Can anyone recommend trustable broker which you yourself use for real trading. I am new to this forum, sorry if posted under the wrong topic :36:
I trade actively with Oanda since 2009 and Pepperstone since late-2011, both I find to be trustworthy. I’ve done many thousands of trades with both (scalping will jack this number up quickly.)
Each has had technical issues come up once in a while, as any broker will have, but both have been excellent in handling such issues. This includes correcting trades and performing excellent customer service during the process.
Each has different trading conditions, and I don’t judge either of them by the other’s conditions. Pepper is better for shorter term scalping, while Oanda is great for position/swing trading. There are reasons for each but I’d write up a page and a half going into the details.
While each has MT4, I don’t really use Oanda’s MT4 outside of charting. Their fxTrade platform is much better for order entry and management.
Each has processed large deposits and large withdrawals for me in a timely fashion.
I’ve tried out various broker in the past outside of these two… some were ok, others were horrible… I’d [B]HIGHLY [/B]suggest sticking to well regulated brokers (CFTC/NFA if US obviously, but IIROC in Canada, FSA in UK, ASIC in Australia, or Swiss regulated brokers.) I don’t say this because well regulated brokers will be safer by default, but because if something bad does happen you have an authority to take it up with.
I’d also point out these warning signs:
[ul]
[li]Deposit bonuses. Money isn’t free, it comes from somewhere, and the only other major online businesses I know that do deposit bonuses are Casinos who aim to profit from you losing. Put another way, you’ll never see institutional brokers offering this, never.
[/li][li]Ultra high leverage. A broker offering 1000:1 knows you’re likely to bust out with that leverage. They are giving you the rope you need to hang yourself. I’ve seen one even offer 2000:1 with a $10 min balance… it was obvious the broker is taking the market risk against you and expect you to blow up. (Seriously speaking, it’s a probability game, and even with a 90% hit rate at 2000:1 you WILL run into a sequence of trades that decimate the account.) You’d never see institutional traders use leverage that high, not if they want to keep being traders that is. You have to understand, brokers might play this off as “we are just meeting the requests of our clients” or “you can always just use less or set your account to a lower margin maximum” but the fact that the broker openly advertises/offers it suggest a lot to me about how they run their business and where their interests are when it comes to their clients.
[/li][/ul]
PS. you said you are new to this forum; are you also new to forex trading?
If so, forget about comparing brokers for now. These aren’t the details you need to spend your time learning. Grab a simple demo from any popular broker (probably best to use MT4 since most brokers offer it, that way you aren’t learning a new platform when it’s time to go live,) and spend time learning the craft of trading first.
No I’m not new to forex, I’ve been trading on demo for a lot of time now and want to get started with real money. What about ECN brokers? Anyone use one of them?
Pepperstone, which Jack mentioned in his first, longer, post is an ECN broker.
From personal experience, I can recommend them.
There are many ECN brokers though … you might want to use this broker comparison website’s ‘Cyber Search’ function to check them out.
The Cyber Search, which can be found at the top left of the site’s landing page, allows specifying multiple search criteria for a more effective and comfortable search.
Cheers,
P.
There are no secrets to success. It is the result of preparation, hard work, and learning from failure.
(Colin Powell)
Thanks for the suggestion. But I want a broker who is trustable, eg established for around a decade, not known to hunt stops or create problems when withdrawing, great servers which almost never go down or freeze and overall a good experience over a long period of time. A broker I wouldn’t want to change after trading with him for 5 years. You know, one that you yourself use?
i use FxEthos…have found them to be good a reliable…no issues…they are STP broker and so dont hunt my orders and have great execution…
I recommend HY Markets. They’re FSA regulated so I get some peace of mind there and they’re a long time in the marketplace. Also I found good execution and decent Customer Service.
Few have been around that long… especially on the ECN-like products.
Oanda has been around since 1999, IIRC.
I know a few other older brokers but I’m cautious to recommend them in their current state.
Pepper is newer, but that doesn’t change the capital and regulatory requirements imposed on them by the ASIC.
Also, on a side note, what the crap is with all the >10 post count new users jumping in threads lately to mention brokers I’ve never heard of? cough last two posters cough
hmm…i am yet to find a user who started his post count at 25 or so? i always thought that everyone starts their post count at 0, Mr. Jack? maybe i am wrong? enlighten me pls…
A little bit of history perhaps, Mr. Jack? You have been recommending Pepper/Oanda right from your first post??!! so how come we are any different? Always good to remember the path we came along, Jack !!
