Looking for a Better FX Broker/Dealer

Discussion in 'Forex Brokers' started by ZoneTrooper, Nov 3, 2005.

  1. • 2 pips inter-bank spreads on all currency pairs
    • Margin: 500:1 and small minimum trade sizes as 10,000 USD
    • No charging interest for open position (in non hedge mode).
    • Opening accounts in multiple currencies
    • Best trading platform with fastest trade execution

    • One-click dealing: No re-quotes or price is out
    • No Slippage on Market Orders - the price you see is the price you get!
    • No trade rejections in fast market
    • Guaranteed Fills on stop Loss and Limit orders

    judging from the above I doubt that they are covering trades in the interbank.......................

    Think about it. No interest, too tight spread to make money on spread for that size, guaranteed stops. The more cynical might suggest that it will not take long to blow out on 500:1 and if they are not covering the business then they will get the lot.

    As for the Swiss angle, check out capital adequacy rules for operating a financial institution in Switzrland. Less than you might think unless they have changed it.
  2. Your right. It all seems to be to good...

    Anyone elses thoughts?
  3. No US Customer at the swiss firm. http://www.forex-swiss.com

    Chat InformationPlease wait for a site operator to respond.
    Chat InformationYou are now chatting with 'FXCH'
    FXCH: Hello! Jane is speaking. How may I help you today?
    you: I've been looking over your web site. And it's all verry intresting. I'm currenty a forex trader, wanna be ex forex trader with REFCOFX
    you: What protections does your company offer customers from your company becomming insolvent, and customers loosing their money, due to your insolvency?
    FXCH: We regret no US clients before we find US partners.
    you: Oh. Ok. Thanx.:eek: :eek: :eek: :eek: :eek: :eek:
  4. Chat with http://www.fxtrader.net

    Chat InformationPlease wait for a site operator to respond.
    Chat InformationYou are now chatting with 'FX'
    you: Are US customers allowed to invest with you?
    FX: hello howmay i help you
    you: Are US customers alloed to invest with you?
    FX: good
    you: Are US customers allowed to invest with you?
    FX: yes
    you: Great. Right now I'm a wanna be Ex Refcofx customer. And I am looking for a company to trade with that has better protection for my account in case they become insolvent.
    you: Does your company have any such protections for an account that I would open up with you?
    FX: just hold
    FX: Yes, we insure all our funds
    you: Do you have a link giving me what insurance, or some more information, so that I can verify with some other than your company?
    FX: Please email us your full name so we can send you all information
    you: ZoneTrooper (I edit this out)
    you: Also, can customer collect interest on carry over trades?
    FX: we do not ask interest
    you: Do you pay???
    FX: we will send you all information
    FX: no
    you: OK. Thank you.
    FX: ok, good bye
  5. Dimond


    I think fxtrader.net very good broker and now they work with FXFD. Platform here http://www.fxfd.com/
  6. They NEVER sent me the information that they said they would send. Maybe a good trader, but not so good customer service.
  7. toby400


    Stick with Oanda

    or trade Currency Futures via the likes of Interactive Brokers:)
  8. I just signed up for the new demo software, which I like very much. But if you look at a "History" window you will see that on overnight position they charge $20 per position.

    I went onto live chat and had the following conversation:

    FX: hello how may help?
    you: hi, I have a few questions about your new platform and rollover
    FX: yes
    FX: please
    you: i was using your demo account for a few weeks and now moved over to FXFD
    you: it seems that you now rollover the positions at a profit or a loss at 3am gmt?
    FX: just a moment
    you: and in the 'history' section there is a 'commission', but it doesn't seemt o be reflected in the 'remains'
    FX: ok
    you: and if so, then isn't the commission basically an 'interest' charge, which your website and previous demo didn't charge
    FX: can you send me history
    you: sure, what is your email?
    FX: please email to admin@fxfd.com
    FX: and your account number please and email for reply
    you: my demo account number? I have opened a live account but haven't funded it yet as I wanted to play with the demo first
    FX: yes your demo account pls
    you: do I have to disconnect?
    you: and reconnect to get it?
    FX: ok
    FX: yes
    you: demo00366
    FX: thanks
    FX: just hold
    you: np, it was actually in the messages window as well :)
    FX: yes of course i saw your history.. we have swap buy 10 and swap sell 10
    FX: so comission 20
    you: but that is not reflected in the 'remains' and that is essentially a interest charge
    you: and that did NOT happen in the last demo frmo fxtrader.net
    you: 10. No charging interest for open position
    you: from the website
    FX: yes
    FX: because fxtrader now have new platform
    you: ?
    FX: and don`t update website sorry
    FX: fxtrader have a new platform if you know before fxtrader have ezc platform
    FX: and now iTrade
    FX: different conditions
    you: so for a full position of 100,000 you will charge 100 a day for rollover
    you: ?
    FX: only 10
    you: and why isnt' it reflected in the 'remains' column?
    FX: 10 for buy
    FX: and 10 for sell
    FX: swap
    you: then why is the rollover 20 for 20,000?
    FX: yes
    FX: if 100000 also 20
    FX: not %
    FX: only 10 swap buy and 10 swap sell
    FX: open/close with rollower 20
    you: so no matter what the position size, it is $20 a day to maintain?
    FX: full position
    you: what does full position mean?
    FX: open/close
    FX: yes
    you: so if I have a 100,000 short postition, when it rolls over it costs me $20
    you: ?
    FX: yes
    you: and if I have a 300,000 long position, when it rolls over it costs me $20
    FX: yes
    you: why isn't that reflected in the 'remains' column?
    FX: now look
    FX: please send me your history with rollover comission to admin@fxfd.com
    you: I did
    FX: ok
    FX: now look
    you: have refreshed and no change
    FX: yes
    FX: thanks
    you: you receive the file?
    FX: yes
    FX: ok
    FX: thanks
    FX: mistake
    FX: i`ll send email to managers
    FX: but this time gmt
    you: why 3am gmt?
    FX: gmt time
    you: why 3am?
    you: isn't standard time 12:00am gmt?
    FX: hmm
    FX: i must ask managers
    FX: thanks for questions
    FX: i`ll reply you email
    FX: thanks
    FX: bye

    I am waiting for an email with explanation, but if anybody else has had a similar experience, please let me know. I'll try to post more info as I get it.

  9. What about ww.forex-swiss.com ?
    #10     Nov 23, 2005