-gomarkets-go-doesnt-want-you-to-find-out

http://www.smh.com.au/business/thre...in-of-trio-capital-losses-20100822-13aul.html

In short, take all your money and run away as far as possible from GO and VantageFX. As far as I know, Pepperstone, IC, Go, and Vantage are all bucket shops who claim to be real ECN. 

Few things I realized about real ECN brokers:

Usually offer relatively low leverage, typically 1:100 (instead of 1:500)
Doesn't offer micro lots (0.01), minimum is usually 0.1
High margins, average spreads (instead of ridiculously low advertised spreads)

Have a look at Dukascopy. I think they are very reliable but requires a fair amount of initial deposit, especially if you are a long term trader who holds your positions over the weekends, because of the much lower weekend leverage (1:30). They also provide MT4 Bridge platform.

I'm checking out Global Prime at the moment. So far the review on Forexpeacearmy has been quite good, but a little more research needed. 

All these AFSL authorized BS don't mean much it seems.


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## cogs

I wouldn't have given it a second thought yesterday until my IC Markets account froze several times during the U.S. election results, Pepperstone and Easy Markets were business as usual gladly.

Anyone else report on freezing platforms or data feeds yesterday?


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## Soim

Hi every one,
I'm new here, I have spend the last few months researching on the internet about forex, I wanna have a go at it, I already have a couple of demo accounts,  but don't know which broker to use to go with a live account, the ones I have found have bad reviews, so would be great to get some advice from some of you guys that have experience on this.
cheers.


----------



## T0BY

It depends on what you plan to trade, your style. Do you plan on just fx currency pairs or do you want CFDs on other fungible instruments? How long do you think you're likely to hold a position? Scalper? Medium term swing trader? Which platform do you want to use?


----------



## Soim

T0BY said:


> It depends on what you plan to trade, your style. Do you plan on just fx currency pairs or do you want CFDs on other fungible instruments? How long do you think you're likely to hold a position? Scalper? Medium term swing trader? Which platform do you want to use?




I want to start with fx currency, doing day trade, gonna start small.
using metatrade4


----------



## T0BY

Soim said:


> I want to start with fx currency, doing day trade, gonna start small.
> using metatrade4



I recommend an Australian based broker (ASIC regulated) for a couple of reasons. One reason is ASIC requires brokers to submit daily trades to the trade repository (chart manipulation doesn't happen).
AxiTrader, ICmarkets, Pepperstone, Global Prime, FPmarkets. These brokers are all dual model, meaning they can run A/B book.  They're all well capitalized (in excess of 20 million).

Trading on smaller time frames, spreads do matter. If you're only looking for 10 pips, but the spread your broker is offering is 2 pips. That is a severe disadvantage.
I  believe AxiTrader and ICmarkets have best spreads.

As far as reading bad reviews on the internet. Some may be legit, some may be people not understanding the various risks involved, and some may just be rival broker employee flinging mud.


----------



## Trembling Hand

T0BY said:


> I recommend an Australian based broker (ASIC regulated) for a couple of reasons. One reason is ASIC requires brokers to submit daily trades to the trade repository (chart manipulation doesn't happen).




I didn't know that have you any info about this? From ASIC maybe?


----------



## DeepState

Trembling Hand said:


> I didn't know that have you any info about this? From ASIC maybe?



Interesting.  Paragraph 53. 
http://download.asic.gov.au/media/3026870/rep425-published-12-march-2015.pdf


----------



## T0BY

Trembling Hand said:


> I didn't know that have you any info about this? From ASIC maybe?




Australian Financial Review article - Providing transparency in the derivatives market - AFR

- ASIC


----------



## Soim

I decided to go with Berndale Capital, I opened an account with them yesterday


----------



## mjim

Soim said:


> I decided to go with Berndale Capital, I opened an account with them yesterday



Too late but was going to suggest the following, As far as Client Money Protection is concerned although ASIC regulated broker is better than some off shore broker from thinly regulated  country, it is still not as good as a FCA regulated UK broker or a US broker which has single a/c which lets you trade both Equity/ Futures/ Options and FX and perhaps CFD.  hard to find and specially IB and TOS pulled out of Aus market for FX .. reason I say this
- If you read the fine print with ASIC regulated brokers who are offering OTC derivatives (CFD/ FX) IN CASE OF BROKER FAILURE  clients become "unsecured creditors" and there is NO Protection like FSCS in UK which protects client a/c up to 50K pound .. few years agoa ASIC regulate dbroker named Sonray Capital markets went belly up with 47 Million missing, Clients only got 62 cents out of a dollar and that too after 2-3 years.. where as when Alpari UK went out of business the FSCS insurance kicked in 
- another issue is if ASIC allows a and B book that means you could be trading against your broker! big conflict of interest there! same issue for CFD


