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broker decision


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broker decision

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  #1 (permalink)
 TraderMP 
Dallas, Texas
 
Experience: Intermediate
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For any Forex traders out there, I need to make a decision - Forex.com or Oanda?

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SuperDuper
Edmonton, Canada
 
 
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TraderMP View Post
For any Forex traders out there, I need to make a decision - Forex.com or Oanda?

Before trading Forex I would advice to read a book 'The Forex Edge' by James Dicks. It is about broker's scams in Forex.

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  #3 (permalink)
 Tymbeline 
Market Wizard
Leeds UK
 
Experience: Intermediate
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Broker: LCG, Oanda
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TraderMP View Post
For any Forex traders out there, I need to make a decision - Forex.com or Oanda?

You need replies from people who have used both, and can offer direct, personal insight into each from their own experience.

That's not me (just so you know).

I'm a former forex trader (now trade mostly futures and some spreadbetting).

I did a lot of "due diligence" about countless brokerages, and have used many over the decades. I've never used forex.com. Every time I did any "due diligence" I quickly ran a mile from looking any further at them, and decided long ago (and on more than one occasion) that I wouldn't touch them with a barge-pole. I appreciate that this, in itself, isn't helpful to you as I can't now remember why enough to go into any detail. But for what it's worth (if anything) I have an overriding impression that it's far from a good brokerage.

Oanda I've used extensively, over many years (still have a little account there but rarely use it) and I feel I can recommend them. I've always been satisfied that they're honest, reliable, decent and ethical. They're a counterparty market-maker, of course, not really a "broker" at all, and (unlike many) they say so fairly openly and honestly.

My own impression (after quite a lot of varied experiences with forex "brokers" over a long time-period) is that if you need to trade with a counterparty market-maker, there are certainly many truly horrible ones around, and that you're really going to have to look long and hard to find a better one, overall, than Oanda.

Personal opinion only, of course.

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