FXCM or EtoroUSA?

Broker Discussion Forex Brokers
1

Im getting ready to open a live account, I said I would when I could consistantly make $500 - $1000 per week. Im averaging somewhere in between for the last few months. At the moment I’ve been trading using the demo account offered by EtoroUSA which is run by FX Solutions. I have been happy with them but there are a few things that I dont really like. I would rather go short than long and those “set” spreads eat alot of my profit on some of my short trades. I have read that EtoroUSA discourages scalping with these across the board spreads and they way they do their stop-limit orders. Another problem that I have with EtoroUSA is that they dont have any phone apps. I work during the day and there have been a few times I was unable to get to a computer when I saw my order was going to move against me and get out. I do use money management but if I can get out in the green before I hit my stop-loss I would rather do that, of course. I know lately there have been a lot of negative feedback on FXCM due to the recent class-action lawsuit. However, that in itself is not enough to make me decide on just that basis alone. Companies all over the US are sued daily. Could I get some input from anyone with experiences in either of these brokers? Particularly people that trade 20 min charts or less. Thanks alot guys!

Forex.com also has an app if they may be better for this type of trade style… another option.

2

Thanks for the email from FXCM. I did download the platform and Im trying it out now. I like the platform but Im not too fond of the charting system. I know I can use MT4 but Id rather not deal with the slippages and other disadvantages listed on the website vs your charting system. I dont really use any indicators other than the moving average. I do draw a lot of lines on my charts when I get ready to trade to check certain things with my system of trading. I have not been able to find anything that would let me mark my charts though. Am I missing it? That so far is the only drawback. However, since these markings are crucial trading system I dont know if I will be able to use FXCM at the moment. Please let me know if there is a way I can mark lines and points on my charts with the default charting system. Thanks alot.

3

Hi Jalexan4,

I love the Marketscope Charts (and wrote the FAQ) so I’m happy to help.

The first change you may want to consider is changing the chart color. To view different chart colors:

  1.    Click [B]File[/B] from the top menu bar and select the [B]Options[/B] command.

  2.   The Options window will appear. From the left-hand navigation menu, select [B]Color Scheme[/B].

  3.   Select from one of the available colors on the right-hand navigation menu. I use the "light" color but "dark" is also popular.

  4.   Click [B]Apply[/B].

Now that your chart looks how you want them, to add text to your chart:

  1. Select the “ABC” label icon.

  1. Left click inside the chart where you want to add your line.
  2. Add the text and additional details.
  3. Click OK!

That’s it! I like to add text, freehand lines, and ellipses (the circle icon you see) to highlight key price levels.

The text, “EMA CROSSOVER” is what I added to my chart today.

If you have other questions, let me know! :smiley:

Thanks,

  • Jason
4

If you are looking to scalp, I would check out the Oanda java platform. It has always been the fastest execution for me. They also have some of the lowest spreads during active market hours. Metatrader is a great program, but not good for scalping…on any broker.

5

Great post thanks