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DB008
12th-January-2009, 05:25 PM
I'm new to FX and just wanted to know if there are any brokers which are like DMA providers (much like DMA for CFD's). l've seen the term ECM and wanted to know if there is a list of somesort which can help????

Or, are pretty much all FX Brokers Market Maker's?

If so, which one stands out the most for tight spreads and low commission?

Looking to trade AUS/JPY.


This site has tons of reviews and l found it helpful. l did try OANDA and later on looked it up. Not so good once you start to make a bit of $$$ on it, other peoples comments.
http://www.forexpeacearmy.com/

BentRod
12th-January-2009, 05:47 PM
Oanda is a good broker.

The downside with them though is they really widen the spread at news time and the platform sucks.

Not so good once you start to make a bit of $$$ on it, other peoples comments.

People will blame everything but themselves if they loose money.


If you are going to be doing the Linuxtroll method, best to join up at the brokers Tayser mentioned.

Stormin_Norman
12th-January-2009, 05:56 PM
OandA paid me everytime without a drama. best out of all the O/S brokers ive had.

i quite like IG markets as well.

and am starting to use GoMarkets for EAs on their MT4 platform.

Stormin_Norman
12th-January-2009, 06:01 PM
Or, are pretty much all FX Brokers Market Maker's?

every broker and bank is a market maker in forex. from the smallest to the bank of england.

there is no formal fx market. just deals between organisations.

if youre scalping i guess you want to worry about spreads as your primary concern.

i trade in time periods 0f 10mins - a few hours. so a pip spread difference doesnt particularly worry me. im looking to make dozens of pips in a trade, not a couple.

DB008
12th-January-2009, 06:06 PM
People will blame everything but themselves if they loose money.

Heard that one a million times before.
I was only quoting what people were saying on the http://www.forexpeacearmy.com/ website. Well worth a quick look to see where your broker sits and to see what issues they have had. Doesn't hurt to look now, does it?


Found this just now too, list of ECN Brokers

http://www.forexbrokercomparisons.com/ecn-forex-brokers.html

I've played with OANDA today and seem happy with it. But, i would prefer a ECN broker because the chances of spread or quotes been manipulated are probably non-existant, or lower.
Happy trading.
Dan

Page
12th-January-2009, 06:06 PM
There are many brokers around in the market, but the main thing that whom to trust. Most of the brokers have similar services but cannot judge which a nice broker is. There are many fraud brokers too. People are saying that Oanda is a nice broker. There are few disadvantages of it like it is giving leverage of 1:50 while others are giving 1:100 or 1:200, deposit procedure time consuming, registration process is also too long, do not accept credit card deposit and the final thing customer support they have is only through chat.

Wysiwyg
12th-January-2009, 06:25 PM
OandA paid me everytime without a drama. best out of all the O/S brokers ive had.

i quite like IG markets as well.

and am starting to use GoMarkets for EAs on their MT4 platform.

Hi storm, I notice the price on MT4 and the price on IG differs by a pip or 2.

Is the price on MT4 the correct price `cause IG don`t straddle it with their spread vey often.Keeping a pip up their sleeve or what.

Funny with an EA i had running today on the eur/usd.It went long and pulled the tp of 20 pips easy and I thought I will follow it next entry.You guessed it ... when i went in the price went the other way by 50 pips so I bailed though it did come back and the EA is still in play.

Gotta laugh hey.:D

Stormin_Norman
12th-January-2009, 06:38 PM
Hi storm, I notice the price on MT4 and the price on IG differs by a pip or 2.

Is the price on MT4 the correct price `cause IG don`t straddle it with their spread vey often.Keeping a pip up their sleeve or what.



how does it differ? which is correct? both.

theyre probably just in different markets and that market has a slightly different price by a pip.

ive not observed a noticeable difference between the brokers. but im not worried about single pips. i mean getting out of a position a second later can cost or gain you more then that.

making sure youll get your profits is the most important part. ECN's are overrated. the spread u get on average + commissions isnt much less (and sometimes more) then with fixed spread brokers.

i prefer brokers which match trades (profit on those spreads on the matched trades) then pass the balance over to a bigger player with the spread as buffer. they make a nice amount by doing this. passing matching trades through to the bigger bank doesnt make sense to me when they could be profiting from matching up trades internally.

profitable broker means one who'll pay you with no fuss in full.

