The Jackal
Private
- Messages
- 15
Hi, I think its already good that I found this site after googling "UFX Bank" which is offering 50 % (up to $5,000) on the first deposit or even EUR 10,000 !!! (Deltastock) but then their terms and conditions are quite amusing!!
Same was days ago with xForex.com , while there are plenty of other great offers including big names such Alpari which offers zero commissions on the Pro account.
There are tons of offers and I`m totally lost trying to start with something small (like $1,000 to $10,000) and after a demo trial with Forex.com (it seems so easy to me that in a few trades I went from EUR 50,000 to Eur 83,000 and trading 2 of the things with the biggest spread there (EUR/AUX and EUR/NZD) but maybe my long experience in euquity trading is helping? I am not sure and that`s why I`s love lots of sound advice please.
Also, which software do I need, if I do? I see for example on the registration page of eForex I need to choose between WinTrader or Metatrader 4 and I have no clue of the difference.
And then, I am in rural Australia which a connection that is far from fast......lets say that its around 300 Kbps on average, sometime less, sometime more. Can I do with it or don`t even bother? While trading on the Forex.com demo, I did not have much problems because I was not looking for 100 trades a day but rather 1 or 2 per day on big change of trend....just to get a feeling of it.
Ok, that`s it, I really need to choose a broker and while I`m tempted by the bonuses, I see too many catches and more importantly I already read of some bad experiences with some so hopefully you can tell me which ones to avoid absolutely.
At the moment I am trying to choose between:
Interactive Brokers
Oanda
Forex.com (Gain Capital)
Alpari
FXCM
Go Markets
ActivTrades
But there are so many out there that I would happy to listen your advices.
And so far I only tried 2 demos and FXCM has very crappy charts compared to Forex.com but better spreads so its a mess.
The Australian Go Markets (blue ribbon from a reputable source) writes:
2. NO DEALING DESK EXECUTION + STRAIGHT THROUGH PROCESSING
Go Markets offer 100% straight through processing with no dealing desk execution. These features combine to give you the best possible execution speeds and prices. All trades are automatically executed at the market price meaning there are no requotes, ever. No dealing desk execution means you will never suffer from price manipulation or stop-hunting.
if anyone can explain that....that would be great.
than also, I think pips and spread are very important but I heard different opinions, some say that no honest broker can offer fixed spreads.
It`s a jungle out there, with brokers not giving you the real prices or being too slow.
Then there are the so called Robot software. Is there any really good or as i think, a good experienced trader works just as good if not better? I think that setting up stops and limit orders is just the way to go but I may be wrong.
And last but not least, is the money we deposit guaranteed if the broker goes pear shaped?
I asked this to Forex.com and this was the chat:
Same was days ago with xForex.com , while there are plenty of other great offers including big names such Alpari which offers zero commissions on the Pro account.
There are tons of offers and I`m totally lost trying to start with something small (like $1,000 to $10,000) and after a demo trial with Forex.com (it seems so easy to me that in a few trades I went from EUR 50,000 to Eur 83,000 and trading 2 of the things with the biggest spread there (EUR/AUX and EUR/NZD) but maybe my long experience in euquity trading is helping? I am not sure and that`s why I`s love lots of sound advice please.
Also, which software do I need, if I do? I see for example on the registration page of eForex I need to choose between WinTrader or Metatrader 4 and I have no clue of the difference.
And then, I am in rural Australia which a connection that is far from fast......lets say that its around 300 Kbps on average, sometime less, sometime more. Can I do with it or don`t even bother? While trading on the Forex.com demo, I did not have much problems because I was not looking for 100 trades a day but rather 1 or 2 per day on big change of trend....just to get a feeling of it.
Ok, that`s it, I really need to choose a broker and while I`m tempted by the bonuses, I see too many catches and more importantly I already read of some bad experiences with some so hopefully you can tell me which ones to avoid absolutely.
At the moment I am trying to choose between:
Interactive Brokers
Oanda
Forex.com (Gain Capital)
Alpari
FXCM
Go Markets
ActivTrades
But there are so many out there that I would happy to listen your advices.
And so far I only tried 2 demos and FXCM has very crappy charts compared to Forex.com but better spreads so its a mess.
The Australian Go Markets (blue ribbon from a reputable source) writes:
2. NO DEALING DESK EXECUTION + STRAIGHT THROUGH PROCESSING
Go Markets offer 100% straight through processing with no dealing desk execution. These features combine to give you the best possible execution speeds and prices. All trades are automatically executed at the market price meaning there are no requotes, ever. No dealing desk execution means you will never suffer from price manipulation or stop-hunting
if anyone can explain that....that would be great.
than also, I think pips and spread are very important but I heard different opinions, some say that no honest broker can offer fixed spreads.
