Has anyone had any experience trading through these guys? They boast about having the most forex orders placed through them and from the outside appear to be credible. When I did a forum search most posts appear to be a little old. Thanks damo
I am as interested in the responses as you... I currently use IB to do my FX .. I spent 15 years as a FX Dealer and the quotes on their site are as tight as I can ever remember. From what I gather they go straight through to UBS. I have seen several "choice" prices as well as 1 pip to two pip wide prices. I just recently opened an account at Forex.com although I have yet to do a deal through them. The quotes from what I have seen are wide relative to IB 3 pips on Euro and 4 to 5 on all of the other minor majors ... a bit tighter on $/Yen. The one difference between the two that is striking is margin. IB offers a very old school 50/1 while Forex.com offers 100 to 200/1 and I will say that after 1 conversation with Forex.com they offered me a higher margin rate.
Thanks for that bit of info AC3. I have just opened accounts with both (IB & forex.com) but yet to place a trade. Still a bit weary I guess. Re the margin, do you mean it was as simple as a phone call and the margin rate was upped? Are you able to tell me what to? Let me know how you go in regards to trading with forex.com. It would be good to hear your opinion considering your experience in that industry. damo
It wasn't anything that I initiated as far as the margin goes. I think it was more of a courtesy call on their part when I opened the account. Actually I think I was having a bit of a problem with the $ transfer and they had called to make sure everything was straight. After a few questions regarding my trading style and how long I had been doing it they told me the maximum I could trade. I admit I had to do a few quick calculations to make sure I had it right ... In full disclosure they had said that after a few trades if I were true to my word as to how I trade they would jack up the margin. As to what I think of both IB and Forex.com as strictly FX brokers let me first say that I understand from being in the business that they are "in business" to make money. I have no problem with that and I think they both do a good job with the customers they are trying to capture. For my style of trading the better service is IB (I do fewer trades and paying an additional pip or two on either side cuts into my net).
Sorry I forgot your last question ... I regards them both well and again it just depends on what your looking for with regard to the trading .... if your looking to utilize the margin then go with Forex.com they are generous and the platform is smooth. If the margin isn't a priority then go with IB ..... again I trade a wide range of products so the Universal Account is a blessing for me as it keeps all my S' in one box.
Hi AC3, hows that FOREX.COM account going? I'm funded and ready to place that first trade with them? I thought I'd better check with you if you've come across anything so far? Regards damo
I gave Forex.com a trial run and found that the spreads made the cost of doing business higher than I thought it should be....namely 3 pips wide on Euro was about the best it got while at IB I was looking at 1/2 pip wide to 2 at the worst.
I'm looking at forex currently also, just to open a mini a/c. I just signed up for a demo, and have used demos for fxcm and oanda so far. Im looking at forex mainly because they have wireless access as I wont be able to log in from pc when working ect, but want access to trade if i want/have to...im new to currency trading, but want to jump in
i haven't had any issues with them. but relative to other market makers i have accounts with they do tend to slip more often. in other words, in relative terms given the same circumstances they tend to experience slippage more readily.