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Forex Brokers... which one?

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GoMarkets use the standard Metatrader platform with Gold, Silver and Forex to trade.
 
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.
 
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.
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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):D
 
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.
 
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.
 
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.
 
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.
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I note it is about 2 years since your original post and your initial scepticism (US sp check:rolleyes: ) 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.
 
Alpha_Bet said:
I note it is about 2 years since your original post and your initial scepticism (US sp check:rolleyes: ) 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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+1 on OANDA. Even the great Benoit Mandelbrot said good things about OANDA.
 
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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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.
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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
 
DaggerDirk said:
http://www.forexbrokercomparisons.com/ecn-forex-brokers.html
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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
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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.
 
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
 
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.
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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.
 
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.
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The best ones don't make it obvious.

alanJames said:
If you had taken the time to visit the site,
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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.
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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.
 
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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