It`s a jungle out there, with brokers not giving you the real prices or being too slow.
Then there are the so called Robot software. Is there any really good or as i think, a good experienced trader works just as good if not better? I think that setting up stops and limit orders is just the way to go but I may be wrong.
And last but not least, is the money we deposit guaranteed if the broker goes pear shaped?
I asked this to Forex.com and this was the chat:
Please wait for a site operator to respond.
You are now chatting with 'Alex M'
Alex M: Hello, welcome to FOREX.com. May I have your email address to better assist you?
you: xxxxxxxxx@xxxxxxxxxx.com
you: hi alex
Alex M: Hello. How can I help you today?
you: I am considering opening an account but since I have never traded Forex I`d like to know about security and some worst case scenarios
Alex M: OK. What are you concerned about.
you: so what does happen if for some reasons your platform or site experiences some technical problems and say I am on a 200:1 position and can`t follow because the platform is unaccessible?
Alex M: Those are very rare occasions. We have a 24 hour hotline if you are ever having trouble accessing your account.
you: yes but rare is not impossible and I have seen everything happening in 12 years of trading on shares, warrants and futures. For istance, there could be an earthquake and your phone lines could be unavailable as well, yet I guess I`d be financially liable for my position, is that right?
Alex M: We are in New York and New Jersey so there are no earthquakes, luckily.
Alex M: In instances where you have orders in you will be covered.
you: I am trying to select the best 2 brokers to test for my first Forex trades so that`s why I am questioning these things
Alex M: It is totally understandable.
you: what about the money. Is it guaranteed in the (rare as well) event that the company ends like Lehman Brothers?
Alex M: No currency trading company in the US offers insurance. We have an office in the UK which offers insurance.
you: well earlier today someone told me that the company behind Forex.com is Gain Capital and its a UK company...or I am wrong?
Alex M: Gain Capital is the parent company. However it is located in the US. We have an office set up in the UK which falls under FSA regulation.
you: that`s why the site asks if I am a Us citizen then
Alex M: Yes. Did you fill out the application for the US office or the UK office?
Alex M: GCUK is the UK office.
you: so there is no way to protect the money once i send to your company?
Alex M: Your funds will be insured up to 48,000 GBP
you: Any particular reason for the odd number? thank you
Alex M: I'm not sure. That is FSA - Financial Services Authority - regulation
you: Ok, thanks for the info then. I will proceed within few days with the UK office then.
you: Kind regards,bye
Alex M: Have a good day.
you: you too thanks
You are now chatting with 'Alex M'
Alex M: Hello, welcome to FOREX.com. May I have your email address to better assist you?
you: xxxxxxxxx@xxxxxxxxxx.com
you: hi alex
Alex M: Hello. How can I help you today?
you: I am considering opening an account but since I have never traded Forex I`d like to know about security and some worst case scenarios
Alex M: OK. What are you concerned about.
you: so what does happen if for some reasons your platform or site experiences some technical problems and say I am on a 200:1 position and can`t follow because the platform is unaccessible?
Alex M: Those are very rare occasions. We have a 24 hour hotline if you are ever having trouble accessing your account.
you: yes but rare is not impossible and I have seen everything happening in 12 years of trading on shares, warrants and futures. For istance, there could be an earthquake and your phone lines could be unavailable as well, yet I guess I`d be financially liable for my position, is that right?
Alex M: We are in New York and New Jersey so there are no earthquakes, luckily.
Alex M: In instances where you have orders in you will be covered.
you: I am trying to select the best 2 brokers to test for my first Forex trades so that`s why I am questioning these things
Alex M: It is totally understandable.
you: what about the money. Is it guaranteed in the (rare as well) event that the company ends like Lehman Brothers?
Alex M: No currency trading company in the US offers insurance. We have an office in the UK which offers insurance.
you: well earlier today someone told me that the company behind Forex.com is Gain Capital and its a UK company...or I am wrong?
Alex M: Gain Capital is the parent company. However it is located in the US. We have an office set up in the UK which falls under FSA regulation.
you: that`s why the site asks if I am a Us citizen then
Alex M: Yes. Did you fill out the application for the US office or the UK office?
Alex M: GCUK is the UK office.
you: so there is no way to protect the money once i send to your company?
Alex M: Your funds will be insured up to 48,000 GBP
you: Any particular reason for the odd number? thank you
Alex M: I'm not sure. That is FSA - Financial Services Authority - regulation
you: Ok, thanks for the info then. I will proceed within few days with the UK office then.
you: Kind regards,bye
Alex M: Have a good day.
you: you too thanks