I would avoid Tradersway at all cost. They are an UNREGULATED broker. Honestly, if you are a legitimately new trader, why would you come here and make your first post stating that they are regulated when they are clearly not??
This quote from their website made me laugh:
No regulation can protect you from dealing manipulation, misuse of client money, or company bankruptcy. There is only one adequate way to minimize your risks:
In other words, they are saying that they are unregulated and trying to put a positive spin on it.
This is completely false information also… God, what is going on in this forum??
The biggest advantage of trading with an ECN forex broker is that once you begin trading size (20-50 lots per month for example as you have said), then they will pass on your risk via STP and you will be allowed to withdraw as much profit as you can make because it wont be coming from the broker’s bottom line.
On the other hand, if you are trading with a market maker then you are trading directly against the broker. If you withdraw, then they are paying that money out of their own pocket.
Avoid the brokers ‘profitbaby’ has listed and go for an ECN broker such as the ASIC regulated Vantage FX that I use.
Do they write about the part of switching you to the STP after trading N lots in their ToS ? As I understand they have to reveal this important part of their services. The only provision related to the execution I could find is "The company may act as an execution venue on some OTC instruments"and smth. like that.
Could you please cite any documents or broker ToS where your words are described?
Thanks.
It is always like that to start with, but when we actually join such companies, it’s all their hidden factors that creates problem. I joined Nova FX with their so-called low commission ECN setting, but ended up losing massively! So, please no commission policy broker for me!
from my understanding, brokers are charged per million by liquidity poroviders, the better the liquidity the better the filling and the more expensive, and then bridge costs to aggregate the feeds and execute to liquidity. Based on that, I think $6, $7 or even $8 is reasonable cost for NDD filling… Yadix, IC, Vantage all seem legit NDDs to me, I’m currently at Yadix, but also traded at Vantage in the past.
Also, you need to look at the spread, most DDs will offer cheap commissions $3 or whatever, but the spread instead of being core (0.0, 0.1 or 0.2 pips) it’s 0.6,0.7 or 0.8 on average, another sign that spread is marked up
I agree, a tittle bit extra for true dma execution and core conditions is worth it, I pay $7 per lot at Yadix, have free VPS and am part of cash back program too so overall very satisfied.
I am currently trading with FinPro Trading. They have competitive spreads and charge very low commissions. You can open a micro account with $5 deposit check the trading platform and conditions yourself. that is how I choose my right broker through SELF TESTING.
Low deposit and low commissions brokers are usually not found offering low deposit FIX API…they do offer API but usually with higher deposits to the account.
Free VPS should be convenient option for scalpers who run automated software. Personally I trade manually and for most traders like me it’s a useless option.
I am also using Finpro they are super good support and have been in buissnes for 6 years…And the best of all since i am a scalper and need of high leverage i get 400:1 because they are staying unregulated too bypass ESMA`s maximum bullshit levrage at 30:1 i asked in chat too get the V.I.P true ECN account even if i didnt have 25000 dollars too deposit that are a must but if you ask in chat…So 2 dollars pr lot spread are floating beetween 0.1 and 0.2 so at maximum for me is 4 dollars pr lot traded it is a wet dream for scalpers…And you get a free bitcoin wallet i bought bitcoin and deposited my account with that worked like a dream…I got a link from them that you can get the V.I.P account trew just ask in chat and they will open a true ECN V.I.P account with 2 dollars pr lot they also open a demo for you soo you can test out trading with that low of a commision:FinPro Trading - Portal
Yes I agree with you. The myth about unregulated brokers being scammers has to be broken someday as its time to put the whole broker concept under the microscope. The brokers should operate as per the needs and requirements of those trading in the industry not as per CFTC and ESMA laws. I have been associated with many offshore brokers who are quite genuine in operations but are still criticized for being unregulated and on the contrary I have seen REGULATED SCAMMERS as well. I have friends in US who like to trade with higher leverage and are opting out for offshore brokers with good trading conditions.
@bindaytrader. Even I have been associated with finpro from a long time. They have good spreads indeed at such low commissions. Plus the leverage is also quite reasonable. I have 400X in my ECN account. And I don’t think after sticking with them this long ever worried about them being unregulated or something. I am satisfied with the services and that’s what matters to me. Now I am diversifying my funds with different brokers and even now I am not hesitant to go for an unregulated one.
Good to see you guys supporting the new gen brokers. It makes me feel people are so looking for alternative platforms to bypass the unnecessary costs and revealing of personal info to the third parties. The awareness seems spreading with Cryptocurrencies that the financial world is about to change soon. And that is what I started the thread about. You can check it if you like;