Which is your best broker? - Page 17
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  1. #161
    Join Date
    Dec 2015
    Posts
    282
    Quote Originally Posted by dianajs View Post
    Ha, the best broker would the one that pays back their clients' hard earned money, because some brokers don't do even that and then they block their clients' accounts when the clients call them to ask what the problem is.

    Seriously though, the best broker is the one that is licensed, provides excellent customer support, its platform doesn't lose connection, has small spreads, doesn't cause problems for scalpers, etc.
    I am not surprised something like this happened in Russia, what with them introducing licensing only recently, as far as I know. Not that it can't happen elsewhere too, it's just that when there's no regulation the risk increases immensely.

    Quote Originally Posted by Fred Titmus View Post
    I have been with them since 2-3 months to be exact. So far I have made 5 withdrawals in total, ranging between 40 to 80 dollars; I have received it mainly within 24 hours from the requested time. The good little part is, TradeWiseFx don’t charge anything for depositing or withdrawal, although this is hardly concern if you are good enough as trader, but in other way, it is good to have that, as no one mind saving some money especially when we know some brokers charge 2-3% for deposit/withdrawal stuff.
    Regardless of how good of a trader I was, I wouldn't want to be charged for money transfers, to be honest. Why spend that money on something like this when you can keep them for yourself.

  2. #162
    Join Date
    Jul 2015
    Posts
    34
    Well, I have been trading with 2 brokers. XM and Finpro Trading. Well both seem equally good but I feel FPT got a lil more advantage. While trading on XM, i found out thier spreads too wide(they dont charge commission) but the spreads were too high. FPT charges commission but its very small and affordable. But thier spreads are actually tight. on EURUSD, I usually find the spread to be 0.4-0.8 max. FPT has a better platform..Finprostation. I trade majorly through FPT. XM is good too... goodplatform... but due to spreads I trade under limits. Try both
    FPT- 4/5 XM- 3/5

  3. #163
    Join Date
    Aug 2015
    Posts
    28
    Quote Originally Posted by priscaha View Post
    FreshForex is my best broker and im glad to be a client. I like the flexible quantity, no interest and no slippage that they have, they help me a lot with my style of trading.
    I hope such traders will be banned in future either!!!

  4. #164
    Join Date
    Dec 2015
    Posts
    11
    guys, i am astonished by the lack of knowledge on this forum. so let me please help clarify so that this issue can be put to rest once and for all.

    the question is: 'Which is your best broker?'

    the question should be: 'How do you determine which broker is best?'


    FACT1: the majority of retail traders will lose everything.

    FACT2: a brokerage is a business, therefore not a charity, therefore exists for one reason only: NOT TO HELP YOU, BUT TO MAKE MONEY FOR THE BROKERAGE.

    FACT3: knowing FACT1, many brokers are tempted to pocket the client losses as a profit for the broker instead of passing the orders straight through to the LPs and let someone else make the profit.


    knowing all this, the ANSWER is:

    ---> A BROKER THAT WILL NOT BE TEMPTED TO POCKET THE PROFIT COMING FROM ITS CLIENTS' LOSSES KNOWING THAT MOST OF ITS CLIENTS WILL LOSE ANYWAY <---


    so whether the broker offers an ECN venue or not, whether it is STP or not, is all irrelevant because underneath, the broker software keeps track of statistics on all its clients. this helps the broker categorize its clients and decide which client should be on the B-book (market maker model) and which client should be on the A-book (agency model, also sometimes DMA model but DMA could be implemented differently than the agency model, but either way, the broker is never the counterpart to your trades, whereas it is in the B-book model; now, you can have ECN brokers that have to be the counterpart to each of your trades (for hedging purposes and/or legal requirements between them and their prime broker who is extending the credit lines to your broker so that you and other retail trader can trade) but will not act as a market maker; so you see, you can have ECN with thee also broker the counterpart to all your trades, in which case the question becomes: will the broker be tempted?)

    so if you can determine whether your broker will be tempted, then you will know. if you cannot, then you will not know if they trade against you. unless, of course, they tell you in the legal documents.

    also, having the broker on the other side of the trade does not mean it is a problem. it becomes a problem if the broker becomes tempted to cheat you because they lose too much money and don't have a way to hedge the trade risk.

    so there are market makers who will not cheat the client. instead, once they realize their clients become to good and win more than the broker, the broker will hedge this client risk with external LPs (liquidity providers) BUT if they do not have the software infrastructure or prime broker/bank relationships to access external LPs, then they cannot and will have to cheat the clients by manipulating the price feed to either trigger stop losses, margin calls, requotes, and so on.


    now, i hope this whole issue is clear once and for all.
    Last edited by isomorph; 02-17-2016 at 10:21 PM.

  5. #165
    well, i had tried some of brokers , but i think only forexmart is suitable for me
    no risk for 1st time tried them because their no deposit bonus, and they are regulated too
    good fixed spreads, and great trading conditions with their zero spread account

  6. #166
    Join Date
    Feb 2016
    Location
    Newyork
    Posts
    29
    I haven't had problems with FreshForex. But I am very sure there are tons of best brokers out there, this is just my personal experince with this broker, you have your own experience with your broker!

  7. #167
    Join Date
    Dec 2015
    Posts
    11
    Quote Originally Posted by ularnaga View Post
    well, i had tried some of brokers , but i think only forexmart is suitable for me
    no risk for 1st time tried them because their no deposit bonus, and they are regulated too
    good fixed spreads, and great trading conditions with their zero spread account

    please explain to me why would anyone want fixed spreads? that's not how the real market behaves.

  8. #168
    Join Date
    Dec 2015
    Posts
    11
    how long have you been with them?

    also, i was going to but didn't have time yet, to read their legal docs. i assume you have. does it say anything about where they source their liquidity from? Integral? LMAX? Fortex? etc...

  9. #169
    Join Date
    Dec 2015
    Posts
    11
    also this is the 3rd broker i notice is located in St-vincent and the Grenadines: the other 2 being OctaFX and Tallinex.

    any concern with how FF or the others might be regulated considering how friendly Caribbean islands are to creative banking structures?

  10. #170
    Join Date
    Nov 2012
    Location
    canada
    Posts
    135
    Quote Originally Posted by isomorph View Post
    please explain to me why would anyone want fixed spreads? that's not how the real market behaves.
    In periods of high volatility and low liquidity when the spread can grow very big, maybe its better to have fixed to a stable number?

    PS: The best broker is the broker you can actually make a withdrawal, here is my 18 000$ Skrill withdrawal from XM = my-18000-XM-withdrawal - Free & Detailed Image Hosting

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