When I read reviews about broker, it look like [U][B]ALL[/B][/U] of them scam their customers.
[B]HOWWW & WHY???[/B]
Don’t they get their money by passing ours orders in the market with the spread???
When we [U][B]MAKE[/B][/U] money on the market, do they lose something or what? Is it in their interest to make us, the littles guys, lose money? Does it make sence?
So, if we lose a trade, are they making more money in addition of the spread???
If not, why on earth is everybody claim their broker are theif???
You should know in most cases, your broker is not your friend.
Retail Brokers / Market Makers, they are on the other side of your trades, so when you lose, they win. Yes. The bet against you.
Yes most brokers make money from the spread, some make commission (ECN), but retail brokers / market makers basically MAKE THE MARKET for you. It’s not the best. ECN is the best IMO. You should research the difference between an ECN broker and a Market Maker.
ECN brokers aren’t there to scam you and sabotage your trades, by messing with your software.
Not all Brokers are scams and not all Retail Brokers are bad. There are some decent ones out there, it’s in you to do the research, unfortunately there is no magic book that will tell you which to go with, you have to decipher yourself.
This is some reviews for some very popular brokers.
There’s NONE with no (SCAM) reviews, even those with 4 stars. Just click the link to read a little more about them and see by yourself. This is just scary.
Isn’t illegal to messing with your software to cheat on TP and SL???
There’s no commission or something to “play the police” in the forex market to make sure big broker firm are legit???
Ok, I just google “ECN brokers” and the first link in the results give some.
[B]Clearly, you are reading a lot of rubbish.[/B] :mad:
Consult all the traders who use Oanda - they will tell you of its honesty.
Rhodytrader, our master trader on this forum, strongly recommends Oanda.
As a veteran trader who has been here a long time I tell you straight from the shoulder…
Time to get your head out of the dribble, and get practical.
Open a demo account with Oanda and give it a try.
I am not considered an expert in judging brokers. But I had a lot of accounts with different brokers, like Alpari UK, CMC, Oanda, FXSOL, FXPRO and a few more. From my experience, Oanda is not a bad broker. I had read through the reviews written by ppl there. Regarding slippage, it is very common when you use market orders to execute a position. Forex market is a moving market, prices always change, so that explains the slippage you will experience. Some reviews talking about the platform shut down during NFP. NFP is a beast it will always throw the market around. I feel trading NFP is like standing in front of a moving train. When I use Oanda i have no problem with the transfers of money in and out and they still haven shut down my account when I am in draining them. For me i dun trust all these reviews, i rather exp it for myself. I always use a minimum amount to test the brokers and see how good or bad they really are. Oanda is a good broker for newbie to start with, it allows trader to trade 1 cent per pip.
tymen1, I feel sometimes you are quite harsh in your posts. Pls try to refrain yourself. Not everyone like it.
Now, ALL the reviews I read have A LOT of bad thing to say about A LOT of brokers.
Plus, when I compare the price from my broker with other brokers in the very same time [U][B]it is not always the same![/B][/U]
AND…
My broker put some pressure on me to trade more and to put more money in my account. (I don’t mind at all those calls be it is really weird to me) (ACM Advance Currency Market)
AND often, when using “relative” tight stop lost it’s amazing how price behave just to hit it before going where it should go.
And now, Revone write here that brokers are on the other side of our trades, so when we lose, they win. I already realise by mylself that it is true that brokers mess with their software. If every time you win they lose, it make perfect sence.
It’s ok to think I read a lot of “rubbish”. So help me, help us, give us some “no rubbish links” with valuable informations about good brokers or something.
All I read here is opinion.
Now, know that I will open a demo account with Oanda. I will give it a shot. BUT, it could be very interesting to open a demo account when trading live with the very same broker. Open a live trade and see what happen. Is the price on the demo will be the very same with the one on your live platform?
I’m do not make publicity for anything.
I don’t sell anything either.
All I want is, playing legit with a legit broker. THAT’S IT.
I see no point to “rave and rant”.
Don’t be so harsh with people Tymen. All I want is help, and succed and this issue about brokers is very important here.
Just be aware that the complainers are ALWAYS the loudest voices.
Now, know that I will open a demo account with Oanda. I will give it a shot. BUT, it could be very interesting to open a demo account when trading live with the very same broker. Open a live trade and see what happen. Is the price on the demo will be the very same with the one on your live platform?
You can do that with Oanda. Their demo platform is unlimited, even if you have a real account.
all brokers dont give you easy money it is very hard to ‘win’, thats why we have to pick and choose our trades. They definitely arent on our side - they want us to loose - but if your good enough you can win. Just stick with a main broker such as FXCM or GFT or OANDA- go for the biggest ones and you got nothing to fear if your good enough.
