Quote:
Originally Posted by ewokuk
can anyone explain to me how this guy has the impression that I think easyfx is "some magical broker/firm" and "some wonderful firm" after making 1 post comparing some information I have gathered on 2 brokers?
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I wouldn't worry about it. Some here have less patience or are more inclined to deliver caustic replies than others.
Quote:
Originally Posted by ewokuk
"Pick one from the top 5 biggest regulated,
well capitalized, and reputable firms.
Why is this such a difficult task?"
Have I not already made it perfectly clear why that seems to be such a difficult task? apparently not. how do *I* know which are the top 5 firms when all I find from various searches are mainly bad reviews of EVERY firm?
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I can understand why this may seem difficult; but this may be a result of the criteria you are using to evaluate your choices.
First, figure out which firms have the highest all-around visibility in the industry: not only to traders, but to regulators, as well. Among these firms will be those that, on the one hand, are infamous, while on the other hand there are those firms that boast the the highest net capital, which typically correlates to a large quantity of active, funded client accounts. As you may be aware, forex brokers (which are classified in the US as "FCMs") are coming under much heavier scrutiny by the CFTC, and many smaller firms are on the brink of closing or have closed because net capital requirements are purging them from the industry.
An important resource to use to determine the most highly capitalized firms is the latest data posted here:
Financial Data for FCMs
Second, as you are probably well-aware, individual reviews of brokerage firms are highly subjective and vary widely in quality, content and accurate reporting. There is no firm that has not somewhere been accused of everything from excessive slippage during a news release to outright fraud. Are these accounts true? In some cases perhaps, but in others not. Because you have no idea, in the end, if a review is dubious or not, it is best to read them with measured skepticism.
Third, familiarize yourself with the makeup or profile of different firms. You seem to have an idea of what features you would like a firm to have: low spreads, a debit card, etc. There are few to no firms out there that will be a 100% match for your preferences. Some factors must take priority, though: regulatory oversight, stability, and net capitalization among them. Once you have a list of firms that meet those conditions that are essential, you can then begin to narrow further according to your likes/dislikes.
The goal is to arrive at a short list of firms (two or three) that are tightly regulated, well-capitalized, highly visible, have preferably been established for a number of years and which have platforms and features (e.g, money movement) that correspond to what you want. From there the decision is easy.
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