OandA have the best model for this, their spreads when the markets come back from holidays should be back under a pip for euro. most of last year they were at 0.8 during main trading times.

DB008
12th-January-2009, 06:44 PM
Thanks for all the reply's so far. So, looks like l might just stay with OANDA.

Has anyone tried tradestation.
http://www.tradestation.com/default_2.shtm

I get freetrade the market video's and they use tradestation for everything. Seems and looks robust.

lesm
12th-January-2009, 06:55 PM
how does it differ? which is correct? both.

theyre probably just in different markets and that market has a slightly different price by a pip.

As Norman has said, if the brokers are getting their underlying data via different feeds then the bid/ask prices may be different. No subterfuge in this. Remember, there is no centralised exchange in FX.

Wysiwyg
12th-January-2009, 06:55 PM
Thanks for all the reply's so far. So, looks like l might just stay with OANDA.

Has anyone tried tradestation.
http://www.tradestation.com/default_2.shtm

I get freetrade the market video's and they use tradestation for everything. Seems and looks robust.
There are some threads on tradestation in the catacombs here but no elaboration.This is what I typed in another thread about tradestation and for programming it seems alot easier than MQL.One step at a time though.


Tradestations Easy Language is obviously a much more user friendly operation to set up a rule based auto-trader.I wonder why MT4 is more widely used when it is more inclined to computer programmers rather than traders.

I mean who wants to spend months/years learning how to efficiently use the Meta Quotes Language.

Tradestation subscription costs around $350 AUD per month and is probably an inhibiting factor.

jwm888
12th-January-2009, 06:55 PM
I signed up with TS late last year and will go live trading with them in the next week. Spreads seem great - IB use 1/2 pip fractions and TS uses 1/10 fractions, so in theory will be getting better fills.
Seem to be better spreads on the whole as well, though they both vary at different times TS st the moment for the euro is 1 -1 1.5 pips just before London opening. IB is around 2 - 2.5 pips.

1080p
12th-January-2009, 06:55 PM
Only problem with Oanda is the timeframes only go up to daily. No weekly data etc :banghead:

lesm
12th-January-2009, 07:09 PM
Found this just now too, list of ECN Brokers

http://www.forexbrokercomparisons.com/ecn-forex-brokers.html

I've played with OANDA today and seem happy with it. But, i would prefer a ECN broker because the chances of spread or quotes been manipulated are probably non-existant, or lower.
Happy trading.
Dan

The list is out of date and incomplete. Dukascopy actually charge commission. EFX has been taken over by MBT.

ADM Derivatives provides a Currenex based platform for retail traders. Tayser can provide you with more information on this, as LT arranged a couple of deals for the cyrox boys, which from memory includes FXDD.

If you would like to get an idea of the average spread for an ECN, such as MBT/EFX you might like to take a look at http://kreslik.com/forums/index.php.

Michael Kreslik has undertaken a range of statistical work in the FX world.

If you want trade actively with an ECN you really need to get the commisson down to around $20 per million or less. The costs do add up through time.

white_goodman
12th-January-2009, 07:38 PM
you only really use an ECN once you get to a certain capital level... im using GO markets and IBFX(however IBFX is known for stop hunting etc, but doesnt really affect me and the EA i use for it). The reason I use IBFX is cos they offer nano lots..

MBT looks good for an ECN with mt4, supposedly coming in FEB'ish

Kryzz
30th-July-2009, 03:54 PM
Have been playing around on the IBFX demo, seems like my stop losses keep getting taken out within 2-3 pips of the level, without going through (stop hunting as previously mentioned, i assume this is what that means).

Surprised to see that buy orders have also been getting filled a few pips before my designated price also. This happen to many others using IBFX as well?

Wysiwyg
30th-July-2009, 04:19 PM
Have been playing around on the IBFX demo, seems like my stop losses keep getting taken out within 2-3 pips of the level, without going through (stop hunting as previously mentioned, i assume this is what that means).

Surprised to see that buy orders have also been getting filled a few pips before my designated price also. This happen to many others using IBFX as well?

