Everytime I look at a broker that I think I may be interested in, there are a ton of reviews saying how they aren’t that great for some reason. I realize most of it may be wrong/made up, but I’d like a little help from the community.
I live in the US so need a broker that will accept me for who I am I’m looking to do more day-trading and scalping so I need spreads to me as low as possible. And I want to avoid anyone even remotely shady; must be trustworthy without any stop-hunting shenanigans or the likes. For this reason, I’m leaning more towards a true ECN where they don’t trade against their customers, but am willing to look at others if they are very reputable.
About stop hunting, I recommend you to learn more about stop hunting, why is it done and how it works. About true ECN, I recommend you to study the advantages and disadvantages of true ECN to see if it works out for you, especially spreads that widens and slippage. I am not saying it is bad but see if it works out for you.
Thanks, I understand the basics as well as know I do need to learn a little more as a whole. However, my question still remains and couldn’t help but notice you didn’t give a suggestion
I have no complaints about Oanda. I have used them for many years. I do trade mainly US crosses though. I understand you can get much better spreads with other ECN brokers.
Thanks for that. I think I’ve narrowed it down to either MB Trading or Oanda. Not a big fan of how oanda is straight up a market maker, but they seem to not screw you except with widening spreads once in a while. They both have similar spreads it seems; not sure how slippages compare.
All the brokers will have pros and cons as they are also there to make money, I think best to go with your own views and try more than one broker in the beginning. Cheers
I think the reason why there are more of negative reviews about brokers out there is because; People are very quick to go public when there is the slightest misunderstanding between them and the broker. When things get sorted out this same trader does not go back to where the review was written to state that things have been resolved. This is why I don’t judge a broker by the negative reviews on review site.
It might also interest you to know that many new review sites deliberately cook up negative reviews about brokers in order to get indexed and listed on first page of Google Search result. So why would you judge a broker based on what is not true.
If a broker is recommended to you, get a demo or a small size account with them. This will help you know the broker.
Lastly, when it comes to ECN account and STP brokers, I would recommend Profiforex for you, they are as straight is it goes.
This is the Single Big Issue that actually matters, in conversations like this one, and the closer to the start you get this right, the better.
A broker is someone who [U]executes your trades[/U] in the underlying market, in exchange for a commission, and [I]isn’t affected by whether you win or lose[/I].
As you rightly suspected, someone who’s [I][U]pretending[/U][/I] to be a broker while actually trading against you by holding the other side of your positions, while also holding your deposited funds, and making up and interpreting all the rules governing the transactions [B][U]isn’t[/U][/B] a good way to start, and in the long run it’s very unlikely (for all the obvious reasons you’re already aware of) to lead to a happy outcome. [I]Definitely[/I] a mistake to avoid. This matters.
I have no objections about Oanda. I have utilized them for a long time. I do exchange basically US crosses however. I comprehend you can show signs of improvement spreads with other ECN intermediaries.
I’m looking to do more day-trading and scalping so I need spreads to me as low as possible. And I want to avoid anyone even remotely shady; must be trustworthy without any stop-hunting shenanigans or the likes. For this reason, I’m leaning more towards a true ECN where they don’t trade against their customers, but am willing to look at others if they are very reputable.
