Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

VTK

Which "fixed Spread Bandit" to Choose??

Recommended Posts

Hey folks!

 

I am about to go live and mine two favorite spot FX brokers are MB Trading and Interactive brokers.Whit MBT i can not open account because i am citizen of Rebublic of Croatia:crap:

IB have minimum deposit of 10K,but i want to start small like 500$.

So the deal is,for now,i have to open account with MM type of broker.

 

Can anyone point me on decent broker?

 

One without often requotes,often slippage,slow order filling,weird spikes and all other bad stuff which i do not like..

 

Regards,

VTK

Share this post


Link to post
Share on other sites

VTC

 

Maybe ask Michal Kreslik about some options.

 

FXDD is popular right now (and I don't have a clue why? :)) - but may or may not be accessible where you are.

If nothing else, go with Oanda until you find something that fits your situation and needs.

 

... not much help but hth...

Edited by Soultrader
link removed

Share this post


Link to post
Share on other sites

LOL!:rofl:

 

30 people have checked this thread and i have just one answer!:o

 

Can anyone point me on decent broker?

One without often requotes,often slippage,slow order filling,weird spikes and all other bad stuff which i do not like..

 

That just fortifies mine attitude that great majority of spot fx brokers are just a bunch of bandits!

Wild west baby!:shrug:

P.S.

Anyway zdo,thanx for reply!

 

VTK

Share this post


Link to post
Share on other sites

Hello VTK, the only broker coming to mine, which is mine since 2 years, is Oanda. They are great for any forex method that i use, either sclaping, swing or position trade and their spreads are very good and they dont try to mess with you. Of course, at news time, they increase their spreads for few min but that is standard practice with bucket shops.

 

Im a very happy customer with them

 

Hope it helps

 

Shreem:)

Share this post


Link to post
Share on other sites

Hi VTK, There is a lot of critisism of fixed spread brokers generally but many of the problems are fairly self inflicted by traders. All brokers are clear that should market orders be used to enter or exit trades there may be a degree of slipage and also that during market close hours (normally when those "wierd spikes occurr") that the price they quote will not track the underlying index/future as it isnt being traded. Armed with that knowledge, if it is ones intention to trade with a fixed spread broker, it may be beneficial to trade using limit orders only and to trade solely during market hours. Im not an employee of one of these brokers fwiw, however I have not had the problems many other traders claim to have had with them because I have read the terms of use and disclaimers attached to their accounts and worked my way around them. If using a fixed spread broker is your only trading option, perhaps you could consider a similar approach.

Share this post


Link to post
Share on other sites
Hello VTK, the only broker coming to mine, which is mine since 2 years, is Oanda.

 

Thanx Shreem...Yeah,Oanda looks pretty decent.Only think that i dislike is web based platform.Have asked them do they have desktop version.They do not.

 

 

I have not had the problems many other traders claim to have had with them because I have read the terms of use and disclaimers attached to their accounts and worked my way around them.

 

Sure,one should do his/her extensive homework on particular broker before opening an account.Reading customer agreement is one of homework tasks.

To certain degree there are people who have problems whit brokers because of their ignorance.But lets face it,MM type of FX spot brokers are just in conflict of interest.For me way that they do business is not fair one,and as soon as i have chance to trade on some kind of ECN i will do so.That is way to go IMHO because it is fair and transparent as much as FX Spot can be.

 

Thanx for replies,guys!

Regards,

VTK

Share this post


Link to post
Share on other sites

Soultrader,

 

Just curious - why did you take down the Kreslik link when so many other (shyster) links are left up? I have no affilitation with them, know very little about the site, and only recommended it because I thought he might be from the same area geographically as VTK? Is there something we should know?

 

Thanks.

Share this post


Link to post
Share on other sites

I would go with Oanda... it is web based which is a bit annoying... but what I would do is open up a demo account with some place like FXDD get the MT4 platform for free - use that for charting and then place orders through Oanda's interface.

 

Back when I was trading FX and was looking for brokers (I ended up going through MBT) I was really impressed with Oanda's low spreads. While they are variable to an extent most times I was getting 1 pip or less on the EURUSD during normal trading periods. Quick execution and I think their spreads (IIRC) were 1-2 pips less than most other "fixed spread bandits".

 

And they have no account minimum's and you can trade micro lots. Great for starting out and keeping the size REAL small.

 

Honestly, If I go back to FX at any time I think i'll end up using them as a broker over MBT because while you can get in at the bid and out at the ask, etc. with MBT I rarely found myself using those types of orders and more often than not getting worse fills just exiting and entering at the market in addition to having to pay comissions. I'd rather just pay a spread and be done with it I think.

 

Thing that peev'ed me was in MBT i'd set a limit order to enter or exit my trade and depending on what the spread was at the time I may or may not get filled... but since the spread was always changing you couldn't calculate what the correct price you needed to set it at to get a fill. It lead to a lot of missed exits and entries by factions of a pip due to the spread.

 

Fixed spread bandits aren't the demons we all make them out to be. Depends on how you trade I suppose... but for most people its much easier and simple to just use a broker like Oanda and be done with it.

 

Cheers!

Share this post


Link to post
Share on other sites

I use Oanda and a couple Metatrader demos......

 

 

Oanda seems to treat me fairly well and I like to have the added resources of the Metatrader demos, particularly as they provide prices on many different instruments.

