Hello, I am about to open a forex account (as my secondary) with one of, can any one provide me a good advise ? Ever heard FXClearing.com (FX Clearing Group, Inc.) ? Are they regulated, good decent broker and not a Scam ? --> One big question for me is they are not accepting U.S. and Canada clients (they said because there is not this kind of licensing in Canada) How about EFXGroup.com (I think MBTrading.com is their group too ?) ? Tight spreads, as low as 1/10 pips, although plus commission (about $5 each side for a standard 100,000 unit) + annual fees, they are still good one --> Are they okay ? Which One I should choose ? Thank You.
fxclearing.com has a temporary GoDaddy web page? I think that sums up what there is to know about that firm. As to EFx, they are an IB of MB Trading. They charge commission per trade and list themselves as an ECN for currency trading. Overall costs can be higher than trading with a more reputable dealing desk/market maker such as oanda. Efx/MBT charge $5/100k in notional us volume per side of a trade, which depending on the pair you choose, can cost you over 2 pips plus the spread. People who have tried both tend to go with efx as their firm is more customer service oriented.
I suggest MBTrading. They are a great brokerage with excellent spreads. The software is very reliable as well but it doesn't have charts. You can use metatrader for charts though.
Hello, cstfx ! I'm very sorry, their website is www.fxclearing.ca not .com, please give me any new comments or suggestions... Hello, YoungOne, so you suggested MBTrading, or just EFXGroup, is MBTrading exactly same total overall cost with EFXGroup ? Thanks Very Much !
Don't know anything about your Canadian based firm. Looking at their page, they are just another dealing desk/market maker firm. They don't take US customers since they are not registered with the NFA (hey, at least they are honest!) I did notice that unlike some of their rivals, in particular Man Canada, that they are not offering CIPF protection on their funds. If you can get it where you live especially in light of the Refco disaster, I don't know why you would want to take chances with someone who doesn't offer such protection. In the US, we don't have those safeguards. As to EfX vs MBT, same prices.
Just so you understand something, it is not 5/100k unit lots, but $5/$100k in notional trade volume. If you do a 100k unit GBPUSD trade, the cost per side is currently $10.60 (5 * 2.08). The only retail ECN that I am aware of which charges commission based on units not dollars is hotspotfxr.
Thanks a lot, your informations are so helpful, there are two other friends warn me to "be careful" with this broker, yes I appreciate their "honesty" about don't accept U.S. % Canada's clients, also they replied my email so fast. --> what was "Refco disaster " is it something bad or ? --> About MBTrading charge, yes it is about $10 for 1 lot standard 100k unit for open and close transaction --> wouldn't it about 1 pips for 1 lot standard, so overall fees will be approximate the spreads itself + 1 pips ?? --> If compared to Oanda, how is MBTrading, Oanda just charge spreads (around 1 pips at normal situations for EURUSD, EURCHF, EURGBP) ?? --> I just have something in my mind that Oanda's platform cannot do trailing stop. Thanks A Lot !
I dont think Oanda does trailing stops but I have to say Im very pleased with the spreads Ive been getting. Quite often less than a pip.
Thanks for your posting, For how long your experiences with Oanda, how is your overall rating, would you mind give comment what are their goods, and what are their bads ? Thank You !
Ive only been with them for a couple of weeks so take what I say with a grain of salt. My overall experience has been pretty good. I dont really have anything bad to say about them yet. Execution has been good and spreads have been excellent. Occasional disconnects but usually dont last more than a few moments. Charting is so-so but sufficient.