----------



## aussiefx

T0BY said:


> I recommend an Australian based broker (ASIC regulated) for a couple of reasons. One reason is ASIC requires brokers to submit daily trades to the trade repository (chart manipulation doesn't happen).
> AxiTrader, ICmarkets, Pepperstone, Global Prime, FPmarkets. These brokers are all dual model, meaning they can run A/B book.  They're all well capitalized (in excess of 20 million).
> 
> Trading on smaller time frames, spreads do matter. If you're only looking for 10 pips, but the spread your broker is offering is 2 pips. That is a severe disadvantage.
> I  believe AxiTrader and ICmarkets have best spreads.
> 
> As far as reading bad reviews on the internet. Some may be legit, some may be people not understanding the various risks involved, and some may just be rival broker employee flinging mud.




Hi Toby, do you have any more info on the A/B books? Aren't ICMarkets advertising themselves as a pure ECN and therefore not taking the counter trade against the client? I emailed them not too long ago and they said they do not take the opposite trade of the trader...


----------



## T0BY

As far as I'm aware, ICmarkets uses Integral aggregation feed. Is integral an Electronic Communication Network? sure, it's connected to liquidity providers. Here is a link regarding how Integral may place orders and manage risk.

in the ICmarket PDS. 
Section 9 - Account Terms
Sub Section 3 - Conflicts of Interest (page25)

_1) You acknowledge that we and our Associated Companies provide a diverse range of financial services to a broad range of clients and counterparties and circumstances may arise in which we, our Associated Companies, or a Relevant Person may have a material interest in a Transaction with or for you or where a conflict of interest may arise between your interests and those of other clients or counterparties or of ourselves._


----------



## aussiefx

Thanks, Toby.

What is your opinion of BaxterFX? I've heard they are a PoP broker and well trusted?


----------



## minwa

aussiefx said:


> Thanks, Toby.
> 
> What is your opinion of BaxterFX? I've heard they are a PoP broker and well trusted?




You have to be well capitalized and sometimes a track record to qualify for prime for Baxter.

Did you see any prop guys trade FX Futs at your time there ?


----------



## aussiefx

minwa said:


> You have to be well capitalized and sometimes a track record to qualify for prime for Baxter.
> 
> Did you see any prop guys trade FX Futs at your time there ?




Only the well established guys. During my time, every new intake was trained on Bonds and spreading. During my last months there most new guys were being taught equities as the spread was full of algos and getting difficult to trade.


----------



## T0BY

aussiefx said:


> Thanks, Toby.
> 
> What is your opinion of BaxterFX? I've heard they are a PoP broker and well trusted?



BaxterFX specifically I have no opinion. But of your looking at trading higher volumes, Prime brokers are definatly going to be a better option. 
If you're looking to trade those volumes ICmarkets will let you have a FIX API (after conformance testing).
Sure there are better options for clients with more money. 
But for the average retail trader, micro lots, two thousand dollar account, 500:1 leverage. What ICmarkets offers is pretty good. And what the aggregator dose with those order, dose it matter? Just as long as they get filled and at a fair price.


----------



## aussiefx

T0BY said:


> BaxterFX specifically I have no opinion. But of your looking at trading higher volumes, Prime brokers are definatly going to be a better option.
> If you're looking to trade those volumes ICmarkets will let you have a FIX API (after conformance testing).
> Sure there are better options for clients with more money.
> But for the average retail trader, micro lots, two thousand dollar account, 500:1 leverage. What ICmarkets offers is pretty good. And what the aggregator dose with those order, dose it matter? Just as long as they get filled and at a fair price.




I agree, ICM is absolutely fine for an average retail client, good spreads, reasonable fills and quick withdrawals/deposits etc.

However, looking to spread my funds to a few brokers and I've seen Baxter mentioned a few times and have the funds ready to move across.

I've also considered Dukascopy. Good info on a good prime broker is hard to find!


