Broker to recommend

Discussion in 'Forex Brokers' started by chauncey1, Jan 24, 2007.

  1. I've been using IB for a while and i think is the best thing around for FOREX.

    Did you know any broker out there that offers something similar to IB? (I want to try out another forex broker to have a backup for my IB trades).

  2. thoams


    IB is, if you're serious enough about trading, one of the best brokers you could hope for.

    The main point which sets them apart is that they do not play the role of buyer and seller of last resort. Their pip spreads are competitive, but you probably know all of the above.

    Fact is there are hundreds of small firms calling themselves FX cash brokerages operating out of basements in cities around the world. No hope of customer service, no fair play at all.

    Then there are firms hovering in the middle, trying to generate as much profit for themselves as they can before someone, sometime, eventually puts a definitive stop to their actions.

    FXCM is a prime example of one such firm. I cannot remember where I read this salient piece of information, so you have only my word to go on, but on the back of it I once found myself asking an FXCM 'powercourse instructor':

    "How would you respond to claims that your firm handles a mere 800m on margin, and that you are in effect running a lucrative bucketshop?"

    Question was posed in a completely screened (host read people's questions and then displayed & answered a select few) "Q&A" portion of a live educational seminar.

    A lack of a reply and two minutes later, I was entirely banned from their seminar services. With no good reason - no member of their audience ever saw my question. The ban was an answer, and that answer was '**** off'.

    Then there are yet OTHER firms providing FX cash brokerage services, some of whom have a firm grasp on the concept of filling the market gap. OANDA would be a prime example of a "Good" broker, if FXCM is to be labelled "Bad" (which it IS). Pip spread comparison: FXCM cable: 4, OANDA cable: 2.8

    'Nuff said.

    edit: stop running - small fx cash brokers can and do skew the prices their charts display, in order to pass their own client's stop-loss orders. Used to be common practice on the pit floors.
    doubledit: SAXO bank offer a trading platform with more diversity in terms of available instruments than others
  3. thanks fro your answer.

    i always been trading forex on IB. i don't want to change as i think is the best. I was looking for some backup but, apparently, all the rest sucks or doens't have competitive figures.
  4. thoams


    Darn tootin'.

    May pips lead you to sandy beaches.