FXCM, Oanda and forex.com, Which is best?

I have used all of those brokers in the past.

I prefer oanda over all of them.

The main advantage to oanda is interest on your margin deposit (credited daily), low spreads (i don’t care what the spread is during news time), flexible lot size, and continuous interest payments on open positions. However, their charting does leave a lot to be desired. I use Metastock end of day for most of my analysis and oandas built in charting to view shorter time frames.

FXCM has been a fair broker, though their spreads are too high. I had a trade discrepancy with them in the past, they said it was due to a bad tick. I reentered the trade at market, and my account was credited the difference from where I was stopped out at. It is also convenient being able to fund your account with a credit card. Their free charting leaves a lot to be desired.

Forex.com, I did not like their interface and their spreads are the same as FXCM, the ability to trade/check positions from your mobile is great, but in all fairness I wasn’t with them long enough to comment on anything more then that.

Guys, I do not know if this is only by chance, but most have reviewed FXCM as a ‘scam’

Online Forex broker reviews | Forex Capital Markets Review | fxcm.com rating

Actually, I would really encourage all guys to research their broker before starting up very well. It’s not just you will be able to trade with low spread, and very high leverage. Security of funds is top priority if you want to expand your business.

I still insist that Oanda is the best broker around with no competitors. They provide exellent service regardless that you are being profitable sometimes - which many brokers hate.

I use and like Oanda :).

hi i am new to trading but i like it so far. i have tried ACM, forex, hexense, fxcm and moneyforex. i like moneyforex because of the low spread.

all of you guys are saying that oanda has good spreads but EUR/USD is 1.29596/676 isn’t that 8 pips?

i believe that oanda spreads increase when the market is closed.

Oanda spreads for EURUSD is 1.5 pips during normal days, and 10 pips during weekends. Spreads can increase at certain trading times, or during major news announcements.

I Love Oanda for everything but the charts. I am thinking about programming all my strategies in Metatrader so I can set alerts and have them sent to my cell phone during those bedtime hours :slight_smile: . Then only using Oanda to place orders through > I hope they update their charting platform someday but I still think they are worth using despite that minor problem to overcome.

                                Topgun

i read online reviews about oanda that people complained about sometimes they do not put the orders through or they don’t honor the stop loss or the limit.

Anyone in here tried Tradefreedom?

very interesting guys about oanda ,i’ve been trying forex.com, fxcm , with gft dealbook360 ,i’m still new at that and don’t yet wich one i’m gonna pick,
:slight_smile: still practicing with demo

I have seen Oanda eur/usd gone upto 15pips 20 mins before a German zew sentiment (3 months ago). It was 20 pips just after the news and stayed like that for 334 seconed before it went back to normal spread.
This is just one of many times I have seen eur/usd spread go throgh the roof even on a moderate market voliatality.

YouTube - Oanda spread on Non farm payroll 2/2/2007

Have a look at the GBPUSD earlier this month. 200 PIPS spread on NFP. Not that I traded the NFP, but I certainly do not want my money with this company. What is next??
But that is my opinion. Good luck to the Oandans here. May the PIPS be with you. :slight_smile:

I have never used Forex.com or Gaincapital.com, but i have recently found out on the NFA website when researching brokers that Gain Capitol Group is facing 3 counts of penalties from the NFA.

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=970

To be fair for Oanda, they have refunded the customers who were effected by that NFP drama. Couple of my friends whome their account got wiped out , confirmed this. Oanda said it was a technical problem and it was suppose to be 20 pips NOT 200 pips.

Hello everyone,
does anyone know about Northfinance.com? I want to choose them as my broker since i like there platform, BUT do not know of their credibility or any other reason why i should not choose them? Thanks for all your answers in advance.

The company I hear the most positive feedback about is Oanda…

I asked about this in another thread, hadn’t seen this one!!

I have been looking at ACM, and like their interface.

If anyone has a pip horror story about them, please post !!

Stewart

Oanda is the best.

I have accounts with Oanda and Forex.com but have a strict policy against FXCM. Their policies are suspect, their representatives are confused and uninformed. Trying to open an account with then took moths before I gave up I still get phone calls asking me to “go live”. Why would I trust them with my money?

Hi Forexcalibur,

Thanks for the feedback. I would be happy to help resolve any issues you have had with FXCM. If you are interested, you can email me at [email protected] and I will provide you with solutions as quickly as possible.

For most clients, the account opening process is very easy. Most traders can typically start trading in 1-2 days after completing the online application. We outline the 3 steps to open an application at Open a Forex Trading Account | FXCM Currency Trading Account.

I hope that helps.

  • Jason

I have had no positive experiences with FXCM. The reps are not polite and they all seem burned-out and irritated with having to answer questions. I called several times and was told that I never applied (even after I submitted ID twice!) So then I was instructed to apply again and was told that I had exceeded the number of times I can apply and so I can not have an account. This is only ONE issue I have had.

In addition, when I became leery of FXCM I decided to try a micro account and was harassed by an arrogant rep who tried to goad me into opening a regular account by trying to making me feel silly for wanting a micro. He said something to the extent of “[I]serious[/I] traders don’t use micro accounts”. I never got passed him to actually get the micro opened.

It seems to me FXCM only offers the micro to compete with brokers who do offer it but have no intention of making it easy to open one. In addition, FXCM charges a surcharge in addition to the spread on micro accounts. Who does that?

IMO, once I decided to play it safe with a micro account FXCM decided I was not worth dealing with because I was not fronting big money.

Businesses get ONE chance to make a good first impression on customers. I gave FXCM several over two months. I am no longer interested in their services. To this day I still get emails and phone calls wondering why I’m not live with them, even though I have been very clear that I’m just not interested. IMO, very poor communication and info-sharing in that company. It makes me wonder how deep that issue runs.