----------



## Forex21

I loved to trade with Armada Markets because of the lighting fast execution. Unfortunately the execution times become slower and slower with time and that's why I closed my account with them two years again. Three month ago I decided to open a new account with them (now called Tickmill) and looks like their execution times are again very good. Those of you who look for a broker with fast execution times, Tickmill is worth a closer look.


----------



## whywetrade

Hi was wondering if anyone has any opinion on robinhood's commission free trading? Also have shortlisted a few offshore broker - LMKX, TurnkeyForex and Tickmill. tried demos with them wanted to know if someone has experience or trading with them


----------



## rogblack

Anyone really. It's the system that matters.


----------



## OmegaTrader

I don't if this is the right place. Very interesting

Part of the job description is to


*Develop short-term trading strategies based on trading patterns of accounts...*

1) Copy the successful clients strategy?
2) Trade against the clients?

idk just thinking-pun intended


----------



## Wysiwyg

Meeting those requirements and experience levels would surely command a high salary? Like 200k per year maybe.


> 1) Copy the successful clients strategy?
> 2) Trade against the clients?



The client trades the market price (e.g. S&P500) and if successful it would be a bad bet for the brokerage firm to trade against a winning client. Trade with the winner and against the loser, obviously.


----------



## OmegaTrader

The curiosity for me is seeing the possible incentive to work against the client, especially in OTC brokers.





To divert and babble on yeah, I'm no expert, just by googling,

 250,000+bonus but of course, you know to get there intelligence+ time not everyone can be a quant. Also the risk of losing that guy must be massive. Think how smart they are compared to the other paper pushers in the bureaucracy. Not that much of a cut considering how much the funds would be making.

A curiosity that is all, no real lessons, just another whinge


----------



## Ken from Hantec Australia

As a person who working in the fx brokerage industry, my opinion is depends on what you want.
Say brokers like Interactive Broker, CMC, IGmarkets and Saxo, they offer almost everything you need for trading but require for some minimum capital to open account (10K for Interactive Broker 3K for Saxo).
Plus500 offers various CFD product as well as FX trading with really good spread but they don't have MT4 and I think they are not supporting API trading.
Small brokers, like Trademax offers really good spread and only $200 deposit.
Easymarket is pretty new broker which offer some fancy advanced product for you to use, but commission and spread are high.
BTW, with Hantec Markets Australia, the company I am working for now,  we offer* average *0.5 on EUR/USD and 1.14 on AUD/JPY.


----------



## >Apocalypto<

Ken from Hantec sums it very well. 

Throwing this cap in the ring, Eightcap another Australian broker based in Melbounre. I've been trading with them now for over two years find them great.


----------



## OmegaTrader

Ken from Hantec Australia said:


> As a person who working in the fx brokerage industry, my opinion is depends on what you want.
> Say brokers like Interactive Broker, CMC, IGmarkets and Saxo, they offer almost everything you need for trading but require for some minimum capital to open account (10K for Interactive Broker 3K for Saxo).
> Plus500 offers various CFD product as well as FX trading with really good spread but they don't have MT4 and I think they are not supporting API trading.
> Small brokers, like Trademax offers really good spread and only $200 deposit.
> Easymarket is pretty new broker which offer some fancy advanced product for you to use, but commission and spread are high.
> BTW, with Hantec Markets Australia, the company I am working for now,  we offer* average *0.5 on EUR/USD and 1.14 on AUD/JPY.



Ken as you say you work in the fx brokerage industry.

How are trades handled in your firm?

I would assume that first method would be to match current short and longs internally.
second to either hold the trade or pass it through to the tire one broker or into the otc network.

Questions:

How is it determined whether the trade is passed on directly to the market.
Then is there a A and B book?
Also How is the price shown to the client determined?From what sources?
Is it a range of limited tier 1 brokers or the actual network?

thanks


----------



## Ken from Hantec Australia

OmegaTrader said:


> Ken as you say you work in the fx brokerage industry.
> 
> How are trades handled in your firm?
> 
> I would assume that first method would be to match current short and longs internally.
> second to either hold the trade or pass it through to the tire one broker or into the otc network.
> 
> Questions:
> 
> How is it determined whether the trade is passed on directly to the market.
> Then is there a A and B book?
> Also How is the price shown to the client determined?From what sources?
> Is it a range of limited tier 1 brokers or the actual network?
> 
> thanks



Well, I not working for Dealing Department for broker, from my knowing, in fact it is not easy to determined whether the trade is passed on directly to the market or into B book.
Some people (from other brokers) said if your broker having slippage means your order is in fact really goes into market.
But as my knowing, in fact some of the broker's dealing are also able to make fake slippage through B book.
BTW, according to my friend who is a mutual fund manager, sometimes, they might ask their broker's dealing to "fix" the order (of course within really short period), so sometimes for the brokers the B book is necessary thing.
And doesn't matter your are in A book or B book, most of the information feed still come from LPs.
So the easiest way to know if your broker are doing the good thing or STP, is to make money in your trading account consistently and ask withdraw some of your money.
About the firm I work, we are offering Straight Through Processing ensures client orders are passed through directly to our liquidity providers.(Copying everything from our website lol).


