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Which broker?

  1. I will be starting a new FOREX account this week. I have come down to three options, which one do you guys think is the best?

    1. Oanda with MT4
    2. FXCM with MT4
    3. TD Ameritrade with TOS

    Any comments would be greatly appreciated, so thanks in advance!
  2. Oanda is great, but I'd highly suggest you stick with their fxTrade platform over MT4.

    Their MT4 bridge setup is far from perfect, and most complaints I hear about the broker stem from trying to use MT4 instead of fxTrade.

    You can always keep MT4 open for charting, writing custom indicators and such, but for execution and order management fxTrade is your best bet.


    FXCM... good company, good support... but they actually charge a higher spread markup for the use of MT4 over their native platform.

    Unfortunately, their spreads are a little too wide to make scalping strategies effective. If you swing trade, low frequency stuff (a hand full or less trades a week) then you'll be fine... but if you like day trading then you'll have to look at their ActiveTrader platform instead of a standard account.


    TOS is a great platform but I haven't heard much out of them for forex... I use them for options trades and have been a client since before the TDA merger (and yes, things have gone down hill a bit since, sad really.)


    All that aside, are you from the US? Or do you live outside the US? I could point out a few more places to consider...

  3. Frankly, I like FXCM's "FXCM TRADING STATION" platform.

    I've heard so many awful things about MT4, that I've stayed away. Of course, our strategies are non-algorithmic and fairly simply by way of execution. If yours are as well, I would give it a go. They allow you to sim trade the platform to gain familiarity.
  4. Hey thanks for the advice. I really like TOS too I am trying to find people who use them for FOREX. And yes I am from US.
  5. Anyone got anything else to add?
  6. There are many great options for non-US traders, but sadly thanks to the way the US is regulated, your options get quite limited.

    It's not an entirely bad thing, just limiting.

    So... for US, I usually point out Oanda (which you've already considered) and leave it at that, but lately MBTrading's FreeEXN account has been impressing me. I can't speak up for them the same way I can for Oanda (since I've done quite a bit of business through Oanda and can't say the same about MBT,) but they are worth checking out at least.
  7. Alright cool. People have been saying Oanda is slipping on the MT4 platform, do you know anything about this?
  8. Like I mentioned in my earlier post... Oanda's MT4 bridge leaves a lot to be desired.

    I'll put it this way, they didn't start with an MT4 environment, they cobbled on an MT4 bridge server to their systems once enough customers asked for it.

    fxTrade rocks for execution and manual order management... so you can always keep MT4 open for charting, custom indicators, heck even EA's to give you signals... but do the execution part in fxTrade.

    At least, if you want to use MT4 for execution too, keep fxTrade open on the side as a backup in case MT4 has issues.

    I'm not saying it's complete garbage... in fact, it's often acceptable and works without issues... but it's not quite as good as other broker's implementations of MT4 (stability and execution wise,) and even the best MT4-only broker still has to deal with general MT4 buggy crap...
  9. Okay. Sounds great. I'll probably start an account with them after a little more research. I'll let you know how it goes. Thanks!
  10. Can anyone recommend a quality Uk forex broker?

    I have seen (and ignored) alpari
    and a a few others that I have demod that had bad reviews (plus 500 for one)

    and I am struggling to see past the bucket shops....
    I am looking for standard stuff...

    Safety of my capital
    decent spreads
    fast order placement
    legitimate market prices and order placement

    I would be grateful of all help.

    I am currently seeing tradestation as my best option ( I think they are US based though), but would appreciate some help and info.
  11. I haven't traded with alpari but i think they are a decent broker, but if you are thinking of going ofshore then you might as well try hotforex, they are really convenient if you ask me and best of luck!!
  12. Good call.. Alpari leaves a lot to be desired..

    Can't say I can recommend TradeStation. They have a good platform but their total cost for trading FX isn't the best, and I heard they have issues with slippage and execution. Though, to be fair I haven't traded with them live. For me, knowing they used to just be a front end for Gain Capital was enough to not want to do business with them.


