Guys I am a scalper and I want to trade with the broker that’s best for scalping, so please tell me if you have experience with any of these – TradeWiseFX, Instaforex or OctaFX? I have found OctaFX spread to be really cool, but I heard somewhere that there is slippage issue here, so I am doubtful while Instaforex reputation is not the brightest with FPA terming them as scam and TradeWiseFX is good with zero spread account, but they are only 1 year old, so which one of these should I try?
Just curious. As a scalper won't you ultimately get shut down? I would imagine that you're just constantly looking for a wham bam thank you mam! Have you had long term success as a scalper? You certainly can't be executing with large trades or the dealing desk will give you crap requotes or hold you up so long it wouldn't be worth it.
Andyjenks, you have probably been reading about or using brokers not managing their risk trying to take your money. There are actually STP/ECN brokers who send your orders out to large prime brokers. This way it goes into a pool of orders and the broker you are dealing with has no risk to lose money on you if you win as they only collect trading fees. These are much more trustworthy brokers. From the list mentioned I see TradeWiseFX as being such a broker.
Firstly I like to thank everyone for the valuable replies you have given. Now I will answer one by one. – Can you tell me the reason why? And also do you suggest any broker in type you mention?
Honestly it’s not like I have been trading for 50-60 years, so it’s just start where I am trying to get myself good capital to work and I believe success is achieved through education and experience irrelevant to what style we pick/choose. This is obviously why I am looking for suggestion for broker since I am looking for larger lot size to put in. Unfortunately I was not exactly able to understand what you meant, so will you please explain it again whether you mean TradeWiseFX is better compare to OctaFX and Instaforex?
TradeWiseFX is a pure A-book broker, that is the least risk you can take with a broker. Your orders are sent directly to liquidity providers and the broker only takes a commission. This means they have nothing to lose when you win, which makes it a low risk and good quality broker for a long term partner in trading. I can't say the same for the other two.
Thanks for clearing it… Honestly I was every skeptical about Instaforex right from beginning due to FPA rating it scam, so will definitely avoid that. As per OctaFX, it was again having too many bad reviews. Now, I am definitely going to try TradeWiseFX, I hope things go right….. I will definitely update about how things went for me…. I like to thank you guys for your reply and suggestion especially you Pips4Profit, but still if anyone have any more suggestions I will be eager to hear it!
I have no clue about Tradewisefx, but I have worked with Instaforex but they have dropped their service badly in recent times, so I have now switched to Octafx and they so far have provided me with good service. I don’t think I think much about withdrawal because if broker is trusted then some delay is very much normal and is not something that I will be overly worried with. I will be scared if this happens too often, but that’s not the case (thankfully) for me!