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

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.

My main interest in FXCM was their trading platform which seems great on PC and Android. Unfortunately, I won’t be putting it to the test.

Another reviewer mentioned the Forex.com platform being a bit clumsy. I agree. I am not trading with Forex.com until I can do so using a third party platform.

Again, Oanda’s platform leaves allot to be desired but it does execute instantly and has never had a hiccup. Its just hard to really get a visual on what price action is doing. Their Android app is also very reliable but has no bells and whistles.

So, I’m starting to wonder if it would be worthwhile to place my trades on Oanda while using two or three free platforms for reference.

If my offer to help came across as anything other than sincere, I apologize. While you may be new to the BabyPips forum (welcome btw), FXCM has been present on the forums since 2009 helping traders with questions/problems, and we’ve had our own dedicated Broker Aid section since 2010, Broker Aid Station. Far from lurking, I’m here to help anyone with questions about FXCM and/or fix problems, and you can find me on nearly every forum. If there’s a problem, we’ll own up to it and do our best to help. I know that you only get one first impression, and I’m truly sorry if we blew it. I don’t know what experience you had with FXCM customer support over the past couple of months, but from your reaction I wish I knew so we could work to ensure it did not happen again.

All the best with your trading,

Jason

Don’t bother with Oanda, they are ‘playing cheating games’ just like the other bucketshops.

FXCM. I’ve used their micro account before, so I would vouch for them

This is the first time I heard anything bad about Oanda and have never heard it referred to as a Bucket Shop. Would you mind expanding on your experience? I trade with Oanda and so far, so good, but I have not really invested huge sums with them. Please elaborate!

There was the claim of a 200 pip spread I saw somewhere but I chalked it up to a system error. Maybe there is some truth?

Thanks

Hi guys. Am new to Forex. Been using the etoro webtrader and mobile app.

Anybody have any experience with etoro?

LOL. I started that exact way on Android. When I started clicking buy USD/JPY on etoro and making hundreds of demo-dollars per day with never a loss I was hooked. But I had no idea why I was winning. It was chance.

I quickly graduated to a more sophisticated platform. Etoro does not have any technical analysis tools either in their apps or online platform. So, although I can’t say I have traded live with etoro, I cant imagine trading with them now. Its like trading blind. Once I knew about Forex I started scratching my head about how anyone can trade with etoro. Maybe if you are a strictly fundamental long-term trader it is OK, but most traders are not. So I have to assume that a successful etoro trader uses other tools to make their decisions and place their trades on etoro.

But the majority of etoro folks are “social traders” and I would guess the majority are not very successful. IMO, Etoro is fun, but not for devoted traders who need to earn a living. This is just my opinion, having tried it.

Now I trade mobile and PC using Trade Interceptor. It is the most featured mobile app you can get. Forex.com had a nice platform for a while buy they ruined it with an update. So I stuck with Trade Interceptor.

DO take the Babypips School course. DON’T pay anyone for training or mentoring. Also, check out the many webinars at forexpros.com

Thanks for your sincerity Jason.

If I thought your help would matter I would take up the opportunity. But all your service reps do is justify their errors and ignorance. They have not taken responsibility for the broken website application process and general lack of knowledge and communication.

Still, Thanks for your concern.

Trading “against you” means the broker is taking the other side of your trade. This is a separate issue form the nature of a trading desk. Check out the Pip school for explanation of trading desks. I know its not very comprehensive but it will give you enough to do further research. Different Types of Brokers | Brokers 101 | Learn Forex Trading

Best wishes.

Thanku for ur advise… I am making my way threw the school of pipsology. The reason I opened practice accounts is to practice as am learning. But I find ur right. The etoro web platform had no trade tools really.

I will defo check out the website.
Thanks

Hi forexcalibur,

I’ve been up in the air about choosing FXCM as a broker but your post clearly shows some issues with their customer service and I have found it useful in my search. I’ve spent the last few weeks trying to find a replacement for my current broker “IG Markets” but it seems I’m learning that if your bank roll is on the small size then you can forget being treated equally as someone looking to open a 100k account.

Good luck

Hey, I started trading with $100.00 with Oanda and was treated as if I had a million bucks in my account. Check them out! A previous post mentioned some unspecific issue but provided no details. I’m curious to see what?

To test them out, I withdrew a meager $40.00 and I had a check in 3 days.

The only thing I’m not happy with is their desktop-web platform. MT4 is available but I’m not a fan. Still, I place my trades with it but use another platform to make decisions.

Thats good to know, I can only really compare two compaies I’ve used so I would definatley give them a trial run but being Australian I’d most likely have to fease international transfer costs I would assume…

What platform do you use for your decisions if you don’t mind me asking?