----------



## OmegaTrader

Ken from Hantec Australia said:


> Well, I not working for Dealing Department for broker, from my knowing, in fact it is not easy to determined whether the trade is passed on directly to the market or into B book.
> Some people (from other brokers) said if your broker having slippage means your order is in fact really goes into market.
> But as my knowing, in fact some of the broker's dealing are also able to make fake slippage through B book.
> BTW, according to my friend who is a mutual fund manager, sometimes, they might ask their broker's dealing to "fix" the order (of course within really short period), so sometimes for the brokers the B book is necessary thing.
> And doesn't matter your are in A book or B book, most of the information feed still come from LPs.
> So the easiest way to know if your broker are doing the good thing or STP, is to make money in your trading account consistently and ask withdraw some of your money.
> About the firm I work, we are offering Straight Through Processing ensures client orders are passed through directly to our liquidity providers.(Copying everything from our website lol).




This is the forex game, broker to serve.

Lvl 0: Broker advertises the dream and offers bonuses to open account.

Lvl 1: A newbie trusts the system and buys into the get rich quick idea and then blows up account through poor risk management or lack of edge leading to commission+spread bleed death.

Lvl2: Newbie gets smarter learns forex is risky, there are dodgy brokers, counterparty risk etc.

Step3:Broker responds we use STP,  we have segregated funds and we are a government regulated.

Step 4: Trader fails again or gets gamed again by broker. Orders can be delayed stops hunted etc. Why? Because there is an incentive to do so if the client is placed in the b book.

Step 5: Trader realises that the broker model works against the trader and changes to a non bucket shop broker like interactive brokers and trades directly on the ecn or through futures. The broker makes money by charging a commission not spread+trading against.


----------



## OmegaTrader

Now looking at Hantec who you state you work for.

1) website states: Fully regulate uk company...protection of the Financial Services Compensation Scheme (FSCS) on losses of up to £50,000.

Sound to good to be true.
That means nothing, the scheme only cover negligence/missapproation not losses due to bankruptcy.

...protection where, you receive wrong or misleading investment advise and if an authorised investment provider goes out of business.
unsecured creditor is more likely

2) No dealing desk ensures all client orders are passed through to our liquidity providers directly. This guarantees no price manipulation or re-quotes – allowing you to trade with the genuine markets at all times

Does not stop b booking games , I have no idea what the actual price is unless i directly see all of the liquidity providers prices

3)live chat is an offshore person who has poor english skills
Also the overseas chat give incorrect advice about the fscs gaurantee

4) bonuses/competitions to get new clients
seems more like a bookmaker than an investment

5) seggregated account 
means nothing if the funds are pooled or used for hedging. Unless I own a deposit in my name at a authorised deposit taker, I am not covered. That is a different guarantee, for the deposit taking institution. not the $50,000 guarantee for advice only

unsecured creditor....

So why use a bucket shop??
-Account is very small
-Newbie/hobbie
-Bonuses

All I really wanted to know is what really happens at the firm you work for not a drink from the kool aid.

Does your firm trade against clients? That is the real question.


----------



## Ken from Hantec Australia

Hi OmegaTrader

*Maybe you were looking at our UK office websit. Cuz the Oz one, my company is currently doing the upgrading. *


1) website states: Fully regulate uk company...protection of the Financial Services Compensation Scheme (FSCS) on losses of up to £50,000.

Sound to good to be true.

That means nothing, the scheme only cover negligence/missapproation not losses due to bankruptcy.

