Hey guys,
I’m looking for a broker and I’ve been searching around a bit, but The problem is that I have a hard time finding what’s best for me.
I currently play poker as a part time job, and there’s one site , pokerstars, that leads the industry, is there something like that in trading platforms?
Are there one or two big trustworthy brokers?
Thanks in advance!
Biggest retail brokers minus a couple of Japanese Brokers are:
FXCM
Oanda
Saxobank
Alpari
Source: Forex Magnets
Thanks!
Already took a look at fxcm, now at registration you can choose between dealing desk and NDD.
Now i know the difference, but I have no idea what’s best to use. What would you guys suggest?
Hey dude, the biggest brokers are the ones you don’t want to play with. Most of them are market makers and are not usually happy when you make millions off their platform. So, I’ll suggest you stick to the small STP brokers that careless less whether you make money from them or not because they benefit from your wins and loss. The most advertised brokers are also a pain in the butt. I’ll suggest you stick to brokers with a good track record. Some brokers are small but mighty. And lastly do not trust a broker all in the name of regulation.
I am using Oanda and Armada Markets
Can you please stop giving such bad advice to traders. Every second post you are telling traders to not worry about regulation.
This is very stupid advice OP please do not listen to this person.
It is not a stupid advice, you are the one who is not smart enough to understand my point. I don’t know why it is so difficult for people to face the realities of life. Those who advertise only wants you to see the good part and hide the reality. The reality is this: It takes quite a lot to setup a brokerage company, which makes it very unlikely for brokers to just come up and disappear. Secondly, regulated brokers are so proud of themselves because they are under a regulatory body, but how does regulation help a trader to be successful? New traders who are looking for a broker will just register with any broker only because it is regulated, thanks to advice from people like you. In the end they find out that the trading conditions is not favorable for them and they end up losing everything. So how does regulation affect trades? It does not in anyway. Regulation = money security, but how secure do you think your money is? Seriously, I will rather find a broker that offers better trading condition for me than look for a big-name regulated broker that has terrible platforms, where you have to battle against slippages, freezing and crazy verification system. I am speaking from experience. Maybe one day you will understand what I am trying to say.
Please choose the NDD execution. As a newbie you don’t stand a chance with a Dealing Desk execution.
LiteForex
4XP
Prime4X
Instaforex
Velocityforex
JadeFX
Bforex
StartForex
SigmaForex
The list goes on and on. These are all brokers that are [B]off shore[/B] that are listed as scam brokers on FPA. I dont see any brokers that are regulated being listed.
Do you really think that any traders that trades for a living or values there hard earned money open accounts with an off shore unregulated broker? I very much doubt it.
You carry on putting your micro account with off shore brokers but for anyone that has a decent deposit, maybe not such a good idea.
Great question, Mtwjoosten :33:
As you mentioned, FXCM offers our clients the choice between two types of forex execution: No Dealing Desk (NDD) and Dealing Desk. The execution you choose impacts your trading experience and spreads. We recommend NDD execution because we believe it provides our best all-around trading experience. FXCM also offers a Dealing Desk execution option for traders whose primary concern is low spreads for 12 of FXCM’s most popular currency pairs.
The Dealing Desk offering, however, has certain trading limitations. To determine which execution offering is best for you, please consult the table below.
[B]No Dealing Desk (NDD)[/B]
In the NDD model, FXCM does not take a market position, eliminating a major trading conflict of interest. Dealing Desk brokers may actively trade against your positions. They can profit when you lose. Alternatively, they may lose when you profit. Because of this, Dealing Desk brokers are incentivized to manipulate your orders. They may for example place restrictions on stops and limits or re-quote your orders.
FXCM’s NDD execution model does none of this. Your orders automatically fill from the NDD price feed, which is the best available bid and best ask prices from all of our liquidity providers plus FXCM’s mark-up. Additionally, your orders are anonymous to the liquidity providers. They cannot see your stops, limits, or entry orders; they only see market orders coming from FXCM. The video below has more details.
[B]Dealing Desk[/B]
When operating a Dealing Desk the firm may actively be taking a position in the market, which exposes the firm to market risk. When you are long, the Dealing Desk may be short. When you are short, the Dealing Desk may be long. So your losses can equate to the Dealing Desk’s profit. Alternatively, your profits can equate to the Dealing Desk’s loss. Certain strategies expose Dealing Desks to more risk, such as automated strategies or strategies that trade at a high frequency. To better manage their market risk, some Dealing Desk firms actively intervene in their clients’ trading by re-quoting orders, delaying execution, skewing prices, or widening spreads.
Dealing Desk execution is used by many brokers in the forex industry. However, FXCM’s Dealing Desk execution offering is unique because it shares important features with our No Dealing Desk (NDD) execution, such as:
[ul]
[li]No re-quotes
[/li][li]No restrictions on stops and limits
[/li][li]Orders can be broken up and filled at multiple prices (partial fills)
[/li][/ul]
If you are trading on our Dealing Desk execution and your trading style exposes us to more risk than we’re comfortable with, FXCM may, at our sole discretion and at any time, change your execution type to NDD. This is how FXCM can comfortably offer both options without having to resort to some of the common “dealer intervention” practices listed above which take place at many forex brokers.
Regarding your original question about the biggest brokers, you might be interested to know that FXCM is regulated in major financial centers in the US, Europe, Asia and Australia. In addition, we are one of the only retail brokers that is also a publicly-traded company (NYSE ticker: FXCM). That is why traders have entrusted us with $1.264 billion in client funds.
Welcome to the forum 
Jason
Been with FXCM, tradersway and to a lesser extent, Alpari, all good and no tech issues. But you need to research the brokers on your own as each trader has his own preference, trading strategy etc. What works for one broker need not necessarily work for others…
Check up on some of the independent broker review sites…
Hallo Mtw Joosten,
Done a lot of research on brokers on several criteria like:
- commissions
- spread
- execution speed
- do they offer MT4 and/or cAlgo (platforms to develop your own robots and indicators)
And i ran the same robots live on these brokers. For me it came down to:
Lqdmarkets.com
Commex.com
Tradersway.com
The last one is outside of the EU (Dominica) and does not have to inform the EU tax autorities about your balance. In NL this means: i start paying taxes when the money comes into my bank. And Traders Way gives in live testing the best results by far. It also offers MT4 as well as cAlgo with (also live tested) low spreads en low commissions.
The FXCM network that is often advertised here is also a good network and a very big player in the forex market. But big is not always better. In my tests it performed less than the three i mentioned.
BTW: are you Dutch?
Dealing with big brokers can be risky as they only see how will they earn from you, most of them a well business established.
Check broker reviews websites for feed backs. Deal only with regulated brokers.
I do agree on you to carefully check your broker of choice first.Every forex broker is slightly different, and you should check that the broker that you’re looking at will give you a good deal. Reviews and testimonials can give you an idea as to how the broker performs and whether it is reputable or not.It is due dliligence on a trader to check carefully his broker of choice credibilty.