Stay away from SWISS brokers,Last year i got an account through CROWN forex as it was advertised on some forex websites- deposited $1000, and was lucky enough to increase my account to $3000. i went to make a withdrawal last december and since then the company has been taken over by swiss regulators and all accounts are frozen. I dont hold high hopes of getting any of my money back. I am with FXCM now and i learnt my lesson to stick with the biggest name known brokers. I use Metatrader charts from FXDD and the price feed is pretty much the same. The price feed is not the reason you will loose…it takes a while to became good enough to win.
From what I understand is that the broker is the middleman. They work with the banks to able to trade our orders for us. It makes no difference to them whether we win or loose a trade they make thier money off of the spreads so it is good for them if we are trading more often.
That doesn’t make any sense at all to have a brokerage that gains money from your losses and visa versa if this is the case they are not a legitimate broker. When you trade you are trading a broker’s money at 1 lot = $10k for a mini account at some brokers, and 1 lot = $100k for a regular account. This money is all being held at a bank and the price for a particular pair is posted by the brokerage, and whatever money they make is from the spread or if they fudge the numbers some how to make an extra profit illegitimately. Only banks can trade forex with no spreads other than that everyone else has to go through a brokerage. If you loose money it is actually being absorbed into the market at the bank this is why some people say ‘keep trading because it is making me rich’. If a brokerage is turning you away because you are making too much of a profit then they are probably not legitimate. Go read up on wikipedia or something it is all there.
No, not all brokers, “work with banks to able to trader our orders for us.” Some, the ones that are likely scams, are just market makers that take on smallich retail traders, not banks trading…here’s a nice pool I made go swim in it.
It DOES make a difference when you win a trade with these types. As, you are trading against the broker. They either have to have another retail trader on the other end losing, or your winning trade takes their money. See why it would be in their interest to screw with your trades?
So, basically their are three types:
The guys who are market makers (they make the market prices and decide where exactly they go) and have to cover retails traders winning trades with other retail traders losses or their own money. Some are banks, but it doesn’t mean a bank would not screw with your trade to keep their money.
[B](not sure if this one is real, but this is what IBFX and many others claim) [/B]They get their liquidity (market prices and trades covered) from a, “pool,” of banks and other traders. They don’t lose or win money on trades, they only make the spread from you. According to them the banks that are their liquidity providers dictate the spread not them.
ECN: With this one you are supposed to be trading directly against banks (and of course other retail traders )and the broker isn’t even making or dictating the market. They are just facilitating the retail traders ability to trade against the big boys, the banks.
They are supposed to STP, straight through process the price, and not take it and release a slightly different version to you until they are forced to show the true price.
Frankly this one is the most believable, as when you look at the settings for mb tradings upcoming MT4, you can place SL, TP and close within the spread and or right next to it. In other words their isn’t limitations in place that seem like they are put their just to hurt the odds in the favor of your trade.
Be careful though, not everyone who claims to be an ECN is, I’ve also seen brokers try to imply that they are, “like an ECN.”
Thats a good summary by Phoenix. So Melisky you have to get your head around these differences. With Oanda they say themselves that their demo platform may not match their live platform and why should it. Clearly the majority of their server power goes to their real clients. The biggest loss I have had to slippage was $6,000 on an ECN platform. Was I scammed or stop hunted? No! I was stupid enough to try and execute a market order into a fast moving market. MY FAULT and I have not done it since. Whilst there have clearly been some shady operators out there I have found that the major players are reliable. I currently trade with GFT and have done for over a year and have no complaints. I used to really like Oanda until they started their spread widening with news which threw so many of my trades into chaos. Remember with a true ECN you cannot trade part lots so if this is offered you are in a market maker situation of some type in terms of how they route your order. MB Trading used to have a good tutorial about their order routing which made the processes plain and differed depending on your trade size. My final comment is stop blaming the broker. They are a necessary evil and of course prices will differ across platforms sometimes substantially as there is no central market
You are obviously looking for a “pure” broker — one who acts as “agent” between two counter-parties, but does not enter
directly into transactions between customers and banks.
Check out [B]MB Trading[/B]. They are the closest thing to a pure (STP) broker that I am aware of. And they now have the MT4 platform. Notice that MB had to modify the MT4 platform to make it conform to MB’s order types and trading criteria.
On the subject of order types: MB uses unique order types, unlike any other broker I’m aware of. It will take a lot of time and effort on your part to become acquainted, and comfortable, with their order types. (This is the main thing that keeps me from switching to MB.)