...protection where, you receive wrong or misleading investment advise and if an authorised investment provider goes out of business.

unsecured creditor is more likely


*Well as you say it is too good to be true and that is the rule for FCA, in U.K., it is the requirement for U.K. as a FX broker. personally, I don't really know what is our U.K. office's marketing strategy; however, the Australian office are following ASIC regulation rule, which means if you are an Australian and want to trade with us, you should open your account with Australian office instead of U.K. office. *

*Before this year, Australian Office were only doing whole sales fx brokerage with some Hong-Kong, Australian, China business for doing hedging trading; therefore, we did not do the marketing as aggressive as our U.K. office.*

*To be clear for you, personally, doesn't matter which broker you want to trade with, make sure they are ASIC regulated and they only use Australian License in Australia. *




2) No dealing desk ensures all client orders are passed through to our liquidity providers directly. This guarantees no price manipulation or re-quotes – allowing you to trade with the genuine markets at all times

Does not stop b booking games , I have no idea what the actual price is unless i directly see all of the liquidity providers prices


*In Fact, from my knowledge, it will be impossible to give you the real quote on the globe currency markets. If you are familiar with U.S. stock market, you might heard about dark pool, and in currency markets, all the banks are like dark pool, who are providing liquidity to the markets and in fact you might not be able to access to all the depth of the market, cuz there are far too many liquidity provider in the market. All the banks and governments' central banks are doing the currency exchanging are the liquidity provider, as well as the currency broker and currency exchange broker.*


*That's the true, the market is so unclear that some of the trader they are still able to do the scalping and arbitrage even now the days. (Hope nobody will kill me cuz I telling you about this XD)*



*BTW, according to what I know, Interactive Broker, Oanda, and LMAX they offer you to do the settlement with the currency you have.*


3)live chat is an offshore person who has poor english skills

Also the overseas chat give incorrect advice about the fscs gaurantee


*Well actually I am also from overseas, which I believe you can easily find out that from my writing, but I am also surprise about our CS team in London does not have good English skill, which does not have good English skill. Cuz, according to company policy U.K. office is required to do more international marketing than Australia.*


4) bonuses/competitions to get new clients

seems more like a bookmaker than an investment



*Well, no comment on different marketing strategy. And base on what I know, most of the brokers are always doing that for getting new clients. Cuz no client, no trading, means no profit. Doesn’t matter, Interactive Broker, Saxo, CMC, IG…all the same.*


5) seggregated account

means nothing if the funds are pooled or used for hedging. Unless I own a deposit in my name at a authorised deposit taker, I am not covered. That is a different guarantee, for the deposit taking institution. not the $50,000 guarantee for advice only


*Different country different rule, so I can make any comment on that; however, if you are an Australian, and open an account with an Australian regulated broker, then it should not bother you too much, cuz ASIC will try their best to protect you and picking on us.*

unsecured creditor....


So why use a bucket shop??

-Account is very small

-Newbie/hobbie

-Bonuses


*Sometimes, they always need some one new to trade so always have to do the ad, marketing, and even promotion, same case as bank service, the only different is the all the financial instruments are always risky.*


All I really wanted to know is what really happens at the firm you work for not a drink from the kool aid.


Does your firm trade against clients? That is the real question.


*No but also yes! Which I believe most of the broker does. Like what I said before, some institution they do need some special offer from the broker, such like: change the position (Long/Short), a must open price for the position or put their big order into the market…etc. Which makes Bbook is necessary, cuz if they don’t do Bbook “to” the institution’s order, some of the service cannot be provide. However, this is not the issue for most of the retail client, cuz there is no such need from retail client. Most of the retail case for slippage are due to the market condition change too fast or huge order coming into market. So you might notice that some of the intuitional trader does not have these problem, because there is such thing call b book which the broker take the risk from the order(of course with some extra charge) and give the intuitional trader the right price, and right position. *

*Hope my boss will not fire me because of the things I told you lol.*


----------



## OmegaTrader

Ken from Hantec Australia said:


