Hi All! I’m starting this thread because I’m seeing a lot of threads deviating off topic, and I want some solid information. So I’m asking our little trading community to list out a few things: 1. [B]what broker do YOU use?[/B]- I’m not looking for a list, just one name. [U]Of note: I would only like responses from traders who are trading live[/U]. Nothing against our demo traders out there (I’m one too, hence the purpose of this thread), but I have been around long enough to know there’s a difference between live and demo with virtually all brokers across the board. 2. [B]What do you like about them?[/B]- tight spreads, ECN/dealing desk, responsive customer service, payment/withdrawl ease, stability, etc. 3. [B]What you don’t like about them?[/B]- chart spikes, slippage, automated call centers, no hedging, long delays in getting money from you account, etc. 4. [B]How long have you been trading with them?[/B] 5. [B]Are you happy, satisfied, or unhappy overall?[/B] aka would you recommend them.
I think answers to these questions would be more beneficial to myself and others in determining which brokers we should consider for our live accounts. I am really not looking for one word/sentence answers here. I’m hoping for a thought-out, detailed answer on your broker experience in your live accounts. Thanks!!!
I try to have three brokers live at any given time - two of which just have sufficient funds in to facilitate emergency trades should my primary broker become unavailable for any reason.
My primary broker for the last 6 months has been Barclays.
Like - tight spreads, real people to speak to when I need to, research is brilliant. Exclusivity - I like the fact that they are low-key and not all over the tv like FX Pro and that gang.
Don’t like - for ages they weren’t particularly competitive. Good platform but it was just too expensive to use. But they changed something a while back and now they are priced as aggressively as any of the bucket shops - which I think is brilliant considering the security you get in having your money with Barclays. And the prices are clean - I constantly monitor whoever I have open positions with by having alternative platforms up at the same time, and even when I have been close to my trading limits, my pricing stays true. What do I actually dislike about them? Nothing really - I’d like to be able to hold my funds in Euros occassionally, but I’m £-based and so it’s easy enough to hedge this when I think sterling is going to dump.
How long - been aware of them for about 1 year but they’ve only been my preferred broker for a few months.
Would I recommend them? For serious traders, yes definitely. If you’re looking for micro or mini, then I’d rather spreadbet.
Thanks for the time and effort Jobber! I appreciate it! I can’t say as I’ve looked into Barclays yet. (but I may have to). Sounds like they have fixed spreads, so they’re likely taking opposite positions from you every now and again. I was wondering, I know you have a couple of ‘back up brokers’, have you ever used them? Also, what are they’re spreads for the Eur/usd and Gbp/usd?
The spreads aren’t fixed, but they are very consistent, especially in UK & US trading hours. The beauty of Barclays is that they offer their platform through their retail distribution network (Barclays Stockbrokers) - Deutsche Bank (with their dbFX/FXCM white label platform) have structured their offering all worng in my opinion and are not set up to deal with mass distribution direct from their Capital Markets area. I think they know this and it hampers their progress (I used to trade with dbFX so I know this. I think Citi have made the same mistake with their Saxo Bank white label platform also).
Barclays have it structured so that the prices come from their investment banking arm (Barclays Cap) and they act as a client to them - Barclays Cap cannot see the underlying client accounts, positions or working orders, so there’s no issue with stop-hunting, deliberate slippage or price skewing. And let’s face it, I may trade full-time and my volumes are ‘ok’ but they’re hardly likely to attract the attention of any Barclays Cap trader so that he wants to take me out of the game by screwing a price against me!!
One of my back-up brokers offers fixed spreads - FX Solutions. Their spreads are ridiculously wide (EUR/USD 3 pips vs < 1 pip at Barclays; GBP/USD 5 pips vs. < 2 pips at Barclays) but they are always there (not widened since 9/11, I think). I couldn’t afford to trade with them every day - I look at them as my Armageddon broker. They’ll never be first-choice for me but I’m hoping that if the world ends, they’ll be the last ones standing with a streaming price!!
Other than that, I predmoinantly use spreadbetting and CFDs in case of emergency.
I am happy with WSD global , they offer micro lots and have client segregated a/c’s and low spreads on EURUSD. I have heard many good reviews from various websites
Barclays sound like a reasonable bunch but maybe give these guys a try One Financial, onecfd.com they seem aloof of all the bucket shop propaganda and they offer Fixed spreads on FX, CFD’s, Commodities and US stock on a browser or MT4 platform and Direct Market access for the big boys.
Pleased to report that Barclays spreads have stayed consistantly tight right up to after London close on XMas eve. Very impressed - not sure that One Financial is quite the right set-up for me to be happy to leave my trading capital with.
Hi there,
I have been in the market for 2 years now and I have been through 3 brokers and done extensive research on brokers…
1.I am now with WSD FX glbl markets .They offer the best spreads in the market at the moment,by far.They are NZX regulated and offer client segregated a/c’s and the most prompt and friendly client support that I have come accross. They have several good reviews online , if you want to look them up.
I think you mean low leverage rather than low margin seeing as Oanda’s top permissible leverage is 50:1, which means a greater margin requirement than most other brokers.
i am with WSD Global Markets for over 6 months now and so far am satisfied with the services they have offered.
likes: offer the best spreads in the market, as low as 0.5 pip spread on EURUSD. offer a 5 digit fractional quote. enable trading through EA’s. they accept deposits through paypal. 24/5 service team. trading oil as a cfd. lot sizes as low as 0.01. based in New Zealand and regulated by the NZX. client segregated accounts. withdrawal requests are immediately processed. professional staff.
Everyone has to trade with whoever they are comfortable with - but the one thing I notice not enough people focus on when looking at brolers is how genuine is the price you see?
A spread of 0.5 pips/1 pip/2 pips/whatever is irrelevant if the broker is reading you - I have seen it before where a broker sends different prices to different clients at the exact same time - the only difference being the open positions those clients had at the time.
Positives: Low Spreads, FSA regulated, Product range, London and Dubai office, Personal Account Manager, Direct line to dealing room, interest free trading, deep liquidity, awesome execution, choice of platforms, online analysis portal, deal with big banks and institutions, educated staff, instant online deposit and withdrawals, EA allowed, hedging, speak to an a english person 24 hours a day, no answer machines, Free personal trading report ‘get fit to trade’ (good for newbies),
