I am new to Forex, but have happily been trading with Scottrade for over 10 years now.
With that in mind; I didn’t realize there was so much to picking a broker for Forex trading. I’ve ready a lot about scamming and “bucket shops”, it never even dawned on me that a brokerage would not pay out or let you transfer your money out. With Scottrade, I’ve never had that problem, and they don’t do Forex, so that is why I decided to make this as my 1st post.
I read good things about Oanda, and little but good things about CitiFX Pro. I set up a demo with Oanda a while back and ready to go live; however, I just don’t like their set up. I got used to MT4 but when I check the transactions/balances on their website, I just don’t like it. I also have periods of disconnect with their MT4 too. I can deal with that though if they are one of the few good brokers out there.
I read little; but good, about CitiFX Pro. It seems many are drawn back by the 10k min signup, but are excited about the FDIC insurance. (I believe that is gone now though) Let’s take away the 10k minimum, FDIC, and the Citi name … is Citi still good?
I’m looking for something here in the States, decent spreads, easy account transfers, and good execution when I submit a trade. Can anyone mention a couple of different top brokers, and/or comment on Oanda or Citi?
I’ve read a lot of posts, but still find little on Citi, so that and any other comments would be helpful.
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Yeah, I’ve been trading a while and profitable depends on how you look at it. Overall I am but looking back at the cost of “education”, I sometimes wonder. Seriously though, I’m content with the lessons learned.
I’m looking at changing due to scheduling. I’m one that keeps myself glued to the monitor, or at least likes to be nearby, but now I’m not able to do it during market hours like I was before. Originally Forex fit better with my current schedule, but now I think I am starting to like it more, now that I have gotten over the slight learning curve.
Yeah, I would be wary of Oanda. Yes they are good mini lot and less size account broker but the stop/trigger hunting is really there.
Just today I had a pending sell order on the GBPUSD. I wake up, see my order was hit then sky rocketed back up. It seemed fishy so I checked IBFX, Alpari and one other demo MT4 accounts I have for data… NONE of the other guys did that massive drop.
Not really… it was actually a valid setup because my trigger sell was not hit , in reality, until much later (by London close time) so I would have cancelled it by then due to not hitting it by NYO.
Oanda has actually been very good for weeks of me demoing them… but this incident this morning solidified my research into other options for a broker. Just thought it could help some people out there, because all I hear is praise for Oanda more than exposing their practices.
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