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Please advise

Discussion in 'General Forex Talk' started by ivolux, Feb 27, 2008.

  1. ivolux

    ivolux EvestinForex.com Rep.

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    Hi there.

    I really like this web site and it helped me a lot, but after reading all this scam about well known brokers I`m confused :confused:

    Please advise a "good" broker.

    Would prefer:
    MT4
    Swiss broker
    no dealing desk

    Is there anyone out there that meets my requirements?

    Cheers

    Happy trading to everyone:)
     
  2. Pharaoh

    Pharaoh Colonel

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    Ouch! Tough question.

    Th first thing to keep in mind is that not every "Swiss Broker" is really Swiss. Some are, some aren't. To be 100% sure, you'll need to figure out what's the Swiss equivalent of NFA/CFTC and ask them if the company is really registered in Switzerland.

    The second thing is that almost all brokers claim to be "no dealing desk". All this really means is that your orders aren't physically handled by a human. Just because a computer handles the orders doesn't mean that the broker isn't trading against you, manipulating prices, delaying orders, etc.

    The third (and most painful) thing is that almost all MT4 brokers are trading against you. If you tend to place longer term trades and use wide stops, then this shouldn't be too much of a problem. If you like to trade short timeframes, use tight stops, or go for news spikes, you might find your trading career to be rougher than expected.

    I had a similar set of requirements, except that I wanted a US brokerage. The MOST important thing to look for in reviews is if there have been any problems withdrawing money from accounts with the broker. The second most important is if there have been any problems with the broker reversing profitable trades. If you see complaints like this, don't bother reading more about the broker. Even if they have the world's greatest platform, spectacularly knowledgeable customer service reps, and free online training that will give you a PhD in forex, none of that will matter if you can't collect your profit from them.

    My advice to find your broker:
    1. Prioritize your requirements and make a list of brokers who meet them.
    2. Filter out those with even a hint of stealing money money from clients.
    3. Verify the broker information (such as "are they really Swiss?")

    At this point, you won't have nearly so many brokers to look at. Now it's just a matter of looking at features you require, features you need, and what sort of ratings they've been given. You probably won't find a perfect brokerage, but you can probably find one that will be good enough for your needs.
     
  3. Trade meister

    Trade meister Recruit

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    Re: Pharoah

    I'm wondering why you don't just tell us who you use or who is the best from all the knowledge here?

    I mean who does Felix and Rob use? Wouldn't that be easier? It would be for us, lol

    Phil
     
  4. Pharaoh

    Pharaoh Colonel

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    I didn't mention mine since Ivolux was looking for a Swiss Broker

    Using the same methods, but with different priorities, I settled for IBFX. They DEFINITELY aren't a great broker, but they met my standards nad have functioned ok.

    I gave a detailed description of the advantages and disadvantages here:
    http://www.forexpeacearmy.com/forex-forum/forex-brokers/1133-interbankfx-com.html


    I'm not sure who Rob uses. Unless he's changed brokers, Felix has been using MB Trading. The user interface isn't the friendliest, so if anyone decides to go with them, I'd definitely recommend some extensive demo account time to learn how their platform works.

    EFX is sort of a Forex-specialized subset of MB Trading. They have a new, more user-friendly interface that's being upgraded. If it gets significantly better, I may move my trading over to them.


    I have come to the conclusion that there is no one perfect broker for everyone. Each of us wants different things from a broker, so it's best to decide what you must have, what you want, and what would be nice and then base a search off of those parameters. Thus, don't use IBFX just because I do. Don't use MBT just because Felix does. Do your homework and find a broker that fits your needs and trading style.
     

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