Stop hunting on a demo. trade. Surely you jest. If not, it`s funny anyhow.

p.s. nicotine is addictive. :p:

CFD
2nd-August-2009, 06:12 PM
If you can, set your chart to show both the Bid and Ask price/lines. It may answer your question.

Wysiwyg
5th-August-2009, 03:29 PM
Good question! http://www.brokerme.com/

Wysiwyg
24th-September-2009, 08:52 PM
There must be alot of money in Foreign Exchange Trading. Look at all the FX Brokers popping up nowadays. :D

This path, if trod by the inexperienced, WILL lead you to the "why are some people poor" thread.

Be warned, they will draw you in like bees to pollen.

wiseguy
24th-September-2009, 09:12 PM
gft. pretty good platform if you're into tech analysis

>Apocalypto<
12th-January-2011, 10:56 PM
If you're looking for some local quality, I recommend go markets, they have become a very good broker.

http://www.gomarketsaus.com/

Wysiwyg
12th-January-2011, 11:02 PM
GoMarkets use the standard Metatrader platform with Gold, Silver and Forex to trade.

DaggerDirk
12th-January-2011, 11:23 PM
http://www.forexbrokercomparisons.com/ecn-forex-brokers.html

>Apocalypto<
12th-January-2011, 11:24 PM
GoMarkets use the standard Metatrader platform with Gold, Silver and Forex to trade.

if you didn't know, they have really stepped up now with new servers they installed, has a made a great improvement....

cheers,

TulipFX
13th-January-2011, 09:53 AM
Have GoMarkets solved their roll-over problem? It cost me several thousands due to spreads jumping up to 10 times their normal rates at roll-over time which they were not inclined to correct. Their terms allowed them to not to do that but in my disappointment of that decision I moved brokers.

>Apocalypto<
13th-January-2011, 09:07 PM
Have GoMarkets solved their roll-over problem? It cost me several thousands due to spreads jumping up to 10 times their normal rates at roll-over time which they were not inclined to correct. Their terms allowed them to not to do that but in my disappointment of that decision I moved brokers.

Hi Tulip,

that must have changed, as I have never seen that happen on roll time. I have seen their spreads expand but only on new releases... In the 18ish months I have been with go markets they only had one month where I had a few connection issues, (last OCT). After they changed to current new servers things have been A++, especially on the execution side.

hey I see you run a kangeroo EA why not a a clog ea mate????? (considering your TulipFX):D

TulipFX
14th-January-2011, 06:52 PM
I am glad to hear they have solved that troubling issue. Was earlier this year and made a right mess of SL's.

ClogEA you suggest. Not bad. I will add it to our list of potential names.

DaggerDirk
10th-February-2011, 11:46 PM
Obviously not FXCM. Wonder who's next? Forex.com (Gain Capital) should be next cab off the rank IMHO.

FXCM slapped with a class action suit over claims of fraud and racketeering

* Posted by Michael Greenberg in Brokers
* 0 Comments

I’m trying to confirm whether this is true but based on some Google searches I'd have to assume it is.

The Business Trial Group of Morgan & Morgan, P.A. filed a class action lawsuit today against Forex Capital Markets, LLC (FXCM) (NYSE:FXCM) alleging fraud and racketeering by the nation’s largest Forex dealer.

The lawsuit, filed in the United States District Court for the Southern District of New York (Manhattan Division), alleges that FXCM has bilked thousands of customers out of hundreds of millions of dollars using deceptive and unfair trade practices, including falsely portraying its Forex trading platform as a fair, transparent and true foreign currency exchange, when instead it is a “rigged game” designed to systematically separate customers from their money.

The Plaintiff, William H. Sanders, of Muscogee, Oklahoma, brought the action on behalf of himself and all other similarly situated FXCM customers, accusing FXCM of fraud by misrepresenting itself as a trading platform that is free from dealer intervention or manipulation. Instead, Sanders alleges, FXCM uses a number of devices and tricks, including software applications, designed specifically to interfere with customers’ trades.

The Complaint further alleges that FXCM engaged in a pattern of racketeering activity by collaborating with its software developers and programmers to develop a “diabolical” software application that provides FXCM with a myriad of tools and system commands with which to interfere with customers’ trades, including routing trades to “slow” servers and sending false “error” messages when customers attempt to close out profitable trades.

