My intention is to find a reputable establish forex broker. After reading and viewing websites, comments, reviews on this site and others, in the end it sums up to a conclusion, that all brokers outthere are skimming, ploting, scamming to gain out money.
Why is that? Isnt there a single establish regulated reliable broker who doesnt rip customers money? And the reason I say that is mainly because of how brokers themselves make money…that is trading against traders. This fact alone have completely distrust every single brokers outthere even if some claimed to be ECN brokers, but how will that proved and to what extent does the tranparency visible to traders?
In truth is I have not even traded a single cent in forex but after researching I found trading forex is much worse than casino gambling as brokers used tactics like intentional programed slippage, delays and so on so on etc to prevent traders from gaining to its maximum…
How could i possibly put my money into some computer programed platform that will limit and possibly suck my money bit by bit to it’s gone…Is there future in forex? I could see vast opportunity in forex market but with all surrounding circumstances… only winners will be BROKERS not traders.
But I’m still looking, currently have few choices
Qanda, all great except the platform and leverage
FXCM, I would have open with them if not for the recent news
Interbanks, also have contacted them if not for its platform problems
AND basicly, i have no confidence after researching…ANYone can give me some confident in this forex world that traders will stand a chance before a trade?
You have to take all the ranting and grumbling about brokers with a huge grain of salt. Firstly, folks are more likely to complain than praise. Secondly, folks don’t want to take responsibility for their own poor trading, so they blame brokers, claiming unethical activity. Don’t get me wrong. I’m sure there are unscrupulous sorts out there in brokerland, but it’s not nearly as bad as you might be lead to believe.
I agree with John on this - no question. I WAS one of those traders that lost a lot of money and (at first) I ALSO blamed my broker at the time (GCI Trading) i.e. I blamed ‘slippage’ and slow order execution and … and … and … BUT the truth of the matter is that the losses that I incurred were purely my own fault and certainly not the broker. I have since come to realise that if you’re going to lose sleep over ‘slippage’ of a few points (pips) then you should not be trading in the first place OR you’re trading the wrong way i.e. trying to ‘get rich quick’. In other words: what is a couple of points (pips) ‘slippage’ on a daily, weekly, or monthly chart when the potential profit could be hundreds of points (pips) in the bigger picture of things? So what if an order takes a minute or two to be executed? This means nothing if you’re trading daily, weekly, or monthly charts. Trading the news? Well (in my opinion) this is a recipe for disaster anyway (and of course you are then definitely leaving yourself wide open to ‘stop hunting’ by the broker and of course then ‘slippage’ and ‘instant’ order execution becomes an issue).
Having said the above I can recommend, without a doubt, GCI Trading (who has just released a new version of their platform which is totally awesome) and, of course Delta Stock. If you go with either of them I’d be more than happy to program the pivot points into the software for you.
Edit:
By the way (again in my opinion) the best way to judge a broker is to ascertain how long they take to transfer your profits and how much they ‘take off’ the requested withdrawl amount. Believe it or not (any of the ‘old hands’ that may be reading this message) there have actually been times when I have made a profit at both of these brokers and I can assure that that with both of them the money is transferred IMMEDIATELY (GCI takes about an hour to effect the transfer, sometimes less, and Delta takes a day or less and neither of them ‘subtracts’ anything from the transfer). This is more important to me than the occasional 3 point (pip) ‘slip’ or an order that has taken 30 seconds to execute!!!
I am a newbie too. Right now I do not have to much experience but I think that we are responsible for every action and every decission we take. Like in every market there are good guys and bad guys. Do a concious and deep research, read every contract and ask other operators what they think. I think that could help you in some way. Most of our mistakes are due to our lack of discipline. Remember that the riches are hidden behind the KNOWLEDGE.
I am using this forum and I all ready have learned a lot of things.
I am using ITrade FX at this moment. Because I do not have that much experience I can not tell you if they are the best or the worst. In my own opinion I think their platform is very easy to use. I do not use their graffics because I am using another software for my technical analysis (MTI 4.0).
So good luck and may the Lord bless your life and your trading.
My recent string of experiences with my demo account at one of the aforementioned businesses - -
The first week, everything was great - just loved it. However, last week and this week, they have failed to fully execute almost every single order I’ve placed - 10 lot shorts become 6 lot shorts with the remaining unexecuted 4 lots just waiting around to be triggered if, and when, the bid number gets hit again. Or my exit number is hit in a 10 lot long but only 4 lots get closed out - again with the remaining unexecuted lots still going strong, gaining or losing ground. I’ve been demo trading for only three weeks so imagine my confusion when this started happening… It really hurts when your order is not fully executed as the forex landscape can (and often does) change drastically and all the while you’re fumbling around trying to figure out what happened (or didn’t happen), what the possible solution is, and then scramble to “fix” the balance of trade. I find that money management is impossible in these situations!! I know it is only a demo account, but really. How could one even think of live trading under these conditions? They said they didn’t have the volume necessary at those times to fully execute those trades. Really? So frequently? My brother-in-law uses them too (a live account for quite some time now) and he has never had one single incident where his orders were not fully executed when they were supposed to be. When I mentioned that fact to the man at the help desk tonight (who, by the way, was helpful and friendly), he expressed surprise that he (my brother-in-law) has never experienced what I’ve been going through. I don’t know, maybe it is just that I’m so new and what is happening with my orders happens with the same frequency to everyone (although somehow I doubt it, as I’ve never read about this problem in any of the Babypip forums), but the recent events have made me quite leery about placing trades.
