Which is your best broker?

haha, the biggest yes but not necessarily the best ones. They either have quite large spreads or commissions. I wouldn’t think, big is better when it comes to FX brokers.

FxPro should NOT be on any trusted listings. They can’t even process a simple declined transaction. I had my deposit declined, and I’m still waiting for over 2 weeks now to get my money back. If that’s your definition of trustworthy, best not let your guard down.

“Most trusted” by whom?! :eek: Not by anyone who’s done much due diligence, for sure. Oanda is the only one on that list that I’d touch with a bargepole, myself.

All that being said, did you actually have any recommendations for decent brokers?

Hello, this is my first post here at baby pips.

I’ve been using eToro for a few weeks. I opened a live account with $600 and in a few days I earn $300 extra. I was monitoring one of my trades where I was loosing. I had a stop loss near the current price. While I was monitoring, the current price hit my SL but suddenly my SL changed so it didn’t hit the SL. Then again, the price hit the new SL, but the SL changed a few pips, until I manually closed my position.

Do you think eToro was cheating on me because I was doing well on their platform? I still have my funds there so I don’t want to complain to them because I want to make sure I can withdraw the money I made.

Thanks Tania… Unfortunately I didn’t record a video because in the meantime I was loosing pips :slight_smile:
I have already filled a support ticket about it. Let’s see what they say

I used to like eToro… or at least it is my first forex experience. I have now entered Hot Forex. All forex brokers seem identical when they rely on Metatrader platform. Now I have to understand the stuff about lots… in eToro you just type the amount in $ you want to invest and the leverage on each trade. Your SL cannot be bigger than the invested amount. It’s very simple. But I can’t trust them anymore. Hope I can withdraw my funds without problems.
I’ll take a look on OctaFX.

Hi
Why cant you trade on the news with them thats my main stratagy.

Thanks Justin

Answered here.

(Apologies: you’ve asked basically the same thing in three different threads and I probably replied in the wrong one! :8: ).

I like Freshforex fair bit but to be honest, I like their bonus more :smiley: as they are offering 75% for my 600 deposit, I like it a lot since I am generally a bonus lover due to my highly risky style of trading!

Bonuses are a [B]huge red flag[/B] about a “broker”, for account opening, Kieron.

Genuine brokerages can’t and don’t give bonuses. Bonuses are offered by counterparty market-makers who are pretending to be brokers, because of the type of inexperienced clients their business model revolves around specifically attracting. Trading through such “brokers” imposes a significant handicap on their customers (as can be seen and proven by comparing the proportions of winning/losing account-holders at those “brokers” with their proportions at genuine brokerages, whenever independently audited figures are published).

The result of that is that their customers almost never actually manage to benefit from the bonuses, other than perhaps by lasting longer before they blow their accounts and move to another new “broker” to qualify for another “bonus”, and they end up circulating around such lightly regulated “brokers” without ever becoming steadily profitable traders at all, and sometimes without really understanding why.

This may help you. :wink:

I don’t altogether “blame” them, but it always saddens me to see them stacking the deck against themselves so much, by so misguidedly choosing to use that type of broker.

In a field of endeavour with such low overall success-rates, few can realistically afford to be putting themselves under such a disadvantage at the outset. This is among the things that actively prevent them from ever having any real chance of [U][I]becoming[/I][/U] the “serious trader” you’re talking about, Tania.

The irony of the situation is that they’re [I][U][B]exactly[/B][/U][/I] the ones without enough understanding and experience to understand why.

That’s why it’s so easy for these companies to pretend to be brokers, trade against their own customers, and gradually take all their money. It doesn’t matter to them if they offer “bonuses” because [I]it’s only theoretical money that they almost never actually pay out at all[/I].

OK finally I’m out of etoro and signed up on ICMARKET. I love the cTrader platform!

Hi All,

New to the Forex world so I need to find a good platform. So after reading the difference between retail brokers & ECN. Can anyone recommend a market maker broker using a hybrid model who will move a trader from the B-book (trading against you) to A-book once it becomes clear that this trader wins more than he loses?

Cheers
Will

CTFC just filed a civil enforcement action against FXCM in a US court, accusing them of undercapitalization, failure to timely report its undercapitalization violation, and guaranteeing against customer losses at the time of the crisis with the Swiss franc (CHF) in early 2015.
I am kind of confused why this is happening so late after the fact. Also, what happens now?

