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

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?

Hi this is very good thread, alot of information i get from here. Well i like FXCM, but now after reading some opinion here, i kind of hesitant about it, well it’s true that their spread is large unless you open a $50,000 account with them, the difference between about normal account with active trader account is pretty huge, for EURUSD on normal account the spread is 2.6 but on active trader account (require $50,000 to open) the spread is only 0.7 thats 1.9 difference, and i think thats huge especially if you scalping.
Well one things i would recommend is their platform marketiva 2.0 and FXCM trading station, it’s very user friendly, very fast execution, you just need one click to open or close a trade and if you have alot open trade (5 or more), u just need like 2 or 3 click to close all trade, now compare that if you using MT4, it’s a very fast execution, and fast execution is you need if you are scalping.
So far their trading platform is the best i know, well i’m looking forward for MT4 to have one click execution just like on IBFX, here is the video 1-Click trading on MT4 with IBFX - YouTube
Well i tried one click execution on MT4 (IBFX Demo Account), but it’s not as good as FXCM Trading Station but it’s better than nothing you know.
Well anyway if anyone know any good broker with good trading platform, let me know? Best broker mean they need to have a good trading platform also and i prefer one click execution to enter and exit as fast as possible.

Matthewdean,

I use Trade Interceptor.

Thanks, I’ve actually been using TI on my Iphone! Fantastic app.

I am with IBFX and is a mix of Oanda and Forex.com, the spreads are great but go widder up to 10 pips and everyday they have a 3 minutes trading halt. If you are a scalper or day trader ibfx is not for you, forex.com neither, many requotes. If you are swing or position trader any broker will be good.

Regards.

Am also trying out Alpari metatrader 4. Seems good, so far so good.

Mr Gone:

Good to know.

Shaz1507: I’m looking at Aplari as well. Let me know what you think.

I’ve seen lots of love for Oanda so far on this thread, which is encouraging as I have been looking at them as well as FXCM and forex.com. MB Trading is the other one that, to me, looks good from what I see on their website. Anyone have anything on MB? I’ve seen the typical love/hate “reviews” on other sites so just curious if anyone here has any firsthand knowledge.

I looked at MB as an option for using Trade Interceptor and then found that its not really offered by TI. So, I did not look too closely. However, it looks interesting and I’m interested in learning more. Does anyone know if they allow Micro or Mini lots? I never jump full-in with a new broker. Learned that lesson to many times.

Well I have the meta trader 4 platform downloaded n so far so good, spreads seem to b good, got a lot of tools etc ( can be a little overwhelming for a newbie like me at times) trades a lot of markets to. I think am gonna stick to it for a while and try n get used to it. So far its better than the rest I have tried like etoro, fxcm, oanda and forex.com.