I am a newcomer to this form! I have been trading for some time now, but I am looking for better brokers. I just wanted to ask if anyone here has traded before with Super trading Online. I have looked at their specification and they seem to be quite fair compared to many other brokers. Have been with FXCM before - but not happy at all with them.
Now as I got more experienced, I am looking for ECN account, and have looked at cTrader. This is offered by this broker with good spreads and low commissions (25 units per 1m of base currency, compared to 65 units charged by FX Pro). Before opening an account, just wanted to get your opinions, if any one trades with, just wanted to ask how reliable they are and if they experienced any difficulties with them?
I’m FXCM’s representative here on BabyPips, so I wanted to follow up regarding your comment that you weren’t happy with us. We’re always working to improve our service, so I would appreciate any feedback you can provide about what you didn’t like.
Also, if you have any questions about FXCM in the future, please feel free to ask me in the Broker Aid Station.
I am not sure about ECN accounts. ECN accounts attracts more charges. I have also tried various brokers that seem to have a very large client base, but I wasn’t satisfied with their services. I think you should look beyond the surface when looking for a nice platform to trade. Have you tried Oanda or Profiforex
Well, Jason, thanks very much for the reply but spreads were very high with FXCM compared to other brokers there. A spread of 2.7 on EURUSD is way too high. You offer 1.8 pip spread on this pair as well but with a dealing desk - which is a NO GO area for me. Also there were instanced when I felt orders were delayed on the platform. That is why I was not happy with FXCM and moved on.
Shanghai, I have not tried Oanda. I looked at Profitforex now - but cant have any information as to where they are regulated. They only give a corporate address in Seychelles and no mention of why regulates them. So its a no go as well. I am trying to get an ECN account as spreads are much lower even with a commission included, rather than with a normal STP account. I want my order to go straight to inter bank market. I came across this broker and was pretty much happy with ECN spreads and commission level they charge, which I think that are best I found so far! I am still trying a cTrader which trial period was happily extended by STO and thinking about going live in couple of days. So I was just looking if any one has traded with them before at all and if they had any problems with this broker?
Thanks for your feedback. I’m sorry to hear that you experienced delays on your platform with us. In my experience, some issues like this have been resolved by using a VPS, and sometimes just by changing a firewall setting. I appreciate that you no longer trade with us, but if you’re ever interested, I’d be happy to have one of our tech specialists follow up with you to troubleshoot this issue.
As you mentioned, FXCM offers clients the choice between No Dealing Desk (NDD) and Dealing Desk forex execution. While FXCM believes that NDD execution provides the best all-around trading experience, we also offer dealing desk execution as an option for traders whose primary concern is low spreads. As you can see from this snapshot I took from the real-time spreads table on Forex Factory, our spreads compare favorably with other brokers on the same execution model.
Spreads are important, but they are just one factor out of many to consider when choosing a broker along with 24 hour customer support, trading platforms offered, education, resources, etc.
It’s no secret that the brokerage industry has been in the midst of a price war for the past couple of years. That combined with lower trading volumes last year have caused many brokers to struggle. There was even a broker in Europe that went bankrupt after trying to entice clients with 0 pip spreads. Last year also saw the failure of a US broker that had previously touted their razor thin spreads. We’ve had other brokers have to pull out of the US after being unable to meet regulatory capital requirements.
If recent events have taught us anything, it’s that the financial stability of the broker you choose can have far greater implications than we previously thought. Unfortunately, the vast majority of these brokers are privately held companies, so it’s hard to know the state of their finances. Are they profitable, or are they barely staying afloat? How can you know whether they are safe place to keep your money?
FXCM is a publicly-traded company (NYSE ticker: FXCM), so information regarding our finances is readily available. This is one of the reasons why traders have entrusted us with $1.190 billion in client funds (as of the latest publicly available data).
