Does anybody here have any input about this broker? I’m in Canada and looking for a broker that would be the safest to use. I’m a little leery about putting thousands of dollars into the hands of companies I don’t know, many of whom are offshore. Who knows what could happen to them, or if the operators are trustworthy.
Thanks
Look at Oanda, the largest forex broker in the business except for the mutinational banks. And they have a strong Canadian presence.
[B]NO[/B] :eek::eek:
if you like to keep your money 
Hi, pippy
Deutsche Bank is the largest bank in the forex interbank network, in terms of forex transaction volume. They have been doing the banking thing for a very long time, and have a solid reputation as a bank.
They are relatively new to retail forex brokering. Rather than design everything from scratch, Deutsche Bank has purchased (or leased) the FXCM Trading Station platform, and re-labeled it as dbFX. (This is not uncommon in the forex business: some brokers actually advertise that their platforms are available for lease as “white label” products — i.e., the brand name is removed from the platform, and the lessee is allowed to put his own name on it.)
There has been a lot of gossip on some other forums about some sort of conspiracy or crooked deal between FXCM and Deutsche Bank, and all that gossip is just garbage. As far as Deutsche Bank’s strength and integrity are concerned, I would have no concerns about them, at all. That being said, you need to do your own “due diligence” regarding any broker you are considering. And no one can do your due diligence for you.
Two other points:
First since you are in Canada, you are able to use the original FXCM Trading Station (not the degraded U.S. version), if you choose to go with FXCM. And, as a long-time customer of FXCM, I would recommend them.
I’m in the U.S., and because of the changes forced on FXCM (here in the U.S.) by the recent NFA regulations, I have moved my account to FXCM (UK) — where the regulating body is the British Financial Services Authority. I now have access, once again, to the same FXCM Trading Station that I have used for the past 4+ years — the same Trading Station which is available to you in Canada.
You might consider getting in touch with SweetPip, here on this Forum. She’s in B.C., she trades with FXCM, and she can tell you first-hand about FXCM-Canada.
Second point, rather than putting all of your trading capital into a new broker, with whom you have no prior experience, why not start out with the minimum amount required to open an account? Then, trade tiny positions, until you are comfortable, and become consistently profitable. You can easily add the rest of your trading capital to the account, at a later date. The broker will never refuse to accept more money from you!
You might inquire whether FXCM’s Micro Account is available to you in Canada.
Clint
There are 9 online forex brokers on this list and we have over 220 brokers identified on this web site.
Look at it …
bestonlineforexbrokers.com/Online-Forex-Brokers/Best-Forex-Brokers/Best-Forex-Brokers.html
Yes, you are indeed a busy little spamming bee :mad:
Reported
Have you got any further information on why you don’t recommend Deutsche Bank’s forex trading DBFX?
I am looking to start trading live soon and am bamboozled by the number of brokers out there and very wary of plumping for a wrong 'un that will bleed me dry with sneaky and underhand practices.
There seems to be so many conflicting opinions on the honesty or otherwise of all the brokers mentioned on this and other forums, whereas at least with DBFX I would have thought that dealing with a well-known, FSA regulated bank (as opposed to a broker) would at least provide a high degree of security and reassurance. No?
[B]goakes,[/B]
A couple of points regarding Deutsche Bank and dbFX.
If you open a retail forex trading account with dbFX, [B]you won’t be dealing with a “well-known, FSA regulated bank”[/B].
You will be dealing with a relatively new, FSA regulated retail broker OWNED by that well-known bank.
In the forex interbank network, Deutsche Bank is the 600-pound gorilla — they handle a larger volume of foreign exchange business than any other bank in the world.
But, in RETAIL forex brokerage, dbFX is still a minor player.
Deutsche Bank, as a bank (which happens to be headquartered in Frankfurt, Germany), is regulated by the banking authorities
in all of the many countries where they have a presence, and do business.
dbFX, on the other hand, as a retail forex broker domiciled in the U.K., is regulated by the British Financial Services Authority (FSA).
Deutsche Bank has a reputation for integrity and professionalism, and I believe that you can expect that same integrity and professionalism from their subsidiary, dbFX.
But, that is, nevertheless, an assumption on my part. They are separate corporations.
Clint
Clint,
Thanks for the insight…it feels like a bit of a minefield deciding on a broker/bank with which to commence live trading.
Deciding which is the best fit for a newbie such as myself who has been demo trading for a few months and who is eager to get started is the main obstacle to going live. I just wish to avoid getting fleeced but it is difficult to know which recommendations are genuine and which are orchastrated to catch FX virgins like myself…it’s hard not to be both cynical and sceptical about a lot of the comments found throughout all forums where FX trading is concerned.
I am extremely grateful for your wise words - it really does help to have someone who’s advice appears trustworthy and where no ulterior motive exists in dispensing it.
Cheers
Gar
I was a customer but not now. Here’s why - I tried to close out a trade and I must have pressed at least 20 times before it actually did with a 60 pip loss. The next day I closed out the account. The biggest liquidity provider, bah, more like market making tactics to me!