Forex Question

[Don4 10]

Ok... can someone make a list of decent "non-bucket shop" forex brokers ? I would like to know then wich are the true serious forex dealers for the retail trader.... thanks Walter.

 

 

I have been using EFX for a little over 2 months and so far i am very happy with the execution. I mostly place orders before the london session and trade the pound. News usually triggers my trades and slippage is very rare,but the most was 3 pips. Although commission are higher than the others the spread usually runs from even to 2 pips on the majors most of the time.

[notouch 10]

The 2 non-bucketshop forex brokers for smaller retail traders are EFX/MB Trading Forex (same company) or IB's IdealPro. The only benefit is more flexible size (any size above $25,000 for IdealPro). I wouldn't call the higher margin offered by the bucketshops a benefit. It's just another way for newbies to blow their accounts.

[Guest cooter]

Are trades on those brokers executed in the true FX interbank market though? What makes them "non-bucketshops" or differentiates them from the rest?

[notouch 10]

Orders are sent straight to the bank offering the best price. With IdealPro you can see which bank executed your order: UBS, Deutsche Bank, JP Morgan etc. They also match client orders against each other. Either way unlike a bucket shop they only make their money from the commission so it's in their interest that you win rather than lose.

[walterw 10]

Would EFX be similar to hotspotfx ?

[walterw 10]

I am looking at EFX site and yes, they do have an edge... thanks for the information. cheers Walter.

[Guest cooter]

I am looking at EFX site and yes, they do have an edge... thanks for the information. cheers Walter.

 

What kind of "edge" are you referring to here?

[walterw 10]

What kind of "edge" are you referring to here?

 

direct access ecn... no "deal desk"