Hi guys, first of all I’d like to congratulate the owners, moderators and members of this forum. I’ve spent alot of time here reading/learning, and the info is great. I’m a newbie to forex and have paid alot of money in the past for less info you can get on this forum for free. Thanks alot!
I’m still buzy “studying” at the babypips university, but also formulating a strategy which I want to try out. My question: I’m using a demo account with instaforex, because they offer an account type with no spreads, only commission/trade. However, according to many review sites instaforex is a scam and I’d never consider opening a real account with them. Do you guys know of any other brokers offering the same type of account- no spreads only commision- who is trustworthy?
The most popular ECN recommended on this forum is MB Trading in America. 
Just a quick correction. There’s no such thing as “no spread” trading with any broker. Even if you’re using and ECN/STP broker, there’s still a spread involved. You still buy at the bid and sell at the offer.
Thank you for your inset. Instatrader however clearly states that the bid and the ask price is exactly the same. The difference between these two normally makes up the spread, doesn’t it.
Btw what does ecn/spt stand for?
There’s something wrong with either what you’re broker is saying or how you’re reading it. If the bid and ask are exactly the same then there is no spread. I find it hard to believe that they aren’t showing you any spread.
Btw what does ecn/spt stand for?
ECN: Electronic Currency Network
STP: Straight-Through Processing
I couldn’t help myself. I had to go and take a look. This is from their website:
[B]Trading at Forex without a spread[/B]
[B]InstaForex[/B] provides great opportunities for their clients. You don’t need a spread to work on the money market now! This gives new and professional traders even more possibilities! Trading without spreads makes the trading process easier to understand visually, and makes more effective use of technical analysis when accepting trading solutions.[B]The best swaps among all other companies[/B]
[B]InstaForex[/B] Company offers the most competitive swaps, refusing from the standard system of making profit with a spread against the client. [B]Instaforex[/B] Company is the first one which introduces the EQUAL swap system with sell and buy deals. The swap-accrual in a BUY deal is always equal to the swap-accrual in a SELL deal. The company doesn’t take the commission for the swap, as a result the client doesn’t overpay, holding the deals more than several hours - in case, when opened positions with a currency instrument are opened by midnight.
Either I don’t understand what they’re saying OR something does not quite ‘smell’ right. How is this broker making money? I see no mention of commissions or anything like that either. SOMEWHERE you have to ‘pay the piper’. (Pipper??? No pun intended)!!!
Regards,
Dale.
Edit: I guess the only way you’re going to find out is to open a demo account and see how / what / where you get charged.
I love that the president of the company was born in 1987 and all the rest are about the same age! :rolleyes: Lot’s of important experience here…
Also, can’t find their physical address but half of them are from Kaliningrad, which is a Russian city by the Baltic Sea for those that don’t know. Therefor I’m assuming it’s a Russian broker (another hint is that you can open your account in USD, EUR or rubles…).
In other words, I wouldn’t in my wildest dreams place a single dollar with them, spread or no spread. But that’s just me.
I believe even if you trade with a STP broker and thus are only against the banks and other traders, the banks still dictate a spread to those who are trading.
Is that correct?
When I asked my broker, IBFX, why certain currencies have a higher spread (if they aren’t trying to make it harder to trade certain currencies) the answer I was given is because they are given a spread by the banks and add their additional spread/fee on top of that.
If so this company would have to be a market maker and be doing some other wacky model to have no spread. (or just a bucket shop)
Well don’t be TOO hard on them. I mean to say: they ARE running a beauty contest as well i.e. ‘Miss Insta 2010’. That MUST be a first SURELY??? In my book: that’s a ‘perfect ten’ for originality!!! LOL!!!
Regards,
Dale.
Yes, that is correct. The STP broker will show the best bid and offer from their collection of liquidity providers.
Searched the Internet and found this site and rating.
InstaForex.com | InstaForex reviews and ratings by Forex Peace Army
Overall Rating: SCAM (1.810)
Scam Investigation
Total Reviews: 24
Last Updated: 2009-10-05
Special Notes:
Scam Alert! The FPA has confirmed a scam case against InstaForex.
We urge traders not to open accounts with this company. If you already have an account open with them, we urge you to withdraw all of your funds immediately.
Of course with the beauty contest, it will make up for the “problems” they seem to have. 
Hey Oskar,
Long time no ‘speak’ you and I.
Of course with the beauty contest, it will make up for the “problems” they seem to have.
ROFLOL!!!
Although I’d not be TOO sure about that i.e. have you followed the link and had a good look at the contestants??? LOL!!!
ACTUALLY (and now that I’m on the subject): why don’t WE have a ‘Mr Babypips’ and a ‘Miss Babypips’ contest??? Hey??? Why not??? Only thing is: we’d need to offer a prize of some sort. Give it some thought will you!!! I’m almost sure we could do our part and offer a live funded trading account (nowhere NEAR the $30K that THEY are offering though)!!! LOL!!! (Hell: for THAT kind of money I’d don a miniskirt and ‘strut my stuff’)!!!
Regards,
Dale.
Yeah yeah yeah, make fun of my broker. They might be scammers, but atleast they are very original (offering a beauty contest, who’d thought of that- to be honest as a newby I thought it was standard practice). And the support is out of this world - REALLY out of this world!, the English these guys use needs to be desyfered (spelling?) and when you finally understand what they’ve written you no longer remember the question and just leave it at that.
Thanks for all the advice, like I said, I’ll never open a real account with them. I’m about to open a new thread, and hopefully this thread will dissapear with time!
Ps- Do not bump this thread, it makes me and my broker look … uhm … STUPID. Lol
Good morning,
I need to apologise to you. Put another way: at NO point in the ‘conversation’ did I (or anyone else from what I gather) mean to embarrass YOU. I guess we all get a bit carried away sometimes with our humour (although let’s face it: a broker running a beauty competition is something EXTREMELY unique)!!! LOL!!!
Anyway: I’m (we’re) all just here to help (unfortuanately SOMETIMES it may not appear that way). All jokes aside though: I’m (we’re) just very glad that we saved you some ‘buckaroos’ is all. I’ve just seen your other post so I will responsd to you there (and I PROMISE I’ll be more serious)!!! LOL!!!
Regards,
Dale.
P.S.
I STILL think a ‘Babypips Beauty Extravaganza’ is a good idea!!! LOL!!!
I saw the beauty of your humour and I’m not that offended, a simple $3000 donation will rectify all. (contact me for my bank details).
I’m here to learn, and a little humour here and there makes the process all the more interessting. Thanks again for the advice, I’ll respond to your comment in the other thread asap.
Ps- I most definately will enter the mr. Babypips contest, I’m use to recieving the price for "mr. Personality (please don’t enter anymore contests or we’ll have to put an age restriction on it or turn it into a horrorshow!)"
Btw, that is why I’m trying forex, just me and the pc- no one to scare away!
I trade in Insta and they are not scam.
They pay for my hundred dollars of profit even just from bonus account.
Also they said that F P A is the real scam https://www.instaforex.com/forexpeacearmy.php
Well, I don’t believe they are both scam.
F P A is clean and open and Insta too although there are some complicated rules involved and some of the agreements are not clear and favor their side because a lot of them said " they have the right to . . . "