To which of ‘the aforementioned businesses’ do you refer?
There really is no point in posting details of problems that you have experienced and then not mentioning the broker i.e. the very purpose of this forum topic is to alert people to the possible existence of unscrupulous brokers and practices.
This is unusual on a demo since orders are not being filled in anything but a virtual sense. However it is common on all live platforms. The fact of the matter is if you want to buy something at a specified price then someone must be willing to sell it to you otherwise there is no trade. Be aware that if you are trading small lots the order is not going to the real market and the liquidity exist only within the dealing platform. If you are trading at least a full lot on an ECN then your fill and slippage will depend on the volume not in the whole market but with the liquidity providers that your broker has. This is no different to trading any other instrument and is one of many reasons why excellent demo strategies fail in the real world. Get used to it and recognise this is nothing to do with the broker except in as much as they choose where they obtain their liquidity from
Your consternation matches my own in looking at a Forex company to trade with. May have to go to futures trading unless I can find a company that keeps the field even…
I disagree with posts that we should just look the other way when it comes to the Forex company hosing us out of a few hundred here and a few hundred there. Never would tolerate that with stock trading platforms (which are regulated) Also did some investigative work on Dukascopy, they are a complete and total scam company, no question about it!!! I am not some FOREX employee I am a businessman who does his homework before he trusts his money to a Forex company. So far I’ve had no luck but may try Dbfx…At least I’ve had experience with their retail bank. I also respectfully and I mean that respectfully think this site should designate who trades demo and who trades for REAL as the demo accounts are often very different from real accounts.
I am sadden and frustrated by what I see as blatant scamming by companies that say they have your interest at heart but are obvious thieves and manipulators (AC, Dukas, FXCM) when you take the time do even the most cursory research�.
I really want to trade FOREX and hope I can find a reputable company � will inform the forum if this happens�. Hopefully it will
I also hope this post gets posted as it�s just my opinion and I see who this sites (do love this site! Great site!) Sponsors are.
can you believe that one of the biggest banks in the world hooks up with a bucket shop operation like fxcm … unbelievable but true …
open your account with dbfx , send your forms to fxcms offices in new york … same mailing address …
Forex brokers are regulated in the states, NFA, & UK by FIA.
There is a thread on this forum indicating the companies which are
regulated.
We as Forex traders know the risks & also know the pitfalls which
exist, a little more research will unearth the better brokers.
As for Dukascopy I know nothing other than what I have read
while surfing various forums. If I needed to use them I would do
a lot more research.
I also hope this post gets posted as it�s just my opinion and I see who this sites (do love this site! Great site!) Sponsors are.
Not sure who you mean but we attempt to hold an open opinion
about who, or whatever.
Believe 1% of what you read & 10% of what you see.
I originally had the name of the company at the beginning of my email, but deleted it upon second thought, siding with caution, as I didn’t want to print something that I perceived as being negative experiences (with any company) when in fact what I was experiencing could, for all I know, be the normal environment for all demo accounts on all trading platforms. My reasoning for deleting their name is because, as I already explained, I have been demo trading for only three weeks and the last thing I wanted to do was attach to this company any type of speculation that they practice unsavory business ethics when such an inference made by me could be (would be?) predicated upon MY IGNORANCE of the workings of trading platforms and demo accounts in general and nothing to do with any kind of unsavory practices on their part. So far, it does seem to be my ignorance of the system rather than their unsavory practices as there is already one response to my post which sets forth that although it is uncommon with demo accounts, what I described it can and does happen. Am I happy this is happening to me in my demo account? No, but perhaps it makes it more lifelike? Am I glad I didn’t (through my own ignorance) sully this company’s reputation by stating their name in my original post? Most definately yes. I don’t know but maybe my original post would have been better placed in another thread instead of this one? If so, I apoligize.
can you believe that one of the biggest banks in the world hooks up with a bucket shop operation like fxcm … unbelievable but true …
open your account with dbfx , send your forms to fxcms offices in new york … same mailing address …
Can I never cease to be amazed, I thought their (DBFX) platform was very similar when I spoke to directly by phone to them I was told they… THEY were the bank for FXCM!!! All that cut out the middle-man crap�I don�t doubt I was talking to a FXCM rep the whole time�.
