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forrestang

Good FX Broker?

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Hello,

 

I am in the market for a decent broker to trade FX. Right now I am switching back and fourth between the MB demo and the FX Solutions Demo.

 

A reputable source also recommended I look into FXCM Micro.

 

Since I've started the demo, MB has given me several problems. Once due to some bad info on their side, and another just would not let me modify an order, and would have wound up costing me money. These could be isolated events, or a precursor as to what's in store?

 

FXSolution seems to display wider spreads.

 

Eventually the plan is to switch soley to Currency futures, but for now the FX is the mode of choice.

 

And why can't an FX broker create a DOM like structure? Nobody cares abotu the market depth, but just being able to have price in the center, and you bracket orders around that? Maybe some day?

 

Any opinions?

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I would definitely go with FXCM Micro. They have the best spreads in the business and excellent execution. I've tried a few brokerages but I've never looked back since I started with FXCM. FX Trading Station 2 (their trading platform) is great. I have a micro account and a standard account through them. The micro is 400:1 leverage and the standard is 200:1. The spreads and the execution are not as good on standard as the micro but it's still great compared to a lot of other brokers. If you've never traded live before I would stick with the micro until you've been profitable for at least a month.

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Hello!

 

I am with Interactive Brokers for last 3 months and they are excellent for now.Fills are great,commission is low...

But it really depends on your needs....

Cheers,

VTK

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Hello,

 

I am in the market for a decent broker to trade FX. Right now I am switching back and fourth between the MB demo and the FX Solutions Demo.

 

A reputable source also recommended I look into FXCM Micro.

 

Since I've started the demo, MB has given me several problems. Once due to some bad info on their side, and another just would not let me modify an order, and would have wound up costing me money. These could be isolated events, or a precursor as to what's in store?

 

FXSolution seems to display wider spreads.

 

Eventually the plan is to switch soley to Currency futures, but for now the FX is the mode of choice.

 

And why can't an FX broker create a DOM like structure? Nobody cares abotu the market depth, but just being able to have price in the center, and you bracket orders around that? Maybe some day?

 

Any opinions?

 

The platform can be a bit temperamental if you open too many charts but I still think GFT's Dealbook360 is a good option, I've used it for years now. Spreads are fine unless you are trying for very low pip trades.

 

I haven't had time to check it myself but a friend is using IB with a Ninja Trader DOM.

 

GFT allow you to use Strategy Runner with their product according to one of their BDM's I spoke to, but I haven't tried it myself.

 

Also check out eSignal for FX charts as they provide many of the broker feeds but give a more stable and flexible platform (ie, you can get the GFT FX data feed and chart eSignal but execute on the GFT platform). It's no tcheap, but if you rely on charts for signals you want to do it right rather than what the broker jams down your throat, brokers are more about execution. The "default" FX data on eSignal is very whippy with long tails as it's looking at many data sources and takes in outliers so many people write it off without understanding you can get the broker feeds.

 

Most brokers will burn you in the end if you get too good it seems, so ensure you system is portable, and always have more than one account ready to go :-)

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Oops, also meant to mention these guys - Forex trading, Interbank Broker, Managed accounts, Swiss FX trading platform , they execute in the "real" market through Hotspot etc so you are matching up with banks, thus they have a depth of market that they display (but as their is no real FX exchange it's not entirely accurate still). I've never used them though, just saw it an expo.

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So just to report out, I've been live with my MB Trading account for a few weeks now. And other than a few problems with the SIM a while back, I have been pleased with the live account.

 

I tried about 4 other demos before finally deciding to go with MB for my FX trading. I am pleased with the small commissions and spreads that are usually very minimal. I also appreciate that I can place entries and exits wherever I want. This was something that drove me crazy w/some of the other platforms I tried.

 

The order selection they have is pretty decent for various exit strategies and such.

 

Eventually if I decide to lease or purchase ninja I would like to route orders through ninja for a better selections of ATM order placement.

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Have been with MB for about four years now, trading many things, stocks, options, and recently forex. The account opening amount is reasonable and should be considered. I just do not like too much cash in these accounts, or in dollars for that matter. Overall, my trading has been good with them, and the spreads good for scalping. The thing that impresses me most is that their customer service is the best I have ever encountered. Also a bit of code for those with ears to hear, their background check to open an account is not too invasive. Also for my equities accounts I could get interest on my account balance.

The one bug that I have seen is that on the new Navigator running or altering the beta chart can crash the platform, and it does not really save indicators properly. Anyhow they give free feeds for Quote tracker, and work with meta trader and Ninja Trader if you like DOM ladders. Also their TTO orders are nice.

I have seen some horror show demos that show that you pay 2 pips to enter, and 2 pips to get out. With MB what you see on your P/L for exit is pretty much what you get.

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