# Forex Brokers



## Smurf1976 (24 March 2006)

Can anyone recommend a forex broker?

In short, I need someone whose actual prices match those on charts, where trades can be placed at any time of day online, offers limit orders (ie buy AUD/USD if it rises above X) and which has stop loss orders placed in actual prices (eg AUD/USD 0.7100) rather than being limited to a $ amount stop loss, and which doesn't require the computer to remain constantly connected to their server for the system to operate (I think some require this?). If you want to know why, read on...

I was reasonably happy with my present broker until I discovered a bit of a problem. In short, their currency rates applied to trades do not match those on their charts. This causes problems with false triggering of limit orders, stops being taken out unnecessarily etc. Unfortunately this problem was discovered in the course of investigating why the maximum drawdown has been exceeded (and therefore trading was immediately suspended).

I've checked the accuracy of the charts with some other brokers online and the charts agree. The problem thus seems to be that the broker uses one price for the charts and another for execution of trades. I suspect that yet another price is being applied to limit orders since a false triggering which doesn't match either the chart or the broker's price has occurred (this one alerted me to the problem). Suffice to say that I will be following this one up with them but that doesn't fix the underlying problem.

Two solutions come to mind. One is to get some charting software and manually input the broker's prices each day and create my own charts using the broker's actual prices. Time consuming but it should fix the problem since then I'd be trading the broker's actual price, however inaccurate it may be,  and not a chart which doesn't match that price.

It would be better however to find another broker whose trading prices match those on either their or some other easily available charts. I'm trading crosses (eg AUD/NZD) and not simply majors AUD/USD, EUR/USD etc. I'm not too fussed about the spread (within reason).

Can anyone suggest a suitable broker that they have used and which doesn't have problems like these? Since I'm basically accusing them of acting in a manner which they ought to know would result in financial loss to clients, I think that I probably shouldn't post the name of my present broker on a public forum. Send me a PM if you want to know.

Some examples of the problem (using data from 23/3/06):

AUD/NZD chart says high 1.1572, low 1.1413. Broker's data high/low is 1.1563 / 1.1431

EUR/USD chart says 1.2079 / 1.1954. Broker's data is 1.2080 / 1.1959.

CAD/JPY chart says 101.23 / 100.03. Broker's data is 101.18 / 100.13.

The charts used are from the broker so it seems that something funny is going on...   :swear: 

Thanks in advance for any suggestions.


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## Milk Man (25 March 2006)

Im trialling oanda atm and they have all the features you list as well as low spreads. They also have an upper/lower bound on limit orders so your trade only gets processed between the two limits you set. Some of your pairs can only be traded through using two pairs though: to get long aud/cad you would be long aud/usd and short usd/cad (I think???). I like the interface as well. I havent tried any others yet so I couldnt say how good they are relatively though.


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## macca (25 March 2006)

Hi Smurf,

I have 2 feeds, on EUR/USD, the feed from Interbank was 12080/11954 and from Moneytec the feed was 12079/11953.

They are quite often different but the range is the same.

I was looking at Halifax from Bank West the other day, have had a look at Oanda, as well as GFT.

I am still paper trading trading so can't help with actual recommendation, although I do know of a guy who uses Oanda after trying a few others.

He says less strange things happen with them !!

I thought that the BankWest thing could be worth investigating if I ever find something I am happy to trade 


Macca


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## wavepicker (25 March 2006)

Smurf1976 said:
			
		

> Can anyone recommend a forex broker?
> 
> In short, I need someone whose actual prices match those on charts, where trades can be placed at any time of day online, offers limit orders (ie buy AUD/USD if it rises above X) and which has stop loss orders placed in actual prices (eg AUD/USD 0.7100) rather than being limited to a $ amount stop loss, and which doesn't require the computer to remain constantly connected to their server for the system to operate (I think some require this?). If you want to know why, read on...
> 
> ...





Hi smurf,

I have used a number of forex brokers over the years but none appear to have the flexibility than the one I currently use which is GFT Forex. Certainly their trading platform appears to be one step ahead of the rest, at the moment.
There are many dealers out their, best to do as many demos as you can to find out what best suits your individual needs


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## Smurf1976 (26 March 2006)

Thanks for the responses.   

But it looks like I might have made a fool of myself here and it could be all just a misunderstanding...   

It seems that the table on the broker's platform has factored in the bid/ask spread. I was assuming that it was high/low bid price only as are charts. I'll have another look when the market is open but this might explain the problem.

As for the false triggering of my AUD/NZD limit order, that's a good question but from the posts I've read on other (forex) forums, computer errors aren't that uncommon with forex brokers and most will put things straight when it's pointed out. I'll send them and email and see what happens. I'll keep the account open until all is resolved one way or the other but won't be trading until I'm confident that it's sorted out OK (or I go elsewhere if it's not sorted out OK).

*If you trade forex then I very strongly suggest that you check that all activated stops and limit orders were legitimately triggered since this seems to be an occasional problem with most brokers.* 

I'll make another post on this thread once I have sorted out if it's a genuine error or if the broker really is up to something funny.


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## Page (18 October 2008)

Hi smurf.............

I am probably late to give my response but still someone who is out there and facing the same problem then my post can help them in taking a decision. What you required is in the preference list of maximum online trading platform. some of the fellow members have suggested to try out some demo account. 

I believe demo account is useful in learning how to trade and how to use the available feature out there in that trading platform? demo account would not give you any idea how is the trading?..............Sorry guys but that what I believe............. 

I trade on AVAFX.com it is not different from other what I found it different is there suggestions on trade. When I am in dilemma they suggest me what to buy and what to sell. It has been almost 2 years since AVAFX is my broker. I am very happy till date..............


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