Offended are we?
It’s not just you, the entire broker’s section is filled with posters that fit that pattern. Sure, you got lumped in with them, and maybe over time you’ll prove to be a great member of this forum, but false positives are hard to avoid when most others doing this are just bad apples trying to draw attention to their broker instead of giving legitimate advice. (Seriously, look around, board is full of them.) My bad if you’re intentions were greater than what was first thought…
And welcome to the board in any case. 
greedtrends=ns_karthik=a founder of the FXethos.com
Check this thread http://forums.babypips.com/forex-brokers/47695-fxethos.html
FX Ethos is a scam site with a forged licence of the Financial Service Provider of the New Zealand.
Since he said FXEthos was a registered member of the FSP.We asked him for the FSP# on Oct 17 in this forum, but we don’t hear back from him yet.
And soon as we asked him the #, he removed the logo form the site for some “aesthetic reasons” although he said he could do response within 30 min via email support
His archived profile @ Linkedin Karthik Subramanian - India | LinkedIn pic appears with WIN with IE and firefox
He hastily changed his name and entire profile soon as we pointed that he was a scammer but unfortunately we had archived that :5:
just sharing my thoughts.:).no offense taken. I do understand the point that you are trying to make and in this age of marketing and online reputation management, i would not fault you for thinking so.
Jack_Larkin might have few posts on this forum only yet, but you might want to check out other forex fora if you want to know his level of experience and whether he should be trusted.
I guess he has forgotten more about trading than most people on this (or any other) forum will ever learn.
And he’s right to boot … many new members just get up to a post count of 10, so that they may begin spamming links to their scam brokers.
Cheers,
P.
P.S.: Post #13 is quite interesting; I wonder what mods will think about it.
There are no secrets to success. It is the result of preparation, hard work, and learning from failure.
(Colin Powell)
I just chatted with a support staff of FXEthos.com and asked some questions
Q.Why did you remove the logo from the top page if you were really registered the FSP?
A Open your live account and fund money so that we can show it to you in client area…
Q.Can you let us know the name of the director of operations @ FXEthos?
A.Mr. Steven Nate
Q.please check this Karthik Subramanian - India | LinkedIn
he claims to be a director/operation of FX Ethos
A.I saw it but you cant comment on random links
i cant comment on Internet links and forum posts
Q.You said you were registered the FSP, so you MUST provide the # as per request
A.The FSP# is provided to all live account holders
Q.You must show us the # as per request if you are really registered member. an adviser of the FSP said so.
A.I am sorry but i am not aware of that
That chat provides some valid reasons to definitely not waste one’s time with this broker.
lol … ‘send money so that we can show you’?
Any regulated broker will happily give you his registration number, no matter whether you have a funded account or not.
Cheers,
P.
There are no secrets to success. It is the result of preparation, hard work, and learning from failure.
(Colin Powell)
Exactly,here is a transcription of the chat
RyuShare.com - Free Online Storage
their conclusion: They are not allowed to communicate with the directors/seniors unless it is a big issue so they can not answer to my questions lol
Definitely a scam. Good job on the due diligence jon!
@Original topic: I go with:
- Pepperstone
- AxiTrader
- HotForex
Cheers
Thanks dudest and PaladinFX,
Here is an email which I received from Adviser, Retail Surveillance of the FSP Mr/Miss/Mrs Yin Miao
Yin Miao said neither FXethos/Ethos Capital Limited was registered the FSP,so they are totally fake
Dear Jong
*
On the NZ Companies Register, the entity Ethos Capital Limited has a registered address of Suite 4519, 17b Farnham Street, Parnell, Auckland. You are able to see this public information yourself here: http://www.business.govt.nz/companies/app/ui/pages/companies/3957598.The address you mention in your message does not appear on Ethos Capital’s company registration details.
*
Please note that company registration is different from financial service provider registration. As mentioned in my previous email, neither Ethos Capital or FX Ethos appear on the Financial Service Providers Register contrary to the claims on the entity’s website.
*
Regards
*
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Yin Miao | Adviser, Retail Surveillance | Financial Markets Authority T: +64 9 300 0450 | E: <[email protected]>* Level 5, Ernst*& Young Building, 52-70 Galway Street, Britomart, Auckland PO Box 106672, Auckland City 1143, New Zealand Home | Financial Markets Authority