My Wish List for Ideal Forex Broker

Discussion in 'Forex Trading' started by Mr. H, May 26, 2003.

  1. Mr. H

    Mr. H

    Hello,
    Here is my personal wish list for Ideal Forex Broker:

    <> Zero Slippage Guarantee on filling all Stop and Limit Orders which applies to any size of trade not just up to One Million Dollar.

    <> No limitation on the Online Trading Orders apart from matching the Margin Requirements, as some brokers ask you to phone if your order is above 10 Million Dollar.

    <> Narrow Fixed Spread such as 4 pip spread on all Major Currencies.

    <> A Stable Online Trading Platform which has contingent orders stored with the trading desk in case of platform crashes.

    <> Registration with the FSA (Financial Services Authority) in the UK.

    <> Clients having the option of Zero Interest Charges on positions left open Overnight in exchange for paying a one time fixed commission on those positions until they are closed.

    I appreciate any positive feedback on my wish list from anybody interested in the subject.
     
  2. Steve_IB

    Steve_IB Interactive Brokers

    Surely, you would get what you want from a futures broker trading the FX futures:

     
  3. Mr. H

    Mr. H

    Hi Steve,

    Quote
    <> Zero Slippage Guarantee on filling all Stop and Limit Orders which applies to any size of trade not just up to One Million Dollar.

    - Not sure how you are getting slippage on limit orders.
    Zero slippage guarantee on stop orders is doubtful - unless you use stop-limit orders but then you risk not getting filled.

    Regarding Limit orders, I meant guarantee to fill all number of contracts and not partial fills.

    <> No limitation on the Online Trading Orders apart from matching the Margin Requirements, as some brokers ask you to phone if your order is above 10 Million Dollar.

    -No limit for futures

    I agree

    <> Narrow Fixed Spread such as 4 pip spread on all Major Currencies.

    -Futures trade 1-2 pips. Why would you want to pay 4 pips - unless you are trading obscure currencies

    I prefer paying a little pip or 2 extra over Futures spread in exchange for guaranteed stop fills at the specified price.


    <> A Stable Online Trading Platform which has contingent orders stored with the trading desk in case of platform crashes.

    - IB, and others, offer full contingent orders on futures - stops, profit taking targets, OCA's, conditional orders etc.

    I agree that IB has one of the best Platform in the industry but unfortunately it didn't execute my stops occasionally and it could have led to a huge loss if I wasn't watching the market quotes.

    Regards,
    Mr. H
     
  4. FX_Gigi

    FX_Gigi

    Choosing Forex broker is very difficult because there are lot of scam broker in the market. We should choose a regulated and reliable broker.