Hallo guys, i am quite new to FOREX trading and I really really wish i can find the best broker to start my real trading with. right now i am using a FXCM demo account and got accustomed to the trading platform but have heard FXCM is a 'trading desk' and may 'trade against you'.
May I please ask what do 'trading desk' and 'trade against you' mean and is it bad for a forex trader like me?
Also, I have heard Oanda and forex.com are good websites to place your money in forex with. So i really want to ask, out of FXCM, Oanda and forex.com which is the best dealer?
Trust me. You will never find a "perfect" broker but there are some good ones. It's true that FXCM is a dealing desk broker but they do offer a non dealing desk platform now. Contact them and ask about it.
I know Oanda and FxSol are popular and I've demo traded with FxSol. I must say I really like the platform and you can set alerts that can go straight to your cell phone.
I only used Oanda so I can't comment on the others but I like it a lot. I love the simplicity of use, the low spreads and slippage. I also like how you can practice as ong as you like with the game which uses the same exact platform as the live site. You can set a fixed balance and save custom layouts on all the pairs you want. They only have 50/1 leverage which is more than I will ever need or want.
I've been trading over 5 years now and must have used over 10 brokers. I would say Oanda is on the top of my list due to their low spreads, great execution, and built in money management features. And yes, 50:1 leverage is more than enough to hang yourself if you're on the wrong side of the trade.
Next is FXsol, they've great charts, easy to use platform, and great customer service. Stephen Cortright runs a tight ship out of NJ.
Last edited by Pipcrawler; 02-08-2007 at 02:16 PM.
Reason: link violation
GAIN Capital Group Named "Private Company of the Year"
Online Currency Trading Firm Honored by New Jersey Technology Council (NJTC) For Market Leading Technology & Strong Financial Performance
Bedminster, NJ - December 7, 2006 - GAIN Capital Group, Inc. a leading provider of foreign exchange trading and asset management services for institutional and individual investors, has been awarded 2006 "Private Company of the Year" by the New Jersey Technology Council (NJTC), a private, non-profit membership organization dedicated to supporting and promoting technology companies within the state of New Jersey.
The "Private Company of the Year" award falls into NJTC's Super Awards category. Key considerations include: being a market leader, unique product/service and strong financial performance. Past honorees include Vonage and MarketRx. This is GAIN's second award from the NJTC; in 2003, GAIN was honored as "Growth Company of the Year."
"We are pleased to again be recognized by the NJTC," said Mark Galant, CEO and Founder of GAIN Capital Group, LLC. "For the past seven years, GAIN has been committed to providing unsurpassed technology and service to our institutional and retail forex trading clients."
GAIN Capital has grown from a start up in 1999 into a global firm supporting clients in more than 140 countries, with monthly trade volume exceeding $100 Billion. In addition, GAIN leverages its proprietary trading platform by actively partnering with brokerage and technology firms around the globe. The firm's joint ventures with approximately a dozen third-party providers allow GAIN to offer 'best of breed' trading analytics & decision support tools along with its award-winning execution platform. To extend its distribution network, GAIN currently supports over 40 white label relationships with broker/dealers, Futures FCMs and other financial services firms in North America, Europe and Asia. These strategic white label partners now contribute approximately half of GAIN's annual revenue.
As a result of the firm's singular focus on delivering a superior customer experience, GAIN Capital has achieved 70%+ annual revenue growth for five consecutive years (FY2000-2005) and is currently on track to achieve 90% annual revenue growth for 2006, its best financial performance since 2002.
"GAIN's strong market position, proven business model and leading technology provide a substantial base for continued growth," continued Mr. Galant. "Moreover, our solid reputation as a principled and reliable partner within a highly competitive market is equally important to our ability to deliver cutting edge technological and product solutions."
Earlier this year, GAIN Capital Group, LLC was named to the prestigious Deloitte 2006 Technology Fast 50, Deloitte and Touche 500 and the 2006 INC 500 list of fastest growing, private companies in the United States.
About GAIN Capital Group, LLC
GAIN Capital Group, LLC is a leading provider of foreign exchange services, including direct-access trading and asset management. Founded in 1999 by Wall Street veterans, GAIN Capital Group is one of the largest, most respected firms in the online forex industry, servicing clients from more than 140 countries and supporting trade volume in excess of $100 billion per month. Headquartered in Bedminster, New Jersey, the company operates sales & support offices in New York and Shanghai.
The company operates two full service web portals. FOREX.com (www.forex.com) provides individual investors of all experience levels with 24-hour, commission free trading, lower account minimums and extensive education and training. The company's flagship service, GAIN Capital (www.gaincapital.com) focuses on the needs of professional forex traders, including hedge funds and money managers.
GAIN Capital Group and FOREX.com are registered with the National Futures Association (NFA) as a Futures Commission Merchant (NFA ID #0339826).
In August 2006, Deloitte & Touche LLP's prestigious Technology Fast 50 Program named GAIN Capital Group one of New Jersey's fastest-growing technology firms. In October of 2006, GAIN Capital was named to the Deloitte & Touche Technology Fast 500 as one of the Fastest Growing Technology Firms in North America and to the INC 500 list of Fastest Growing, Privately-held firms in the nation.
About The New Jersey Technology Council (NJTC)
The New Jersey Technology Council (www.njtc.org) provides business support, networking opportunities, information, advocacy and recognition of technology companies and their leaders. Founded in 1996, NJTC's more than 1,300 member companies work together to support their own enterprises while advancing New Jersey's status as a leading technology center in the United States.
All i can say is GAIN has never let me down
PS: Their new Platform is coming out begining of this year.
I have used Oanda and Forex.com both live. Oanda is nice but the spreads can change in seconds to 10 or more pips across the board. The nice thing about Forex.com is the spreads never change no matter what news is coming out.