Can you guys recommend a Forex Broker ?

Discussion in 'Forex Brokers' started by kevinqc, Jul 7, 2010.

  1. kevinqc


    Can you guys recommend one or two good forex brokers ?

    Hopefullly someone you are trading with & are happy.

    Pros & Cons if you may please.

  2. bpcnabe


  3. Interactive Brokers, MB Trading, Dukascopy, Alpari UK, are some of better known brokers who don't interfere with trade execution. I've been with MB Trading for over 3 yrs(they are excellent)

    Go with ECN broker only!!!, all others(dealing desk)have a penchant for screwing u over. Good Luck...
  4. gr8tr8r


    I prefer a No Dealing Desk....liquidity can really dry up and spreads can go crazy wide with an ECN broker. FXCM for me (and 150,000 other forex traders, more than any other firm). They have access to the top 12 banks in the forex market that compete for your orders, so you always get a fair price and good spreads.
  5. kevinqc


    Really appreciate your feedback.

    Since you are trading with MB, can you please clarify some concerns ?

    1. Is there a brokerage commission besides the spread ? If yes, how
    much ?
    2. How does it compare to IB ? Pros & Cons.
    3. Do they provide free data or you need to generate minimum trades for it to be free ?
    4. Is there a minimum amount you need to open an account ?
    5. Can you trade after hours ( Non US Trading Hours ) with them ?
    6. Have you tried with dealing desks ( e.g. FXCM ) & if yes, what are your experiences ?
    7. Can you trade Currency futures with them too ?
    8. Very importantle how you open an account with them & how withdraw money from your account if you want to ? By check, wireansfer etc ?

    I know these are many questions but I would be very grateful if you can answer wahtever ycan.

    Thank you in advance.
  6. miss minn

    miss minn

    i have to agree with gr8tr8r with what he says and who he reccomends.[sorry .perhaps its she].the amount of effort to learn to trade without a mentor is enormous.well said 8r.:cool:
  7. Do you use MBT's Navigator platform or MT4? And why? I've been trading MBT demo account for a couple of weeks and am not sure about the Naigator platform.

  8. oraclewizard77

    oraclewizard77 Moderator

    I still would recommend trading currency futures if you have at least $ 10,000 to trade.

    1) Real data feed instead of a fake one made up by the forex broker or bucket shop.

    2) Broker not trading against you, does not see your stops or targets.

    3) The ability to hedge the position against es futures.

    4) The ability to see real volume.

    5) No fake spikes that stop you out of your trade.

    6) The ability to trade news instantly.

    7) No spreads, for example, you have a bid and ask for forex that for example may be a 3 pip difference which can end up meaning you are costing yourself $ 30 to get into a position and $ 30 to get out of a position equals no wonder there are so many companies that want to be forex brokers. Instead you just pay a commission per trade which can be pretty cheap depending on which futures broker you choose.

    8) Oh and not to name names, but you are normally dealing with an American company that does not have offices in say Russia, that will still be around 10 years later so that you can take your money out.
  9. rainday1


    UPFS-United Pacific Financial Services

    United Pacific Financial Services have been so successful that even others who know nothing about the market have registered the name to try and get credit for what they do.

    There are two different options to use. You open a trading account with them and then simply follow the lead of their traders or you open a trading account and allow them to trade it for you.

    Under the first option they take no commission from your winnings you simply pay $10 daily for attending their live online webnars where you watch them trade. They will tell you when to buy/sell and when to take your profit or close your losses.

    Under the 2nd option they trade your account for a commission of 30% of winnings. If they don't win they do not profit.

    Under both options your winnings are always readily available to put in your pocket.

    They have been trading for me for about 20 months and have grown my $800 initial deposit to appoximately $16000.
  10. Gcapman


    Dukascopy is pretty awesome!

    The only issue and it is not that big -- their equity balance has a slight lag

    Other than that, it is by far a more psychologically comfortable broker to trade with than FXCM
    #10     Jul 24, 2010