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Old Aug 13th, 2012, 01:44 AM   #1
swissie
 
 
Join Date: Aug 2012
Posts: 6
I'm looking for a forex broker that will do 400 or 500 to 1. I found a list on the "brokers" section at the top, however there are many forex brokers and few with more than a couple of ratings. I found some with good leverage but with one or two positive reviews (legit looking), and their operations seemed good.

With the less regulation in forex, there are many brokers. I have not found any large retail brokers with more than 50:1. I need at least 400:1.

Are there any suggestions? With the competition, I don't think there is one with more than 2-4 pips of spread on the majors?

I understand the risks with leverage, I'm just trying to find a reputable firm someone maybe used. Thanks for the input.
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Old Aug 16th, 2012, 12:24 PM   #2
Peternam
 
 
Join Date: Aug 2010
Posts: 679
Your best bet is www.armadamarkets.com an IB for www.lmax.com a regulated forex spot exchange in the UK
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Old Aug 16th, 2012, 05:48 PM   #3
Kevin Schmit
 
 
Join Date: Nov 2005
Location: New York
Posts: 597
Quote:
Quote from Peternam:

Your best bet is www.armadamarkets.com an IB for www.lmax.com a regulated forex spot exchange in the UK
Here is a rule of thumb: do not send your money to an FX bucket shop in Estonia.

Also, if they are an "IB" for LMAX, why are their spreads often posting lower than those on the LMAX direct feed?
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Old Aug 16th, 2012, 06:00 PM   #4
comintel
 
 
Join Date: Jun 2008
Posts: 1,244
Quote:
Quote from swissie:

I'm looking for a forex broker that will do 400 or 500 to 1. I found a list on the "brokers" section at the top, however there are many forex brokers and few with more than a couple of ratings. I found some with good leverage but with one or two positive reviews (legit looking), and their operations seemed good.

With the less regulation in forex, there are many brokers. I have not found any large retail brokers with more than 50:1. I need at least 400:1.

Are there any suggestions? With the competition, I don't think there is one with more than 2-4 pips of spread on the majors?

I understand the risks with leverage, I'm just trying to find a reputable firm someone maybe used. Thanks for the input.
If you are American, there are none because the CFTC has much lower leverage limits and is prosecuting foreign brokers who accept American clients.
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Old Aug 16th, 2012, 08:25 PM   #5
Jack_Larkin
 
 
Join Date: Jun 2011
Location: Toronto
Posts: 643
Quote:
Quote from swissie:

I'm looking for a forex broker that will do 400 or 500 to 1. I found a list on the "brokers" section at the top, however there are many forex brokers and few with more than a couple of ratings. I found some with good leverage but with one or two positive reviews (legit looking), and their operations seemed good.

With the less regulation in forex, there are many brokers. I have not found any large retail brokers with more than 50:1. I need at least 400:1.

Are there any suggestions? With the competition, I don't think there is one with more than 2-4 pips of spread on the majors?

I understand the risks with leverage, I'm just trying to find a reputable firm someone maybe used. Thanks for the input.

If non-US:

Pepperstone just came out with their new EDGE account:
https://pepperstone.com/trading-accounts/edge.php

That does 400:1, <0.5pip spreads on most majors plus a commission that keeps your total cost ~1pip.

Regulated by the ASIC and your funds are kept segregated at NAB or HSBC (depends on the currency your account is denominated in.)


If you're from the US:

Enjoy your 50:1 leverage. (Sorry. Can't get around it and going with a broker who's willing to defy CFTC/NFA is asking for trouble. You will not have anyone on your side if legal issues arise with the broker.)

Oanda's a good choice in the US.
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Old Aug 17th, 2012, 05:08 AM   #6
Peternam
 
 
Join Date: Aug 2010
Posts: 679
Quote:
Quote from Kevin Schmit:

Here is a rule of thumb: do not send your money to an FX bucket shop in Estonia.

Also, if they are an "IB" for LMAX, why are their spreads often posting lower than those on the LMAX direct feed?
Because they have added extra liquidity providers.
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