    One option would be Pepperstone, who's Razor account spreads are rather good (~0.2-0.6 pips on EUR/USD) and execution is great (3-4 hundred milliseconds for me on average, effectively instant.)

    The spread and execution comes from tapping into Integral's ECN grid for quotes and liquidity.


    They do fund segregation as well..
  13. Hi theanalyst, I can recommend you Hirose Financial UK Ltd. (hiroseuk.com). Its FSA Regulated Broker in London and a subsidiary of Hirose Tusyo Japan (hirose-fx.co.jp)

    Hirose UK have tight spreads, fast execution, n user friendly platform (ActTrader).:)
  14. Went live with Oanda. Well see how hard this is compared to trading stocks.
  15. Cool.

    Good luck!

    If you're coming from stocks, don't get caught up in the lower timeframe noise so soon... take it easy, don't over-leverage, and just find out what works best for you.

    Oh, and be very mindful of news releases scheduled.. that should be factored into every plan you have for a trade. I mention this again since Oanda widens spreads during this time and it catches people off guard if they didn't expect it.
  16. Thanks! So far so good. I am trading small lots right now to just practice. And I see what you mean about the longer time frames. I am finding the 15 minute to be good for entry, but I am using 1 hour or 4 hour charts for trend. I am executing via the Oanda FxTrade and using MT4 for charts. Thanks again for helping me choose.
  17. I want to use IC Markets but I dont know which is the best rebate site. Can someone help?
  18. Have you tried hotforex? I remember this broker's from UK.
  19. while at it...

    non us citizen, i am after plan B FX broker..

    what is the best option these days ? swing trading 5 - 20 contracts.

    I do not care for spread but to get paid if win. I am leaning towards non ecn broker. Potential for slippage with ecn is enormous.

    what people think of forex.com ?
  20. I am in the process of opening an FX with Global Futures and MT4 was difficult for me to navigate through. However, been in the demo stage with FXCM Trading Station and it is easy and intuitive to work with.

    I use Ninja for futures and stocks.

    I also am opening an account with Trade Station, anything I may want to know about them.

    They are asking me to tell them why I choose elements of my LLC operating agreement. Why is a broker requiring me to explain my ops agreement? In my agreement I have the right but not the obligation to add additional members. Is this common that a broker have that kind of control?
  21. Re "adding additional members" they are required by regulators to make sure that there are not undisclosed additional participants in the account - that would be a good way to launder money etc.
  22. How could anyone know who the members of the LLC are without taking legal action?

    The LLC states that a subscription agreement would apply to the addition of any new members after the formation. My ownership schedule is all dated at the time of formation, so the subscription agreements do not apply to the original members in the LLC at the time of formation.

    is it common, reasonable, or legal to require me to provide a broker with a subscription agreement and reason for LLC formation beyond the original explanation of financial planning and legal protection?
  23. Hi Ironplates,

    If you're already familiar with Ninja, you can also use it for forex trading. FXCM has it available here
  24. i was informed by global futures that ninja trader was terrible for FX. This was by the same person that told me MT4 was only platform allowed by US clients due to regulations.
  25. If you live in the US, I'd suggest MB Trading. Stay away from FXCM 'cause their spreads aren't good and they have some history of screwing the clients with slippage.

    It really doesn't matter what platform you trade on. I do fine on MT4 or any other platform. Broker, yes, they can affect your performance with their games/restrictions.

    If you don't live in the US and not a US Citizen, I'd say Thinkforex is the best MT4 broker. Instant execution. I have an account with IronFX, but their spreads are higher and they play more "broker games". So I think I'm going to keep the account there (since the trading history looks good), but I won't use them for intraday trades anymore. With Thinkforex, you can also get the $3/lot rebate through cashbackforex.

