FYI, Oanda now offers both the old Java platform and MT4. I just don't know if the bugs (ill-timed disconnections, etc.) have finally been remedied.
I understand the point you are making but spot FX is an OTC market and can't have a universal feed. If you are trading at a broker that is straight through processing your orders and is using an aggregated price feed of 15 of the top banks from around the world then that could be pretty close to a "universal feed."
I replied to ElectricSav's post before reading this. Right on point IMO , you have a very good understanding it seems of FX and the "system." People focus on MT4 being bad/shady but that is just software, it's the broker behind/controlling it that dictates what your trading/client experience will be. Similar to the argument guns don't kill people, people kill people. I will agree that having a gun around definitely increases the chances of getting shot just as having MT4 may increase the chances of a broker manipulating your trading experience but doesn't necessarily mean it is necessarily so. The name of the thread is Ask me anything about being a FX IB and I wanted to present a forum to educate about what an IB is, the fx broker system, how IB's can add value, etc.
Hello and thank you for posting. The online trading game has certainly changed/progressed from 3 years ago. They system you suggest may work for you but if having stop loss or take profits is part of your sytstem/trading then I believe you should be able to use them without having to fear the brokerage(who should be your trading ally) would use those against me purposely is completely unacceptable.
So what is the value of using an introducing broker? ???? The power of a group, when you open an account it represents a small percentage of the brokerage deposits. Whereas when you open through an IB you leverage our volume relationships that we have established and even if you only fund a $500 account you are part of an IB group that may have millions on deposit and you will get that level of service. There are many other benefits as well such as complimentary products such as education, training, mentorship, expert advisor programming, vps, managed accounts, backtesting, etc. You also get the benefits of special promotions like 1 broker is offering 20% deposit bonus if you open and fund by month's end.... Good luck in your trading!
A dealer would definitely not be the traders ally. Not all brokers are running a dealing desk. There are brokers that are straight through processing all orders and are operating on a conflict free model.
How can dealers state that they pass through... when they must save up the orders to build standard lots? ES
Why can an IB offer more compared to just going direct? A middleman is just another hand to feed no?..Heck if I had big enough volume I could negotiate a much better deal direct rather than go through a middleman...So I guess IB's are for pikers no? ES