Trusting a Broker?
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  1. #1
    Join Date
    Dec 2006
    Location
    Washington
    Posts
    213

    Default Trusting a Broker?

    Hello everyone,

    I was wondering if you can generally trust a broker with your green backs. Because essentially with some brokers and the agreements you sign they have complete authority over your account. So it just makes me a little cautious trusting a broker with my disposable income. I heard of this idea of just given them a portion of your trading capital but still trading as if you had all of your trading capital with them. Which I figure isn't a bad idea as long as you have enough in there to keep your positions open so you don't get a margin call. So I guess my general question is, can we trust brokers with your trading capital or would it be a good idea to only have them hold onto the bare minimum so you can get your trading done? The problem with that idea I see is if you have a losing streak that you would probably have to put more money in so that you can start trading again and that would slow you down. So I suppose you would have to consider your max draw down and add that on top of your trading capital that is sufficient enough for you to make your trades. Any thoughts?

  2. #2
    Join Date
    Dec 2006
    Posts
    440
    Hi,

    I have 2 brokers, i`m based in the uk and over here we have the fsa financial something authority, they wont screw you out of your money if thats your worry, as long as you stick to some of the more established brokers, which there are plenty.

    I`m not saying goe with one of these, but saxobank
    forex.com
    cmcforex

    don`t go with anybody small, there are other reccomendations in this forum its worth having a look at those threads

  3. #3
    saxobank is a pretty good bet. I would recommend going over the forexbastards review site on brokers, but it seems its getting a little too cluttered with info. n_aftab has a good point, there are other threads in this forum that talk about brokers. Also, it depends on what kind of trading you are going to be doing?...spreads on the GBP, EUR...etc

  4. #4
    Join Date
    Dec 2006
    Posts
    99
    wow, forex bastards have alot of scary reviews on oanda and fxcm. i was considering opening an account with oanda but now im worried. i also used to trade with fxcm and never really saw a problem but people claim its a scam? man, im back at square one and looking for a broker that allows micro lots.

  5. #5
    Join Date
    Dec 2006
    Location
    Cairo, Egypt
    Posts
    327
    I trade with Oanda for a year, it's simple and plain, I do not know but you surely scared me

    Saxobank is a strong choice indeed. If you want to be with big boys.

  6. #6
    Join Date
    Dec 2006
    Posts
    1
    I traded with Refco for a while, then FXCM. They both were extremely disappointing. Recently, I opened an account with forex.com, and really like some of the offers they make in terms of research.
    I've heard good things about Saxo, but I don't want my money being held overseas.

  7. #7
    Join Date
    Dec 2006
    Posts
    99
    i want to open an account with interbank fx. they offer micro lots which is great for me. also they use MT4 as their platform, which is a system i really like to work with. my biggest concern is with carry trading. i was going to trade with Oanda to try Carry trading but since im considering IBFX i really want to know if their rates are good or do they rip people off.

  8. #8
    Join Date
    Dec 2006
    Location
    Cairo, Egypt
    Posts
    327
    Quote Originally Posted by honeb View Post
    i want to open an account with interbank fx. they offer micro lots which is great for me. also they use MT4 as their platform, which is a system i really like to work with. my biggest concern is with carry trading. i was going to trade with Oanda to try Carry trading but since im considering IBFX i really want to know if their rates are good or do they rip people off.
    Oanda pays interest on time every day. That is what I have experienced.

  9. #9
    Join Date
    Dec 2006
    Posts
    99
    Man, my head is spinning. finding a reliable broker is so hard. after reading forexbastards i really dont think Oanda is as reliable as thought and they have so many kinks in their systems that is just rediculouse for a professional broker. im surprised they havent worked out the obviouse problems and complaints first before they started introducing some cute gagets. i personally like the MT4 platform better but i dont know if i trust them at all either. i dont know what to do. i can live with the pip spread growing to as much as 30 pips (just as long as it doesnt stop me out of a trade prematurely), i can live with a 50:1 leverage (i can always double my account then double my trades), the one thing i cant really stand is their lack of a trailing stop and the fact that i keep getting disconnected while im on th platform. i am testing other platforms right now and i dont notice this at all with the others but for some reason oanda is just disconnecting. also i read that they have a dealing desks whitch delays orders from being placed.

    i really would like to know what to do. but if interbankfx pays interest well i will definately go with them.

  10. #10
    Join Date
    Dec 2006
    Location
    Washington
    Posts
    213
    Quote Originally Posted by honeb View Post
    Man, my head is spinning. finding a reliable broker is so hard. after reading forexbastards i really dont think Oanda is as reliable as thought and they have so many kinks in their systems that is just rediculouse for a professional broker. im surprised they havent worked out the obviouse problems and complaints first before they started introducing some cute gagets. i personally like the MT4 platform better but i dont know if i trust them at all either. i dont know what to do. i can live with the pip spread growing to as much as 30 pips (just as long as it doesnt stop me out of a trade prematurely), i can live with a 50:1 leverage (i can always double my account then double my trades), the one thing i cant really stand is their lack of a trailing stop and the fact that i keep getting disconnected while im on th platform. i am testing other platforms right now and i dont notice this at all with the others but for some reason oanda is just disconnecting. also i read that they have a dealing desks whitch delays orders from being placed.

    i really would like to know what to do. but if interbankfx pays interest well i will definately go with them.
    I haven't experienced any disconnects with Oanda. Perhaps that is because I am only demoing? I probably going to start small with a micro account until I trust a broker. Even though I have the capital for a mini probably be a good idea to start micro especially if I do not trust a broker.

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