Share this post


Link to post
Share on other sites
That just fortifies mine attitude that great majority of spot fx brokers are just a bunch of bandits!

 

My daughter trades a little micro account at FXCM. I haven't seen anything that would imply that they are "bandits."

Share this post


Link to post
Share on other sites
Hey folks!

 

I am about to go live and mine two favorite spot FX brokers are MB Trading and Interactive brokers.Whit MBT i can not open account because i am citizen of Rebublic of Croatia:crap:

IB have minimum deposit of 10K,but i want to start small like 500$.

So the deal is,for now,i have to open account with MM type of broker.

 

Can anyone point me on decent broker?

 

One without often requotes,often slippage,slow order filling,weird spikes and all other bad stuff which i do not like..

 

Regards,

VTK

You might want to look at Alpari. Standard retail FX broker with MT4. As good/bad as any of these types of brokers but I have been with them (in the UK) for some time and have no complaints.

 

I don't scalp (my minimum timeframe is 1-hr for entries) but typically hold trades for days. As mentioned earlier Buy/Sell limit orders are preferable as my main trade entry method but as I never enter trades around major news releases the normal spread-widening that is typical of the FX market at these times is not a problem for me.

 

I would suggest that you apply for a demo and do your own due diligence. A quick email would confirm if your residential status is a problem but as they were originally a Russian setup I'll assume you'll have no problems

Share this post


Link to post
Share on other sites

Hi,

VTK specifically said he wanted a fixed spread 'bandit/broker'. Certainly Oanda, Alpari and many others mentioned in the thread are variable spread - not fixed.

The only reasons I can think of as to why he wants fixed spread are:

A). He is planning to use a robot overnight and so does not want the spread to increase when he is not watching.

B). He wants to trade the News and so wants to avoid increasing spread during announcements.

C). He plans to scalp and wants a constant spread.

 

I would say:

A). Only use a robot which first checks if the spread is acceptable.

B). I doubt if any retail brokers are still good for trading News announcements - if they were, then they would have gone bust many months ago.

C). For scalping you asnt the lowest possible spread, not necessarily a fixed one. Unfortunately most/all(?) ECNs require a much larger deposit than $500.

 

Ian

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • In Italy, I saw many of our brothers from different parts of Africa, sleeping and living in the park, the weather was very cold and its obvious that they were looked down upon. It made me want to cry and several questions overwhelmed my heart.   Is it not better to remain in Africa than to be homeless in this freezing cold weather?   I wish I have all the money in the world to rescue them...   Is this the reason why our skin color is looked down upon?   Do our government officials see this sight when they also travel outside of the country...does it hurt them or pain them like it pained me? By Frank Abah, Quora   Profits from free accurate cryptos signals: https://www.predictmag.com/   
    • ELV Elevance Health stock, watch for an upside gap breakout at https://stockconsultant.com/?ELV
    • ORLY OReilly Automotive stock, nice top of range breakout, from Stocks to Watch at https://stockconsultant.com/?ORLY
    • Date: 28th March 2025.   Market Selloff Deepens as Tariff Concerns Weigh on Investors     Global stock markets extended their losing streak for a third day as concerns over looming US tariffs and an escalating trade war dampened investor sentiment. The flight to safety saw gold prices surge to a record high, underscoring growing risk aversion. Stock Selloff Intensifies The MSCI World Index recorded its longest losing streak in a month, while Asian equities saw their sharpest decline since late February. US and European stock futures also signalled potential weakness, while cryptocurrency markets retreated and bond yields edged lower. Investors are scaling back their exposure ahead of President Donald Trump’s expected announcement of ‘reciprocal tariffs’ on April 2. His latest move to impose a 25% levy on all foreign-made automobiles has sparked fresh concerns over inflation and economic growth, prompting traders to reassess their strategies. Investor Strategies Shift Market experts are adjusting their portfolios in anticipation of heightened volatility. ‘It’s impossible to predict Trump’s next move,’ said Xin-Yao Ng of Aberdeen Investments. ‘Our focus is on companies that are less vulnerable to tariff policies while taking advantage of market dips to find value opportunities.’ Yield Curve Signals Economic Concerns In the bond market, the spread between 30-year and 5-year US Treasury yields widened to its highest level since early 2022. Investors are bracing for potential Federal Reserve rate cuts if economic growth slows further. Long-term Treasury yields hit a one-month peak as inflation risks tied to tariffs spurred demand for higher-yielding assets. Boston Fed President Susan Collins noted that while tariffs may contribute to short-term price increases, their long-term effects remain uncertain. Gold Hits Record High as Safe-Haven Demand Rises Amid market turbulence, gold prices soared 0.7% on Friday, reaching an all-time high of $3,077.60 per ounce. Major banks have raised their price targets for the precious metal, with Goldman Sachs now forecasting gold to hit $3,300 per ounce by year-end. Looking Ahead As investors digest economic data showing US growth acceleration in Q4, attention will turn to Friday’s release of the personal consumption expenditures (PCE) price index—the Federal Reserve’s preferred inflation measure. This data will be critical in shaping expectations for future Fed policy moves. With markets on edge and trade tensions escalating, investors will closely monitor upcoming developments, particularly Trump’s tariff announcement next week, which could further dictate market direction.   Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Andria Pichidi HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Crypto hype is everywhere since it also making new riches as well, i however trade crypto little as compared to other forex trading pairs.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.