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broker decision

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broker decision

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  #1 (permalink)
Dallas, Texas
Experience: Intermediate
Platform: NinjaTrader
Trading: Emini NQ
Posts: 11 since Jun 2017
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For any Forex traders out there, I need to make a decision - or Oanda?

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  #2 (permalink)
Edmonton, Canada
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TraderMP View Post
For any Forex traders out there, I need to make a decision - 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)
Market Wizard
Leeds UK
Experience: Intermediate
Platform: TradingView
Broker: LCG, Oanda
Trading: ES, 6E, Cable
Tymbeline's Avatar
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TraderMP View Post
For any Forex traders out there, I need to make a decision - 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 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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