I’ve been researching online brokers over the past few months trying to determine their backgrounds. Focusing on:
-Forex.com
-FXCM
-Alpari
-IBFX
-ODL
-FXDD
Every single thread I get into and read bashes every single one of them except FXDD (only non-NFA regulated broker) which does not make sense to me. What are your opinions? What criteria do you base your opinon on?
Why are you focusing exactly on these brokers. There are a lot more other brokers which are not NFA regulated and have very competitive spreads and conditions. For example I am trading with Deltastock and I am very happy with them - they are smaller broker but they give you good spreads, the platform has lots of functionalities, the one I like the most is dealing and non-dealing desk in one platform. I also think that smaller brokers have better customer support than the bigger once.
I prefer the meta platform and these are the brokers I am most familiar with. Brokers that are not regulated by the NFA, along with smaller brokers are pretty unreliable, at least that was my assumption.
with the last NFA rules I don’t think that NFA ruled brokers are the best deal. I still think that traders can benefit from hedging their positions
I have tried Oanda and IBFX, they are ok so far.
FXCM - i do not want to hear about them any more, i had very bad experience and would not recommend FXCM.
Sahara, thanks for your input. Can you describe your ‘very bad experience’ please? I’ve been seeing a lot of complaints with FXCM
You should add Advanced Currency Markets ([B]ACM[/B]) on you list, especially if you are wanting MT4 which is to be available end of August. As they are not NFA regulated but FINMA regulated (Switzerland) this mean that like with other European brokers you are still able to do the Hedging and do the Scalping. They is also going to be receiving a bank licence this year.
Hi, yes
it seems to me that they were like a hunting dog. My stopes were taken out very often i lost money with them, plus i was planning to close my FXCM account before their new rules and after they announced the changes i was sure i did not want them. I closed my account on the June 30th and was told that will get my check in the next 10-15 business days. Today is Aug 12th and I am still waiting for it. I had to get NFA involved, but i guess i just have to wait. How long? Who knows…Before I opend an account with FXCM I also read very bad reviews about FXCM, but still decided to give them a chance, i regreted later. anyway i am with Oanda and IBFX now.
good luck
Hi Sahara,
A check returned through the mail takes up to 2 weeks at most from our experience to reach a trader. Checks are mailed from the New York City office and go through the US Postal Service therefore we can’t guarantee how long it will take to reach you. If it doesn’t reach you within 2 weeks, then the check can be cancelled and another check re-issued. If you have not received it after 6 weeks, then I would assume the postal service either lost the check or the check was mailed to a foreign country in which case it could take longer. Have you contacted FXCM to let them know you have not received the check?
Also, the platform was changed due to the implementation of FIFO rules. If you want to continue managing positions individually, you can trade your account through FXCM UK.
Yes, ok I guess the Post Office is to blame according to you. How comes it is always the Post office fault? 6 weeks, come on this is not normal and who knows how long more
And yes I have contacted FXCM, but unfortunately did not get answer to all e-mails, so i do not really know what is going on but I am tired of being played.
And yes I do live in the US so it should not take longer. Anyway, i am very, very disappointed with FXCM and would never recommend them as a good broker. This is ridiculous and it is always the Post Office’s fault, right?
If the withdrawal form was not processed, then I would agree that it is FXCM’s fault. If the check was lost in the mail, then that is not within FXCM’s control. While it doesn’t occur often, I have seen check’s lost in the mail and the check needs to be cancelled and re-issued in those instances.
My intention is not to pass blame, but I would like to help you get this resolved. If you goto the contact page for my profile, you can send me an email and I can investigate this with our operations team. Or if you let us know what type of account you have (Micro or Standard) I can get you in touch with the correct person. Do you remember what email address you were using to contact FXCM?
Jason
Thank you for your intention to help me, but I have already contacted NFA and they took the matter in their hands. I am just waiting now.
Thank you once again
You’re welcome. Always happy to help if possible, and client support is available 24/7 as well.
Thanks for the help, your feedback along with many other negative outlooks on FXCM have steered me away from them. I imagine you use OANDA for the service and IBFX for their Meta platform, am I correct?
I am absolutely amazed to be reading this!! :mad:
I am in Australia and trade with GFT.
They use the same bank (Wespac), as I do.
For me to get part/all of my funds out, all I do is complete the online withdrawal form and email it.
Within 24 hours I get an email back to say that my withdrawal is confirmed and being acted on.
In 3 days (usually less) my withdrawal is deposited directly into my bank account and I can take it out at an automatic teller machine.
[B]This check business you describe is ridiculous[/B]. :mad:
That sort of procedure is so backward it belongs back in the 1960’s.
If my broker operated like that I would quit them and look elsewhere.
[B]Get a broker that works!! [/B] :o :o
Hi Tymen,
I don’t think it should be surprising that once a check is placed in the mail the amount of time it takes to be delivered can vary depending on the postal service, would you agree? I can sympathize with the check not arriving within two weeks if it were lost in the mail, and a check will always be cancelled and re-issued if this occurs. The problem here is that there is little verified information showing exactly what is happening in this situation if judgement is to be passed.
Jason
Can someone recommend a decent non-USA broker that issues Debit Cards? - I suppose the UK would be preferable - I’m with one USA broker (am in USA) and one outside for hedging - and need to go outside now due to this FIFO BS :mad: - as my current foreign broker does not offer debit cards -
Any suggestions?
Thanks -
MF
Hey …
I trade with WSD and they have very effecient account setting up, deposit and withdrawl procedures…
and they are very trusted brokers and highly regulated
hi,
yes that’s right
yes, i agree with you. and do you know what the worst part is? after many, many e-mails I was told that 2 checks were issued and they BOTH got lost in the mail. So the game goes on…how long more who knows. Hopefully i will get my funds back as a Xmas present ( i mean by Xmas i’ll have it)