the best broker of forex

Discussion in 'Forex Brokers' started by charles1980, May 9, 2007.

  1. anyone know the best broker of forex,capital safe,high leverage,stable platform,less slippage,small spread,less charge of capital deposit and withdraw?

    As i know, IB is suitable for professional guys with much more capital; Oanda is suitable for small account but with lower leverage;How about the others? such as MG........
  2. da-net


  3. Actually, is a TOTAL scam. I recently posted a couple of reviews on there and the positive ones did not get posted but the negative ones did. I have read this on other sites before, and I believe it now, Felix (the guy who owns the site) only allows bad postings, probably posts a couple of decent ones himself and labels the brokers he personally dislikes as a scam. Hardly what I would call a good review.
  4. Surdo


    I do not trust anything that Felix is involved with.
  5. RDC_1975


    me did this guy get any credibility? I think we should expose him for the scam he is. He\'s probably some 20 year old kid who was rude to a bunch of brokers and they closed his account and now we wants to cry all over the internet about it.
  6. Rocko1


  7. Al Pipo

    Al Pipo

    I know one you shouldn't trade with: Interbank FX

    In their Home page Interbank list the following services:
    Professional Charting, No Dealing Desk, 2 pip Euro*
    Standard, Mini & Micro Lots Full Hedging & Trailing Stops Real Time News.

    The No Dealer Desk is a false claim and
    I believe Interbank to be guilty of practicing the following:
    •Re-quoting or Re-ordering– this is when the broker rejects your buy/sell order and sends you an alternate price in favor of the broker

    •Stop Loss Hunting – looking for clients stop losses and manipulating prices in order to kick clients out of trades

    •Lagging market prices reflected in their charting

    •Increasing spreads or freezing their trading platforms during times of high volume such as just before or right after an economic announcement

    •Hedging “You” – the broker actively opening a trade position against your open position (often done when the broker can’t decide what side of the trade they want to be on).

    I have filed complains both with the NFA and the CFTC and I suggest that all those that have been cheated by these Mormon crooks do so also.

    Their violations are flagrant and only by making then public and enough people filing complains with both of these agencies the regulators may be able to tear them apart.
  8. cstfx


    The answer to the original post is not so straight forward. It all depends on numerous factors, such as risk amount, knowledge, etc.

    If you are only looking to open an account with anything less than 5k, your choices are pretty much (see below) limited to the various market makers (FXCM, Oanda - you can do a Google search to find more) that allow you to open accounts with that level of funds or less and trade less than standard lot amounts (100k). Problems with MM's are well documented, especially if you are trying to trade the news. Most people don't get it and bitch about it.

    If you want to seriously trade forex, you need to look for a broker that is an ECN, one that provides straight-thru-processing (stp) with the interbank market, in other words, they don't manipulate the price, but charge you a commission per side/per trade. Most ECN's require a larger amount to open an account, usually 50k, because trading with the interbank market usually involves trades valued in the millions, not 100k. However, there are a few that require less. With IB, you can open an account with as little as 5k, and trade as little as 25k nominal value, with their 50:1 leverage, that equates to margin requirement of only $500, so actually not a bad level to start with. HotspotFx is another ECN that only requires 7500, and MB Trading has a plan that you can open with just 400. (Don't know if this account by MB is an ECN or marketmakers, but I know the regular with the pro platform is an ECN)

    Some people will choose a broker based on the trading platform. As you mentioned, IB's platform is not for the faint of heart, to say the least. They were late getting to the retail fx market and it shows in their front end. Most like to trade with Metatrader, but that only works with MM's, contrary to what some may claim. Metatrader has a very good charting feature built into the platform, and if you frequent many fx boards, you will notice that most charts posted come from Metatrader. On the ECN side, there is Currenex, MB' pro platform with "Level II" depth. There's hotspotfx, and there's IB. (A few more I may not be familiar with)

    I have personally tried many (not all) of the popular fx brokers over the past 3 years and have come to my own conclusions concerning ECN vs MM. Some people prefer the trade with fixed spreads, some like the interbank. It depends on your level of comfort.

    As to security, you can always go to the NFA website and research your intended broker for violations, registration, etc. If they are not there, then you really have no recourse (I say this as a US resident - Europe and Canada have their own regulatory agencies) and you could check the financial health of a company by looking here for most recent financial disclosures:

    Hope this helped.

  9. rayl


    Speaking of ECNs -- anyone know how Reuters FX Marketplace is working out? And of any retail brokers which connect to it?
    #10     May 21, 2007