1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Which broking software would a pro use?

Discussion in 'Forex Company Comparisons' started by Jrndm, May 12, 2017.

  1. Jrndm

    Jrndm Guest

    Hi all,

    Newbie intros aside, I've been looking into Forex (and commodity) trading, and whats involved.

    One thing I think I've found is that there's a big difference between a Forex broker and a Forex trader. To me, a broker works for a financial company and trades on behalf of someone else, whereas a trader basically just trades, and may not work for anyone. I used to think that brokers were more reputable- typically working for big banks and financial companies, but it seems that indie traders also use smaller broking companies, typically in the form of software/an online broking platform.

    Just reading some of the reviews of those brokers on this site,there are very few with a large number of consistently 4-5 star ratings, and many telling of warnings such as manipulation of spreads; closing of positions at critical/profitable moments and denial of fund/profit withdrawal for very successful traders.

    I consider myself the type who likes to check info thoroughly before making any commitment. My previous experience is with stocks/shares and mutual funds. The risk warning there goes something along the lines of "the value can go down as well as up and you may not get back as much as you invest". With Forex, the warning on some platforms states "losses may exceed initial investment" (!) so we're talking about a step up in terms of risk, and I'd want to use a demo account to start with.

    I was offered a "free" Forex training placement with a certain online Forex Training company, which- apparently- would cost nothing other than the initial £200, which would be mine to trade, under their guidance. They use Avatrade, which may have been one that had some negative reviews, I think. Not quite sure what to make of their offer in terms of scams, etc, but I suppose they might benefit from lower spreads with more platform referrals, thereby partially justifying the training offer.

    Another company approached me offering their tuition serves at a fee, and they use Infinox, which I couldn't find out much about.

    Quite few people on this site seem to use Oanda, with mixed feelings and experience.

    It seems to me that most of these platforms are fairly small-scale "middleman" broking companies. One even seems to have been at risk of going bankrupt a while back, others have had plenty of complaints and-because they're in a powerful position could quite easily take advantage of traders, especially if they're not experts.

    I wanted to ask- if someone was a professional broker- lets say for a big, well-known banking company. What software/platform would they use to place deals? I know it may not work quite the same way because they might link directly to other traders to make their deals- but is there an industry-standard professional software/platform?

    Assuming there isn't, what would users here say would be the best platform to use all things considered, including spreads/commissions, demo account facility, reliability (and non-misuse of their power) and user support?

    Thanking you for any comment.
     
  2. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,679
    Likes Received:
    2,228
    Different traders, even professionals, use different platforms. A few worked their way up and still use MT4. Others use their broker's proprietary platform or other common (and not-so-common) platforms.

    If you have a large enough account, you can move from OTC forex over to exchange traded currency options (REAL options, not BS binaries). The advantages of exchange traded options is that the broker isn't the one setting the price. Instead, price comes from a central exchange.
     
  3. Jrndm

    Jrndm Guest

    Thanks. I had forgotten that it's commonplace on this site for members not to actually recommend particular broking platforms but rather to leave the decision up to the enquirer. At least MT4 seems quite a common one, so somewhere to start.

    But when you see one member replying to an enquirer about which to choose with "whichever lets you withdraw your profits at the end" its concerning. I mean, shouldn't they ALL do that? Like walking into a betting shop, backing a winner and then the bookie changing the odds or refusing to pay out.

    Anyway. Yes, vaguely familiar with exchange trading from ETFs (funds). Seem to recall they were cheaper as not usually traded on the main market. But I doubt my Investment level would qualify at this stage. Am keeping most in the standard (less risky) markets for now, and- if and when ready- may increase any Forex investment depending on results.
     
  4. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,679
    Likes Received:
    2,228
    "Should" is the key word. Unfortunately, nearly all binary options brokers and a significant number of forex brokers are deposit-only. Checking the reviews is important, not just for the overall rating but for the nature of the complaints.

    For example - "They promised 24 hour withdrawals and it's been 28 hours - SCAM" isn't something I find worrisome. Half of those are people who tried to withdraw over the weekend of a broker which specifies that the 24 hours doesn't apply to weekends. Even a GREAT broker will occasionally hit a small snag which slows withdrawals for a day or two.

    On the other hand, a complaint about a withdrawal taking weeks, broker employees asking for the same files over and over again, promising the withdrawal has been sent, then demanding more documents because it hasn't been sent, etc., etc. is something anyone reading the review should worry about.
     

Share This Page