I have been with FXCM for 7 months now and use them for the following reasons:

  1. NDD. They dont trade against you like market makers do.
  2. New York close.
  3. I like their marketscope trading platform.
  4. Live trading desk. You can ask their analysts any question you like and they answer you real time. This is real cool.
  5. Heavily regulated and your money is guaranteed with them up to 70k so if the company tanks your deposit is insured.
  6. RDP server included with a minimum deposit. Nice feature but I stopped using it for lag reasons.

I would never sign up with a market maker no matter how good they sound. With straight through processing, its in the companies best interest for you to be a successful trader as the longer you trade the more money they make in commission.

Try [B]FreshForex[/B], it has the best customer service as i experienced with other brokers and their spreads are from 0.5pips.Also [B]FreshForex [/B]offer their own MasterCard which does not charges fees when withdrawal.

Onetrade look real intermediary between banking market someone something
to say?

No just yet another bucketshop that makes market for you.

I undertand but which will lie us at least,point me to someone?

Hi MLawson, while I’m not authorized to comment on this personally, I can refer you to our official response below:

FXCM Issues Statement on CFTC Complaint

NEW YORK, Aug. 19, 2016 (GLOBE NEWSWIRE) – FXCM Inc. (NYSE:FXCM) (or the “Company”), today issued a statement on the complaint filed yesterday by the Commodity Futures Trading Commission (the “CFTC”) alleging violations of certain provisions of the Commodity Exchange Act. The CFTC claims relate to the unprecedented and unforeseen crisis that occurred in January 2015 — more than twenty months ago — when the Swiss National Bank (“SNB”) shocked the world currency market by announcing in the middle of a trading day that it was discontinuing the minimum exchange rate of the Swiss Franc to the Euro (the “SNB Event”). The Company is very disappointed by the CFTC’s decision to file this complaint and attempt to punish FXCM who, like other market participants, was a victim of the SNB Event.

The SNB Event damaged world markets and damaged FXCM and its customers. By the close of business on January 15, 2015, FXCM customers lost approximately $225 million. As a result of such losses, FXCM experienced for the very first and only time in its history a one-day regulatory net capital shortfall. FXCM thereafter promptly notified both the CFTC and the National Futures Association (the “NFA”) of its net capital shortfall due to the unforeseen SNB Event. Within hours of that notification, teams of CFTC and NFA personnel were on site at FXCM’s offices.

Faced with the crisis of the SNB Event, FXCM and its board of directors worked around the clock to raise the funds needed to cure its regulatory shortfall. We succeeded. By the next afternoon, the Company cured its capital shortfall through a $300 million loan from Leucadia National Corporation. We averted the crisis. Given those facts, we could not be more disappointed that the CFTC has decided to pursue an undercapitalization violation claim against FXCM. Such a claim under these circumstances is unprecedented and unwarranted. We are also disappointed in the CFTC’s intimation that the Company’s “seatbelt” system contributed to the FXCM’s undercapitalization during the SNB Event. To the contrary, the Company’s seatbelt system prevented FXCM and its customers from suffering additional trading losses that day.

Equally unwarranted is the CFTC’s claim that the Company did not timely notify the CFTC of its net capital shortfall. As noted above, the regulators were fully apprised of the capital shortfall and, within hours of the SNB Event, the CFTC and the NFA were on site at FXCM’s offices.

We also see no basis for the CFTC’s claim that the Company improperly guaranteed customers that they would not lose money. To the contrary, FXCM repeatedly represented to and warned its customers of the significant risks of trading FX and that such trading is appropriate only for individuals who can assume risk of loss in excess of their investment and margin deposit. In fact, FXCM customers were required to acknowledge in writing that they received no guarantees of profit or freedom of losses from FXCM or its representatives.

This action is unfortunate and disappointing, but the good news is that, because we acted as expeditiously as we did in January 2015, we protected our clients, we protected our employees, we protected our shareholders, and we protected our franchise.

About FXCM Inc.

FXCM Inc. (NYSE:FXCM) is a leading provider of online foreign exchange (FX) trading, CFD trading, spread betting and related services. Our mission is to provide global traders with access to the world’s largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market.

Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides free news and market research through DailyFX.com.

Trading foreign exchange and CFDs on margin carries a high level of risk, which may result in losses that could exceed your deposits, therefore may not be suitable for all investors. Read full disclaimer.

Contacts
Jaclyn Sales, 646-432-2463
Vice-President, Corporate Communications and Investor Relations
<[email protected]>