I want to open account with capital of 4-5k EUR (around 5,5-7k USD). I am in Europe and would like to have an EUR based account. ECN broker who allows 10k positions would be a big plus. Also would like to avoid US brokers because of proposed 10:1 leverage which probably has a good chance to be adopted. I thought of dbFX, mainly for 2 reasons: 1. They use FXCM platform which I found the most user friendly and have done all my backtestings on it. However, opening an account at FXCM itself is not an option, too much of bad words about them all over the internet. 2. On their web site they claim they are showing all their customers the same prices. http://www.dbfx.com/forex-trading/forex-spreads-currency-pairs Quotation: Neutral Pricing: Prices are derived directly from the FX market and will fluctuate according to natural changes in volatility and liquidity. All dbFX clients receive the same pricing, unless they are active traders using a custom solution, as outlined below. If that is true then I shouldn't worry about being specifically stop hunted althrough it is hard to prove that as I would have to have 2 accounts opened and their minimum limit is 5k$ per account which is currently too much for me. From the other side, I don't expect such a reputable company to openly cheat and lie their customers. There is lot of talk about them that they use FXCM's prices and same methods, but that would be hard to believe as they are the biggest FX liquidity provider and one of the biggest banks in the world. However, I would like to hear another opinions and reccomendations of other brokers before I make a final decision?
i was thinking of MB Trading but it is US based so the 10:1 might be an issue... How about Dukascopy? I think they are lowering the minimum oppening account and are enabling smaller lots too... might be worth a look. i don't trust any other broker other than these 2 for Forex (well there's IB but they only trade full lots i think)
Thanks for the answers. It seems that Ducascopy indeed lowered their unit size for trading as I looked at them just a few weeks ago and the minimum was 100k. Also, 20 days ago dbFX lowered their high spreads to the new ones, considerably smaller. It seems that the competition on the Forex market is doing a good things to the industry Also thought of MBT before the proposed 10:1 leverage but they allow only USD based accounts. Pity as their reputation is very good and I am sure more Forex traders would open acocunt at them if they allowed EUR based accounts also. For now I will open a demo account at Ducascopy and get a grasp at their platform. Also would like to hear some real account experiences with dbFX if there is anyone here willing to share them?
Funny, I had live chat with them 5-10 days ago and they told me they accept only USD based accounts and don't have in plan to have EUR based accounts. Anyway, they are an US broker and there is still a sword with 10:1 dangling above their head so will first see with Ducascopy's platform.
DBfx is FXCM. Not just a white label of their platform. Don't believe me? Check out their respective mailing addresses. That said, if you like the platform, you could go with FXCM UK. I use their active trader platform (25K minimum) and have had no problems. Plus no NFA BS. regulated by FSA. For regular accounts they use the STP model so it essentially is an ECN. Hope that helps.
If you believe STP BS you are ignorant and will get slapped if you use them. Broker is either ECN, or broker is not ECN, remember that.
here it is a quote from one of their reps: Quote: Another question, Justin. Any idea if MB is planning on allowing accounts in currencies other than USD and EUR? I'd love to see the other majors and gold and silver (with a small haircur if necessary). I know that a lot of other brokers (haven't seen one in spot fx) have started accepting gold and silver. Not sure. Currently only USD and EUR. Accounts in other currencies are in the works. __________________