Hi! I’m new at forum but I’ve been reading since 2 months and trading on demo accounts since 4 months. I decided to open a forum account today.
I have few questions about brokers,
I’ve researched a bit and thinking on 5 brokers.
Firsty I’m from Turkey and the brokers in Turkey are all scammers. I’m looking for a broker with these conditions:
1-) My initial deposit will be ~$1000
2-) Ecn or Stp account.
3-) No requotes and [B]no slippages*[/B]
4-) I prefer fixed spreads or variable spreads without scamming(Stop hunters.), spreads can be high I don’t mind.
Under these conditions I could find 5 brokers; FXCM,FxPro,ICMarkets,Alpari and DukascopyEU
[B]*I talked with all of these brokers and they say that slippage can occur or we guarantee minimal slippage etc. I don’t understand how an ECN broker applies slippage…[/B]
In FXCM everything is fine but they want $2000 for min. deposit, and that’s a problem for me.
About DukascopyEU they offer high spreads like 130pip for USD/TRY but they also show me their max. variable spreads, I couldn’t find that in other brokers.
Once my friend told me that Alpari has applied 400pip slippage on a currency so I don’t trust them at all.
Can someone give me advice about brokers, I’m confused…
While I can’t speak for other brokers, at FXCM, you trade on No Dealing Desk (NDD) forex execution where your orders are filled using the best available prices from 10+ competing liquidity providers. While slippage is a risk of trading in any market, it’s worth noting that with FXCM, slippage can be either positive or negative.
Positive slippage is when your order gets filled at a better price than you requested. Below are the stats from over 43 million live trades executed through FXCM from August 2013 to January 2014. In just those six months alone, FXCM clients benefited from over $15 million in positive slippage.
[ul]
[li]73% of all orders had no slippage.
[/li][li]15% of all orders received positive slippage.
[/li][li]12% of all orders received negative slippage.
[/li][li]Over 60% of all limit and limit entry orders received positive slippage.
[/li][li]53.32% of all stop and stop entry orders received negative slippage.
[/li][/ul]
Note that positive slippage is more likely to occur with limit (take profit) orders, while negative slippage is more likely to occur with stop orders. That’s due to the momentum of price movement when those particular order types are triggered.
It’s also worth noting that for market orders, Trading Station has a feature called Market Range that allows you to specify how much negative slippage you’re willing to accept on an order if any. For example, if you set your Market Range to 3 then you market order will only be filled if the best available price in the market is within 3 pips of the price you clicked on. Otherwise, your market order gets canceled. Note that this feature only limits your negative slippage. You’re still able to benefit from any positive slippage even if it’s greater than 3 pips. The following video has more info on how you can use the Market Range feature.
Since we only recently changed our new account minimums, I want to see if I can get an exception for you. Please feel free to email me at <[email protected]> if you would like me to look into this for you, and please mention this forum discussion in your email.
Gday bro. Jason is going to hate this but FXCM is crap after my first experience with them. Go to fxbook and their current contest. You’ll see the comments being made. Pity because Jason is right on the ball as their rep and you won’t find any better.
Go with IC Markets. I trade with them. Industry leader and benchmark. Hard to find much better.
While I cannot speak about other brokers, I can tell you that I had a hard time trying to find a slippage free platform. The truth is that there are no slippage free brokers. But I can assure you that since I have been trading and scalping the market using the Profiforex MT4 platform, I have only experience this once. That was last year. I don’t know if this is because I don’t open long term trades. You will enjoy trading if you can find a broker where there is less slippage occurrence.
The tech issue that affected your demo account has since been resolved. My apologies for any inconvenience this caused you on your demo trades. As I mentioned to you in our discussion last week, only one demo server was affected, and none of FXCM’s live servers were affected, and we operate dozens of servers.
Furthermore, if there ever was a tech issue on our end that negatively impacted live trades, you would be able to file a trade inquiry to be investigated by the Trade Services Team, and FXCM would make the appropriate correction to your live account for any execution error on part.
Sorry bro, as your guys in marketing well know, you only get one go at first impressions. Tried it, didn’t like it. Just the way it is. Pity because from what I’ve seen, you go out of your way to service your customers needs. All the best bro,
Now I’m trading with FXCM, but their spreads not as raw as they say… For example: EUR/USD- 2,5 pips EUR/TRY- 25 pips AUD/USD 2.5 pips etc. I was hoping to see tight spreads like 0.3 pip because in their demo servers spreads are tight as 0.1 but in the real account… I don’t like it. I really don’t like it…
Don’t let a salesman sell you something you didn’t want. FXCM is not the be all and end all of brokers. They are far from it. Close your account and move on bro. Its your money. Not Jasons.
You’re right, I’m considering move my account to ICMarkets, what do you think about them ? You are trading with them right ? What can you say about their spreads during the news
Bro do it. If your looking for the tightest spreads. IC Markets. Best executions. IC Markets. Education. IC Markets. Regulated IC Market. Service and support. IC Markets. Who do I trade with? IC Markets. Cant sing they’re praises enough. I really do believe they are the industry benchmark.
I contacted with support and they gave me a form to upgrade my account to new pricing model. I will try it if this won’t work, i will definitely go with ICmarkets.
I’m glad to hear that my colleagues were able to help you set your account up on FXCM’s new raw FX spread pricing. To address your earlier post, the rollout of our new pricing is being completed region by region, so it sounds like your live account was initially set up on the old pricing.
Our live customer support team is available 24 hours a day by phone and online chat to help whenever you have questions, and I’m available on weekdays during US daytime hours here on BabyPips in the Broker Aid Station.
Hi Jason, my spreads haven’t upgraded yet, even I didn’t receive an e-mail about this. Can you notify me about the progress please, and am I able to execute orders in market execution type ?
