Best FOREX Firms

Discussion in 'Retail Brokers' started by Swan Noir, Feb 6, 2012.

  1. For trades of $100,000 to $1,000,000 with a total monthly volume of 5M to 10M what firm is best and why? It seems IB is expensive.
  2. Deas418


  3. Feeman


    MB Trading.
  4. I'm only familiar with IB so can't compare to others. But I find IB cheap rather than expensive. You pay a commission of 0.2 pips but the spreads are generally tighter. Do some comparisons of real time data to test this. Also, my limit orders are frequently executed at a price better than I've set owing to the fact that IB's not taking the other side of the order but rather passing it on to the market maker (i.e. bank) that offers a price at or below/above my limit price. The result is that their commission is sometimes a good deal.
  5. For larger account holders, I'd also point out Dukascopy

    Another options is a broker I've been using lately that provides spreads and liquidity from Integal, has been extremely good to me customer service wise:
  6. cstfx


    If US resident. you can't open an account with Dukas - you must use one of their white label partners if you want the Dukas experience


    Same thing for Pepperstone:


    For what you want to do, either Oanda, IB, or MBT. IB is the best in that your cleared funds are SIPC. The only one who offers similar protection (that I am aware of) is CitiFX, where your funds are FDIC protected up tp 250k. Your trading style will determine who you should go with, but if intra or interday swing trading, anyone will do. (of course, this is US based trading I refer to. Outside the US, residents have many more choices with different safeguards. Imagine! Australia has become the center for retail spot trading and US has pretty much dropped off the map. Thanks Barney!)
  7. I don't know what pairs you are trading, but if it's USD, the last I checked futures offered a slightly better deal
  8. There's a world of difference between these two market types.

    Without knowing how or what the OP trades, we couldn't begin to recommend futures over spot (or vice-versa.)

    Cost of trading alone (spread+commissions) then spot has futures slightly edged out with most ECN firms or Oanda.

    In spot, there's also no expiry to worry about. You can have a positive credit for carry instead of dealing with interest rates factored into the price.... and you have much finer leverage/risk control given that you can't trade fractional contracts in futures (and don't mention the micro contracts, they aren't liquid enough right now to matter.)

  9. If you're in the US.. then Oanda would be my first choice. I use them as well and they are awesome...

    You'll have to put up with the NFA/CFTC regulations as all US brokers impose, but for most serious traders they don't get in the way (I don't know many professionals using 50:1 leverage, they use much less... and FIFO is just accounting, total P/L and exposure is what matters and that stays the same with FIFO.)
  10. hey man, you're preaching to the choir. I love spot for all the reasons you mentioned, not to mention complete control over size.

    I was just basing it on an article I read which gave futures a slight edge. But either way, as you said the edge one way or the other is slight.

    op said IB (who I trade with) was possibly too expensive so I figured he was looking for the little details of cost.

    I don't know anything about MM's, I'm strictly an ECN guy.

    at 40 to 1, commissions are the least of my problems
    #10     Feb 6, 2012