Finally, Sanders alleges in the Complaint that FXCM lured thousands of customers to its trading platform by promoting a “demo account” which was touted as providing customers with a true market trading experience. Instead, he claims, once “live” trading commences, FXCM deploys specially designed software to manipulate customers’ trades.

Lead Trial Counsel Tucker H. Byrd, of the Morgan & Morgan Business Trial Group of Orlando, Florida, stated, “We are proud to be representing Mr. Sanders in this action, which we believe will be an important step in bolstering accountability in an industry that has been largely unregulated since inception. We believe, as the Complaint alleges, that Forex Capital Markets, LLC has taken advantage of the trust placed in it by its customers, causing substantial financial harm to this group of people, and we are committed to working to recover those losses.”

FXCM is the nation’s largest Forex Dealer Merchant. The company recently went public and trades on the New York Stock Exchange.

The Business Trial Group teamed up with the renowned Morgan & Morgan Class Action Group headed by attorneys Scott Weinstein and Andrew Meyer in filing this lawsuit. Attorneys James Byrd, Jr., J. Carlos Real and Damien Prosser of the Business Trial Group and Rachel Soffin and Tamra Givens of the Class Action Group round out the Morgan Forex team.

DB008
20th-February-2011, 07:35 AM
Thanks for the 'heads-up' DaggerDirk.
It really comes as no surprise that another FX broker has been caught with their pants down, hence why l am reluctant to trade FX.

Alpha_Bet
20th-February-2011, 11:13 AM
Thanks for the 'heads-up' DaggerDirk.
It really comes as no surprise that another FX broker has been caught with their pants down, hence why l am reluctant to trade FX.

I note it is about 2 years since your original post and your initial scepticism (US sp check:rolleyes: ) remains.
I personally know professional traders who use OANDA as their FX provider. OANDA is just best avoided around news releases.
I hear good reports about GoMarkets.
In my opinion if you swing trade or need crosses these two would be your best bet.
If you focus on the majors and scalp look @ CME Futures.

tothemax6
20th-February-2011, 05:24 PM
I note it is about 2 years since your original post and your initial scepticism (US sp check:rolleyes: ) remains.
I personally know professional traders who use OANDA as their FX provider. OANDA is just best avoided around news releases.
I hear good reports about GoMarkets.
In my opinion if you swing trade or need crosses these two would be your best bet.
If you focus on the majors and scalp look @ CME Futures.
+1 on OANDA. Even the great Benoit Mandelbrot said good things about OANDA.

Paulo30
6th-March-2011, 11:22 AM
Very surprising about FXCM.. big name.

Personally I like OANDA as well, and also use GFT (have found nothing wrong with them).

In the process of trying out a few others.

I found forex.com's interface annoying, so didn't continue past demo with them. Mobile apps are also a biggie for me, and OANDA has a nice mobile app.



+1 on OANDA. Even the great Benoit Mandelbrot said good things about OANDA.

alanJames
23rd-June-2013, 12:22 PM
Very surprising about FXCM.. big name.

Personally I like OANDA as well, and also use GFT (have found nothing wrong with them).

In the process of trying out a few others.

I found forex.com's interface annoying, so didn't continue past demo with them. Mobile apps are also a biggie for me, and OANDA has a nice mobile app.

I prefer to stick with brokers registered in Australia as I live here (and I know they are registered/regulated with Asic). I can definitely give the thumbs up to Pepperstone (razor account) and Icmarkets , I have an account with both of them and they have been very reliable, unlike some of the brokers in Cyprus that I have dealt with in the past. Anyway, at the end of the day I guess it depends on what features you are after from the broker, this site has a big selection of brokers that you can filter through and compare depending on what features you are after - http://www.****************/broker-directory.cfm

weasel
29th-June-2013, 09:37 AM
http://www.forexbrokercomparisons.com/ecn-forex-brokers.html


I prefer to stick with brokers registered in Australia as I live here (and I know they are registered/regulated with Asic). I can definitely give the thumbs up to Pepperstone (razor account) and Icmarkets , I have an account with both of them and they have been very reliable, unlike some of the brokers in Cyprus that I have dealt with in the past. Anyway, at the end of the day I guess it depends on what features you are after from the broker, this site has a big selection of brokers that you can filter through and compare depending on what features you are after - http://www.****************/broker-directory.cfm

Please don't post links to directory sites like that. You might think they are good resources, but in reality they get a backend kickback from the broker's they list and this means that money could affect how one broker appears compared to others.

