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