I’ve read numerous online threads on various forums to little if any avail in finding a decent broker that uses the MT4 trading platform that doesn’t rip off its clients. And if that wasn’t enough most review sites are either scams themselves or I find out that most clients have been ripped off by these brokers that use the MT4 trading platform.
Can you help me find a broker that you have experience with using MT4 and one that works well with EA’s as well?
I forgot to mention that the broker needs to be NDD using ECN with MT4 if you have any recommendations. All these brokers tell lies when they say they use no dealing desk.
Ok, thanks tymen1. I am not used to other platforms but if they are truly genuine on their own platform they should be worth trying out.
In the meantime though do you recommend any MetaTrader 4 brokers that use the platform as their primary software for retail clients? I have read that there is a way to make MT4 software work with ECN broker if you use some dll or a plugin (or an abridged server?) that mods the software or something but it is far from me to know exactly how or if it works. I just need to get past lies from brokers that pretend they are ECN when using MT4 but aren’t, I think they must mean on a different platform of theirs but never make that clear.
If I don’t find a decent MT4 broker then I guess it will be one of these two you mention, everyone seems to have only good words for them right now.
The Current broker i am using STIFX is NDD, which is direct execution to all there sources, banks. They are using MT4, quick execution. The are offering Gold, Silver, Crude Oil, And various currency pairs in MT4 platform. I cant recommend others, cause i am happy with STIFX, since i am getting quick withdraw and deposit facilities, good customer support and quick execution in MT4 is all what i need… rest depends on how i trade, whether i lose or win hehe
I’ve heard from a non-dealing-desk broker forum that MT4 is per default incompatible with NDD brokers. I really hope that that statement isn’t true. Can someone with more knowledge than me clarify this matter?
I hear/read the same things over the years but brokers claim they use NDD on MT4 platform, what to believe? I plan to go/move with a broker that is recommended by others and stick with it if I am happy.
I dont agree on that Statement that MT4 is incompative with NDD Brokers. MT4 has the capability for it to have execute freely to Its Liquidity providers, with no playing around of dealing desks… If your broker is playing around the spreads, and such, it just should give you a signal, they are greedy, and dont care about there client.
The Broker i am using STIFX, i havent have any problem, they are true on whatever they say, and explain in detail, that i am still very happy trading with them… And all my orders get executed immidiately… Best luck.
My Story with IBFX : Initial Deposit $2500. Made profits . Very nice. Upto $10,000. Liked stuff - so put in even more money. $5000. Profits went upto $30,000. Then all of a sudden , had stream of ugly looses. Lost all that faster and now zeroed that ac.
Total invested $8000 gone down the drain.
Early days looked promising and later what was happening - I felt that it directly went for my stops and took just the opp positions to what I was taking. Whenever I tried to scalp on an Eco Report that I knew would go some way, if always knocked me off that position before anything occured . Also the Fx events on the charts where not on in synch with the Eco report but before and after that. That was not the case earlier.
I wondered - could Mt4 be programmed to go 180 deg against your position, so as to take u off completely ?
I dont really understand - is that what we call " dealing desk" or is this a common exp with all half baked folks like me.Could this be just an “impression” and the real fault is that I dont know Fx trading- more Homework is needed ?
But that why this sudden - anti profit behavior of IBFX now that was not earlier ?
That is why I prefer having MT4 with a data stream that is different than my broker. I only want my broker to have a good trading platform, fast executions, no stop-hunting etc. I prefer to keep my charts with a separate data feed so I am not relying on only one source for price at any given moment. Often I have 2 (demo) MT4’s up from 2 other brokers (ODL and IBFX) for even more comparison. This way I can also try specific strategies in my demo accounts while trading live in my real one.
I do not recommend FXCM, when I was with them every time I put a stop, it was taken out. I am with FX Solutions now, much better platform, better executions, better keeping track of trades and so far not one of my stops has been taken (I use pretty generous stops if I make them visible).
EFX has been bought by MB Trading. MBT is reliable & honest … but they still have to figure out how the internet works Their trading platform is basically sucks and their funding options are rather prehistoric. Two weeks to fund an account unless you want to pay wire fees. With FX Solutions I was approved and funded in less than 3 hours.
I am not ForexBastards . I am just a beginner have never really taken Fx so professionally and do it side by side to my IT work.
So then its wrong trading technique ? Not brokers. But everything remainining same I suddenly found a situation , that any scalping attempt of a quick trade here and there was almost everytime beaten of just opp to what I had been doing. Is this to just a mental impression and bad trading or possibly change in IBFX’s approach.
You come right out saying IBFX is “scam”. Of course it is YOU and
not the broker. Now, if you are talking about some unregulated and unknown sham located in Cyprus or Nigeria or even Russia, ya, it could be some little undercapitalized scam broker run by crooks but do re-think about your skills as a trader first before throwing out words like SCAM where a big regulated firm is involved. There are way too many people who seem to think that a broker/firm has the ability to manipulate the price against you. How would that happen exactly? Stop hunting perhaps but in order for that to work against you, these brokers must have the ability to see the future and to manipulate the prices against you. Wow… that’s some mystical skill. Why aren’t all of them over capitalized then and multi-trillionaires? Stop thinking and talking like ForexBastards then.
sieger007 don’t blame yourself on this one, Interbankfx clears through FXLQ a notoroius bucket shop. Interbankfx also claims to use STP and not a trade desk. However, all trades go through the trade desk.
Worth to mention, I believe FXLQ takes on all the risk themselves. So basically, if you are are making money, FXLQ is losing money. If so, watch out, your account may just be targeted as it was. Jonnyfx is either just experiencing what you did or is an IBFX employee.
The problem with complaining to the CFTC or the NFA is that practically you must have someone on the inside who is willing to provide you with proof of their scam, otherwise the only thing you can do is scour their site for violations that you can report to them.
As far as being label a forexbastard for telling your experience is obious who the bastards are in this case. IBFX.
You took on way too much risk. That is why you had those great gains. The same risk is why you gave it all back and your deposits.
I have been using IBFX for a while now and no problems at all. No, I don’t work for them.
There’s another website around that specializes in crying about your broker when you lose all of your capital. FPA will give you much more support.
If you ever wonder about one brokers feed vs. others, it only takes 5 minutes of your time to check it out. When I first started I would check different feeds because of all the threads like this that I read. I don’t bother checking anymore because I have [B][I][U]never[/U][/I][/B] found one feed vs another to be more than a pip or two off.
Their trading platform is basically sucks and their funding options are rather prehistoric. Two weeks to fund an account unless you want to pay wire fees. With FX Solutions I was approved and funded in less than 3 hours. 