I wish there was a better alternative, but nothing beats your own due diligence and information gathering.

CanOz
29th-June-2013, 01:58 PM
If you want to seriously trade the major pairs then either go with a real broker like Interactive Brokers for interbank FX, or a futures broker like AMP Clearing and trade the currency futures. The mini contracts are quite good but a little illiquid outside of US hours...

I don't trust any FX brokers other than the two above.

CanOz

alanJames
29th-June-2013, 02:56 PM
Please don't post links to directory sites like that. You might think they are good resources, but in reality they get a backend kickback from the broker's they list and this means that money could affect how one broker appears compared to others.

I wish there was a better alternative, but nothing beats your own due diligence and information gathering.

I do understand that some sites may take kickbacks and have questionable ethics/morals (I have been trading for a long time and have seen them all), however I have genuinely found this site to be very useful and contrary to what you have stated above, I see no evidence of anything on the site being skewed in any way to any broker.
If you had taken the time to visit the site, you will notice that they have an extensive listing of brokers (approximately 150) and there is absolutely nothing to suggest that they are favoring any one over the other...or are you suggesting that they are collaborating with all 150 of the brokers ? hehe. In fact, they don't even have any advertising on the site ...how do you explain that ? anyway....as I said, I have found it to be a very useful resource with good filtering options...however if the moderators choose to remove the post...so be it.;)

Ps. No one is saying don't do your due diligence, but it's a bit hard to do when you are new to the game and don't know any brokers....istn't it.

cbc
29th-June-2013, 04:29 PM
Sign up with IB,

Don't even ask any questions.

weasel
30th-June-2013, 05:48 PM
I do understand that some sites may take kickbacks and have questionable ethics/morals (I have been trading for a long time and have seen them all), however I have genuinely found this site to be very useful and contrary to what you have stated above, I see no evidence of anything on the site being skewed in any way to any broker.

The best ones don't make it obvious.



If you had taken the time to visit the site,

Continue to talk to me like that and see just how far it gets you. We can play the instigation game if you'd like. I mean, I could point out that your first post was to drop a link and direct traffic to the site, and your second post was to defend the site, but I wouldn't want to make any insinuations like that.

Language is everything; it's hard to win over an audience with patronizing words.



you will notice that they have an extensive listing of brokers (approximately 150) and there is absolutely nothing to suggest that they are favoring any one over the other...or are you suggesting that they are collaborating with all 150 of the brokers ? hehe. In fact, they don't even have any advertising on the site ...how do you explain that ? anyway....as I said, I have found it to be a very useful resource with good filtering options...however if the moderators choose to remove the post...so be it.;)

Ps. No one is saying don't do your due diligence, but it's a bit hard to do when you are new to the game and don't know any brokers....istn't it.

Explain the no advertising bit? Consider their economic incentive to create, host, run, and keep updated such a site. They aren't doing it out of the kindness of their hearts, I'll tell you that much.

liztrader
19th-July-2013, 12:37 PM
Just about every single FX broker is simply making a market with a MT4 server.

Only the big boys are actually interbank dealing and they still wont offer those spreads to small retail clients like us.

So really just look for a broker with good client fund security so they dont go under with your trading capital (Storm Financial). See IG Markets, they have fantastic deposit security. Second, look for tight spreads and good execution speeds, last thing you need is a good tight spread that is lost to market slippage as you try to get your order on. AXI Trader has some great spreads. Finally, be happy with the platform features, as discussed this is most likely going to be a white labelled MT client of some description.

I use FXCM right now, love trading directly off the chart http://www.fxcm.com/products/trading-station/web/trading-from-charts/

Liz

expertadvisor1
28th-July-2013, 08:41 PM
I don't rely on Brokers because I am using EAs for gaining a good deal of profit consistently. I am very happy to trade through these EAs :)

rrayne20009
8th-November-2013, 08:37 PM
I don't rely on Brokers because I am using EAs for gaining a good deal of profit consistently. I am very happy to trade through these EAs :)

I am newbie in forex and a friend suggested me to use Expert Advisors for it will lessen the burden of trade decision-making.I think EA's are good for newbies instead of using manual.

graceb
9th-November-2013, 05:41 PM
There are many brokers around in the market, but the main thing that whom to trust. Most of the brokers have similar services but cannot judge which a nice broker is. There are many fraud brokers too. People are saying that Oanda is a nice broker. There are few disadvantages of it like it is giving leverage of 1:50 while others are giving 1:100 or 1:200, deposit procedure time consuming, registration process is also too long, do not accept credit card deposit and the final thing customer support they have is only through chat.

