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Forex Brokers... which one?

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DB008

DB008

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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/
 
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.
Click to expand...

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.
 
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.
 
DB008 said:
Or, are pretty much all FX Brokers Market Maker's?
Click to expand...

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.
 
People will blame everything but themselves if they loose money.
Click to expand...

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
 
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.
 
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.
Click to expand...

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.:D
 
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.
Click to expand...

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.
 
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.
Click to expand...

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.
 
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.
Click to expand...
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.
Click to expand...
 
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.
 
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
Click to expand...

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.
 
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
 
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?
 
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?
Click to expand...

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

p.s. nicotine is addictive. :p:
 
If you can, set your chart to show both the Bid and Ask price/lines. It may answer your question.
 
There must be alot of money in Foreign Exchange Trading. Look at all the FX Brokers popping up nowadays. :D

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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