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Best broker for forex?

Discussion in 'Forex Company Comparisons' started by Bryanstation, Oct 1, 2007.

  1. Bryanstation

    Bryanstation Recruit

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    I'm sure this question gets asked a thousand times, and I know that there probably is no definitive answer. I was recently watching the video Felix posted about (a friend sent it to me) bucketshops...and I tried to analyze the brokers with his suggestions.

    Oanda still good, but I heard they lack 4 hour charts...is that true? One good thing, is that they allow you to trade any position size.

    What about hotspotfx? Anyone have experience with this?

    Of course MBTrading...but only for after trade spikes?

    Any input would be nice :)
     
  2. 3BlackCrows

    3BlackCrows Corporal

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    HotspotFX seems like an ECN which is always a good thing.

    The only drawback is you need $7k to open an account so if you don't have that capital lying around you wont be able to use them.

    I personally use EFX (same as MBT but the Forex arm of MBT) and have found them to be great so far.

    However in saying that my trades are placed well before news time so pip spreads don't worry me.

    I think you will never get rid of the pip spread problem during news releases with any broker unfortunately and if they say their qoutes will remain tight, they are manipulating prices.

    Hope this helps - Happy trading! :)
     
  3. DCI

    DCI Recruit

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    It really depends if you're a news trader, carry trader, technical trader, etc. AND how much you have to open an account. You'll get a good idea of who provides what with their +'s and -'s by checking out the broker review section if you haven't already.
     
  4. pfxs

    pfxs Recruit

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    Heh,, the correct answer to the question "who is the best broker for forex trading?" is ---none of them. I cannot think of one broker nor have i used a broker where my best interest was the same as their best interest. Some are better than others however reguarding trade execution (until your consistantly in the black---im sure others have experienced the painfully drawn out execution times as well) The most important thing i now look for is history, i want to make sure that they have been and will be around for a long time, do your homework before you send in a bunch of money, make sure they have met and are in good standing with all of the current NFA and CFTC requirements. Like DCI said, your trading style will gell well with some brokers and completely piss off others. I also agree that the ammount of money you have to open an account with makes a big difference in the eyes of any broker. The more money you start with the better you will be treated and the more options you will have as far as setting up your trade account, execution type, leverage, and spreads/fees.
     
    #4 pfxs, Oct 3, 2007
    Last edited: Oct 3, 2007
  5. fxnewstrader

    fxnewstrader Recruit

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    As others already wrote, it depends how and what you want to trade. If you want to trade the news with an autoclicker forget the ECN's. If you want to trade with an automatic trading system I would recommend a broker who is using the Metatrader platform.
     
  6. dazzj4

    dazzj4 Recruit

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    All brokers are looking for ways to make real good money just as we are too.But some of them play safe by not being too harsh on their clients.so my opinion is that there is no best broker for now,is just that some are better than the others somehow.

    If you want to trade with auto trader i advice you use meta4 trading platform.
     
  7. shallom

    shallom Recruit

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    Watch out for Forex Scam!

    The cry of "regulated" argument is the most pathetic one I see
    over and over again from total amateurs. People will note
    and remember that a lot of "regulated" and "licensed"
    and "bonded" firms go out of business or just outright
    scam people.

    Is Forex a scam? No, but there are many out there who are. Go to the Securities and Exchanges Commission (SEC) website (a government regulating agency) and review businesses. If you have a solicitation from a "FOREX" company but they are not listed with the SEC, they are illegal or a scam. Also, the SEC will show you past violations, cash flows, and lots of other useful data.

    Let forex beginners watch out for forex scam!
     
  8. 3BlackCrows

    3BlackCrows Corporal

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    Come to think of it, I can't remember any company at all in my entire life I've dealt with for anything that had my best interest at heart.

    One of the main electricity providers in my country recently cut off the power to a home because they were in arrears with payment. The mother relied on said electricity for oxygen treament and subsequently died.

    The contractors reasoning for cutting the power? He was just doing his job.

    Nothing at all will gaurantee you will not lose in life but one thing is definitely gauranteed:

    If you don't take risks you won't get rewards.

    Until regulation of this industry happens, I agree no broker is at the pinnacle of achievement. It's a case of going with the lesser evil of all.

    IMHO all MT4 brokers tend to be bucketshops possibly giving backhanders to the creators of MT4.

    In saying that, other peoples experience may differ.

    As for the SEC and NFA, I would only ever take their info with a grain of salt.

    They never saw the Enron or Worldcomm collapse coming or REFCO for that matter and no matter who files what with them, there are always high priced lawyers and accountants out there well versed in the subtle art of cooking the books.

    Truth be told, the only way to find out the true financial condition of any company is to be the head of that company.
     
    #8 3BlackCrows, Oct 6, 2007
    Last edited: Oct 6, 2007

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