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Please recommend a broker

  1. I have been trading with Interactive Brokers for over a year. I love the platform and the service. Unfortunately, they abruptly instituted some regulatory changes requiring leveraged forex traders to be "eligible contract participants." This is loosely defined as an individual or entity worth in excess of $10mm. I am in search of a new broker. I am a very active, high volume day trader and maintain a relatively large account (around $250k). I do well over $3 billion notional on average per month so commission schedule is important. I am looking for reliability and dependability. Can the experienced FX traders on the board please suggest an alternative to IB. I would rather not pursue the prime of prime route. Thanks very much in advance!
     
  2. I've seen this recently even among the larger brokers. It seems that several people even with several million dollar accounts have gotten shut out of their trade because they were suddenly required to be an ECP. IB might have been the last place standing.

    If it's a stable, scalable trade with a good risk profile I might be interested in taking in on. I wouldn't do it for less than 70% (to me). Otherwise, you might find someone who will basically rent you their balance sheet for some monthly fee. Not sure who would do that. But someone might.

    I don't know what caused this sudden shift. At least the ECP thing is pretty simple. You just declare and show a balance sheet. Whatever you do, don't lie.
     
  3. Hi Jackthepipper,
    maybe Dukascopy or LMAX is for you ? I think they are both great for serious FX traders. Or if you do enough volume, FXall might be for you (they are part of the Reuters group).
     
  4. I'm still in shock. FX is all I do and it's been a real nice little gravy train. No way I'm going to a bucket shop. Everything I do is integrated with TWS. I always said if ib ever quits fx I will quit trading. I know of no other vehicle that even comes close to fx. And I've traded all of them. What's corn doing today? No, this has to be just a bad dream. My trade will only be half way through by Sep1.
     

  5. Sorry, what TWS intergration is??
     
  6. TWS is IB's trading software.

    I am in the same boat... I'm very disheartened by the news. They are a great company. Being a US resident really does not help either, or I would switch to Lmax in a heart beat. I have opened a OANDA account for the mean time, but looking for something that isn't a market maker, has lower commissions, and better setup for larger volumes.

    I am currently weighing my options:

    1. As I am a dual citizen (US and UK) I am thinking of either moving back there (I still have an old bank account there).

    2. Look into gaining the ECP title. I have heard some people say you can setup an offshore private trust to for a few thousand to gain it. Or state that a 200k account at 50:1 leverage makes you eligible for the 10M clause. I don't know validity of these statements however.

    3. And my least favorite is using some sketchy offshore brokers that take US residents, put a tenth of my account in and use the high leverage.

    Any more information you find out please share, I will as well. Hopefully we can find a suitable replacement or solution.
     
  7. Anyone know if the ctrader platform is available on fxcm or any other US based broker? There's a forex trader on ET that uses it but he's in another country. Reviews seem good. Most importantly the platform does not allow the dealer to change the quotes.
     
  8. FXCM is regulated by the CFTC to offer forex trading in the US and will continue to do so. In fact, latest financial data from the CFTC show traders have more money on deposit with FXCM than any other US-regulated forex broker.

    [​IMG]

    On the No Dealing Desk (NDD) forex execution we provide to all Standard accounts (5k minimum) and Active Trader accounts (25k minimum), we offset each client order one-for-one with the best prices from competing liquidity providers.

    [​IMG]

    That means we don't take the market risk on the other side of your trades, or profit from your losses, or lose from your profits. Instead, we profit from your trading volume and even provide commission discounts for high volume traders.

    As high volume traders yourselves, you might be especially interested in a trial of our new Market Depth indicator. (free to all Standard and Active Trader account holders)

    [​IMG]
     
  9. Is FXCM considered an ECN? Are they DMA?
     
  10. Hi Aetrade,

    The terms ECN and DMA are often used interchangeably in retail forex. Could you clarify what exactly you are looking for when you ask whether we are ECN or DMA?

