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CFD Forex Brokers
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CFD Forex Brokers

  #1 (permalink)
Trading for Fun
ho chi minh city
 
Futures Experience: Intermediate
Platform: Metatrader 4
Favorite Futures: Forex
 
Posts: 52 since Mar 2011
Thanks: 16 given, 9 received

CFD Forex Brokers

I know the vast majority of people here are futures and spot forex traders but it's worth putting the question out there. Who among us trades CFDs with a metatrader based broker? Anyone have experience trading the indexes this way? I am currently trading with a group of locals here in Vietnam and they do not have the means to trade futures contracts outright so CFDs seems like a decent alternative. 1/5th the size and risk. The major problem is reliability of the marketmaker. LFMAX seems like a really great idea on paper but they do not allow Vietnamese accounts so I am left with a sea of false review sites all paid for by affiliates who promote theirs while bashing the others using proxy ips and rent a writers from india.

Any positive experiences from actual traders would be most appreciated.

 
  #2 (permalink)
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  #3 (permalink)
Elite Member
Switzerland
 
Futures Experience: Advanced
Platform: custom
Broker/Data: LMAX
Favorite Futures: spot EUR/USD, USD/JPY, GBP/USD
 
Posts: 289 since Dec 2009
Thanks: 242 given, 109 received


Hi,

Besides LMAX which has a transparent model with its own exchange, GFT is the best CFD broker I'm aware of.
They are a very reliable market maker and I can state than their mojo "Integrity above all" is true since they refunded me 4 times "failures" in less than a half day each time, never arguing at all and sometimes I got more money than I was asking for! I cannot state the same for futures brokers with whom I had horror stories to deal with in 5 years span (ActivTrades/Rosenthal - InteractiveBrokers)...

Actually we are 6 or 7 friends all coming from the futures world, very satisfied with GFT-UK (they have several branches in the world but my testimonial is for the UK one although it should be the same)
They offer MT4 but also DealBoook360 which to me is a superior platform and our preferred choice for CFD. Spread Betting - Forex Trading - CFD Trading - GFT

Their range of instruments is quite extensive. You've got spot forex and CFD (currencies, indexes, commodities, bonds, interest rates, lots of stocks, etc) which you can trade on the same account.

Leverage is 400:1 to 100:1 depending on your account size although in practice you can arrange this.

Margin is most of the time 1% (or 0,5% depending on instrument) of notional value. You are cut reaching 25% of this margin (which means you can be VERY agressive which can be counter-productive or productive like hell depending on your trading level. I've detailed what this allows to do on the LMAX thread).

External wires cost 5 GBP or 15 GBP if you require it the same day. You are refunded first on the deposit mean you used the most, that is to say either your bank account or credit card (sometimes they split the withdrawl between bot if you used both ....in practice, you can accomodate this)

Their customer support is friendly and chat service is available 24/24 7/7 although during weekends you'll reach most often the US forex ? branch and not every service will be open (like accounting)

Spreads are low, no commissions (included in the fixed spread).

24 hour night trading enabled even on closed markets (then pries will follow ETH globex futures) ...useful to carry overnight positions yet still set a stoploss.

You can put in place much more sophisticated tactics than with futures due to the small sizing increments (which you can set for spot forex by sizing your 1 lot to 1k, 10k, 100k, 1M, etc - not for CFDs, it is 1 point = $1 or 1EUR all the time) and how it's easy to scall in and out or just put in place VERY detailed money management procedures. Such things you won't be able to do with a futures account less than $2M

That's it on the top of my head. It's a shame the US forbid this as CFDs are actually really great alternative products with their own advantages if carried with the right broker. If it was not the case, I believe it would be even more popular and serious trading platforms like Ninja or MC would consider it at a faster pace ... actually they are just starting, just check MC with LMAX and one of the most innovative forex environnement ever released


Last edited by SARdynamite; November 12th, 2011 at 03:49 AM.
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  #4 (permalink)
Trading for Fun
ho chi minh city
 
Futures Experience: Intermediate
Platform: Metatrader 4
Favorite Futures: Forex
 
Posts: 52 since Mar 2011
Thanks: 16 given, 9 received

I just checked with GFT, besides having some very creepy email phishing policies when you chat with their representatives they do not allow vietnamese accounts with their uk branch. Their asian branch is extremely limited in markets traded.

