Broker Discussion

Discussion in 'Forex Brokers' started by sammcgee, Mar 18, 2013.

  1. sammcgee

    sammcgee Trader

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    Who do readers of this forum believe to be the best forex broker/firm to trade with?

    Who do readers of this forum believe to be the worst forex broker/firm to trade with?

    Please state your reasons for your belief.

    Thanks in advance for all replies.
     
  2. okon2much

    okon2much Banned

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    I think STP brokers are best to trade with. Why?

    STP brokers or Straight Through Processing brokers, is the name given to brokers that, when upon receipt of a client order, will pass on the orders directly to their liquidity provider. Liquidity providers can include a Bank, a Hedge Fund, Investment corporations or another broker and as such no intermediary in the order will be involved – in other words the STP broker will not be filtering the orders through a Dealing Desk. The absence of a Dealing Desk intervention is what makes the broker’s electronic trading platform STP.

    With the absence of such an intermediary process (dealing desk) the STP broker will be able to process its client’s orders without any delay and in addition the STP broker will not send re-quotes to its clients something that most investors will regard as a huge advantage, as the STP broker in effect will allow its clients to trade during the release times of financial news without any restrictions. There is more to this anyway.
    I am currently trading with PROFIFOREX and so far they've proved to be a true broker.
     
  3. Fxpipper

    Fxpipper Master Trader

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    I'll second that, prefer STP brokers and so far, both Trader's Way and FXCM provide me with great price feeds, more depth and on the third one, Aplari - do face a few tech issues and requotes. So yes, STP brokers are definitely preferable.
     
  4. inggo

    inggo Master Trader

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    one of the first thing i noticed in forums when i first started forex was the phrase AVOID MM BROKERS :D :D i mean stick with an STP that earns from spreads (and if they steal they keep it low LOL) unlike marketmakers (i have not tried one) but people say they tend to be a little outrageous at times.
     
  5. Fxpipper

    Fxpipper Master Trader

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    Are you kidding..of course, as traders we want to avoid MM at all costs and yeah, the outrageous part is kind of an understatement..@@##W@# that's wht I think of the scum.
     
  6. okon2much

    okon2much Banned

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    If everyone is to avoid MM brokers, then who will patronize them. Are there not others patronizing them? what do they really have to offer? Since they are existing, I guess some traders are getting something good from them. I think I should find out.
     
  7. Dmitriy Enrst

    Dmitriy Enrst Active Trader

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    I like FreshForex. Before I deposit my money, I checked this broker. Trading terminal is working very good, order execution is fast. I checked their quotation with other companies – everything is all right. Pending orders execution is Ok too.
     
  8. Steve Lock

    Steve Lock Active Trader

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    FreshForex is quite a reliable STP broker, witch allowes ECN accounts as well. I'm satisfied with its work.
     
  9. hatetheslippage

    hatetheslippage Trader

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    I've tried many existing retail brokers, and nearly everything good in my opinion

    but if I had to choose which one to believe what is not, this is my list of the three brokers that I believe and 3 broker that I do not trust

    broker i trust wont mess with my witdrawal or my trade
    1. Tickmill
    2. fxprimus
    3.hotforex

    broker that i dont trust
    1.Caesar trade
    2.Ironfx
    3.insta
     
  10. Prezident

    Prezident Banned

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    I work with FXOpen for many years and it never let me down.
    True ECN, ASIC, FCA. The best PAMM service.
     
  11. jellyeb

    jellyeb Active Trader

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    Yeah those three brokers are really good, I have small account at Hotforex but don't make too many trades there.
     
  12. jellyeb

    jellyeb Active Trader

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    Well I have experience with Hotforex, Oanda and Exness, Hotforex I believe is best as its STP broker i.e. acts a mediator only. I trade there on small lots and didn't withdraw much so still not sure about them.
     
  13. ijak8510

    ijak8510 Trader

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    never heard about first rate FX, are they new player in forex brokers industry?
    and even can not find their ads everywhere.
    what is so special about them if we compare it with well known name like Tickmill, ICMarkets, DMMFX , etc?
     
  14. RaviSarao

    RaviSarao Trader

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    I wanna look for good referral plans offered by the forex brokers, can someone suggest me the best referral plan they got from their broker !!
     
  15. ijak8510

    ijak8510 Trader

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    Refferal Plans?do you mean Introducing Programs Scheme?
    well for Tickmill, you will got $2Commisions/rebate per lot for 1 std lot closed by your clients who trade with ECN account, with raw spreads and $4 commisions for 1std lot open and closed

    and got $6 commisions for 1 lot closed in classic account
    Rebate is part of broker profit shared with their Introducer. more rebate a broker have, usually more spreads they charged to its traders
     
  16. Wanja

    Wanja Trader

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    I am surprised the two brokers, you just mentioned Alpari and FXCM we recently fined $200,000 by NFA for NFA breaches. I believe once a broker has breached any NFA policies, I have reasons to doubt them, how came you trust them?
     
  17. RaviSarao

    RaviSarao Trader

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    Really? I thought FXCM is one of the renowned broker. Maybe that's just their marketing skills :p
     
  18. Jason Rogers

    Jason Rogers Master Trader

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    Hi Wanja,

    In July of 2014, FXCM settled a complaint brought by the NFA relating to charges of doing business with an unregistered entity and for failing to submit certain trade data reports. FXCM has resolved these matters and has taken steps to avoid similar occurrences in the future.
     
  19. Jason Rogers

    Jason Rogers Master Trader

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    Hi Ravi,

    We take regulations very seriously and believe it is in our clients' best interests for us to have regulatory oversight and transparency. That's why we are one of the only retail forex brokers in the world that's a publicly-traded company (NYSE ticker: FXCM) regulated on three continents.

    As an industry leader, FXCM is subject to a greater level of scrutiny than smaller, less-regulated forex brokers. That's not to excuse previous regulatory actions, but rather to emphasize how we actively work with regulators to resolve issues and ensure the best trading environment for our clients.
     
  20. Kevin-Ford

    Kevin-Ford Trader

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    I likeForexStart, and can recommend it, especially for those who work with russian currency
     

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