    As mentioned above, FXCM uses the term NDD to describe the No Dealing Desk forex execution we provide to all Standard and Active Trader accounts, where each client order is offset one-for-one with the best prices from competing liquidity providers. On the NDD model, we don't profit from client losses or lose from client profits. Instead, we profit from client trading volume. Therefore, we want you to be profitable, so you will trade more.

    Please let me know if you have additional questions about FXCM's trade execution.
     
  11. But the best brokers should help their traders earn a million dollars too...

    Many brokers will make money by running a trading desk or B book which means they bet against you and make money when you lose. What they should be doing is helping you to get the most out of forex trading with free tutorials, high quality trading signal tools and analytics.

























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    But the best brokers should help their traders earn a million dollars too... Many brokers will make money by running a trading desk or B book which means they bet against you and make money when you lose. What they should be doing is helping you to get the most out of forex trading with free tutorials, high quality trading signal tools and analytics.
     
  12. So this only applies to US guys? I am trading FX in IB no problem with a small account
     
  13. US guys are always being restricted by their local laws and i guess that's might be the reason that many online brokers aren't accepting them.
     
  14. Are you trading with them from US or from other country? I guess US citizens accepted in a few brokers and there are special restrictions applied to their trading. Or am I wrong?
     
  15. US traders are restricted to protect them from all the overseas nonsense that does absolutely ZERO to protect your money, and does everything in the WORLD to rape your account, scam you, and make your life a living hell. Guys, the SEC and CFTC and NFA are GOOD things. Do not take them for granted, or you may be very sorry.
     
  16. All the SEC has done for me in my trading career (20+ years now) is to restrict my financial freedom. As far as I can tell, they will bend over backwards to restrict some capability of an individual and then declare they are "protecting" them. It's complete crap. I would be far better off without the SEC in existence based on their actions in the last 20 years.
     
  17. As you say.
     
  18. They focus on majority which are inexperienced investors. Victims like you that are smarter than many others will always suffer from this process.
     
  19. I often feel puzzled by some people’s recommendation and suggestions. I mean, I see people starting up with I get this much bonus or I get this much this or this much that. I mean seriously? It’s crazy to see that nearly majority are okay going for broker which is regulated by off-shore companies. I mean that is as good as not having regulation! I trade with FP Markets and they got ABSOLUTELY NO bonus or freebie but still I trade with them. Now I must be mad but it’s because they are Australian based broker and licensed by ASIC. But again this only is possible if you trust yourself (ability) but most people don’t and they think if they got extra capital then they will make profits, but that has NEVER worked and I bet it is NEVER going to work in future as well! Good luck if you think it will work.
     
  20. Good promo bro, I appreciate your style, but remember we are not fools at all.
     
  21. Good one but let him talk about them, may be he was trying to tell us something important about them.. LOL!
     

  22. Well it was clearly an advertising, but yeah let he speak his mind, maybe he has something worthy for us.
     
  23. Recommending a Retail Broker is tough. Competition is very high.

    However, you can check few things before you sign up.


    Must choose a FCA broker if you are from EU or a Developed nation (USA has exception). There are few brokers which allow almost any country under FCA like Tickmill.


    Priorities your trading style. ECN is better for scalper not for everybody. Check how they close entry in case of a margin call out. All the entry at once or one by one. Check if there any deposit and withdrawal fees. Minimum deposit and withdrawals. Search in Google for the reputation. FPA is a nice place to check the reviews too. Starts with small amount, try to close an entry during news to check slippage. Hope these will help you.
     
  24. How long have you been trading with them? Have you tried some other brokers?
     
  25. It’s been couple of months I’m trading with Tickmill, they are good so far.

    Yes, definitely I traded with some other brokers (5-6), I have different experiences with them. Like many of the other traders I start trading with instaforex and it was a relief when I closed my account with them.

    I don’t need to say about Alpari, they sucks. Tried with fxpro but closed due to unbelievable of spread in their cross/exotic pairs.

    I’ve noticed you talked about regulation in your earlier post. Actually, strong regulation helps a trader psychologically, nobody is going to take his money away. I have experienced with few brokers that they took away the profit from some excessive spike but don’t adjust the losses, which is a bad practice. But FCA take action if anybody do such practice.