Informative.Thank you.

george55
20th-November-2013, 07:46 PM
I agree that there are really lots of brokers.. and in nowdays it is too difficult to distinguish them. Almost all of them have the same services... and it is really difficult to find out who to trust... So... There are brokers which provide for example leverage of 1:1000... personally I consider trading with such high leverage very dangerous... regarding support.. surely it is important.. and live chat is not enough... I like when companies support through telephone, skype.. I think it's great to be available and open to the customers...there are too many broker.. with regulation, etc.. but, still.. how to know trust or not?? For me .. money insurance is the most important thing.. because all in all.. we deal with MONEY... so.. when I have an insurance.. I feel safer..

cogs
20th-November-2013, 08:44 PM
I see pepperstone's commission has just gone up a dollar per 1 lot.

havaiana
20th-November-2013, 09:56 PM
I see pepperstone's commission has just gone up a dollar per 1 lot.

Wow. People must actually pay it for them to charge it, beginning to think I'm in the wrong business. Anyone willing to pay at least twice the price for something than it is actually worth has no hope of succeeding in trading imo

Edit: thought i should add something constructive. Trade with LMAX or a futures broker.

havaiana
21st-November-2013, 08:33 AM
...Only the big boys are actually interbank dealing and they still wont offer those spreads to small retail clients like us....

In regards to this, the spreads aren't any better than you can get with retail, the difference is there is a lot more size on offer, more than any of us will ever need anyway. Some of the retail brokers have better spreads than the institutional brokers, the key is not the spread, but the size and the fact you are trading a real market and can earn the spread as well as cross it.

mikepowers
10th-December-2013, 05:10 PM
I've learned a lot after reading through pages of this thread.
Different brokers, trading style and strategy! just wow.
As i see what other a suggesting and promoting, i will just advice that
every traders has his own way of trading style that may suits the way of his
broker.

Which mean one's success is determine how he traders suitable with his broker.
it may not be applicable for you but only for him.
scalping is different with day trader. and should not have the same way of trading.

>Apocalypto<
13th-December-2013, 10:59 AM
I see pepperstone's commission has just gone up a dollar per 1 lot.

site still shows 3.5 a side per 100K. I haven't noticed a change in my JPY coms per side.

leebelisar
16th-December-2013, 04:13 AM
I am newbie in forex and a friend suggested me to use Expert Advisors for it will lessen the burden of trade decision-making.I think EA's are good for newbies instead of using manual.
For new traders, EA is not suggested. Per my readings, it would be better if newbie do manual trading first. EA is more recommended for those who are experienced already.

PTaylor
7th-January-2014, 11:55 AM
ICMarkets is the best broker in my opinion, besides being ASIC regulated, their spreads are second to none
and always have extremely low latency and very fast execution and very good support.

This is a good resource to find and compare brokers www . forexchurch . com/compare-forex-brokers.cfm (just remove the spaces from the link to make it works :)

Forex21
6th-February-2014, 06:52 PM
ICMarkets is the best broker in my opinion, besides being ASIC regulated, their spreads are second to none
and always have extremely low latency and very fast execution and very good support.

This is a good resource to find and compare brokers www . forexchurch . com/compare-forex-brokers.cfm (just remove the spaces from the link to make it works :)

ICMarkets is a great broker but you should know that there spreads are only so low because they for-running. But it's not a big deal. I have an account with them since 6 month and can say only good things about them. Support is fast, most of the time competent, commissions are low and execution quality is good.

Wysiwyg
5th-April-2014, 12:36 PM
ICMarkets is a great broker .... commissions are low Low? ECN 1 standard lot = $7 round trip. Add the spread onto that too which at example 0.5 pips is $5. This is standard I believe for all ECN FX Brokers. For a market that has trillions of dollar turnover daily, it is too much.