Noticed that AMB Amro is listed as a good Forex Co. on another website, has anyone dealt with them at all??? I used to deal with their Mortgage division when I owned my former corporation (NorthWest Mortgage Bankers Inc.) and they were pretty reputable on that end�
I regards to my final quip, I just noticed a spot on your website that said �our sponsors� then listed a couple of the companies I have been told to avoid???
Being the former President of a Mortgage Banking Company I have seen it all from some of my more unsavory competitors so this stuff in the Forex doesn’t surpise…Part of the reason I got out of the mortgage business on 2004 after 22 years, just got disguted with what was going on. My long term clients were berating me for not offering some of the ripoff mortgages (can you say Countrywide) that other companies were offering (I absolutely refused) now that the whole thing is blowing up I feel vidicated but …so what eh? What did it get me taking the moral high ground? Bought a boat now all I do is sail around making trades here and there (literally)
So after all … in the end it comes to one answer that is… all these are part of the game… you wanna swim… you’ll be wet… okay i accept this… but to what extent? there must be checks and balances… and where do this stand at? is it so free for companies to say… oh… i’ll rip you whenever i like… as a matter of fact… i can rip you everytime yet you cant do anything bout it…
Be aware that if you are trading small lots the order is not going to the real market and the liquidity exist only within the dealing platform… one of many reasons why excellent demo strategies fail in the real world
Wow… that is my very concerned!!! How frequent and far does that happens? In the event when the price hit my target and I cant close trades? for how long? untill it goes against me and suck all my balance? Does that possible?? thats dangerous… as we will not know when the digged grave is a step of us…!!!
Now I can see the picture… for instance relating to the Parabolic Sars Thats All… in the case that everybody switches on the first dot… who the heck gona be on other side? In the end no trades are made on the first dot… so whats the point anyway…even if get to enter…but unable to close at target… so i guess a perfect system is a system that satisfied both… price direction. at the same time will have ppl trading against it… thats the ultimate system!!!.. hehe…
vicebet - I can understand how you are frustrated looking around for a broker - in the unregulated environment we have it is difficult to get a feel for who is a worthwhile broker. Personally I think after the Refco bankruptcy fallout (where the fx customers basically lost their money) - the first thing you want to look at is the financial stability of the firm given that your funds are not guaranteed in the event of a bankruptcy. The NFA are stepping up their capital requirements for fx dealers and you can see a list of the best funded firms here:
[B]Well Capitalized Forex Firms[/B]
FXCM ($51,000,000)
GFT ($48,000,000)
Oanda ($44,000,000)
FX Solutions ($20,000,000)
Gain Capital ($20,000,000)
CMS ($10,000,000)
bear in mind these figures are a little out of date - you can get the latest numbers from the CFTC website.
My choice is Oanda, and so far I am happy with them.
The answer to both of our questions is no (unfortuanately).
I have mobile phone and email alerts set up so as soon as an order is executed I know to go and place a stop loss.
There is no ‘pip count’ anywhere either and I know it’s a ‘bit of a pain’ because you have to manually calculate it.
I can tell you this though: Delta (unlike any other broker that I have come across) DOES listen to it’s clients i.e. there are one or two ‘features’ in the current version of the platform that I asked for (or rather suggested with good motivation) while still using the previous version and they added them in the current version and I also know that in the upcoming new release there are a few more things that I asked for (again: suggested with good motivation) that have already been included. The point I’m trying to make is that if there is something that you feel should be changed or added to the platform then let me know (or contact them yourself). As far as customer support is concerned they really are ‘a cut above the rest’ I can assure you.
The platform does take ‘a bit of getting used to’ I know but I can tell you that there is nothing quite like being able to trade with a broker who is not trying to ‘scr*w you’ at every opportunity.
Just so that you know I have just become an IB for them (in the last couple of days) but I can honestly say that this does not ‘cloud my judgement’ (well it certainly has not in the past). They are an honest broker, whether I’m getting commssion or not, and that’s just ‘a simple fact of life’. (I think they call this sort of statement ‘disclosure’???)
Hello,
During my usual checking of brokers’ reviews around the web, i can find those that are true and those that are fake, but who has the permeative eyes to distinguish!! The most manifest yet popular among them i found Forex Peace Army where i found also an offensive review about CMC Markets, which i used to trade with for 2 years till now. And for confirming my suspicion i checked other brokers’ reviews, and for shame i was shocked finding many great brokers attacked there. The only justification i found is that this FPA is attacking some brokerage firms and supporting others(which may be for their own private interest, and which is also so far from honesty!). Hope my point can reach all of you. i am clear here and i don’t need to show wither i am attacking or defending, i just want to make it clear in front of all.