> Hi OmegaTrader
> 
> *Maybe you were looking at our UK office websit. Cuz the Oz one, my company is currently doing the upgrading. *
> 
> 
> 1) website states: Fully regulate uk company...protection of the Financial Services Compensation Scheme (FSCS) on losses of up to £50,000.
> 
> Sound to good to be true.
> 
> That means nothing, the scheme only cover negligence/missapproation not losses due to bankruptcy.
> 
> ...protection where, you receive wrong or misleading investment advise and if an authorised investment provider goes out of business.
> 
> unsecured creditor is more likely
> 
> 
> *Well as you say it is too good to be true and that is the rule for FCA, in U.K., it is the requirement for U.K. as a FX broker. personally, I don't really know what is our U.K. office's marketing strategy; however, the Australian office are following ASIC regulation rule, which means if you are an Australian and want to trade with us, you should open your account with Australian office instead of U.K. office. *
> 
> *Before this year, Australian Office were only doing whole sales fx brokerage with some Hong-Kong, Australian, China business for doing hedging trading; therefore, we did not do the marketing as aggressive as our U.K. office.*
> 
> *To be clear for you, personally, doesn't matter which broker you want to trade with, make sure they are ASIC regulated and they only use Australian License in Australia. *
> 
> 
> 
> 
> 2) No dealing desk ensures all client orders are passed through to our liquidity providers directly. This guarantees no price manipulation or re-quotes – allowing you to trade with the genuine markets at all times
> 
> Does not stop b booking games , I have no idea what the actual price is unless i directly see all of the liquidity providers prices
> 
> 
> *In Fact, from my knowledge, it will be impossible to give you the real quote on the globe currency markets. If you are familiar with U.S. stock market, you might heard about dark pool, and in currency markets, all the banks are like dark pool, who are providing liquidity to the markets and in fact you might not be able to access to all the depth of the market, cuz there are far too many liquidity provider in the market. All the banks and governments' central banks are doing the currency exchanging are the liquidity provider, as well as the currency broker and currency exchange broker.*
> 
> 
> *That's the true, the market is so unclear that some of the trader they are still able to do the scalping and arbitrage even now the days. (Hope nobody will kill me cuz I telling you about this XD)*
> 
> 
> 
> *BTW, according to what I know, Interactive Broker, Oanda, and LMAX they offer you to do the settlement with the currency you have.*
> 
> 
> 3)live chat is an offshore person who has poor english skills
> 
> Also the overseas chat give incorrect advice about the fscs gaurantee
> 
> 
> *Well actually I am also from overseas, which I believe you can easily find out that from my writing, but I am also surprise about our CS team in London does not have good English skill, which does not have good English skill. Cuz, according to company policy U.K. office is required to do more international marketing than Australia.*
> 
> 
> 4) bonuses/competitions to get new clients
> 
> seems more like a bookmaker than an investment
> 
> 
> 
> *Well, no comment on different marketing strategy. And base on what I know, most of the brokers are always doing that for getting new clients. Cuz no client, no trading, means no profit. Doesn’t matter, Interactive Broker, Saxo, CMC, IG…all the same.*
> 
> 
> 5) seggregated account
> 
> means nothing if the funds are pooled or used for hedging. Unless I own a deposit in my name at a authorised deposit taker, I am not covered. That is a different guarantee, for the deposit taking institution. not the $50,000 guarantee for advice only
> 
> 
> *Different country different rule, so I can make any comment on that; however, if you are an Australian, and open an account with an Australian regulated broker, then it should not bother you too much, cuz ASIC will try their best to protect you and picking on us.*
> 
> unsecured creditor....
> 
> 
> So why use a bucket shop??
> 
> -Account is very small
> 
> -Newbie/hobbie
> 
> -Bonuses
> 
> 
> *Sometimes, they always need some one new to trade so always have to do the ad, marketing, and even promotion, same case as bank service, the only different is the all the financial instruments are always risky.*
> 
> 
> All I really wanted to know is what really happens at the firm you work for not a drink from the kool aid.
> 
> 
> Does your firm trade against clients? That is the real question.
> 
> 
> *No but also yes! Which I believe most of the broker does. Like what I said before, some institution they do need some special offer from the broker, such like: change the position (Long/Short), a must open price for the position or put their big order into the market…etc. Which makes Bbook is necessary, cuz if they don’t do Bbook “to” the institution’s order, some of the service cannot be provide. However, this is not the issue for most of the retail client, cuz there is no such need from retail client. Most of the retail case for slippage are due to the market condition change too fast or huge order coming into market. So you might notice that some of the intuitional trader does not have these problem, because there is such thing call b book which the broker take the risk from the order(of course with some extra charge) and give the intuitional trader the right price, and right position. *
> 
> *Hope my boss will not fire me because of the things I told you lol.*



Thanks

You reply really sums it all up. Avoid ...


----------



## Ken from Hantec Australia

OmegaTrader said:


> Thanks
> 
> You reply really sums it all up. Avoid ...