Other than LMAX and GFT have you come across anyone decent for index spread betting?

Thanks

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  #5 (permalink)
Elite Member
Switzerland
 
Futures Experience: Advanced
Platform: custom
Broker/Data: LMAX
Favorite Futures: spot EUR/USD, USD/JPY, GBP/USD
 
Posts: 289 since Dec 2009
Thanks: 242 given, 109 received

Sorry about that !

When launching a chat they ask for your email and name indeed just to process your questions in a more efficient way (client, not client, etc)

You can try WHS SelfInvest which will offer the same conditions than GFT (almost)
They are Luxembourg based and carry DealBook360 (not sure about MT4 though)

WH SelfInvest: Futures, CFDs, Forex, stocks & options. Low rates. Legendary service.

However they seem to have more misc fees (external wire, no trading fee, etc). Please doublecheck everything.

After that, I know some but I won't recommend them.

 
  #6 (permalink)
Elite Member
cologne, europe
 
Futures Experience: Intermediate
Platform: jforex, ninjatrader, t4-trader
Broker/Data: dukascopy, ninjatrader/cqg
Favorite Futures: fairly traded ones
 
CFuture's Avatar
 
Posts: 219 since Mar 2011
Thanks: 315 given, 181 received

GFTs dealingdesk can do all the tricks that can be done on MT4 platforms when they think your trading is too successful.

Watch out for more requotes, delays in execution, platform freezing, always check the pricefeed with an alternative broker.

 
  #7 (permalink)
Elite Member
Switzerland
 
Futures Experience: Advanced
Platform: custom
Broker/Data: LMAX
Favorite Futures: spot EUR/USD, USD/JPY, GBP/USD
 
Posts: 289 since Dec 2009
Thanks: 242 given, 109 received

GFT has 29% left of profitable traders every quarter year, just after Oanda which is first. So it must not be that bad. Both are dealing desks. Just because you use an ECN does not mean you don't deal through trading desks. Actually you deal directly with the bigger ones with no room for negotiation..
It's more a matter of being fair and integrity. For instance, FXCM as an ECN lacked some as shown by the justice fines it received. With Dukascopy, if you don't set properly the slippage settings, it can also become nasty. To each his own educated choice. Cheers

 
  #8 (permalink)
Trading Apprentice
Varese, Italy
 
Futures Experience: Advanced
Platform: JForex, MT4
Broker/Data: FXCM, DUKASCOPY
Favorite Futures: Forex & CFD
 
forexmachtfrei's Avatar
 
Posts: 1 since Dec 2011
Thanks: 0 given, 0 received

Hello , i want to open a CFD Broker account.... It's "IGMARKET" a honest Broker? and MARKETS.com ?


thanks

 
  #9 (permalink)
Elite Member
SE Asia / Canada
 
Futures Experience: Intermediate
Platform: FXCM's Trading Station
Broker/Data: Darwinex, FXCM, Tradingview
Favorite Futures: Forex and CFD's
 
Posts: 114 since Jun 2010
Thanks: 26 given, 104 received

Hi,

Darwinex have most of the index CFD's, also clears on LMAX's exchange,

If you trade well enough you could attract Investor's money and get a performance fee

Cheers,

 
  #10 (permalink)
Trading Apprentice
kuwait city
 
Futures Experience: Beginner
Platform: ninjatrader mt4
Favorite Futures: fx
 
Posts: 16 since Oct 2011
Thanks: 260 given, 7 received



Jerrard Hyram View Post
Though I only trade part-time, I'm happy I found Admiral Markets. My previous broker had connection irregularities, very often I was disconnected and you obviously can't trade offline. No such problems with Admiral; i'm more than satisfied with my trading now.

in forex field ! you must get at first very profitable to know if you broker is reliable or not ..

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