Is there a Forex broker that meets the following requirements

Discussion in 'Forex Brokers' started by 1a2b3cppp, Mar 18, 2009.

  1. I'm sorry to make this thread, but I keep being disappointed.

    Is there a Forex broker that meets the following requirements:

    1. Has enough cash to pass the NFA requirements

    2. Allows micro lots (from US$0.01 per pip)

    3. Allows hedging (long and short positions at the same time on the same currency)

    4. Doesn't require you to use MT4

    5. Isn't Oanda (I don't like their interface and their order entry system sucks... and orders should be represented by horizontal lines spanning the chart, not squares)

    6. Has EURUSD spreads no more than 2 pips (or commissions that work out to be no more than that, except I haven't heard of a commission based ECN that allows micro lots... maybe I'm missing one?)

    7. Keeps orders on the server side (in case your computer crashes you won't lose your stop losses)

    I think that's it.

    You know, OEC would be perfect except they don't meet #2 and #6.

    Like right now I'm using an IBFX demo which is awesome except I hate MT4 for a ton of reasons I mentioned in my other thread, you can't even do the most basic things with it, and it keeps your orders on the client side. But other than that it's not bad. 2 pip spreads, hedging, micro lots, yeah.

  2. Huh :confused:

    I don't think it does!

    And why ever would you want...

    "3. Allows hedging (long and short positions at the same time on the same currency)"

    ....what's the point of that?
  3. You don't think what does?

    OEC does. If you place an order and then turn off your computer, your order will still get filled when price hits your level. The order is kept on the server side (their computer).

    With MT4, if you place an order and then turn off your computer, your order will not get filled when price hits it. The order is kept on the client side (your computer). edit - I think this is the case. Let me ask them. brb.

    Because it has its uses and it's something I'm intersted it.
  4. They all hold orders on the server side except for maybe trailing stops which are fairly resource intensive.

    I don't understand the pros of having a long and a short on the same pair though but I guess you must have your reasons.
  5. ok an IBFX rep just told me they hold their orders server side... I had heard on other forums that this was not the case.


    cabletrader who is your broker i forgot?
  6. The one you don't like, Oanda :)

    For all it's previous faults and failings I think it's still the best, and believe me I've traded with quite a few!

    You know you can change the platform around to suit you, ie what's displayed, colors, fonts, and if you don't like their charts then there's always metatrader.
  7. MT4 works with Oanda?

    I'm not too crazy about MT4 either. lol.

    What is your timeframe for trading with Oanda? I hear they don't like short (length of time) trades.
  8. Boy, you're hard to please :)

    No sorry, I didn't mean MT4 works with Oanda, I meant you can use MT4 for charting and execute on Oanda, it's also useful to have as a check on Oanda's quotes.

    Oanda don't mind short-term trading, in fact all the trading blotters I've posted around here (ie this one) all have very short term trades and I've never had a problem. If you try to exploit latency and they find out then they will object which is understandable as they're not a charity, but apart from that pretty much anything goes.

    It's certainly worth a look in my opinion, spend a couple of weeks playing on the demo. I've also heard there are new versions of FXTrade and FXManager being released soon although I'm not sure how significant the changes are going to be.
  9. ngkh


    Check out IG Markets
  10. OEC / Gain offers #2: Mini Account with 200x leverage $250 minimum.

    #6 is a dream. Reality is spreads vary from 2 - 4 pips.

    #7: Careful with Server side limit and stop orders: Gain is counterparty/clearing the OEC FX Limits and Stops follow their Order execution rules.

    Order Execution*
    First In First Out (FIFO)
    Open positions are closed according to the FIFO accounting rule. All positions opened within a particular currency pair are liquidated in the order in which they were originally opened.

    Stop Loss Orders*
    As a rule, sell stops are filled on our bid and buy stops are filled on our offer. This is an important point for traders who are accustomed to being filled on sell stops when the offer reaches the requested order rate. For example, if a stop order is placed to sell USD/CHF at 1.4549, the trader will be filled when the bid reaches 1.4549. In the rare instance the market gaps over a requested rate, a stop order is filled at the best available price.

    Limit Orders
    Sell limit orders are filled when the bid reaches the requested rate; limit orders to buy are filled on the offer. For example, a limit order to buy EUR/USD at 1.0456 will be filled when GAIN's offer hits 1.0456.

    Good Til Cancelled (GTC) Orders
    All GTC orders remain open until they are triggered or cancelled. If you close out a position manually, you must cancel any order(s) relating to that position.

    Orders left over the weekend or holidays*
    Orders left pending at close of trading on Friday at 5:00pm ET or placed over the weekend are subject to a gap open on Sunday evening when GAIN starts trading at 5:00pm ET. For both stop loss and limit orders - if your order is triggered due to news, events or other fundamental factors, it will not be executed over the weekend. Your order WILL be executed at the prevailing price when GAIN's trading desk opens Sunday. Because of the additional gap risk involved, you may want to reconsider leaving open orders over the weekend or holidays.
    *Placing contingent orders may not necessarily limit your losses.

    Watchout for Transaction Size Limits:
    On the GAIN dealing platform, all trades are sized in units of 100,000 of the base currency, called 'lots'. The maximum deal size available online is 25 lots (2.5 million of the base currency). Trades over 2.5 million and up to 100 million may be executed with GAIN dealers over the phone.

    CME E-Micro and E-Mini FX Futures may be a better instrument to trade (E-Micro's Launched last week). $1 / $5 RT Costs... Level II DOM. CME's 6E usually has tight spreads of 1 tick... CME's a transparent regulated exchange and their order execution for limits and stops is much better. CME also offers options to trade and hedge.

    If you have an OEC account... Watch 6E and EUR/USD.
    Some interesting patterns when they gap... 6E leads and EUR/USD follows: few seconds / few minutes is an edge if you can overcome the spread.
    #10     Mar 28, 2009