Hope my boss not fire me when he saw what I wrote XD
*Again, doesn't matter which broker you want to trade with, make sure they are ASIC regulated and they "only use Australian License" in Australia. *


----------



## OmegaTrader

Ken from Hantec Australia said:


> Hope my boss not fire me when he saw what I wrote XD
> *Again, doesn't matter which broker you want to trade with, make sure they are ASIC regulated and they "only use Australian License" in Australia. *






Yeah nah mate

no idea...


----------



## avenger19

does anybody know if berndale capital offers managed fx trading accounts?  i heard they did, but i can't find any reliable info about it.  does anybody have any experience with berndale managed accounts? do you recommend them?


----------



## cynic

avenger19 said:


> does anybody know if berndale capital offers managed fx trading accounts?  i heard they did, but i can't find any reliable info about it.  does anybody have any experience with berndale managed accounts? do you recommend them?



Out of the myriad FX providers advertising their offerings, what was it about Berndale that piqued your singular interest?


----------



## avenger19

cynic said:


> Out of the myriad FX providers advertising their offerings, what was it about Berndale that piqued your singular interest?



i hear thru the grapevine that berndale did something like professionally managed accounts.  i'm interested to know how that works, whether the offer is any good and what it costs.  (my experience is that something like that comes with a cost)

ultimately, if you know of other fx providers how offer the same thing, then i'd be interested to learn more ...


----------



## cynic

...


avenger19 said:


> i hear thru the grapevine that berndale did something like professionally managed accounts.  i'm interested to know how that works, whether the offer is any good and what it costs.  (my experience is that something like that comes with a cost)
> 
> ultimately, if you know of other fx providers how offer the same thing, then i'd be interested to learn more ...



You know, it's funny that you say that. 
I often get cold called by providers marketing the type of service you are enquiring about. 
Just this last fortnight I received three such calls. I am reluctant to mention the name of the company due to the quantity of unfavourable reviews my google search uncovered. (A practice I thoroughly recommend to anyone considering an offering of services, financial or otherwise,  by any provider).

But since your "grapevine" research, was somehow only able to yield a single provider, I have to ask, how do you envisage yourself benefitting from the service you seek?

What is your evidential basis for holding such beliefs?

Have you performed a google search on Berndale's AFSL number?

If so, what did that uncover about the usage of that number?

Have you performed a google search for reviews by clients of the companies associated with that AFSL number?

The performance of the above homework, will likely yield answers to the questions of any prospective clients. Nefarious marketers, may discover their answers elsewhere, (typically a level of Hades specially reserved for the opponents of altruism).


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## avenger19

cynic said:


> ...
> 
> You know, it's funny that you say that.
> I often get cold called by providers marketing the type of service you are enquiring about.
> Just this last fortnight I received three such calls. I am reluctant to mention the name of the company due to the quantity of unfavourable reviews my google search uncovered. (A practice I thoroughly recommend to anyone considering an offering of services, financial or otherwise,  by any provider).
> 
> But since your "grapevine" research, was somehow only able to yield a single provider, I have to ask, how do you envisage yourself benefitting from the service you seek?
> 
> What is your evidential basis for holding such beliefs?
> 
> Have you performed a google search on Berndale's AFSL number?
> 
> If so, what did that uncover about the usage of that number?
> 
> Have you performed a google search for reviews by clients of the companies associated with that AFSL number?
> 
> The performance of the above homework, will likely yield answers to the questions of any prospective clients. Nefarious marketers, may discover their answers elsewhere, (typically a level of Hades specially reserved for the opponents of altruism).




the grapevine is not research. it is word of mouth.

just done the asic search.  the afsl conditions are interesting. can't see any condition allowing discretionary trading.

maybe the other providers you speak of are in the same boat


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## cynic

avenger19 said:


> the grapevine is not research. it is word of mouth.
> 
> just done the asic search.  the afsl conditions are interesting. can't see any condition allowing discretionary trading.



Those closely following the news reports of ASIC's testimonies at certain enquiries in recent years, will likely recognise that rules are somewhat pointless if nobody enforces them.







> maybe the other providers you speak of are in the same boat



Maybe they are, or maybe they're not. Or maybe they have recognised the opportunities afforded by the shortcomings of financial regulation in Australia!

Whenever considering any service offering, at minimum, I recommend that the prospective client, examine online reviews posted by current and former clients.

Did your search reveal any events, surrounding the FX provider/s, currently, and/or formerly, operating under AFSL #290108 ?

And what of the client reviews for those FX providers?


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