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HELP: Which FX broker is ideal for me..?
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HELP: Which FX broker is ideal for me..?

  #1 (permalink)
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HELP: Which FX broker is ideal for me..?

Hi,
I am a Futures and Options trader of Indian market. I want to try my skills on forex / CFD and want your help / guidance on selecting which broker to go for. I researched some fx brokers on fx review / comparison sites and am not very conversant with the terms/methods used for rating each broker.

My initial fund will be about 5,000 $. My basic selection criteria is fast execution and low spreads. I don't have preference for trading platform and simple mt4 is sufficient for my trading methodology.

Any help on this matter will be highly appreciated...!

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  #3 (permalink)
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linkon7 View Post
Hi,
I am a Futures and Options trader of Indian market. I want to try my skills on forex / CFD and want your help / guidance on selecting which broker to go for. I researched some fx brokers on fx review / comparison sites and am not very conversant with the terms/methods used for rating each broker.

My initial fund will be about 5,000 $. My basic selection criteria is fast execution and low spreads. I don't have preference for trading platform and simple mt4 is sufficient for my trading methodology.

Any help on this matter will be highly appreciated...!

I would recommend Oanda based on my own experience with them for a few years, fulfilling your requirements.

"We may not be able to control the wind, but we can always adjust our sails"
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  #4 (permalink)
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Spreads aren't everything in a broker, but they can quickly add up to significant costs. This link here is pretty handy for ferreting out who you should not be with Spreads | Myfxbook .

IMO Oanda's MT4 isn't all that fantastic - even demoing shows MT4 errors; plus their leverage is not that great. MB Trading (they have a Europe/UK branch that should allow long and short in a pair at the same time) is largely reputable. 2nd tier brokers currently making an impression on the market are Pepperstone, FinFX - all IMHO. One that uses the Integral platform should be decent.

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  #5 (permalink)
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Beljevina View Post
Spreads aren't everything in a broker, but they can quickly add up to significant costs. This link here is pretty handy for ferreting out who you should not be with Spreads | Myfxbook .

IMO Oanda's MT4 isn't all that fantastic - even demoing shows MT4 errors; plus their leverage is not that great. MB Trading (they have a Europe/UK branch that should allow long and short in a pair at the same time) is largely reputable. 2nd tier brokers currently making an impression on the market are Pepperstone, FinFX - all IMHO. One that uses the Integral platform should be decent.

What problems have you experienced with Oanda? 1:50 should be more than enough leverage with decent risk.

"We may not be able to control the wind, but we can always adjust our sails"
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  #6 (permalink)
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Futures Experience: Advanced
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aediaz1 View Post
What problems have you experienced with Oanda? 1:50 should be more than enough leverage with decent risk.

I had tested it in the first few months of their MT4 implementation and had requotes and invalid SLs & TPs. They may be better now. Additionally, as a Canadian, their leverage is quite limited by Canadian coddling laws, and is a big turn off to me. Their European implementation may well be different.

(I agree 50:1 is sufficient certainly for anyone starting out, but, if you can handle 100:1, the profits come quicker, and across more pairs. )

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  #7 (permalink)
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Beljevina View Post
I had tested it in the first few months of their MT4 implementation and had requotes and invalid SLs & TPs. They may be better now. Additionally, as a Canadian, their leverage is quite limited by Canadian coddling laws, and is a big turn off to me. Their European implementation may well be different.

(I agree 50:1 is sufficient certainly for anyone starting out, but, if you can handle 100:1, the profits come quicker, and across more pairs. )

I mostly use their own platform for orders so I cannot comment on their mt4-platform. But it wouldn't surprise me as mt4 isn't exactly "state-of-art".

"We may not be able to control the wind, but we can always adjust our sails"
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  #8 (permalink)
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linkon7 View Post
Hi,
I am a Futures and Options trader of Indian market. I want to try my skills on forex / CFD and want your help / guidance on selecting which broker to go for. I researched some fx brokers on fx review / comparison sites and am not very conversant with the terms/methods used for rating each broker.

My initial fund will be about 5,000 $. My basic selection criteria is fast execution and low spreads. I don't have preference for trading platform and simple mt4 is sufficient for my trading methodology.

Any help on this matter will be highly appreciated...!

ATC Brokers
Pepperstone
Oanda (if American)
Dukascopy

Those are the cheapest and good execution. I have had only DEMO on the bottom 3, and large live account on ATC. ATC = FXCM UK, but cheaper and has a lot of requotes, etc...

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  #9 (permalink)
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Can anyone please explain what the difference between

spreads : variable vrs fixed.

broker type : Market maker vrs ECN/STP & STP

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  #10 (permalink)
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Do a search and you will find all this information.



ECN is more like CME type brokers where you have a centralized network or 'book'.

Market Makers are brokers who typically take your orders without taking them out to the rest of the market. Kind of like a 'bucket shop' in that your orders never get seen by the light of day but not always.

There are other firms that will hedge your trades or some of them to lessen their impact etc..

ECN = more slippage in my opinion, commission + minor spread or just all commission with minimal spread

MM = fixed spreads, no commission typically

Dependent upon how you trade you will like one or the other. Sometimes scalping is better on one over the other etc..

Really what you prefer...

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