    Whoever asked for one in the UK, I WOULD NOT recommend Alpari. When I set up an account there, I got nothing but requotes. I tranferred my account out of there very quickly. Open an account at Thinforex. I haven't seen better, yet.
  26. been over eight years with oanda and left them a week ago thanks to their 'new improved dynamic spreads' ...
    Went to Dukascopy and quite satisfied so far ...
  27. im not so sure about sites, but you can check out with users such as DiFor and forexangel, im not sure if they are here but i see them a lot in other forums, they offer high rebates :D best of luck, i guess it depends with what broker you are using, if its hotforex or any other broker make sure to ask the IB or rebates about it :) best of luck :)
  28. what are peoples look on OEC and ROSENTHAL COLLINS GROUP?
  29. I'm not sure if it is any different but I use OEC for futures and I get locked out of trading every few weeks. I just got locked out today and had to use customer support. The customer support chat provided on the platform doesn't even produce a response anymore. I have to go through the website customer support chat to get a reply. They told me since OEC was purchased by GAIN, they have been migrating services.
    I'm not satisfied with this response but they won't go further in giving me an explanation for delays in customer service availability and timeliness.
  30. Just some thougts from me

    So far i have seen 3 Retail Fororexbrokers that I would use on my own and the posibility to trade Globex Futures.

    I would like to share the pros and cons with you


    It is a good broker with no requotes or any other kind of strange things happening . Best thing is that the client is really able to trade only one unit. That means a beginner can trade real account with almost no risk involved.

    Sadly the spreads are not as good as they used to be . Still fair but not the best any more. And they are not an ECN. Meaning there is no chance of earning the spread instead of paying for it

    Here you can checkout OANDAs Spreads:


    Interactive Brokers

    They have a real Forex ECN. Meaning you can be the marketmaker yourselve and not paying any spreadcosts. If you just trade market orders the spread costs are quite low

    Sometimes 0,5 PIPS on majors

    They charge comisssion on the trades of about 0,2 PIPS


    This means overall you will have a total spread of about 0,7 PIPS what is very good.

    But note : as you have a minimum comission of 2 USD the low spread costs only apply if you trade whole lots. Otherwise it would be more expensive


    a real ECN too, meaning you can earn the spread instead of paying. Nevertheless the spread ist most of the time only 0,01 PIPS on the majors.


    But note you will have to pay an additional comission of 0,35 PIPS per trade making the total spread about 0,8 PIPS on the majors

    Concerning real forex i personally would suggest Dukascopy. It is not as ceap as IAB but if you sometimes trade smaller sizes because of money management it is much cheaper

    Globex futures

    Futures are best regulated market . But sizes are high. Not good for moneymanagement. And the the spreads are higher than with IAB Forex or Dukascopy

    My own small conclusion after 15 years of forex trading.
    Maybe there are now other interesing players in the market that I do know so far. Would be interested in every other advice
  31. I have never used Oanda so I can't speak for them. I have used FXCM and TD, I would go with FXCM for forex trading.
  32. Anyone care to share experience w/ MBTrading specifically their EXN pay for limits" plan where you get paid to put on bids/offers on their book. On paper that seems like a good deal much like stock rebate trading 2 years ago. Unless of course their book is so thin that when you get executed there is no liquidity to get you out.
  33. bump....
  34. I think if we have to consider this brokers mentioned above, we should also be willing to go through their reviews to be certain if they have the qualities that we want. I'm with the one that offers me excellent services and trading condition for trading.
  35. How much is the min deposit for FXCM?
  36. FXCM offers 3 account types: Basic ($50 minimum), Premium (5k) and Active Trader (25k)

  37. Thanks, I forgot to check its website :D This broker looks like decent.
  38. Onada is good but i am currently with 1LOTSTP. This owned by FXSystems.
  39. Is there any broker offer high bonus and allow scalping here?
  40. Checkout Ironfx. Someties they do offer up to 100% deposit bonus. Not quite sure about scalping.
  41. from the options given I'd say oanda, its a tested and good broker, for offshore its more likely to be hotforex. best of luck