Planning to Switch out from Fxcm!! Where do i go?

Discussion in 'Forex Brokers' started by cryptic, Oct 25, 2010.

  1. cryptic


    After Extensive research the two firms that standout are Oanda & MBtrading.

    I am not impressed by Oanda's platform, but i like there spreads.
    I am not big fan of paying commission but i like the fact MBTrading is an ECN and i can place trades in between pricing.

    Any input will be much appreciated.

    My monthly average volume is approx 3-4mil.
  2. Austin


    why are you switching out of FXCM? i am thinking of joining FXCM after researching all other firms.
  3. cryptic


    I am seeing Higher spreads from fxcm's also i just had a bad experience from MBTrading. I would not recommended anyone MBtrading. Please Go with Oanda.


    Btw sorry about starting double thread accidentally.

  4. Like the above poster concluded after his research only a few brokers stand out : Oanda,MBTrading and Interactive

    FXCM is your LAST choice, typical bucketshop
  5. Austin


    but FXCM is available for cash-back rebates, the others mentioned above are not listed with
  6. nLepwa



    Swiss quality :)

  7. Jason Rogers

    Jason Rogers ET Sponsor

    Hi cryptic,

    The tightest spreads on offer from FXCM will be on the active trader setup, which has overall lower transaction costs for higher volume traders. The standard 10k and micro accounts have the standard retail spreads. Let me know if you have any questions.


  8. Serious brokers don't offer rebates, typical bucketshop tactic to attract more customers.

    You get rebates but don't forget you have to put up with all the games (stop running, delayed execution,etc..) those bucketshops play which will make you lose more.

    Even with the rebates offered , they can't beat the 0.9 EUR/USD spread offered by Oanda and Barclays

    Some other good brokers ;
  9. bstay


    You mean brokers like FXCM are not "serious" businesses? Because they have introducing agents and participated in cashback affiliates? NFA's net capital requirement for forex dealer members is now $20million as of May 16, 2009. If these brokers are registered with CFTC and member of NFA, how can they still be called "typical bucket shops"?
  10. cryptic


    When i open an MBTrading account i was under the impression that i can improve the price on a BID/ASK and if order flow hits it my trade will get execute.

    After opening the account For Example GBP/JPY BID/ASK is at .4510 / .4790 and i place a limit order to buy GBP/JPY ast .4520 on the order flow i will see my order get execute. The reason i know it was my order because on six different occasion i would change the size of the order 1 mini 2 mini 3 mini something random. Although the order is executed on my pending window it will show pending, and will not get assigned to me until the ASK moves to my price .4520 and then it will get assigned to me.

    When i contacted MBtrading asking why i was paying a commission and a bid/ask spread they informed me that not only they have to make money but the banks have to make money on spreads.

    Honestly it feel's like double whammy. In the previous example if the price had not moved to BID/ASK .41something / .4520 the order is not assigned to me and if the price continues to go up as i expected for example .5030/.5350 something MBtrading can get out of the position at nice +8 pips but if the trade goes against or if GBP/JPY pricing goes down then the trade will assigned to me at .4520 and i will be taking risk for that trade.

    Tell me how is this fair?

    Is there any broker with ECN model that charges commission only and allows you to be trade between spreads? My trading background is futures/equities in that market best bid/ask always wins and i pay flat commission but with MBTrading forex not only i pay commission but also spreads.


    p.s: FXCM rep Jason Rogers do you know if FXCM active trader is open to US residents also on a limit order to buy does the ask price has to get there, for your trade to be assigned to you & vice versa?
    #10     Oct 31, 2010