    To be honest, in a trading environment there is no big difference if the broker is well reputed. But traders often blame broker when they loss money due to bad trades.
     
  26. Thanks for your comprehensive reply.. Definitely quite helpful for uninitiated traders.
    So what about your trading strategy with your broker? Do you use any mainstream or hunting for a trading edge using some not evident tricks and strategies?
     
  27. Thanks.

    I am scalping using the low spread of my FCA broker (Tickmill). Actually, it is very tough to get an edge unless French Presidential election is over.

    Mr. Trump promised to news agency AP (I think he also tweeted as he always does) that he is going to introduce the major Tax reform bill after 1986. That would be significant to the market.

    Everybody is expecting that would be a positive for Dollar, but I can’t stay with that as we seen in past from Mr. Trump.


    I think Scalping should be the best choice for any trader now. Geopolitical things are not going so well.
     

  28. Trump is very unpredictable right now in his responses to investigation about his ties in Russia... Who is next to be dismissed? :)
     
  29. Oanda?
     
  30. Yes, Market has no clue with US. and they are worried about USA. OPEC and EU is the less concern for now. However, I am not angry on Trump but my broker! I traded with so many brokers and still trading with multiple brokers. But Tickmill is my primary broker for day trading. Their execution is good.

    I preferred Axi for cfd trading as their rollover charge for them are low (like, oil, spx, Nikkei) but guess what, they often face technical errors with them! Their WTI was off for few hours before NFP at May 5 and I was unable to close my short which has 90+ points profit! My entry went to losses by the time they open for trading! Very unprofessional. I will move my account from them this week.
     
  31. What's their average % of rebate? Does they support existing account (have one with Hotforex)
     
  32. You can scalp and hedge with EverFX broker as well - I think even better, as spread is lower (below 1pip), and STP execution. Maybe more safety, as they are also EU regulated (CySec & FCA) without office in Seychelles like Tickmill...
     
  33. I trade withFXB because my friend recommended me this broker. This broker also provide facilities for new trader, there is ebook which we can read to make us know more about forex
     
  34. Friend recommendations may play a bad trick for you. Always do your own diligence when choosing a trading facility.
     
  35. Oh for CRYING OUT LOUD! Another hack-neyed BS outfit. Cash rebates on trades?

    Good golly miss molly!
     
  36. I guess you are right, all of us should do a thorough research at our own before finalizing the right broker IMO.
     
  37. I use FXB for trading because my friend recommend me to use this broker. I use demo account to start trading with this broker to make sure whether trading condition is good or not.
     
  38. I also joined Hotforex by trading recommendation! And asking many traders I get same answer!
    I wonder maybe trading recommendations is most effective way of acquiring clients?
     
  39. Forex began to deal with a large number of people, and as always beginners lose money, because the trader, brokers wrongly work with them
     
  40. Most traders looses money however better we should take a start by trading demo account which costs us nothing because they are free to trade with the virtual money and you don't have to deposit anything with broker before accessing them.
     
  41. Yes you are right.
     
  42. I trade Alligator. This is simple and working. Moreover, it is a ready made strategy. Why to invent something own that may not work if there are nice systems out there already
     
  43. There is nothing wrong in trading, although it can be a great option to earn money in short time period. Everything just depend on us how we go through.
     
  44. Anybody knows good brokers which offer cryptocurrency CFDs? Need safe with trusted license and many happy clients on board.
     
  45. Hi Pipeguy,

    I have the same question actually. But I can tell you one thing. Don't go with AvaTrade. I was trading ripple with them on the AvatradeAct platform, and they suddenly removed all cryptos from the platform. Then I wired funds to my MT4 account (which still offers the cryptos) on Dec 28th but my account has not been credited, customer support is inexistant and my "account manager" as they call him, has not replied to any of my inquiring mails.

    Best,
     
  46. I suggest you to open up a demo account to practice first before start trading.
    heard of this demo competition. Real cash prizes.
    anyone wants to join together to discuss the trading strategy?

    https://www.etomarkets.com/demo-competition


    Let me know!