The Structure of Forex Brokers

[It's Snake Pliskin]

Hi Snake/Tina : ,

Yeah I must say that I am very happy with OANDA. They do put the spreads out at news time but after reading Darkstar's essay that's understandable. Their platform is a little on the basic side; basic charts, no indicators (not that I use them) and such. Small price to pay for low spreads and quality trade execution though.

I was looking at interactive brokers though for better charts and to trade indices/futures and stuff. I don't think they have a free trial though. Apparently FXCM are good for news trading; until they put you on "manual execution" when you make too much money off of them. That's ok though; just start an a/c in someone elses name (wife/mother etc) and start again. I haven't tried it yet so don't take my word for it.

Cheers!

PS- GO HOLDEN!

: Thanks Milkman,

Do you know anything about level 2? I've read if people aren`t using it they may be getting ripped off.

 

[Milk Man]

Hey guys,

Wavepicker, had a look at GFT; they seem ok. The platform isnt my greatest concern in a broker, so long as I can do basic stuff. I looked at the reviews at www.goforex.net and they didn't seem to like the fact they have a "dealing desk". FXCM and others have the same set-up. These guys need a big edge somewhere else to get my business in any way, shape or form. Great if you like them; just keep an eye out for shenanigans.

Snake, I dont think its that important whether your broker is "level II" or an actual "ECN" as long as they dont have a "dealing desk" whereby staff can manipulate the markets and stuff (from what I understand). OANDA aren't an ECN but they are pretty close because theres no human intervention. Spreads are good, deals always go through at the right price, no shenanigans (yet) so I cant complain.

Cheers.